UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04096
MFS MUNICIPAL SERIES TRUST
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue, Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: March 31
Date of reporting period: March 31, 2022
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
1(a):
Annual Report
March 31, 2022
MFS® Municipal Series Trust
For the states of:
Alabama, Arkansas, California, Georgia, Maryland, and Massachusetts
MSTA-ANN
MFS® Municipal Series Trust
For the states of: Alabama, Arkansas, California, Georgia, Maryland, and
Massachusetts
Portfolio Composition
MFS Alabama Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
| (o) | Less than 0.1%. |
Cash & Cash
Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and
other assets and liabilities.
Percentages
are based on net assets as of March 31, 2022.
The portfolio is actively managed and current
holdings may be different.
2
Portfolio Composition -
continued
MFS Arkansas Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
Cash & Cash Equivalents includes any
cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and
liabilities.
From time to time Cash &
Cash Equivalents may be negative due to timing of cash receipts and disbursements.
Percentages are based on net assets as of March
31, 2022.
The portfolio is actively managed
and current holdings may be different.
3
Portfolio Composition -
continued
MFS California Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
Cash & Cash Equivalents includes any
cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and
liabilities.
Percentages are based on net
assets as of March 31, 2022.
The portfolio
is actively managed and current holdings may be different.
4
Portfolio Composition -
continued
MFS Georgia Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
| (o) | Less than 0.1%. |
Cash & Cash
Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and
other assets and liabilities.
Percentages
are based on net assets as of March 31, 2022.
The portfolio is actively managed and current
holdings may be different.
5
Portfolio Composition -
continued
MFS Maryland Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
| (o) | Less than 0.1%. |
Cash & Cash
Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and
other assets and liabilities.
Percentages
are based on net assets as of March 31, 2022.
The portfolio is actively managed and current
holdings may be different.
6
Portfolio Composition -
continued
MFS Massachusetts Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
| (o) | Less than 0.1%. |
Cash & Cash
Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and
other assets and liabilities.
Percentages
are based on net assets as of March 31, 2022.
The portfolio is actively managed and current
holdings may be different.
7
Management
Review
Summary of Results
For the twelve months ended March 31, 2022, Class A shares,
at net asset value, of the municipal bond funds of Alabama, Arkansas, California, Georgia, Maryland, and Massachusetts outperformed the Bloomberg Municipal Bond Index. The performance of the individual funds and the benchmark are set forth in the
Performance Summary.
Market Environment
Near the end of the period, just as the Omicron wave of the
pandemic appeared to be receding in much of the world, markets experienced a geopolitical shock as Russia launched a full-scale invasion of neighboring Ukraine. Given Europe's heavy reliance on imported oil and gas from Russia, European markets were
among the hardest hit. Energy prices spiked in the wake of the invasion, adding to already multi-decade high levels of inflation, and non-energy commodities rose sharply as well. Both the equity and fixed income markets experienced significant
upticks in volatility, though markets recovered their footing as the period came to an end.
The ripple effects from the Russian invasion further
complicated the mission central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers will find themselves in the difficult position of trying to
restrain inflation without tipping economies into recession. However, despite the challenging macroeconomic environment, policymakers remain focused on corralling inflation, though investors expect varying degrees of action from the central banks
with the US Federal Reserve (the “Fed”) expected to be the most hawkish developed market central bank and the European Central Bank less so, given the direct economic ripple effects on Europe stemming from the invasion.
Against an environment of rising labor and raw materials
prices, higher interest rates and waning fiscal and monetary stimulus, investor anxiety increased over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that some supply chain bottlenecks may be
easing, low levels of unemployment across developed markets and loosening of coronavirus restrictions outside of China are supportive factors for the macroeconomic backdrop.
The credit health of municipal issuers continued to
demonstrate strength, underpinned by above-trend growth in the US economy over the reporting period. Income, sales, and property tax grew during the year, and disbursements from federal fiscal stimulus packages bolstered liquidity. The supply/demand
backdrop worked against municipal assets, however, during the final three months of the reporting period. Accelerating rates of inflation and the Fed’s hawkish stance increased interest rate volatility and pushed the US Treasury and tax-exempt
curves higher while dragging municipal returns lower. Negative returns and fear of higher rates spurred investor outflows. Municipal funds and exchange traded funds reported net redemptions for 12 consecutive weeks at the end of the reporting
period. The repricing of municipal assets improved the Municipal/US Treasury ratio, an indicator of the value of municipals relative to Treasuries. At period end, the ratio reflected a more attractive proposition for municipals with 5-, 10-, and
30-year ratios moving from 48%, 70%, and 81% to 83%, 96%, and 106%, respectively. The valuation picture remained mixed, however, because yields of higher-yielding issuers continued to offer little premium over yields of investment-grade issuers. A
positive for long-term investors in municipal bonds, AAA tax-exempt yields ended the first quarter at their highest absolute levels since April 2019, excluding a brief period at the beginning of the pandemic in March 2020.
Factors Affecting Performance
Across all funds, security selection within both the health
care and leasing sectors contributed to performance relative to the Bloomberg Municipal Bond Index. Additionally, bond selection within the education sector across all funds, with the exception of the municipal bond fund of California, also boosted
relative returns.
From a quality perspective, an
out-of-benchmark exposure to non-rated(r) securities, and a greater exposure to “BBB” rated bonds, contributed to relative results. Additionally, strong bond selection within “AA” and “A” rated bonds further
helped in relative terms.
Yield curve(y) positioning
was another area of relative strength for all funds.
Conversely, a longer duration(d) stance weakened relative
returns across all funds, with the exception of the municipal bond fund of Arkansas, as interest rates generally rose over the reporting period.
Respectfully,
Portfolio Manager(s)
Michael Dawson
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of
its value.
| (r) | Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the |
8
Management Review -
continued
lower of the two is assigned. If none of the 3 rating
agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency
(KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.
| (y) | A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates. |
The views expressed in this report are those of the portfolio
manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other
conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not
recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
9
Performance
Summary THROUGH 3/31/22
The following charts
illustrate a representative class of each fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value,
including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Each fund's results have been compared to the Bloomberg Municipal Bond
Index, a market capitalization-weighted index that measures the performance of the tax-exempt bond market. However, while this index is considered the benchmark for the performance of municipal bond funds, it is comprised of municipal bonds issued
within the 50 states and the District of Columbia as well as U.S. territories and possessions such as Guam, Puerto Rico, and the Virgin Islands, while each of the funds invests a large percentage of its assets in municipal issuers of the state that
is in the fund’s name. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no
guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect
the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
MFS Alabama Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 2/01/90 | (4.00)% | 2.10% | 2.51% | N/A |
| B | 9/07/93 | (4.71)% | 1.37% | 1.76% | N/A |
| I | 4/01/16 | (3.73)% | 2.35% | N/A | 1.99% |
| R6 | 8/01/17 | (3.66)% | N/A | N/A | 2.09% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(8.08)% | 1.22% | 2.06% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.50)% | 0.99% | 1.76% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
10
Performance Summary -
continued
MFS Arkansas Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 2/03/92 | (3.22)% | 2.31% | 2.34% | N/A |
| B | 9/07/93 | (3.94)% | 1.57% | 1.57% | N/A |
| I | 4/01/16 | (3.07)% | 2.42% | N/A | 1.97% |
| R6 | 8/01/17 | (3.00)% | N/A | N/A | 2.15% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(7.34)% | 1.42% | 1.89% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(7.73)% | 1.20% | 1.57% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
11
Performance Summary -
continued
MFS California Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 6/18/85 | (3.82)% | 2.70% | 3.44% | N/A |
| B | 9/07/93 | (4.54)% | 1.94% | 2.66% | N/A |
| C | 1/03/94 | (4.83)% | 1.75% | 2.49% | N/A |
| I | 4/01/16 | (3.80)% | 2.80% | N/A | 2.36% |
| R6 | 8/01/17 | (3.83)% | N/A | N/A | 2.41% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(7.91)% | 1.81% | 2.99% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.30)% | 1.57% | 2.66% | N/A |
| C
With CDSC (1% for 12 months) (v) |
(5.77)% | 1.75% | 2.49% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
12
Performance Summary -
continued
MFS Georgia Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 6/06/88 | (4.08)% | 1.97% | 2.36% | N/A |
| B | 9/07/93 | (4.87)% | 1.21% | 1.59% | N/A |
| I | 4/01/16 | (3.91)% | 2.20% | N/A | 1.86% |
| R6 | 8/01/17 | (3.76)% | N/A | N/A | 1.89% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(8.16)% | 1.09% | 1.92% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.64)% | 0.83% | 1.59% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
13
Performance Summary -
continued
MFS Maryland Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 10/31/84 | (3.45)% | 2.24% | 2.36% | N/A |
| B | 9/07/93 | (4.17)% | 1.48% | 1.61% | N/A |
| I | 4/01/16 | (3.17)% | 2.49% | N/A | 2.20% |
| R6 | 8/01/17 | (3.10)% | N/A | N/A | 2.23% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(7.55)% | 1.36% | 1.92% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(7.96)% | 1.11% | 1.61% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
14
Performance Summary -
continued
MFS Massachusetts Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 4/09/85 | (3.83)% | 2.20% | 2.50% | N/A |
| B | 9/07/93 | (4.54)% | 1.43% | 1.72% | N/A |
| I | 4/01/16 | (3.58)% | 2.42% | N/A | 2.07% |
| R6 | 8/01/17 | (3.60)% | N/A | N/A | 2.12% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(7.92)% | 1.31% | 2.06% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.32)% | 1.06% | 1.72% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
Benchmark Definition(s)
Bloomberg Municipal Bond Index(a) – a market capitalization-weighted index that measures the performance of the tax-exempt bond market.
It is not possible to invest directly in an index.
| (a) | Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. |
Notes to Performance Summary
Average annual total return represents the average annual
change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated
period end date. As the fund's share classes may have different inception dates, the life returns may represent different time periods and may not be comparable. As a result, no comparative benchmark performance information is provided for life
periods.
15
Performance Summary -
continued
Performance results reflect any applicable expense
subsidies and waivers in effect during the periods shown. Without such subsidies and waivers each fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
Performance results do not include adjustments made for
financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
A portion of the fund’s monthly distributions may be
subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
From time to time the funds may receive proceeds from
litigation settlements, without which performance would be lower.
16
Expense
Tables
Fund expenses borne by the shareholders during the period,
October 1, 2021 through March 31, 2022
As a
shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and
other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000
invested at the beginning of the period and held for the entire period October 1, 2021 through March 31, 2022.
Actual Expenses
The first line for each share class in the following tables
provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000
(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during
this period.
Hypothetical Example for Comparison
Purposes
The second line for each share class in the
following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual
return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other
funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant
to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine
the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
MFS ALABAMA MUNICIPAL BOND FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.90% | $1,000.00 | $946.37 | $4.37 |
| Hypothetical (h) | 0.90% | $1,000.00 | $1,020.44 | $4.53 | |
| B | Actual | 1.65% | $1,000.00 | $943.78 | $8.00 |
| Hypothetical (h) | 1.65% | $1,000.00 | $1,016.70 | $8.30 | |
| I | Actual | 0.65% | $1,000.00 | $948.52 | $3.16 |
| Hypothetical (h) | 0.65% | $1,000.00 | $1,021.69 | $3.28 | |
| R6 | Actual | 0.58% | $1,000.00 | $948.86 | $2.82 |
| Hypothetical (h) | 0.58% | $1,000.00 | $1,022.04 | $2.92 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
17
Expense Tables -
continued
MFS ARKANSAS MUNICIPAL BOND FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.70% | $1,000.00 | $955.46 | $3.41 |
| Hypothetical (h) | 0.70% | $1,000.00 | $1,021.44 | $3.53 | |
| B | Actual | 1.45% | $1,000.00 | $951.94 | $7.06 |
| Hypothetical (h) | 1.45% | $1,000.00 | $1,017.70 | $7.29 | |
| I | Actual | 0.60% | $1,000.00 | $955.54 | $2.93 |
| Hypothetical (h) | 0.60% | $1,000.00 | $1,021.94 | $3.02 | |
| R6 | Actual | 0.53% | $1,000.00 | $955.87 | $2.58 |
| Hypothetical (h) | 0.53% | $1,000.00 | $1,022.29 | $2.67 |
MFS CALIFORNIA MUNICIPAL BOND
FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.68% | $1,000.00 | $939.00 | $3.29 |
| Hypothetical (h) | 0.68% | $1,000.00 | $1,021.54 | $3.43 | |
| B | Actual | 1.43% | $1,000.00 | $935.49 | $6.90 |
| Hypothetical (h) | 1.43% | $1,000.00 | $1,017.80 | $7.19 | |
| C | Actual | 1.58% | $1,000.00 | $933.42 | $7.62 |
| Hypothetical (h) | 1.58% | $1,000.00 | $1,017.05 | $7.95 | |
| I | Actual | 0.58% | $1,000.00 | $939.66 | $2.80 |
| Hypothetical (h) | 0.58% | $1,000.00 | $1,022.04 | $2.92 | |
| R6 | Actual | 0.50% | $1,000.00 | $939.94 | $2.42 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.44 | $2.52 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
18
Expense Tables -
continued
MFS GEORGIA MUNICIPAL BOND FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.90% | $1,000.00 | $946.68 | $4.37 |
| Hypothetical (h) | 0.90% | $1,000.00 | $1,020.44 | $4.53 | |
| B | Actual | 1.65% | $1,000.00 | $942.45 | $7.99 |
| Hypothetical (h) | 1.65% | $1,000.00 | $1,016.70 | $8.30 | |
| I | Actual | 0.65% | $1,000.00 | $947.59 | $3.16 |
| Hypothetical (h) | 0.65% | $1,000.00 | $1,021.69 | $3.28 | |
| R6 | Actual | 0.61% | $1,000.00 | $948.82 | $2.96 |
| Hypothetical (h) | 0.61% | $1,000.00 | $1,021.89 | $3.07 |
MFS MARYLAND MUNICIPAL BOND
FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.83% | $1,000.00 | $949.72 | $4.03 |
| Hypothetical (h) | 0.83% | $1,000.00 | $1,020.79 | $4.18 | |
| B | Actual | 1.58% | $1,000.00 | $946.16 | $7.67 |
| Hypothetical (h) | 1.58% | $1,000.00 | $1,017.05 | $7.95 | |
| I | Actual | 0.58% | $1,000.00 | $951.53 | $2.82 |
| Hypothetical (h) | 0.58% | $1,000.00 | $1,022.04 | $2.92 | |
| R6 | Actual | 0.51% | $1,000.00 | $951.86 | $2.48 |
| Hypothetical (h) | 0.51% | $1,000.00 | $1,022.39 | $2.57 |
MFS MASSACHUSETTS MUNICIPAL BOND
FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.85% | $1,000.00 | $948.52 | $4.13 |
| Hypothetical (h) | 0.85% | $1,000.00 | $1,020.69 | $4.28 | |
| B | Actual | 1.60% | $1,000.00 | $945.08 | $7.76 |
| Hypothetical (h) | 1.60% | $1,000.00 | $1,016.95 | $8.05 | |
| I | Actual | 0.60% | $1,000.00 | $950.21 | $2.92 |
| Hypothetical (h) | 0.60% | $1,000.00 | $1,021.94 | $3.02 | |
| R6 | Actual | 0.53% | $1,000.00 | $949.61 | $2.58 |
| Hypothetical (h) | 0.53% | $1,000.00 | $1,022.29 | $2.67 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
19
Portfolio of
Investments
3/31/22
The Portfolio of Investments is a complete list of all
securities owned by your fund. It is categorized by broad-based asset classes.
MFS Alabama Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 92.5% | ||||
| Airport Revenue – 1.8% | ||||
| Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2031 | $ | 325,000 | $ 378,437 | |
| Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2032 | 325,000 | 376,538 | ||
| Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2033 | 325,000 | 375,909 | ||
| Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 70,000 | 71,251 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2024 | 75,000 | 79,179 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2025 | 100,000 | 107,552 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2026 | 150,000 | 164,395 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2027 | 185,000 | 206,113 | ||
| $ 1,759,374 | ||||
| General Obligations - General Purpose – 17.2% | ||||
| Birmingham, AL, General Obligation Warrants, “A”, 5%, 6/01/2028 | $ | 1,000,000 | $ 1,157,185 | |
| Birmingham, AL, General Obligation Warrants, “B”, 5%, 12/01/2043 | 245,000 | 280,449 | ||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 160,000 | 157,385 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033 | 55,000 | 58,920 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 40,000 | 44,861 | ||
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040 | 15,000 | 16,037 | ||
| Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 110,000 | 117,469 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 16,192 | 14,775 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 40,508 | 23,393 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 35,155 | 36,008 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 35,057 | 36,987 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 34,739 | 37,931 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 34,176 | 38,113 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 33,194 | 37,808 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 31,477 | 30,728 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 28,294 | 27,304 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 24,283 | 23,316 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 33,016 | 31,353 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 121,336 | 114,139 | ||
| Fort Payne, AL, General Obligation Warrants, “A”, AGM, 5%, 5/01/2047 | 750,000 | 852,796 | ||
| Fultondale, AL, General Obligation Warrants, “A”, AGM, 4%, 3/01/2040 | 1,000,000 | 1,096,308 | ||
| Gardendale, AL, General Obligation Warrants, “B”, 4%, 5/01/2039 | 250,000 | 273,777 | ||
| Gardendale, AL, General Obligation Warrants, “B”, 4%, 5/01/2040 | 300,000 | 327,995 | ||
| Gardendale, AL, General Obligation Warrants, “B”, 4%, 5/01/2041 | 400,000 | 436,682 | ||
| Jasper, AL, General Obligation Warrants, 5%, 3/01/2032 (Prerefunded 3/01/2024) | 500,000 | 529,470 | ||
| Jasper, AL, General Obligation Warrants, BAM, 5%, 11/01/2030 | 275,000 | 324,955 | ||
| Mobile County, AL, General Obligation Improvement Warrants, 5%, 2/01/2038 | 250,000 | 288,414 | ||
| Mobile County, AL, General Obligation Improvement Warrants, 5%, 2/01/2039 | 250,000 | 288,045 | ||
| Mobile County, AL, General Obligation Refunding, “A”, 5%, 8/01/2032 | 1,110,000 | 1,326,479 | ||
| Mobile County, AL, General Obligation Warrants, 5%, 8/01/2036 | 500,000 | 565,109 | ||
| Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2033 | 420,000 | 451,791 | ||
| Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2034 | 655,000 | 703,782 | ||
| Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2035 | 250,000 | 268,195 | ||
| Montgomery County, AL, General Obligation Refunding Warrants, “A”, 4%, 3/01/2027 | 1,000,000 | 1,088,725 | ||
| Montgomery, AL, General Obligation, “A”, 5%, 12/01/2028 | 450,000 | 525,232 | ||
| Montgomery, AL, General Obligation, “A”, 5%, 12/01/2030 | 625,000 | 752,180 | ||
| Orange Beach, AL, General Obligation, 4%, 8/01/2028 | 700,000 | 773,096 | ||
| State of Alabama, General Obligation Refunding, “C”, 5%, 8/01/2025 | 1,000,000 | 1,098,068 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 120,000 | 135,640
| ||
20
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - General Purpose – continued | ||||
| Trussville, AL, General Obligation Warrants, “A”, 4%, 8/01/2041 | $ | 750,000 | $ 799,752 | |
| Vestavia Hills, AL, General Obligation Warrants, 4%, 8/01/2038 | 1,000,000 | 1,082,133 | ||
| Vestavia Hills, AL, General Obligation Warrants, 4%, 8/01/2048 | 500,000 | 531,131 | ||
| $ 16,803,916 | ||||
| General Obligations - Schools – 4.4% | ||||
| Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040 | $ | 445,000 | $ 476,897 | |
| Huntsville, AL, General Obligation Warrants, “A”, 5%, 5/01/2039 | 1,000,000 | 1,168,563 | ||
| Huntsville, AL, School Warrants, “C”, 5%, 11/01/2029 (Prerefunded 11/01/2023) | 200,000 | 210,074 | ||
| Huntsville, AL, School Warrants, “C”, 5%, 11/01/2030 (Prerefunded 11/01/2023) | 1,000,000 | 1,050,368 | ||
| Mobile County, AL, Board of School Commissioners Special Tax School Warrants, 4%, 3/01/2039 | 1,000,000 | 1,081,098 | ||
| Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046 | 270,000 | 276,901 | ||
| $ 4,263,901 | ||||
| Healthcare Revenue - Hospitals – 9.7% | ||||
| Alabama Special Care Facilities Financing Authority Rev. (Ascension Health), “C”, 5%, 11/15/2046 | $ | 500,000 | $ 549,004 | |
| Alabama Special Care Facilities Financing Authority Rev. (Daughters of Charity), ETM, AAC, 5%, 11/01/2025 | 480,000 | 510,268 | ||
| Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children's Hospital), 5%, 6/01/2031 | 750,000 | 811,956 | ||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 5,000 | 5,568 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 40,000 | 41,731 | ||
| DCH Health Care Authority, AL, Health Care Facilities Rev., 5%, 6/01/2033 | 500,000 | 537,977 | ||
| DCH Healthcare Authority, “A”, 4%, 6/01/2046 | 1,000,000 | 1,047,435 | ||
| East Alabama Health Care Authority, Health Care Facilities Rev., “A”, 4%, 9/01/2048 | 500,000 | 524,819 | ||
| Huntsville, AL, Health Care Authority, “B”, 5%, 6/01/2035 | 500,000 | 587,873 | ||
| Huntsville, AL, Health Care Authority, “B”, 5%, 6/01/2036 | 500,000 | 586,543 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 360,000 | 411,283 | ||
| Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2040 | 1,000,000 | 1,077,680 | ||
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 50,000 | 53,706 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 425,000 | 446,042 | ||
| UAB Medicine Finance Authority Rev., “B”, 5%, 9/01/2035 | 1,000,000 | 1,114,628 | ||
| UAB Medicine Finance Authority Rev., “B2”, 5%, 9/01/2041 | 1,000,000 | 1,116,331 | ||
| $ 9,422,844 | ||||
| Healthcare Revenue - Long Term Care – 1.3% | ||||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | $ | 250,000 | $ 253,850 | |
| Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 4%, 12/01/2038 | 1,000,000 | 1,050,573 | ||
| $ 1,304,423 | ||||
| Industrial Revenue - Environmental Services – 0.3% | ||||
| Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Waste Disposal Authority Rev. (Cherokee Industrial Landfill Project), “A”, 6%, 5/01/2040 (n) | $ | 300,000 | $ 319,718 | |
| Industrial Revenue - Other – 0.6% | ||||
| Mobile County, AL, Limited Obligation Warrants (Gomesa Project), 4%, 11/01/2045 (n) | $ | 500,000 | $ 453,741 | |
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 100,000 | 96,087 | ||
| $ 549,828 | ||||
| Miscellaneous Revenue - Other – 0.6% | ||||
| Alabama Stadium Trace Village Improvement District Development Incentive Anticipation, 3.625%, 3/01/2036 | $ | 245,000 | $ 214,434 | |
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023) | 65,000 | 67,333 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 260,000 | 272,170 | ||
| $ 553,937 | ||||
| Port Revenue – 1.1% | ||||
| Alabama Port Authority Docks Facilities Refunding Rev., “A”, AGM, 5%, 10/01/2035 | $ | 1,000,000 | $ 1,106,461 | |
| Sales & Excise Tax Revenue – 10.0% | ||||
| Baldwin County, AL, Board of Education, Public School Warrants, 5%, 6/01/2028 | $ | 175,000 | $ 202,616 | |
| Baldwin County, AL, Board of Education, Public School Warrants, 5%, 6/01/2029 | 200,000 | 235,207
| ||
21
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Sales & Excise Tax Revenue – continued | ||||
| Baldwin County, AL, Board of Education, Public School Warrants, 5%, 6/01/2030 | $ | 225,000 | $ 268,270 | |
| Baldwin County, AL, Board of Education, Refunding School Warrants, 5%, 6/01/2022 | 1,450,000 | 1,459,416 | ||
| Cherokee County, AL, Board of Education Special Tax School Warrants (Sales Tax), 5%, 12/01/2048 | 1,000,000 | 1,133,122 | ||
| Elmore County, AL, Board of Education School Tax Warrants, 4%, 8/01/2038 | 745,000 | 799,542 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | 5,000 | 5,579 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 5,639 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 5,000 | 5,702 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 | 25,000 | 25,233 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 35,000 | 35,096 | ||
| Houston County, AL, Board of Education, School Warrants, BAM, 4%, 12/01/2031 | 765,000 | 840,384 | ||
| Houston County, AL, Board of Education, School Warrants, BAM, 4%, 12/01/2032 | 500,000 | 544,238 | ||
| Jefferson County, AL, Board of Education, 4%, 2/01/2042 | 805,000 | 853,363 | ||
| Jefferson County, AL, Limited Obligation Warrants, 5%, 9/15/2033 | 500,000 | 558,888 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 16,000 | 16,759 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 650,000 | 691,080 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 164,000 | 169,654 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 58,000 | 60,041 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 25,000 | 26,283 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 1,000 | 937 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 26,000 | 22,249 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 4,000 | 3,189 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 247,000 | 182,824 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 237,000 | 161,701 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 1,837,000 | 561,378 | ||
| Tuscaloosa County, AL, Board of Education, School Tax Warrants, 5%, 2/01/2037 | 750,000 | 834,281 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 100,000 | 97,132 | ||
| $ 9,799,803 | ||||
| Single Family Housing - Local – 0.3% | ||||
| Montgomery County, MD, Housing Opportunities Commission Program Rev., “A”, 4%, 7/01/2049 | $ | 315,000 | $ 325,760 | |
| Single Family Housing - State – 0.4% | ||||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 180,000 | $ 184,692 | |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 200,000 | 208,215 | ||
| $ 392,907 | ||||
| State & Local Agencies – 2.5% | ||||
| Alabama Public Health Care Authority Lease Rev. (Department of Public Health Facilities), 5%, 9/01/2030 | $ | 280,000 | $ 301,780 | |
| Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), “A”, AGM, 5%, 7/01/2030 | 210,000 | 210,677 | ||
| Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043 | 315,000 | 334,501 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2030 (Prerefunded 6/01/2023) | 35,000 | 36,350 | ||
| Huntsville, AL, Public Building Authority Lease Refunding Rev., 5%, 10/01/2033 | 500,000 | 569,615 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 75,000 | 86,939 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 155,000 | 174,387 | ||
| New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026) | 10,000 | 11,124 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 5,000 | 5,694 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 5,000 | 5,244 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 10,000 | 10,458 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 10,000 | 10,426 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 5,000 | 5,197 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 10,000 | 10,274 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 75,000 | 82,460 | ||
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 185,000 | 195,227 | ||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 350,000 | 388,307 | ||
| $
2,438,660 | ||||
22
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Student Loan Revenue – 0.2% | ||||
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 35,000 | $ 34,039 | |
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 90,000 | 80,861 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 45,000 | 41,377 | ||
| $ 156,277 | ||||
| Tax - Other – 5.2% | ||||
| Alabama Public School & College Authority Rev., “B”, 5%, 6/01/2025 (Prerefunded 6/01/2023) | $ | 800,000 | $ 829,833 | |
| Birmingham-Jefferson, AL, Civic Center Authority, “A”, 4%, 7/01/2043 | 750,000 | 768,563 | ||
| Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | 500,000 | 544,520 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | 55,000 | 60,143 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 30,000 | 32,785 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 85,000 | 92,019 | ||
| Lauderdale County, AL, Agriculture Center Authority Special Tax Rev., 5%, 7/01/2049 (Prerefunded 7/01/2024) | 1,000,000 | 1,065,880 | ||
| Mountain Brook, AL, Board of Education, School Warrants, “A”, 4%, 3/01/2027 | 200,000 | 217,940 | ||
| Mountain Brook, AL, Board of Education, School Warrants, “A”, 4%, 3/01/2030 | 325,000 | 359,816 | ||
| Tuscaloosa, AL, Board of Education, School Tax Warrants, 5%, 8/01/2036 (Prerefunded 8/01/2026) | 1,000,000 | 1,124,155 | ||
| $ 5,095,654 | ||||
| Tobacco – 0.2% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 55,000 | $ 61,860 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 1,040,000 | 154,692 | ||
| $ 216,552 | ||||
| Toll Roads – 0.3% | ||||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | $ | 90,000 | $ 90,894 | |
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 180,000 | 181,520 | ||
| $ 272,414 | ||||
| Transportation - Special Tax – 1.8% | ||||
| Alabama Federal Aid Highway Finance Authority Special Obligation, “A”, 5%, 9/01/2035 (Prerefunded 9/01/2026) | $ | 500,000 | $ 559,767 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | 125,000 | 125,870 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 330,000 | 341,026 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 240,000 | 243,592 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 200,000 | 202,762 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 50,000 | 55,215 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 105,000 | 116,325 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 45,000 | 50,098 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 50,000 | 54,859 | ||
| $ 1,749,514 | ||||
| Universities - Colleges – 20.8% | ||||
| Alabama Community College System Board of Trustees Rev., AGM, 4%, 9/01/2038 | $ | 1,000,000 | $ 1,095,716 | |
| Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2044 | 300,000 | 315,578 | ||
| Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2049 | 1,000,000 | 1,046,623 | ||
| Alabama Community College System Board of Trustees Rev. (Coastal Community College), BAM, 4%, 10/01/2027 | 615,000 | 669,223 | ||
| Alabama Community College System Board of Trustees Rev. (Snead State Community College), BAM, 4%, 9/01/2038 | 680,000 | 728,550 | ||
| Auburn University, General Fee Rev., “A”, 5%, 6/01/2025 | 885,000 | 966,313 | ||
| Auburn University, General Fee Rev., “A”, 5%, 6/01/2025 | 1,270,000 | 1,386,686 | ||
| Auburn University, General Fee Rev., “A”, 5%, 6/01/2038 | 500,000 | 554,050 | ||
| Auburn University, General Fee Rev., “A”, 5%, 6/01/2048 | 1,500,000 | 1,691,359 | ||
| Homewood, AL, Educational Building Authority Facilities Rev. (Samford University), “A”, 5%, 12/01/2034 | 500,000 | 554,561 | ||
| Jacksonville State University, AL, Tuition and Fee Rev., 4%, 12/01/2027 | 1,000,000 | 1,074,506 | ||
| Jacksonville State University, AL, Tuition and Fee Rev., 4%, 12/01/2040 | 750,000 | 791,280 | ||
| Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, 5%, 7/01/2036 | 580,000 | 642,085 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 345,000 | 346,759 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 65,000 | 65,556
| ||
23
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Universities - Colleges – continued | ||||
| Troy University, Facilities Rev., “A”, BAM, 5%, 11/01/2028 | $ | 500,000 | $ 539,375 | |
| University of Alabama at Birmingham, Rev., “B”, 4%, 10/01/2037 | 1,000,000 | 1,091,777 | ||
| University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2035 | 755,000 | 872,956 | ||
| University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2036 | 475,000 | 548,784 | ||
| University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2026 | 445,000 | 500,764 | ||
| University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039 | 1,000,000 | 1,155,887 | ||
| University of North Alabama, General Fee Rev., “C”, BAM, 4%, 11/01/2038 | 500,000 | 540,561 | ||
| University of South Alabama, Facilities Rev., BAM, 5%, 10/01/2036 | 500,000 | 563,393 | ||
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 750,000 | 850,326 | ||
| University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2036 | 355,000 | 374,009 | ||
| University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2038 | 500,000 | 524,989 | ||
| University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2040 | 770,000 | 806,165 | ||
| $ 20,297,831 | ||||
| Utilities - Municipal Owned – 1.0% | ||||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | $ | 180,000 | $ 171,900 | |
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 30,000 | 28,650 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 15,000 | 14,400 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 5,000 | 4,800 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 65,000 | 62,400 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 5,000 | 4,775 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 70,000 | 66,850 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 115,000 | 109,825 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 10,000 | 10,107 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 50,000 | 50,534 | ||
| Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 10,000 | 10,119 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 30,000 | 28,650 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 5,000 | 4,775 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 95,000 | 90,725 | ||
| Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | 70,000 | 70,750 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 15,000 | 15,437 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 5,000 | 4,806 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 14,400 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 50,000 | 48,000 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 15,000 | 14,400 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 55,000 | 52,800 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 40,000 | 39,000 | ||
| $ 994,503 | ||||
| Utilities - Other – 1.9% | ||||
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 1), “A”, 4%, 10/01/2028 | $ | 750,000 | $ 793,035 | |
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031) | 1,000,000 | 1,073,764 | ||
| $ 1,866,799 | ||||
| Water & Sewer Utility Revenue – 10.9% | ||||
| Auburn, AL, Waterworks Board Water Rev., 5%, 9/01/2036 (Prerefunded 9/01/2025) | $ | 1,000,000 | $ 1,089,643 | |
| Birmingham, AL, Waterworks Board Water Rev., 5%, 1/01/2036 (Prerefunded 1/01/2028) | 750,000 | 861,807 | ||
| Birmingham, AL, Waterworks Board Water Rev., “A”, 5%, 1/01/2030 (Prerefunded 1/01/2025) | 500,000 | 540,900 | ||
| Birmingham, AL, Waterworks Board Water Rev., “A”, 5%, 1/01/2031 (Prerefunded 1/01/2027) | 500,000 | 566,308 | ||
| Cullman, AL, Utilities Board Water Rev., “A”, AGM, 5%, 9/01/2035 | 1,000,000 | 1,071,191 | ||
| Gadsden, AL, Waterworks and Sewer Rev., AGM, 4%, 6/01/2033 | 1,000,000 | 1,081,320 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 45,000 | 48,857 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 120,000 | 129,474 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 45,000 | 47,344 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 45,000 | 47,168 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 95,000 | 106,403
| ||
24
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Water & Sewer Utility Revenue – continued | ||||
| Jefferson County, AL, Senior Lien Sewer Rev., Current Interest Warrants, “A”, AGM, 5%, 10/01/2044 | $ | 750,000 | $ 799,093 | |
| Madison City, AL, Water & Wastewater Board Rev., 3%, 12/01/2050 | 1,000,000 | 911,632 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 15,000 | 15,903 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 20,000 | 21,101 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 10,000 | 10,580 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 20,000 | 21,150 | ||
| Opelika, AL, Board of Utility Rev., “A”, BAM, 4%, 6/01/2027 | 200,000 | 215,172 | ||
| Opelika, AL, Board of Utility Rev., “A”, BAM, 4%, 6/01/2028 | 250,000 | 271,100 | ||
| Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2044 | 700,000 | 622,523 | ||
| Scottsboro, AL, Board of Waterworks, Sewer & Gas Rev., 5%, 8/01/2032 (Prerefunded 8/01/2022) | 500,000 | 506,347 | ||
| Scottsboro, AL, Board of Waterworks, Sewer & Gas Rev., “B”, BAM, 4%, 8/01/2039 | 350,000 | 376,796 | ||
| Warrior River, AL, Water Authority Rev., BAM, 4%, 8/01/2039 | 1,180,000 | 1,264,633 | ||
| $ 10,626,445 | ||||
| Total Municipal Bonds (Identified Cost, $91,491,657) | $ 90,317,521 | |||
| Trust Units – 0.4% | ||||
| Tax - Other – 0.4% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 70,000 | $ 69,613 | ||
| PRIFA Class 61 Trust, Class 2024-2005C (taxable), 5.5%, 7/01/2024 | 105,000 | 104,859 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 265,000 | 264,326 | ||
| Total Trust Units (Identified Cost, $443,558) | $ 438,798 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 136,000 | $ 118,310 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 173,266 | 51,308 | ||
| Total Bonds (Identified Cost, $184,275) | $ 169,618 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $89,683) | $ 157,170 | $84,479 | ||
| Investment Companies (h) – 5.9% | ||||
| Money Market Funds – 5.9% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $5,746,676) | 5,746,704 | $ 5,746,704 | ||
| Other Assets, Less Liabilities – 0.9% | 846,760 | |||
| Net Assets – 100.0% | $ 97,603,880 | |||
See Portfolio Footnotes and Notes to Financial Statements
25
Portfolio of
Investments – continued
MFS Arkansas Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 98.3% | ||||
| Airport Revenue – 0.5% | ||||
| Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | $ | 235,000 | $ 239,199 | |
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2025 | 175,000 | 188,215 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 95,000 | 101,508 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 105,000 | 112,474 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 80,000 | 84,673 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 125,000 | 131,972 | ||
| $ 858,041 | ||||
| General Obligations - General Purpose – 3.0% | ||||
| Arkansas Higher Education, 4%, 6/01/2029 | $ | 2,000,000 | $ 2,082,570 | |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 375,000 | 368,872 | ||
| Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 70,000 | 74,910 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033 | 110,000 | 117,841 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 80,000 | 89,721 | ||
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040 | 30,000 | 32,074 | ||
| Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 225,000 | 240,278 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 30,860 | 28,160 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 77,204 | 44,586 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 67,002 | 68,628 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 66,814 | 70,492 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 66,209 | 72,293 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 65,135 | 72,638 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 63,265 | 72,059 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 59,992 | 58,565 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 53,925 | 52,037 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 46,282 | 44,438 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 62,925 | 59,756 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 216,442 | 203,604 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 120,000 | 135,640 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 115,000 | 130,807 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2028 | 150,000 | 165,957 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2029 | 225,000 | 251,841 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 205,000 | 231,666 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 295,000 | 335,488 | ||
| $ 5,104,921 | ||||
| General Obligations - Schools – 10.4% | ||||
| Benton County, AR, Bentonville School District No. 6 Construction Refunding, “B”, 4%, 6/01/2037 | $ | 1,500,000 | $ 1,589,467 | |
| Benton County, AR, Bentonville School District No. 6 Construction Refunding, “B”, 4%, 6/01/2047 | 1,000,000 | 1,047,133 | ||
| Benton County, AR, Bentonville School District No. 6 Construction, “G”, 2.25%, 6/01/2046 | 1,000,000 | 765,883 | ||
| Benton County, AR, Bentonville School District No. 6 Refunding, “F”, 5%, 6/01/2025 | 480,000 | 523,794 | ||
| Benton County, AR, Bentonville School District No. 6 Refunding, “F”, 5%, 6/01/2026 | 300,000 | 334,578 | ||
| Benton County, AR, Bentonville School District No. 6 Refunding, “F”, 3%, 6/01/2027 | 1,065,000 | 1,101,745 | ||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | 40,000 | 44,732 | ||
| Crittenden County, AR, Community College District, 4.6%, 2/01/2035 | 285,000 | 285,620 | ||
| Crittenden County, AR, Community College District, 4.7%, 2/01/2040 | 625,000 | 626,306 | ||
| Crittenden County, AR, Earle Special School District Refunding and Construction, 4%, 2/01/2048 | 2,060,000 | 2,086,775 | ||
| Fort Smith, AR, School District No. 100 Construction, “B”, 2.75%, 2/01/2045 | 1,370,000 | 1,193,968 | ||
| Johnson County, AR, Clarksville School District No. 17 Refunding, 0.5%, 12/01/2024 | 350,000 | 328,452 | ||
| North Little Rock, AR, School District No. 1 (Pulaski County), 2%, 2/01/2027 | 2,000,000 | 1,967,963 | ||
| Pulaski County, AR, Little Rock School District Construction Refunding, “A”, 5%, 2/01/2027 | 1,925,000 | 2,171,889 | ||
| Pulaski County, AR, Special School District Construction, 4%, 2/01/2041 (Prerefunded 8/01/2022) | 2,000,000 | 2,018,924 | ||
| Saline County, AR, Benton School District No. 8 Construction, 5%, 2/01/2024 | 285,000 | 300,400 | ||
| Saline County, AR, Benton School District No. 8 Construction, 5%, 2/01/2025 | 300,000 | 324,101 | ||
| Saline County, AR, Benton School District No. 8 Construction, 5%, 2/01/2026 | 315,000 | 348,071 | ||
| Saline County, AR, Benton School District No. 8 Construction, 5%, 2/01/2027 | 330,000 | 372,324
| ||
26
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - Schools – continued | ||||
| Saline County, AR, Benton School District No. 8 Construction, 4%, 2/01/2028 | $ | 350,000 | $ 380,788 | |
| $ 17,812,913 | ||||
| Healthcare Revenue - Hospitals – 10.7% | ||||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047 | $ | 2,000,000 | $ 2,239,850 | |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), “A”, 5%, 12/01/2029 | 1,000,000 | 1,093,783 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2034 | 740,000 | 850,222 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 | 1,000,000 | 1,132,639 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041 | 750,000 | 760,393 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052 | 1,250,000 | 1,175,204 | ||
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038 | 1,900,000 | 2,117,359 | ||
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 4%, 2/01/2042 | 990,000 | 1,044,498 | ||
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2033 | 1,645,000 | 1,753,002 | ||
| Batesville, AK, Public Facilities Board, Hospital Rev. (White River Health System, Inc.), 5%, 6/01/2027 | 500,000 | 550,809 | ||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 5,000 | 5,568 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 90,000 | 93,895 | ||
| Conway, AR, Hospital Rev. (Conway Regional Medical Center), 4.45%, 8/01/2032 (Prerefunded 8/01/2022) | 540,000 | 545,859 | ||
| Conway, AR, Hospital Rev. (Conway Regional Medical Center), “A”, 4%, 8/01/2038 | 1,000,000 | 1,033,934 | ||
| Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045 | 20,000 | 20,331 | ||
| Pulaski County, AR, Public Facilities Board, Healthcare Rev., 5.5%, 7/01/2043 (Prerefunded 7/01/2023) | 750,000 | 783,385 | ||
| Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040 | 2,820,000 | 3,100,930 | ||
| $ 18,301,661 | ||||
| Industrial Revenue - Other – 0.2% | ||||
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | $ | 390,000 | $ 361,001 | |
| Industrial Revenue - Paper – 0.1% | ||||
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $ | 100,000 | $ 106,171 | |
| Miscellaneous Revenue - Other – 3.8% | ||||
| Arkansas Development Finance Authority, Public Safety Charges Rev. (Division of Emergency Management Project), 4%, 6/01/2031 | $ | 1,070,000 | $ 1,163,834 | |
| Arkansas Development Finance Authority, Public Safety Charges Rev. (Division of Emergency Management Project), 4%, 6/01/2045 | 2,955,000 | 3,143,105 | ||
| Fayetteville, AR, Hotel, Motel and Restaurant Rev., BAM, 5%, 11/01/2034 | 2,000,000 | 2,147,167 | ||
| $ 6,454,106 | ||||
| Sales & Excise Tax Revenue – 18.4% | ||||
| Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2034 | $ | 1,000,000 | $ 1,019,988 | |
| Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2035 | 1,000,000 | 1,017,915 | ||
| Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2036 | 785,000 | 798,375 | ||
| Cabot, AR, Sales & Use Tax Refunding and Improvements, 5%, 6/01/2026 (Prerefunded 6/01/2023) | 700,000 | 726,104 | ||
| Cabot, AR, Sales & Use Tax Refunding and Improvements, 5%, 6/01/2027 (Prerefunded 6/01/2023) | 1,300,000 | 1,348,478 | ||
| Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 4%, 12/01/2029 | 250,000 | 276,182 | ||
| Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 4%, 12/01/2030 | 100,000 | 110,083 | ||
| Clarksville, AR, Sales & Use Tax Capital Improvement Refunding, BAM, 3%, 11/01/2024 | 955,000 | 975,195 | ||
| Clarksville, AR, Sales & Use Tax Capital Improvement Refunding, BAM, 3%, 11/01/2025 | 635,000 | 652,411 | ||
| Clarksville, AR, Sales & Use Tax Capital Improvement Refunding, BAM, 3%, 11/01/2026 | 1,020,000 | 1,052,545 | ||
| Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2030 | 850,000 | 874,959 | ||
| Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035 | 1,150,000 | 1,182,149 | ||
| Forrest City, AR, Sales & Use Tax , 3%, 11/01/2032 | 350,000 | 351,706 | ||
| Forrest City, AR, Sales & Use Tax , 3%, 11/01/2033 | 370,000 | 371,264 | ||
| Forrest City, AR, Sales & Use Tax , 3%, 11/01/2034 | 380,000 | 380,856 | ||
| Forrest City, AR, Sales & Use Tax , 3%, 11/01/2036 | 400,000 | 400,127 | ||
| Fort Smith, AR, Sales & Use Tax, 5%, 5/01/2023 | 380,000 | 381,171 | ||
| Fort Smith, AR, Sales & Use Tax, 5%, 5/01/2024 | 1,335,000 | 1,339,000 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | 10,000 | 11,158 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 10,000 | 11,277 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 10,000 | 11,405 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 | 45,000 | 45,419 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 65,000 | 65,178
| ||
27
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Sales & Excise Tax Revenue – continued | ||||
| Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | $ | 415,000 | $ 447,288 | |
| Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | 1,000,000 | 1,198,574 | ||
| Mississippi County, AR, 4%, 6/01/2036 | 650,000 | 670,011 | ||
| Mississippi County, AR, 4%, 6/01/2038 | 1,095,000 | 1,127,313 | ||
| Mountain View, AK, Sales and Use Tax Rev., BAM, 4%, 11/01/2027 | 335,000 | 360,463 | ||
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2031 | 335,000 | 336,485 | ||
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2032 | 395,000 | 395,043 | ||
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2033 | 405,000 | 403,066 | ||
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2034 | 415,000 | 415,071 | ||
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2035 | 425,000 | 422,619 | ||
| Phillips County, AR, Sales & Use Tax, BAM, 3.75%, 9/01/2038 | 1,170,000 | 1,189,301 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 36,000 | 37,707 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 2,108,000 | 2,241,225 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 355,000 | 367,238 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 120,000 | 124,222 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 2,000 | 2,075 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 62,000 | 65,182 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 6,000 | 5,625 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 66,000 | 56,478 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 12,000 | 9,566 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 593,000 | 438,927 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 568,000 | 387,536 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 2,189,000 | 668,948 | ||
| Rogers, AR, Sales & Use Tax Rev., “B”, 5%, 11/01/2036 | 2,000,000 | 2,243,198 | ||
| Springdale, AR, Sales & Use Tax Rev., 5%, 11/01/2028 (Prerefunded 11/01/2022) | 1,000,000 | 1,020,947 | ||
| Springdale, AR, Sales & Use Tax Rev., BAM, 5%, 4/01/2037 | 1,000,000 | 1,052,799 | ||
| Springdale, AR, Sales & Use Tax Rev., BAM, 3.6%, 4/01/2041 | 2,000,000 | 2,027,055 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 180,000 | 174,838 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 200,000 | 197,344 | ||
| $ 31,489,089 | ||||
| Secondary Schools – 0.6% | ||||
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | $ | 750,000 | $ 758,179 | |
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2039 (n) | 250,000 | 262,844 | ||
| $ 1,021,023 | ||||
| Single Family Housing - State – 0.8% | ||||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, GNMA, 4%, 11/15/2047 | $ | 410,000 | $ 420,850 | |
| Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 4%, 7/01/2047 | 450,000 | 461,702 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 410,000 | 426,841 | ||
| $ 1,309,393 | ||||
| State & Local Agencies – 6.4% | ||||
| Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034 | $ | 2,605,000 | $ 2,621,116 | |
| Arkansas Development Finance Authority State Agencies Facilities Revenue Refunding and Construction (Justice Building Project), 4%, 12/01/2050 | 2,570,000 | 2,693,744 | ||
| Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043 | 840,000 | 892,001 | ||
| Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 1,315,000 | 1,247,206 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 200,000 | 231,837 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 385,000 | 433,154 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 150,000 | 164,920 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 345,000 | 384,087 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2044 | 580,000 | 640,616 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044 | 2,360,000 | 1,122,140
| ||
28
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| State & Local Agencies – continued | ||||
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | $ | 525,000 | $ 554,024 | |
| $ 10,984,845 | ||||
| Student Loan Revenue – 0.1% | ||||
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 70,000 | $ 68,078 | |
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 185,000 | 166,214 | ||
| $ 234,292 | ||||
| Tax - Other – 4.3% | ||||
| Fayetteville, AR, Liberty Improvement Bonds, 4%, 1/01/2037 | $ | 2,000,000 | $ 2,071,576 | |
| Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034 | 3,000,000 | 3,192,872 | ||
| New York City Transitional Finance Authority Rev., “C-1”, 4%, 2/01/2038 | 1,165,000 | 1,235,566 | ||
| Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax, ”C-3“, 3%, 5/15/2051 | 890,000 | 813,170 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 101,194 | ||
| $ 7,414,378 | ||||
| Tax Assessment – 0.0% | ||||
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | $ | 15,000 | $ 15,574 | |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 13,000 | 13,944 | ||
| $ 29,518 | ||||
| Tobacco – 2.3% | ||||
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2027 | $ | 2,470,000 | $ 2,165,859 | |
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2028 | 500,000 | 424,334 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | 105,000 | 118,097 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | 185,000 | 185,631 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 750,000 | 780,523 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 2,010,000 | 298,972 | ||
| $ 3,973,416 | ||||
| Toll Roads – 0.3% | ||||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $ | 230,000 | $ 246,069 | |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 180,000 | 191,876 | ||
| $ 437,945 | ||||
| Transportation - Special Tax – 2.8% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | $ | 20,000 | $ 20,451 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 715,000 | 725,702 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 395,000 | 400,455 | ||
| New Jersey Economic Development Authority Rev. (NJ Transit Transportation Project), 4%, 11/01/2044 | 1,015,000 | 1,037,124 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 95,000 | 104,907 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050 | 65,000 | 71,479 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 310,000 | 343,436 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 125,000 | 139,162 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 4%, 6/15/2044 | 1,775,000 | 1,810,615 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 125,000 | 137,147 | ||
| $ 4,790,478 | ||||
| Universities - Colleges – 14.6% | ||||
| Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031 | $ | 2,500,000 | $ 2,548,970 | |
| Arkansas State University, Student Fee Rev. (Jonesboro Campus), “C”, AGM, 4.5%, 3/01/2027 | 545,000 | 546,333 | ||
| Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2030 | 410,000 | 490,406 | ||
| Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2031 | 430,000 | 513,260 | ||
| Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2032 | 450,000 | 536,215
| ||
29
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Universities - Colleges – continued | ||||
| Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2033 | $ | 475,000 | $ 565,196 | |
| Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 4%, 12/01/2035 | 410,000 | 448,731 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 620,000 | 623,162 | ||
| Northern Illinois University, Auxiliary Facilities System Rev., BAM, 4%, 10/01/2034 | 500,000 | 538,537 | ||
| Northern Illinois University, Auxiliary Facilities System Rev., BAM, 4%, 10/01/2035 | 500,000 | 537,942 | ||
| Northern Illinois University, Auxiliary Facilities System Rev., BAM, 4%, 10/01/2038 | 650,000 | 696,463 | ||
| 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 | 85,000 | 86,290 | ||
| 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 | 140,000 | 142,360 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 60,000 | 60,494 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 65,000 | 66,037 | ||
| Pulaski, AR, Student Tuition & Fee Rev. (Technical College), BAM, 5%, 9/01/2030 | 1,000,000 | 1,081,095 | ||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 340,000 | 372,138 | ||
| University of Arkansas Athletic Facilities Rev. (Fayetteville Campus), “A”, 5%, 9/15/2033 | 1,450,000 | 1,695,270 | ||
| University of Arkansas Auxiliary Enterprises Rev., 5%, 12/01/2029 (Prerefunded 12/01/2022) | 605,000 | 619,618 | ||
| University of Arkansas Auxiliary Enterprises Rev. (UALR Campus), “A”, 5%, 5/01/2029 (Prerefunded 5/01/2022) | 200,000 | 200,624 | ||
| University of Arkansas Facilities Rev. (Fayetteville Campus), 5%, 11/01/2047 | 1,500,000 | 1,725,157 | ||
| University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2032 (Prerefunded 5/01/2024) | 1,000,000 | 1,062,372 | ||
| University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2043 | 1,500,000 | 1,744,447 | ||
| University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2023 | 520,000 | 546,441 | ||
| University of Arkansas Facilities Rev. (UAMS Campus), 5%, 10/01/2025 | 780,000 | 815,502 | ||
| University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2025 | 2,000,000 | 2,095,308 | ||
| University of Arkansas Facilities Rev. (UAMS Campus), “A”, 5%, 3/01/2031 | 915,000 | 1,056,384 | ||
| University of Arkansas Facilities Rev. (UAMS Northwest Campus), “A”, 5%, 4/01/2047 (w) | 2,000,000 | 2,354,980 | ||
| University of Central Arkansas Student Fee Rev., “A”, AGM, 5%, 11/01/2038 | 500,000 | 544,415 | ||
| University of Central Arkansas Student Fee Rev., “A”, AGM, 4%, 11/01/2048 | 550,000 | 565,309 | ||
| $ 24,879,456 | ||||
| Universities - Dormitories – 0.7% | ||||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $ | 1,130,000 | $ 1,246,830 | |
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 155,000 | $ 158,875 | |
| Utilities - Municipal Owned – 6.7% | ||||
| Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2030 | $ | 1,000,000 | $ 1,094,120 | |
| Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2032 (Prerefunded 9/01/2022) | 1,130,000 | 1,147,711 | ||
| Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2035 | 1,000,000 | 1,092,740 | ||
| Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2036 (Prerefunded 9/01/2022) | 1,165,000 | 1,183,259 | ||
| Conway, AR, Electric Improvement Rev., “A”, 4%, 12/01/2043 | 1,915,000 | 2,037,025 | ||
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2030 | 2,805,000 | 2,846,699 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 410,000 | 391,550 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 65,000 | 62,075 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 30,000 | 28,800 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 15,000 | 14,400 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 145,000 | 139,200 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 15,000 | 14,325 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 155,000 | 148,025 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 260,000 | 248,300 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 5%, 7/01/2023 | 135,000 | 137,412 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 60,000 | 57,300 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 70,000 | 66,850 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 210,000 | 200,550
| ||
30
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Municipal Owned – continued | ||||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | $ | 15,000 | $ 15,437 | |
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,612 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 25,000 | 24,000 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 95,000 | 90,725 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 110,000 | 105,600 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 35,000 | 33,600 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 95,000 | 91,200 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 80,000 | 78,000 | ||
| $ 11,368,065 | ||||
| Utilities - Other – 0.1% | ||||
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | $ | 155,000 | $ 157,355 | |
| Water & Sewer Utility Revenue – 11.4% | ||||
| Arkansas Community Public Water Systems Authority Rev., 5%, 10/01/2032 (Prerefunded 10/01/2022) | $ | 1,020,000 | $ 1,038,854 | |
| Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4%, 10/01/2052 | 500,000 | 528,930 | ||
| Conway, AR, Wastewater Improvement Rev., “A”, 4%, 10/01/2039 | 525,000 | 561,978 | ||
| Fort Smith, AR, Water and Sewer and Construction Rev., 5%, 10/01/2035 | 3,850,000 | 4,448,522 | ||
| Fort Smith, AR, Water and Sewer Refunding Construction Rev., 5%, 10/01/2031 | 500,000 | 579,632 | ||
| Fort Smith, AR, Water and Sewer Rev., AGM, 4.5%, 10/01/2022 | 455,000 | 456,069 | ||
| Fort Smith, AR, Water and Sewer Rev., BAM, 3%, 10/01/2029 | 325,000 | 332,226 | ||
| Fort Smith, AR, Water and Sewer Rev., BAM, 5%, 10/01/2029 | 1,000,000 | 1,118,332 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 85,000 | 92,285 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 500,000 | 539,474 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 245,000 | 257,762 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 245,000 | 256,805 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 200,000 | 224,006 | ||
| Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2047 | 1,000,000 | 861,235 | ||
| Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2050 | 1,000,000 | 848,254 | ||
| Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2035 | 1,125,000 | 1,248,884 | ||
| Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2039 | 1,000,000 | 1,110,453 | ||
| Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2041 | 500,000 | 553,591 | ||
| Hot Springs, AR, Waterworks Rev., BAM, 3.75%, 10/01/2043 | 1,750,000 | 1,781,259 | ||
| Malvern, AR, Water and Sewer Refunding and Construction Rev., BAM, 3.7%, 8/01/2043 | 750,000 | 755,059 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 50,000 | 53,011 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 65,000 | 68,578 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 30,000 | 31,739 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 75,000 | 79,313 | ||
| Salem, AR, Public Water Authority Refunding Rev., BAM, 5%, 1/01/2027 | 600,000 | 669,785 | ||
| Salem, AR, Public Water Authority Refunding Rev., BAM, 5%, 1/01/2028 | 210,000 | 237,399 | ||
| Salem, AR, Public Water Authority Refunding Rev., BAM, 3%, 1/01/2030 | 340,000 | 346,306 | ||
| Salem, AR, Public Water Authority Refunding Rev., BAM, 3%, 1/01/2031 | 345,000 | 349,022 | ||
| $ 19,428,763 | ||||
| Total Municipal Bonds (Identified Cost, $168,645,344) | $ 167,922,535 | |||
| Trust Units – 0.6% | ||||
| Tax - Other – 0.6% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 210,000 | $ 208,839 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 890,000 | 887,738 | ||
| Total Trust Units (Identified Cost, $1,108,468) | $
1,096,577 | |||
31
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 245,000 | $ 213,133 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 433,167 | 128,269 | ||
| Total Bonds (Identified Cost, $373,640) | $ 341,402 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $170,927) | $ 299,548 | $161,007 | ||
| Investment Companies (h) – 0.7% | ||||
| Money Market Funds – 0.7% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $1,147,208) | 1,147,208 | $ 1,147,208 | ||
| Other Assets, Less Liabilities – 0.1% | 169,758 | |||
| Net Assets – 100.0% | $ 170,838,487 | |||
See Portfolio Footnotes and Notes to Financial Statements
32
Portfolio of
Investments – continued
MFS California Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 93.0% | ||||
| Airport Revenue – 6.4% | ||||
| California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2043 | $ | 2,190,000 | $ 2,384,919 | |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038 | 1,935,000 | 2,151,099 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2037 | 1,305,000 | 1,465,560 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038 | 1,305,000 | 1,463,613 | ||
| Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2038 | 2,000,000 | 2,212,423 | ||
| Sacramento County, CA, Airport System Rev., “C”, 5%, 7/01/2039 | 1,000,000 | 1,104,911 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2036 | 750,000 | 839,707 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2037 | 1,400,000 | 1,566,313 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2038 | 1,000,000 | 1,116,602 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2039 | 1,000,000 | 1,115,111 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2042 | 665,000 | 724,926 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047 | 665,000 | 720,643 | ||
| San Diego County, CA, Regional Airport Authority Rev., “C”, 5%, 7/01/2031 | 1,030,000 | 1,177,311 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2031 | 850,000 | 852,580 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044 | 7,605,000 | 8,400,127 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 3,000,000 | 3,224,576 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2039 | 3,420,000 | 3,810,262 | ||
| San Jose, CA, Airport Rev., “A”, 5%, 3/01/2035 | 1,000,000 | 1,091,489 | ||
| San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047 | 2,000,000 | 2,157,561 | ||
| $ 37,579,733 | ||||
| General Obligations - General Purpose – 5.3% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 1,080,000 | $ 1,062,351 | |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 810,000 | 860,206 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 255,000 | 276,878 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 112,963 | 103,078 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 282,606 | 163,205 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 245,262 | 251,214 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 244,575 | 258,038 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 242,360 | 264,631 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 238,428 | 265,894 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 231,583 | 263,773 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 219,601 | 214,378 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 197,392 | 190,482 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 169,415 | 162,666 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 230,339 | 218,737 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 765,550 | 720,144 | ||
| Marin County, CA, Healthcare District (Election of 2013), “A”, 4%, 8/01/2047 | 3,000,000 | 3,207,529 | ||
| State of California, Various Purpose General Obligation, 5.25%, 4/01/2035 | 2,545,000 | 2,547,182 | ||
| State of California, Various Purpose General Obligation, 5%, 4/01/2045 | 7,000,000 | 8,011,704 | ||
| State of California, Various Purpose General Obligation Refunding, 4%, 8/01/2037 | 1,700,000 | 1,815,906 | ||
| State of California, Various Purpose General Obligation Refunding, 5%, 9/01/2041 | 4,000,000 | 4,779,598 | ||
| State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2041 | 3,985,000 | 4,344,259 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 440,000 | 497,346 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 410,000 | 466,356 | ||
| $ 30,945,555 | ||||
| General Obligations - Schools – 17.3% | ||||
| Alameda and Contra Costa Counties, CA, Chabot-Las Postas Community College District, General Obligation, “B”, 4%, 8/01/2025 | $ | 400,000 | $ 425,744 | |
| Alameda and Contra Costa Counties, CA, Chabot-Las Postas Community College District, General Obligation, “B”, 4%, 8/01/2026 | 450,000 | 486,535 | ||
| Alameda and Contra Costa Counties, CA, Chabot-Las Postas Community College District, General Obligation, “B”, 4%, 8/01/2027 | 1,000,000 | 1,093,153 | ||
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029 | 4,335,000 | 3,568,019 | ||
| Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040 | 2,785,000 | 2,984,622 | ||
| Dublin, CA, Unified School District (Election of 2016), “B”, 4%, 8/01/2043 | 1,945,000 | 2,091,643 | ||
| Folsom Cordova, CA, Unified School District (Election of 2007), “D”, AGM, 4%, 10/01/2038 | 4,000,000 | 4,306,767 | ||
| Folsom Cordova, CA, Unified School District (Election of 2007), “D”, AGM, 4%, 10/01/2039 | 4,000,000 | 4,303,216 | ||
| Folsom Cordova, CA, Unified School District (Election of 2012), “A”, 5%, 10/01/2038 (Prerefunded 10/01/2023) | 2,465,000 | 2,583,902 | ||
| Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031 | 2,120,000 | 1,587,300
| ||
33
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - Schools – continued | ||||
| Grossmont, CA, Union High School District (Election of 2008), “I-2”, 4%, 8/01/2044 | $ | 5,190,000 | $ 5,564,597 | |
| Imperial County, CA, Community College District Rev., BAM, 4%, 8/01/2040 | 465,000 | 492,192 | ||
| Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034 | 500,000 | 317,662 | ||
| Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033 | 1,260,000 | 824,042 | ||
| Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% to 8/01/2045 | 1,590,000 | 1,413,115 | ||
| Los Angeles County, CA, Inglewood Unified School District (Election of 2020), “A”, AGM, 4%, 8/01/2038 | 1,640,000 | 1,770,812 | ||
| Los Angeles County, CA, Inglewood Unified School District (Election of 2020), “A”, AGM, 4%, 8/01/2040 | 2,070,000 | 2,225,095 | ||
| Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049 | 875,000 | 934,840 | ||
| Los Angeles County, CA, Palmdale School District (Election of 2016), 4%, 8/01/2044 | 2,395,000 | 2,548,478 | ||
| Los Angeles, CA, Unified School District, General Obligation, “RYO”, 5%, 7/01/2035 | 3,000,000 | 3,561,169 | ||
| Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2039 (Prerefunded 2/15/2027) | 2,000,000 | 2,186,010 | ||
| Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2040 (Prerefunded 2/15/2027) | 1,000,000 | 1,093,005 | ||
| Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047 | 2,595,000 | 2,754,180 | ||
| Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032 | 1,570,000 | 1,133,402 | ||
| Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046 | 1,570,000 | 1,610,127 | ||
| Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033 | 500,000 | 345,727 | ||
| Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028 | 1,440,000 | 1,218,299 | ||
| Mount Diablo, CA, Unified School District (Election of 2010), Convertible Capital Appreciation, “A”, AGM, 0% to 8/01/2019, 6% to 8/01/2030 | 3,000,000 | 3,269,795 | ||
| 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 | 5,000,000 | 5,074,635 | ||
| Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029 | 3,385,000 | 2,730,317 | ||
| Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028 | 830,000 | 908,307 | ||
| Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030 | 830,000 | 907,747 | ||
| Oakland, CA, Unified School District Rev. (Election of 2012), “A”, AGM, 4%, 8/01/2034 | 1,000,000 | 1,071,780 | ||
| Oakland, CA, Unified School District Rev. (Election of 2012), “A”, AGM, 4%, 8/01/2035 | 1,000,000 | 1,070,750 | ||
| Orange County, CA, Garden Grove Unified School District, 4%, 8/01/2046 | 3,000,000 | 3,175,435 | ||
| Oxnard, CA, School District (Ventura County), “A”, BAM, 5%, 8/01/2045 | 2,590,000 | 2,933,055 | ||
| Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2033 | 500,000 | 556,367 | ||
| Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2034 | 1,400,000 | 1,555,386 | ||
| Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2035 | 1,105,000 | 1,226,200 | ||
| Placer and Sacramento Counties, CA, Roseville Joint Union High School District (School Facilities Improvement District No. 1), 4%, 8/01/2046 | 1,515,000 | 1,603,198 | ||
| San Bernardino, CA, City Unified School District, “A”, AGM, 5%, 8/01/2023 | 600,000 | 624,879 | ||
| San Diego County, CA, La Mesa-Spring Valley School District, General Obligation, “A”, BAM, 4%, 8/01/2022 | 1,140,000 | 1,151,012 | ||
| San Diego County, CA, La Mesa-Spring Valley School District, General Obligation, “A”, BAM, 4%, 8/01/2023 | 1,300,000 | 1,339,912 | ||
| San Diego, CA, Community College District (Election of 2002), 6%, 8/01/2033 (Prerefunded 8/01/2027) | 2,000,000 | 2,395,499 | ||
| San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “G”, 0%, 7/01/2034 (Prerefunded 1/01/2024) | 1,235,000 | 682,537 | ||
| San Diego, CA, Unified School District (Election of 2012), “I”, 4%, 7/01/2047 | 2,145,000 | 2,261,820 | ||
| San Jose, CA, Evergreen Community College District (Election of 2010), “A”, 5%, 8/01/2041 (Prerefunded 8/01/2022) | 1,235,000 | 1,250,882 | ||
| Santa Barbara and San Luis Obispo Counties, CA, Santa Maria-Bonita School District, 4%, 8/01/2042 | 1,000,000 | 1,063,061 | ||
| Santa Barbara and San Luis Obispo Counties, CA, Santa Maria-Bonita School District, 4%, 8/01/2044 | 1,250,000 | 1,327,551 | ||
| Santa Clara and Santa Cruz Counties, CA, West Valley-Mission Community College District (Election of 2018), “A”, 4%, 8/01/2044 | 2,650,000 | 2,863,076 | ||
| Santa Clara County, CA, Gilroy Unified School District, General Obligation, “2016”, 4%, 8/01/2025 | 100,000 | 106,370 | ||
| Santa Clara County, CA, Gilroy Unified School District, General Obligation, “2016”, 4%, 8/01/2026 | 125,000 | 134,933 | ||
| Santa Clara County, CA, Gilroy Unified School District, General Obligation, “2016”, 4%, 8/01/2027 | 275,000 | 300,762 | ||
| South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049 | 2,480,000 | 2,610,956 | ||
| Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046 | 2,775,000 | 1,046,411 | ||
| Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047 | 3,035,000 | 1,085,901 | ||
| Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043 | 2,000,000 | 2,073,058 | ||
| $ 101,825,245 | ||||
| Healthcare Revenue - Hospitals – 12.0% | ||||
| California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042 | $ | 2,550,000 | $ 2,854,220 | |
| California Health Facilities Financing Authority Rev. (City of Hope), 5%, 11/15/2049 | 4,000,000 | 4,403,085
| ||
34
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Hospitals – continued | ||||
| California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037 | $ | 1,000,000 | $ 1,115,142 | |
| California Health Facilities Financing Authority Rev. (Marshall Medical Center), 5%, 11/01/2033 | 750,000 | 805,028 | ||
| California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2038 | 1,000,000 | 1,132,812 | ||
| California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2048 | 3,500,000 | 3,945,270 | ||
| California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5%, 11/15/2046 (Prerefunded 11/15/2026) | 1,300,000 | 1,462,997 | ||
| California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5%, 11/15/2046 | 1,880,000 | 2,084,968 | ||
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Health System), “A”, 5%, 8/15/2051 | 4,000,000 | 4,727,696 | ||
| California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2036 (n) | 175,000 | 192,172 | ||
| California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2046 (n) | 750,000 | 812,233 | ||
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036 | 1,275,000 | 1,424,268 | ||
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037 | 850,000 | 949,923 | ||
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 425,000 | 475,167 | ||
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2042 | 2,000,000 | 2,223,145 | ||
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2047 | 1,000,000 | 1,105,497 | ||
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047 | 1,685,000 | 1,766,947 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028 | 205,000 | 217,413 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029 | 165,000 | 174,757 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030 | 85,000 | 89,916 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | 315,000 | 332,331 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044 | 415,000 | 435,951 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 1,500,000 | 1,644,592 | ||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 2,545,000 | 2,785,074 | ||
| California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), “A”, 4%, 7/15/2051 (w) | 2,000,000 | 2,122,951 | ||
| California Statewide Communities Development Authority Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038 | 1,500,000 | 1,688,790 | ||
| California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2042 | 4,000,000 | 4,545,554 | ||
| California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2039 | 1,600,000 | 1,734,793 | ||
| California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2040 | 650,000 | 703,241 | ||
| California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2045 | 2,000,000 | 2,138,781 | ||
| California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2053 | 1,000,000 | 1,119,014 | ||
| California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057 | 2,000,000 | 2,238,028 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 200,000 | 218,280 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054 | 1,650,000 | 1,770,421 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n) | 1,000,000 | 1,093,134 | ||
| California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036 | 635,000 | 705,213 | ||
| California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037 | 455,000 | 505,039 | ||
| California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038 | 430,000 | 476,756 | ||
| California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046 | 1,925,000 | 2,102,787 | ||
| California Statewide Communities Development Authority Rev. (Sutter Health), “A”, 5%, 8/15/2032 (Prerefunded 8/15/2022) | 390,000 | 395,616 | ||
| Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049 | 70,000 | 75,942 | ||
| Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047 | 2,000,000 | 2,276,521 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2022 | 230,000 | 231,455 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2023 | 260,000 | 266,228 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2024 | 235,000 | 243,885 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2025 | 290,000 | 305,154 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026 | 300,000 | 319,676 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028 | 665,000 | 760,655 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029 | 635,000 | 737,197 | ||
| Upland, CA (San Antonio Regional Hospital), COP, 4%, 1/01/2042 | 1,000,000 | 1,049,010 | ||
| Upland, CA (San Antonio Regional Hospital), COP, 5%, 1/01/2047 | 1,000,000 | 1,110,857 | ||
| Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2031 | 325,000 | 369,450 | ||
| Washington Township, CA, Health Care District Rev., “A”, 4%, 7/01/2033 | 550,000 | 586,023 | ||
| Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2042 | 1,000,000 | 1,108,477 | ||
| $ 70,159,532 | ||||
| Healthcare Revenue - Long Term Care – 3.9% | ||||
| ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035 | $ | 1,270,000 | $ 1,303,617 | |
| California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2034 | 700,000 | 761,416 | ||
| California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039 | 1,000,000 | 1,087,588
| ||
35
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Long Term Care – continued | ||||
| California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2040 | $ | 650,000 | $ 735,558 | |
| California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2050 | 1,000,000 | 1,117,234 | ||
| California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2055 | 1,000,000 | 1,109,939 | ||
| California Municipal Finance Authority Rev. (Channing House Project), “B”, 5%, 5/15/2047 | 2,000,000 | 2,181,304 | ||
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2046 (n) | 1,250,000 | 1,303,241 | ||
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 775,000 | 826,752 | ||
| California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2038 | 435,000 | 465,625 | ||
| California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2039 | 430,000 | 459,719 | ||
| California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2040 | 435,000 | 462,719 | ||
| California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043 | 980,000 | 1,038,029 | ||
| California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n) | 1,405,000 | 1,417,042 | ||
| California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 5/15/2047 | 1,785,000 | 1,791,069 | ||
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2039 | 500,000 | 527,621 | ||
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2040 | 500,000 | 526,769 | ||
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2041 | 1,000,000 | 1,052,804 | ||
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2046 | 1,000,000 | 1,041,214 | ||
| California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 4%, 4/01/2042 | 735,000 | 766,689 | ||
| California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 5%, 4/01/2047 | 1,835,000 | 2,017,364 | ||
| California Statewide Communities Development Authority Rev. (Terraces at San Joaquin Gardens), “A”, 6%, 10/01/2042 (Prerefunded 10/01/2022) | 750,000 | 767,304 | ||
| $ 22,760,617 | ||||
| Industrial Revenue - Environmental Services – 0.5% | ||||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 2.4%, 10/01/2044 (Put Date 10/01/2029) | $ | 3,000,000 | $ 2,891,776 | |
| Industrial Revenue - Other – 0.1% | ||||
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 500,000 | $ 480,435 | |
| Miscellaneous Revenue - Other – 0.8% | ||||
| California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2034 | $ | 830,000 | $ 871,540 | |
| California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2035 | 830,000 | 871,143 | ||
| Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031 | 1,335,000 | 1,414,877 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., Special Facilities Lease Rev. (SFO Fuel Co. LLC), 5%, 1/01/2040 | 1,510,000 | 1,672,922 | ||
| $ 4,830,482 | ||||
| Multi-Family Housing Revenue – 4.4% | ||||
| California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | $ | 3,000,000 | $ 2,814,777 | |
| California Community Housing Agency, Essential Housing Rev. (Aster), “A-2”, 4%, 2/01/2043 (n) | 3,000,000 | 2,704,358 | ||
| California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n) | 3,000,000 | 2,290,196 | ||
| California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033 | 2,894,787 | 3,066,224 | ||
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n) | 4,000,000 | 3,804,239 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (City of Orange Portfolio), “B”, 4%, 3/01/2057 (n) | 2,000,000 | 1,612,563 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n) | 3,000,000 | 2,828,745 | ||
| CMFA Special Finance Agency VIII Rev. (Elan Huntington Beach), “A-2”, 4%, 8/01/2047 (n) | 3,000,000 | 2,488,806 | ||
| CMFA Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), “A-1”, 3.25%, 2/01/2057 (n) | 2,000,000 | 1,596,177 | ||
| CMFA Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n) | 3,000,000 | 2,743,763 | ||
| $ 25,949,848 | ||||
| Parking – 0.3% | ||||
| Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047 | $ | 1,625,000 | $ 1,768,655 | |
| Port Revenue – 1.7% | ||||
| Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, AGM, 5%, 10/01/2036 | $ | 1,710,000 | $ 1,900,742 | |
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2028 | 1,250,000 | 1,410,279
| ||
36
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Port Revenue – continued | ||||
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2029 | $ | 3,875,000 | $ 4,431,483 | |
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 11/01/2029 | 2,125,000 | 2,445,210 | ||
| $ 10,187,714 | ||||
| Sales & Excise Tax Revenue – 2.5% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | $ | 40,000 | $ 44,632 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 30,000 | 33,831 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 40,000 | 45,619 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 | 165,000 | 166,537 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 225,000 | 225,616 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 114,000 | 119,406 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 4,615,000 | 4,906,666 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 1,100,000 | 1,137,921 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 385,000 | 398,546 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 9,000 | 9,336 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 186,000 | 195,547 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 14,000 | 13,124 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 171,000 | 146,330 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 31,000 | 24,713 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 1,566,000 | 1,159,122 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 1,524,000 | 1,039,798 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 13,175,000 | 4,026,217 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 745,000 | 723,633 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 555,000 | 547,630 | ||
| $ 14,964,224 | ||||
| Secondary Schools – 3.8% | ||||
| California Infrastructure & Economic Development Bank, 4%, 11/01/2050 | $ | 500,000 | $ 517,154 | |
| California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), “B”, 5%, 11/01/2039 | 300,000 | 334,884 | ||
| California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), “B”, 5%, 11/01/2044 | 350,000 | 388,202 | ||
| California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026) | 1,000,000 | 971,460 | ||
| California Municipal Finance Authority Rev. (Partnerships to Uplift Communities Project), “A”, 5%, 8/01/2032 | 825,000 | 828,466 | ||
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2038 (n) | 970,000 | 1,052,595 | ||
| California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046 | 750,000 | 796,654 | ||
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (Prerefunded 8/01/2025) (n) | 50,000 | 54,751 | ||
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n) | 450,000 | 481,709 | ||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 (n) | 415,000 | 444,778 | ||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n) | 415,000 | 442,332 | ||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2040 (n) | 525,000 | 579,118 | ||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2050 (n) | 1,000,000 | 1,091,368 | ||
| California School Finance Authority, Charter School Rev. (Downtown Prep), 5%, 6/01/2046 (n) | 1,000,000 | 1,026,722 | ||
| California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2040 (n) | 1,125,000 | 1,196,794 | ||
| California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2058 (n) | 625,000 | 655,157 | ||
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2030 (n) | 1,190,000 | 1,282,256 | ||
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2040 (n) | 750,000 | 789,248 | ||
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2050 (n) | 1,060,000 | 1,104,895 | ||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 1,245,000 | 1,332,662 | ||
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038 (n) | 870,000 | 955,664 | ||
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048 (n) | 870,000 | 942,176
| ||
37
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Secondary Schools – continued | ||||
| California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2034 | $ | 530,000 | $ 557,494 | |
| California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2037 (n) | 505,000 | 552,817 | ||
| California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5.125%, 7/01/2044 | 470,000 | 492,948 | ||
| California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2047 (n) | 745,000 | 805,844 | ||
| California School Finance Authority, School Facility Rev. (Kipp SoCal), “A”, 5%, 7/01/2049 (n) | 1,050,000 | 1,159,513 | ||
| California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047 | 1,270,000 | 1,273,169 | ||
| $ 22,110,830 | ||||
| Single Family Housing - State – 0.8% | ||||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | $ | 1,460,000 | $ 1,519,969 | |
| Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050 | 1,975,000 | 2,054,134 | ||
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049 | 1,295,000 | 1,362,023 | ||
| $ 4,936,126 | ||||
| State & Local Agencies – 2.9% | ||||
| California Infrastructure & Economic Development Bank Lease Rev. (California State Teachers' Retirement System Headquarters Expansion Green Bonds - Climate Bond Certified), 5%, 8/01/2044 | $ | 1,500,000 | $ 1,714,053 | |
| California Municipal Finance Authority, Lease Rev. (Orange County Civic Center Infrastructure Improvement Program - Phase II), “A”, 5%, 6/01/2043 | 4,505,000 | 5,120,963 | ||
| California Public Works Board Lease Rev. (Judicial Council Projects), “A”, 5%, 3/01/2028 | 2,120,000 | 2,178,847 | ||
| Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 2,360,000 | 2,238,333 | ||
| Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2034 | 1,000,000 | 1,110,551 | ||
| Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2037 | 800,000 | 886,071 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 540,000 | 593,711 | ||
| Ontario Public Finance Authority Lease Rev., AGM, 5%, 11/01/2042 | 1,025,000 | 1,171,359 | ||
| Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2030 | 500,000 | 551,701 | ||
| Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2031 | 1,000,000 | 1,102,287 | ||
| Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2032 | 550,000 | 605,646 | ||
| $ 17,273,522 | ||||
| Student Loan Revenue – 0.1% | ||||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | $ | 345,000 | $ 317,224 | |
| Tax - Other – 0.2% | ||||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | $ | 315,000 | $ 344,457 | |
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 170,000 | 185,783 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 500,000 | 541,285 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 100,000 | 98,830 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 305,000 | 308,641 | ||
| $ 1,478,996 | ||||
| Tax Assessment – 6.1% | ||||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “A”, 5%, 9/02/2048 | $ | 940,000 | $ 1,024,627 | |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2039 | 1,000,000 | 1,097,460 | ||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2044 | 1,000,000 | 1,088,377 | ||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 4%, 9/02/2050 | 505,000 | 508,850 | ||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 4%, 9/02/2040 | 2,000,000 | 2,041,993 | ||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2044 | 500,000 | 549,986 | ||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2049 | 500,000 | 546,717 | ||
| Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031 | 1,000,000 | 1,032,432 | ||
| Jurupa, CA, Community Facilities Services District, Special Tax (Eastvale Area District No. 31), “A”, 5%, 9/01/2037 | 1,000,000 | 1,009,888 | ||
| Jurupa, CA, Public Financing Authority, Special Tax Refunding Rev., “A”, AGM, 4%, 9/01/2043 | 1,745,000 | 1,862,073 | ||
| Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035 | 920,000 | 981,985 | ||
| Lee Lake, CA, Public Financing Authority, Senior Lien Rev., “A”, 5.125%, 9/01/2035 | 1,000,000 | 1,040,061 | ||
| Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, AGM, 5%, 9/01/2022 | 300,000 | 304,677 | ||
| Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, AGM, 5%, 9/01/2023 | 295,000 | 308,280 | ||
| Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, ETM, AGM, 5%, 9/01/2022 | 40,000 | 40,619
| ||
38
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Tax Assessment – continued | ||||
| Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, ETM, AGM, 5%, 9/01/2023 | $ | 45,000 | $ 47,000 | |
| North Natomas, CA, Community Facilities District Special Tax, “4-E”, 5.25%, 9/01/2033 | 840,000 | 874,531 | ||
| Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028 | 650,000 | 695,741 | ||
| Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029 | 1,350,000 | 1,446,115 | ||
| Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033 | 1,000,000 | 1,033,209 | ||
| Rancho Cucamonga, CA, Redevelopment Agency, Tax Allocation Refunding (Successor Agency to the Rancho Redevelopment Project Area), AGM, 5%, 9/01/2032 | 2,625,000 | 2,815,427 | ||
| Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030 | 890,000 | 974,359 | ||
| Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031 | 1,095,000 | 1,198,616 | ||
| Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034 | 1,385,000 | 1,488,828 | ||
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 750,000 | 802,021 | ||
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “B”, NPFG, 5%, 8/01/2043 | 1,100,000 | 1,220,442 | ||
| San Francisco, CA, City and County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2026 (n) | 100,000 | 103,290 | ||
| San Francisco, CA, City and County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2031 (n) | 200,000 | 207,597 | ||
| San Francisco, CA, City and County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2036 (n) | 700,000 | 726,556 | ||
| San Francisco, CA, City and County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2051 (n) | 1,600,000 | 1,612,508 | ||
| Santa Cruz County, CA, Redevelopment Agency Tax Allocation Rev., 5%, 9/01/2023 | 1,000,000 | 1,043,734 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2034 | 1,200,000 | 1,411,823 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2036 | 1,600,000 | 1,876,270 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2037 | 700,000 | 820,433 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2033 | 300,000 | 349,122 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2034 | 300,000 | 348,716 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2035 | 250,000 | 290,313 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2038 | 600,000 | 694,696 | ||
| $ 35,519,372 | ||||
| Tobacco – 3.5% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 370,000 | $ 416,153 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 7,375,000 | 1,096,974 | ||
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049 | 1,500,000 | 1,550,618 | ||
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2049 | 1,000,000 | 1,081,995 | ||
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 1.375%, 6/01/2030 | 35,000 | 34,223 | ||
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 5%, 6/01/2049 | 750,000 | 814,679 | ||
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055 | 10,000,000 | 2,112,601 | ||
| California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “B-1”, 1.1%, 6/01/2030 | 5,000 | 4,719 | ||
| California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “B-1”, 4%, 6/01/2049 | 325,000 | 329,265 | ||
| California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055 | 5,000,000 | 1,056,300 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2029 (Prerefunded 6/01/2027) | 2,000,000 | 2,276,219 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066 | 15,000,000 | 1,823,121 | ||
| Sacramento County, CA, Tobacco Securitization Corp. Authority, “2021A-1”, 4%, 6/01/2049 | 1,000,000 | 1,013,287 | ||
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2036 | 250,000 | 280,990 | ||
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2037 | 1,000,000 | 1,123,082 | ||
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2038 | 750,000 | 840,822 | ||
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2048 | 4,250,000 | 4,692,854 | ||
| $ 20,547,902 | ||||
| Toll Roads – 2.3% | ||||
| Bay Area Toll Authority, California Toll Bridge Rev., “A”, 2%, 4/01/2056 (Put Date 4/01/2028) | $ | 4,000,000 | $3,871,404 | |
39
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Toll Roads – continued | ||||
| Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2033 | $ | 2,985,000 | $ 3,203,663 | |
| Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2034 | 855,000 | 915,969 | ||
| California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., “C”, 5%, 1/15/2027 | 200,000 | 221,420 | ||
| California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., “C”, 5%, 1/15/2028 | 200,000 | 224,506 | ||
| California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., “C”, 5%, 1/15/2031 | 300,000 | 348,506 | ||
| Riverside County, CA, Transportation Commission Toll Rev., “A”, 5.75%, 6/01/2044 (Prerefunded 6/01/2023) | 1,680,000 | 1,758,222 | ||
| San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2035 | 1,730,000 | 1,871,096 | ||
| San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2038 | 300,000 | 321,216 | ||
| San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2039 | 315,000 | 336,407 | ||
| San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2044 | 255,000 | 268,525 | ||
| $ 13,340,934 | ||||
| Transportation - Special Tax – 1.1% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | $ | 470,000 | $ 473,271 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 65,000 | 66,466 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030 | 225,000 | 228,582 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 1,530,000 | 1,552,901 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038 | 75,000 | 77,142 | ||
| Lancaster, CA, Financing Authority Rev. (Measure M&R Structure Improvement Project), BAM, 4%, 6/01/2039 | 1,365,000 | 1,478,339 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 1,400,000 | 1,419,334 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 500,000 | 556,647 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 500,000 | 548,590 | ||
| $ 6,401,272 | ||||
| Universities - Colleges – 4.2% | ||||
| California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036 | $ | 2,060,000 | $ 2,316,645 | |
| California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047 | 1,000,000 | 1,032,906 | ||
| California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036 | 425,000 | 470,868 | ||
| California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037 | 1,265,000 | 1,399,915 | ||
| California Educational Facilities Authority Rev. (Loyola Marymount University), “B”, 5%, 10/01/2038 | 630,000 | 722,471 | ||
| California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036 | 1,000,000 | 1,080,036 | ||
| California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037 | 1,000,000 | 1,079,726 | ||
| California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038 | 500,000 | 539,433 | ||
| California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038 | 1,000,000 | 1,146,780 | ||
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033 | 625,000 | 690,933 | ||
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035 | 1,195,000 | 1,319,028 | ||
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039 | 1,000,000 | 1,098,687 | ||
| California Municipal Finance Authority Rev. (Concordia University Irvine), 4%, 1/01/2032 | 235,000 | 250,954 | ||
| California Municipal Finance Authority Rev. (Concordia University Irvine), 4%, 1/01/2033 | 235,000 | 250,856 | ||
| California Municipal Finance Authority Rev. (Concordia University Irvine), 4%, 1/01/2034 | 250,000 | 266,076 | ||
| California Municipal Finance Authority Rev. (Concordia University Irvine), 4%, 1/01/2035 | 315,000 | 334,835 | ||
| California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042 | 4,310,000 | 4,703,849 | ||
| California Municipal Finance Authority Rev. (University of La Verne), “A”, 5%, 6/01/2043 | 1,500,000 | 1,683,965 | ||
| California Municipal Finance Authority Rev. (University of the Pacific), “A”, 5%, 11/01/2029 | 500,000 | 589,928 | ||
| California Municipal Finance Authority Rev. (University of the Pacific), “A”, 5%, 11/01/2030 | 520,000 | 620,628 | ||
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 500,000 | 514,479 | ||
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048 | 2,500,000 | 2,541,214 | ||
| $ 24,654,212 | ||||
| Universities - Dormitories – 3.8% | ||||
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2035 | $ | 450,000 | $ 510,175 | |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2040 | 600,000 | 671,840 | ||
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2045 | 600,000 | 663,569 | ||
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2050 | 650,000 | 716,401
| ||
40
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Universities - Dormitories – continued | ||||
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2055 | $ | 825,000 | $ 903,057 | |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2057 | 450,000 | 490,890 | ||
| California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035 | 225,000 | 241,689 | ||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037 | 2,605,000 | 2,872,515 | ||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | 3,065,000 | 3,381,888 | ||
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2034 (n) | 375,000 | 404,172 | ||
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2039 (n) | 475,000 | 508,256 | ||
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2051 (n) | 1,440,000 | 1,518,704 | ||
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043 | 1,500,000 | 1,558,998 | ||
| California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5%, 5/15/2034 | 1,000,000 | 1,090,179 | ||
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n) | 1,740,000 | 1,752,353 | ||
| San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n) | 3,000,000 | 3,272,475 | ||
| 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) | 3,250,000 | 1,681,419 | ||
| $ 22,238,580 | ||||
| Utilities - Cogeneration – 0.6% | ||||
| California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 7/01/2039 (n) | $ | 1,000,000 | $ 1,105,774 | |
| California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 11/21/2045 (n) | 1,610,000 | 1,759,894 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | 500,000 | 512,500 | ||
| $ 3,378,168 | ||||
| Utilities - Municipal Owned – 2.6% | ||||
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 280,000 | $ 296,630 | |
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 315,000 | 332,744 | ||
| Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041 | 3,000,000 | 3,296,197 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 1,200,000 | 1,146,000 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 180,000 | 171,900 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 100,000 | 96,000 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 50,000 | 48,000 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 455,000 | 436,800 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 50,000 | 47,750 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 475,000 | 453,625 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 765,000 | 730,575 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 10,000 | 10,107 | ||
| Puerto Rico Electric Power Authority Rev., “RR”, NPFG, 5%, 7/01/2022 | 1,315,000 | 1,342,294 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 235,000 | 224,425 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 200,000 | 191,000 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 620,000 | 592,100 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 55,000 | 56,602 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 45,000 | 43,256 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 95,000 | 91,200 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 290,000 | 276,950 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 325,000 | 312,000 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 115,000 | 110,400 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 355,000 | 340,800
| ||
41
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Municipal Owned – continued | ||||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | $ | 280,000 | $ 273,000 | |
| Southern California Public Power Authority Rev. (Milford Wind Corridor Phase II Project), “2021-1”, 5%, 7/01/2025 | 800,000 | 874,511 | ||
| Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2039 (w) | 425,000 | 475,734 | ||
| Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2040 (w) | 365,000 | 408,194 | ||
| Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2041 (w) | 420,000 | 468,969 | ||
| Vernon, CA, Electric System Rev., “A”, 5.5%, 8/01/2041 | 2,130,000 | 2,159,777 | ||
| $ 15,345,740 | ||||
| Utilities - Other – 1.1% | ||||
| California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | $ | 1,750,000 | $ 2,333,479 | |
| Long Beach, CA, Bond Finance Authority Natural Gas Purchase Rev., “A”, 5.25%, 11/15/2022 | 2,210,000 | 2,259,806 | ||
| Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033 | 1,655,000 | 1,950,164 | ||
| $ 6,543,449 | ||||
| Water & Sewer Utility Revenue – 4.7% | ||||
| Belmont, CA, Joint Powers Financing Authority, Sewer Rev., 5%, 8/01/2047 | $ | 1,885,000 | $ 2,199,965 | |
| Carpinteria Valley, CA, Water District Refunding Rev., “A”, 5%, 7/01/2033 | 450,000 | 535,776 | ||
| Carpinteria Valley, CA, Water District Refunding Rev., “A”, 5%, 7/01/2035 | 600,000 | 712,234 | ||
| Contra Costa County, CA, Water Rev., “W”, 5%, 10/01/2024 | 400,000 | 430,385 | ||
| Contra Costa County, CA, Water Rev., “W”, 5%, 10/01/2025 | 400,000 | 441,484 | ||
| Fillmore, CA, Wastewater Refunding Rev., AGM, 5%, 5/01/2047 | 3,000,000 | 3,347,858 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 720,000 | 806,421 | ||
| Metropolitan Water District of Southern California Water Refunding Rev., “B”, 4%, 10/01/2024 | 1,250,000 | 1,315,285 | ||
| Metropolitan Water District of Southern California Water Refunding Rev., “B”, 4%, 10/01/2025 | 1,000,000 | 1,070,791 | ||
| Metropolitan Water District of Southern California Water Refunding Rev., “B”, 5%, 10/01/2026 | 1,500,000 | 1,696,697 | ||
| Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030 | 1,660,000 | 1,757,254 | ||
| Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031 | 415,000 | 438,953 | ||
| Porterville, CA, Water Rev. Certificates of Participation (Water System Financing Project), AGM, 4%, 8/15/2037 | 175,000 | 191,766 | ||
| San Mateo-Foster City, CA, Public Financing Authority, Wastewater Rev. (Clean Water Program), 4%, 8/01/2044 | 2,205,000 | 2,370,180 | ||
| Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036 | 2,000,000 | 2,256,911 | ||
| Silicon Valley Clean Water, CA, Wastewater Rev., 4%, 8/01/2044 | 3,250,000 | 3,447,622 | ||
| Soquel Creek, CA, Water District, COP, 5%, 3/01/2043 (Prerefunded 3/01/2023) | 1,715,000 | 1,768,752 | ||
| Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031 | 1,700,000 | 1,862,625 | ||
| Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035 | 830,000 | 906,680 | ||
| $ 27,557,639 | ||||
| Total Municipal Bonds (Identified Cost, $545,133,436) | $ 545,987,782 | |||
| Trust Units – 0.6% | ||||
| Tax - Other – 0.6% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 635,000 | $ 631,490 | ||
| PRIFA Class 61 Trust, Class 2024-2005C (taxable), 5.5%, 7/01/2024 | 665,000 | 664,106 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 2,010,000 | 2,004,892 | ||
| Total Trust Units (Identified Cost, $3,336,203) | $ 3,300,488 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 902,000 | $ 784,676 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,646,032 | 487,425 | ||
| Total Bonds (Identified Cost, $1,393,141) | $ 1,272,101 | |||
42
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $625,676) | $ 1,096,495 | $589,366 | ||
| Investment Companies (h) – 6.0% | ||||
| Money Market Funds – 6.0% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $35,263,314) | 35,263,326 | $ 35,263,326 | ||
| Other Assets, Less Liabilities – 0.1% | 391,500 | |||
| Net Assets – 100.0% | $ 586,804,563 | |||
See Portfolio Footnotes and Notes to Financial Statements
43
Portfolio of
Investments – continued
MFS Georgia Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 94.8% | ||||
| Airport Revenue – 3.9% | ||||
| Atlanta, GA, Airport General Refunding Rev., “C”, 4%, 7/01/2038 | $ | 1,000,000 | $ 1,053,402 | |
| Atlanta, GA, Airport General Refunding Rev., “E”, 5%, 7/01/2032 | 250,000 | 290,638 | ||
| Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2037 | 1,000,000 | 1,044,614 | ||
| Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039 | 205,000 | 213,559 | ||
| Atlanta, GA, Airport Rev., “B”, 5%, 1/01/2033 | 1,000,000 | 1,050,938 | ||
| Atlanta, GA, Airport Rev., “B”, 5%, 7/01/2044 | 1,000,000 | 1,106,709 | ||
| Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 75,000 | 76,340 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 265,000 | 284,838 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 30,000 | 32,055 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 35,000 | 37,491 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 25,000 | 26,460 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 40,000 | 42,231 | ||
| $ 5,259,275 | ||||
| General Obligations - General Purpose – 10.5% | ||||
| Atlanta, GA, Public Improvement Rev., 4.875%, 12/01/2026 (Prerefunded 12/01/2024) | $ | 1,000,000 | $ 1,076,300 | |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 220,000 | 216,405 | ||
| Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 55,000 | 58,858 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033 | 75,000 | 80,346 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 60,000 | 67,291 | ||
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040 | 20,000 | 21,383 | ||
| Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 165,000 | 176,204 | ||
| Clarke County GA, Classic Center Authority Rev. (Classic Center Arena Project), 4%, 5/01/2052 | 1,000,000 | 1,077,566 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 23,811 | 21,727 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 59,571 | 34,402 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 51,699 | 52,954 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 51,554 | 54,392 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 51,087 | 55,781 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 50,258 | 56,048 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 48,816 | 55,601 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 46,290 | 45,189 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 41,608 | 40,152 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 35,711 | 34,288 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 48,553 | 46,107 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 171,495 | 161,323 | ||
| Gwinnett County, GA, School District General Obligation, 5%, 2/01/2033 | 1,000,000 | 1,215,026 | ||
| Gwinnett County, GA, School District General Obligation, 5%, 2/01/2034 | 1,000,000 | 1,213,289 | ||
| Richmond County, GA, Board of Education Sales Tax Rev., General Obligation, 5%, 10/01/2024 | 3,000,000 | 3,225,609 | ||
| Richmond County, GA, Board of Education Sales Tax Rev., General Obligation, 5%, 10/01/2025 | 1,000,000 | 1,101,929 | ||
| State of Georgia, General Obligation Refunding, “C”, 5%, 7/01/2024 | 635,000 | 679,003 | ||
| State of Georgia, General Obligation, “A”, 5%, 8/01/2029 | 1,095,000 | 1,309,861 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 180,000 | 203,460 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2029 | 180,000 | 201,473 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 165,000 | 186,463 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 245,000 | 278,625 | ||
| Valdosta & Lowndes County, GA, Hospital Authority Rev. Anticipation Certificate, “A”, 5%, 10/01/2036 | 1,000,000 | 1,169,552 | ||
| $ 14,216,607 | ||||
| General Obligations - Schools – 10.8% | ||||
| Ben Hill County, GA, School District Rev., 4%, 4/01/2037 | $ | 750,000 | $ 808,683 | |
| Bryan County, GA, School District General Obligation, 4%, 8/01/2032 | 500,000 | 534,131 | ||
| Carroll County, GA, School District General Obligation, 5%, 4/01/2028 | 500,000 | 579,935 | ||
| Cherokee County, GA, School System General Obligation, “A”, 5%, 8/01/2022 | 1,180,000 | 1,195,214 | ||
| Dalton, GA, General Obligation, 5%, 2/01/2036 | 500,000 | 569,569 | ||
| Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040 | 585,000 | 626,931 | ||
| Evans County, GA, School District, 4%, 6/01/2035 | 660,000 | 716,146 | ||
| Forsyth County, GA, General Obligation, 5%, 2/01/2032 | 1,000,000 | 1,197,974 | ||
| Gainesville, GA, School District General Obligation, 4%, 11/01/2039 | 1,000,000 | 1,090,470
| ||
44
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - Schools – continued | ||||
| Gwinnett County, GA, School District, 5%, 2/01/2029 | $ | 1,000,000 | $ 1,082,918 | |
| Gwinnett County, GA, School District, 5%, 2/01/2039 | 1,500,000 | 1,748,703 | ||
| Jackson County, GA, School District, 5%, 3/01/2032 | 1,000,000 | 1,166,642 | ||
| Lumpkin County, GA, School District General Obligation, 5%, 12/01/2031 | 500,000 | 603,903 | ||
| Lumpkin County, GA, School District General Obligation, 5%, 12/01/2032 | 500,000 | 601,516 | ||
| Madison County, GA, School District COP (Capital Improvement Project), 4%, 5/01/2026 | 915,000 | 977,126 | ||
| Oconee County, GA, School District, General Obligation, 5%, 3/01/2030 | 500,000 | 597,158 | ||
| Paulding County School District, GA, 5%, 8/01/2026 | 450,000 | 505,075 | ||
| $ 14,602,094 | ||||
| Healthcare Revenue - Hospitals – 11.5% | ||||
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 210,000 | $ 219,341 | |
| Augusta, GA, Development Authority Rev. (AU Health System, Inc. Project), 5%, 7/01/2036 | 500,000 | 550,349 | ||
| Cedartown Polk County, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded 7/01/2026) | 500,000 | 557,781 | ||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 5,000 | 5,568 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2040 | 205,000 | 235,878 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2041 | 485,000 | 508,816 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 55,000 | 57,380 | ||
| Dalton, GA, Development Authority Rev. (Hamilton Health Care System), 5%, 8/15/2028 | 500,000 | 506,899 | ||
| Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048 | 250,000 | 265,495 | ||
| Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049 | 15,000 | 16,273 | ||
| Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2039 | 500,000 | 533,472 | ||
| Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2049 | 1,000,000 | 1,047,722 | ||
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034 | 1,000,000 | 1,117,498 | ||
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 5%, 4/01/2042 | 750,000 | 830,692 | ||
| Fulton County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2032 | 500,000 | 555,634 | ||
| Fulton County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2035 | 500,000 | 527,794 | ||
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System, Inc. Project), 5%, 8/01/2028 | 500,000 | 540,944 | ||
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2029 | 670,000 | 773,626 | ||
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042 | 1,000,000 | 1,110,096 | ||
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.25%, 8/15/2049 (Prerefunded 2/15/2025) | 1,595,000 | 1,737,286 | ||
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 4%, 7/01/2041 | 465,000 | 494,492 | ||
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 55,000 | 59,077 | ||
| Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036 | 1,000,000 | 1,051,219 | ||
| Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), “A”, 4%, 7/01/2043 | 1,000,000 | 1,063,710 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 570,000 | 598,221 | ||
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049 | 550,000 | 570,761 | ||
| $ 15,536,024 | ||||
| Healthcare Revenue - Long Term Care – 0.8% | ||||
| Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), “A, 5%, 7/01/2036 | $ | 500,000 | $ 522,937 | |
| Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), 5%, 11/15/2033 | 500,000 | 551,157 | ||
| $ 1,074,094 | ||||
| Healthcare Revenue - Other – 1.2% | ||||
| Carroll City-County, GA, Hospital Authority Rev. (Tanner Medical Center), 5%, 7/01/2028 | $ | 500,000 | $ 561,020 | |
| Floyd County, GA, Hospital Authority Rev. Anticipation Certificates (Floyd Medical Center Project), ”B“, 5%, 7/01/2032 (Prerefunded 7/01/2022) | 1,000,000 | 1,009,586 | ||
| $ 1,570,606 | ||||
| Industrial Revenue - Paper – 0.1% | ||||
| Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n) | $ | 150,000 | $ 150,604 | |
| Miscellaneous Revenue - Other – 4.1% | ||||
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”A“, 4%, 1/01/2054 | $ | 1,250,000 | $ 1,219,692 | |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”B“, 5%, 1/01/2054 (n) | 1,000,000 | 1,022,843
| ||
45
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Miscellaneous Revenue - Other – continued | ||||
| Downtown Savannah, GA, Authority Rev. (Chatham County Judicial Complex Project), 5%, 6/01/2032 | $ | 1,000,000 | $ 1,112,063 | |
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2034 | 500,000 | 565,431 | ||
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2036 | 500,000 | 544,434 | ||
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2044 | 660,000 | 738,317 | ||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2040 (Prerefunded 7/01/2023) | 75,000 | 77,693 | ||
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 310,000 | 311,863 | ||
| $ 5,592,336 | ||||
| Sales & Excise Tax Revenue – 3.8% | ||||
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 | $ | 10,000 | $ 11,158 | |
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 | 5,000 | 5,639 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 | 10,000 | 11,405 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 | 40,000 | 40,373 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 | 50,000 | 50,137 | ||
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”A“, 5%, 7/01/2044 (Prerefunded 7/01/2025) | 1,000,000 | 1,092,151 | ||
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”C“, 4%, 7/01/2036 | 750,000 | 803,026 | ||
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev., ”E-1“, 3%, 7/01/2040 | 1,000,000 | 946,107 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 24,000 | 25,138 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 234,000 | 248,789 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 237,000 | 245,170 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 83,000 | 85,920 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 38,000 | 39,950 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 1,000 | 937 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 35,000 | 29,951 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 6,000 | 4,783 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 326,000 | 241,299 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 316,000 | 215,601 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 2,899,000 | 885,921 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 145,000 | 140,841 | ||
| $ 5,124,296 | ||||
| Secondary Schools – 0.2% | ||||
| District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2049 (n) | $ | 250,000 | $ 260,116 | |
| North Texas Education Finance Corp., Education Rev. (Uplift Education), ”A“, 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | 75,000 | 75,489 | ||
| $ 335,605 | ||||
| Single Family Housing - Local – 0.4% | ||||
| Montgomery County, MD, Housing Opportunities Commission Program Rev., ”A“, 4%, 7/01/2049 | $ | 465,000 | $ 480,884 | |
| Single Family Housing - State – 4.2% | ||||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047 | $ | 275,000 | $ 282,168 | |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”D-1“, GNMA, 4%, 11/15/2047 | 325,000 | 333,601 | ||
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.6%, 12/01/2044 | 1,000,000 | 1,008,848 | ||
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.5%, 6/01/2045 | 150,000 | 152,139 | ||
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4%, 12/01/2048 | 405,000 | 411,198 | ||
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4%, 6/01/2050 | 865,000 | 897,407 | ||
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”B-2“, 2.35%, 6/01/2025 | 1,400,000 | 1,407,055 | ||
| Iowa Finance Authority, Single Family Mortgage Rev., ”A“, GNMA, 4%, 7/01/2047 | 345,000 | 353,972 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | 310,000 | 322,733 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4.25%, 1/01/2050 | 425,000 | 442,029 | ||
| $ 5,611,150 | ||||
| State & Local Agencies – 2.5% | ||||
| Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | $ | 460,000 | $ 436,285 | |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 110,000 | 127,511
| ||
46
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| State & Local Agencies – continued | ||||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | $ | 200,000 | $ 225,015 | |
| New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026) | 10,000 | 11,125 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 110,000 | 120,941 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”LLL“, 5%, 6/15/2039 | 255,000 | 283,890 | ||
| Villa Rica, GA, Public Facilities Authority Rev. (Water and Sewerage Project), 5%, 3/01/2039 | 500,000 | 531,560 | ||
| Walton, GA, Industrial Building Authority Rev. (Walton County Jail Facility Project), 4%, 2/01/2046 | 1,500,000 | 1,615,829 | ||
| $ 3,352,156 | ||||
| Student Loan Revenue – 0.2% | ||||
| Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | $ | 50,000 | $ 48,627 | |
| Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | 130,000 | 116,799 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 75,000 | 68,962 | ||
| $ 234,388 | ||||
| Tax - Other – 1.2% | ||||
| Atlanta & Fulton County, GA, Recreation Authority Park Improvement, ”A“, 5%, 12/01/2032 | $ | 500,000 | $ 536,528 | |
| Atlanta, GA, Development Authority Rev. (New Downtown Atlanta Stadium Project), ”A-1“, 5%, 7/01/2033 | 740,000 | 801,246 | ||
| Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2035 | 65,000 | 71,079 | ||
| Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2036 | 35,000 | 38,249 | ||
| Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2046 | 100,000 | 108,257 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 101,194 | ||
| $ 1,656,553 | ||||
| Tax Assessment – 1.2% | ||||
| Atlanta, GA, Tax Allocation (Beltline Project), ”B“, 5%, 1/01/2030 | $ | 1,000,000 | $ 1,113,974 | |
| Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026) | 410,000 | 453,122 | ||
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 10,000 | 10,383 | ||
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 9,000 | 9,653 | ||
| $ 1,587,132 | ||||
| Tobacco – 0.5% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 75,000 | $ 84,355 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055 | 410,000 | 426,686 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 1,555,000 | 231,294 | ||
| $ 742,335 | ||||
| Toll Roads – 0.3% | ||||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $ | 80,000 | $ 85,589 | |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 60,000 | 63,959 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 95,000 | 95,944 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 190,000 | 191,604 | ||
| $ 437,096 | ||||
| Transportation - Special Tax – 1.4% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”A“, NPFG, 4.75%, 7/01/2038 | $ | 140,000 | $ 143,998 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032 | 70,000 | 70,487 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NPFG, 5%, 7/01/2029 | 10,000 | 10,225 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031 | 330,000 | 334,939 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, ”D-1“, 5%, 9/01/2022 | 290,000 | 294,005 | ||
| New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2038 (w) | 40,000 | 41,360 | ||
| New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2039 (w) | 85,000 | 87,727 | ||
| New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2041 (w) | 70,000 | 71,627 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2029 (w) | 35,000 | 39,647 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2030 (w) | 35,000 | 39,945 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2031 (w) | 55,000 | 63,304 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2032 (w) | 35,000 | 40,537
| ||
47
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Transportation - Special Tax – continued | ||||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2033 (w) | $ | 50,000 | $ 57,714 | |
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2034 (w) | 45,000 | 51,681 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035 (w) | 45,000 | 51,508 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2036 (w) | 45,000 | 51,400 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2037 (w) | 25,000 | 28,496 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045 | 75,000 | 82,822 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027 | 120,000 | 132,943 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, ”A“, 5%, 12/15/2039 | 70,000 | 77,931 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 5%, 6/15/2044 | 65,000 | 71,317 | ||
| $ 1,843,613 | ||||
| Universities - Colleges – 18.5% | ||||
| Albany-Dougherty County, GA, Inner City Authority Refunding Rev. (USG Real Estate Foundation X LLC Project), 4%, 6/01/2034 | $ | 1,430,000 | $ 1,509,236 | |
| Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), ”A“, 3.5%, 6/01/2035 | 500,000 | 520,657 | ||
| Barnesville-Lamar County, GA, Industrial Development Authority Refunding Rev. (USG Real Estate Foundation VI LLC Project), 5%, 6/01/2038 | 600,000 | 686,444 | ||
| Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037 | 560,000 | 593,531 | ||
| Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044 | 1,000,000 | 1,042,407 | ||
| Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2038 | 815,000 | 932,365 | ||
| Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 (Prerefunded 7/01/2027) | 200,000 | 227,759 | ||
| Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 | 800,000 | 903,376 | ||
| Bulloch County, GA, Development Authority Rev. (Georgia Southern University Project), 4%, 7/01/2037 | 1,000,000 | 1,093,533 | ||
| Carrollton, GA, Payroll Development Authority Refunding Rev. (UWG Housing, LLC Project), 5%, 7/01/2038 | 750,000 | 855,669 | ||
| Cobb County, GA, Development Authority, Parking & Dining Hall Refunding Lease Rev. (Kennesaw State University Real Estate Foundations Projects), 5%, 7/15/2034 | 500,000 | 569,111 | ||
| Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036 | 1,000,000 | 1,125,218 | ||
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 3/01/2034 | 300,000 | 341,566 | ||
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2044 | 1,000,000 | 1,153,823 | ||
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049 | 500,000 | 534,327 | ||
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052 | 1,000,000 | 1,145,437 | ||
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.) ”A“, 5%, 10/01/2028 | 840,000 | 964,036 | ||
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.) ”A“, 5%, 6/01/2039 | 1,000,000 | 1,161,803 | ||
| Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 6/01/2028 | 500,000 | 539,875 | ||
| Georgia Higher Education Facilities Authority Refunding Rev. (USG Real Estate Foundation II LLC Project), 4%, 6/15/2036 | 750,000 | 798,243 | ||
| Georgia Private Colleges & Universities Authority Rev. (Emory University), ”B“, 4%, 9/01/2036 | 1,000,000 | 1,095,416 | ||
| Georgia Private Colleges & Universities Authority Rev. (Emory University), ”B“, 4%, 9/01/2037 | 1,000,000 | 1,094,691 | ||
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040 | 350,000 | 374,759 | ||
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), ”C“, 5.25%, 10/01/2027 | 350,000 | 355,376 | ||
| Gwinnett County, GA, Development Authority Rev. (Georgia Gwinnet County Student Housing), ”A“, 5%, 7/01/2040 | 1,000,000 | 1,123,282 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 500,000 | 502,550 | ||
| Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048 | 870,000 | 985,251 | ||
| Private Colleges & Universities, GA, Authority Rev. (Emory University), ”B“, 4%, 9/01/2040 | 500,000 | 544,399 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 80,000 | 80,685 | ||
| 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 | 25,000 | 25,379 | ||
| 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 | 45,758 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | 55,000 | 55,594 | ||
| Richmond County, GA, Development Authority Rev. (Georgia Regents University Academic Research Center Project), AGM, 5%, 12/15/2032 | 325,000 | 345,625 | ||
| Savannah, GA, Economic Development Authority Refunding Rev. (Savannah State University Projects), 4%, 6/15/2037 | 1,000,000 | 1,074,686 | ||
| South Regional, GA, Joint Development Authority Rev. (VSU Parking and Student Service Center Project), ”A“, 5%, 8/01/2035 | 500,000 | 547,073 | ||
| $
24,948,940 | ||||
48
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Universities - Dormitories – 0.8% | ||||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $ | 635,000 | $ 700,652 | |
| Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), ”C“, 5%, 7/15/2030 | 400,000 | 423,258 | ||
| $ 1,123,910 | ||||
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 100,000 | $ 102,500 | |
| Utilities - Municipal Owned – 8.5% | ||||
| Bainbridge, GA, Combined Utilities Rev., BAM, 4%, 12/01/2041 | $ | 1,500,000 | $ 1,632,010 | |
| Buford, GA, Combined Utility System Rev., AGM, 4%, 7/01/2034 | 300,000 | 324,444 | ||
| Buford, GA, Combined Utility System Rev., AGM, 4%, 7/01/2039 | 400,000 | 428,394 | ||
| Buford, GA, Combined Utility System Rev., AGM, 4%, 7/01/2040 | 400,000 | 427,817 | ||
| Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029 | 1,195,000 | 1,351,467 | ||
| Dalton, GA, Combined Utilities Rev., 5%, 3/01/2032 | 1,000,000 | 1,173,633 | ||
| Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035 | 500,000 | 531,533 | ||
| Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036 | 500,000 | 530,990 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), ”A“, 5%, 1/01/2039 | 750,000 | 839,054 | ||
| Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2037 | 1,000,000 | 1,164,304 | ||
| Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2038 | 125,000 | 141,098 | ||
| Georgia Municipal Gas Authority Rev. (Gas Portfolio III Project), ”S“, 5%, 10/01/2025 | 500,000 | 507,560 | ||
| Georgia Municipal Gas Authority Rev. (Gas Portfolio III Project), ”S“, 5%, 10/01/2026 | 500,000 | 507,752 | ||
| Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039 | 50,000 | 52,970 | ||
| Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044 | 60,000 | 63,380 | ||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 245,000 | 233,975 | ||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,600 | ||
| Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 95,000 | 91,200 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 100,000 | 95,500 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 155,000 | 148,025 | ||
| Puerto Rico Electric Power Authority Rev., ”RR“, AGM, 5%, 7/01/2028 | 490,000 | 498,754 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 45,000 | 42,975 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 45,000 | 42,975 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 125,000 | 119,375 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030 | 70,000 | 71,479 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 10,000 | 10,291 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,613 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 60,000 | 57,300 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 70,000 | 67,200 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 25,000 | 24,000 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 75,000 | 72,000 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 60,000 | 58,500 | ||
| $ 11,424,868 | ||||
| Water & Sewer Utility Revenue – 8.1% | ||||
| Atlanta, GA, Water & Wastewater Refunding Rev., 5%, 11/01/2036 | $ | 750,000 | $ 846,783 | |
| Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2037 | 1,000,000 | 1,128,680 | ||
| Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2038 | 1,000,000 | 1,127,461 | ||
| Atlanta, GA, Water & Wastewater Refunding Rev., ”B“, 4%, 11/01/2038 | 500,000 | 534,397 | ||
| Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038 | 500,000 | 537,118 | ||
| Columbia County, GA, Water and Sewerage Rev., 5%, 6/01/2033 | 655,000 | 779,327 | ||
| Columbus, GA, Water and Sewerage Rev., 5%, 5/01/2035 | 350,000 | 387,354 | ||
| Columbus, GA, Water and Sewerage Rev., 5%, 5/01/2036 | 150,000 | 165,745
| ||
49
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Water & Sewer Utility Revenue – continued | ||||
| DeKalb County, GA, Water & Sewer Rev., ”A“, 5.25%, 10/01/2031 | $ | 1,000,000 | $ 1,003,283 | |
| DeKalb County, GA, Water & Sewer Rev., ”B“, 5.25%, 10/01/2025 | 1,000,000 | 1,109,254 | ||
| Gainesville, GA, Water and Sewerage Refunding Rev., 5%, 11/15/2024 | 500,000 | 539,284 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 30,000 | 32,571 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 125,000 | 134,868 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029 | 45,000 | 47,344 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035 | 45,000 | 47,168 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 155,000 | 173,605 | ||
| Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2/01/2027 | 1,000,000 | 1,146,554 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 15,000 | 15,903 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 20,000 | 21,101 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 10,000 | 10,580 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 20,000 | 21,150 | ||
| Oconee County, GA, Water & Sewerage Rev., ”A“, 5%, 9/01/2033 | 555,000 | 626,084 | ||
| Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Project), 5%, 2/01/2038 (Prerefunded 2/01/2026) | 500,000 | 554,632 | ||
| $ 10,990,246 | ||||
| Total Municipal Bonds (Identified Cost, $129,738,785) | $ 127,997,312 | |||
| Trust Units – 0.3% | ||||
| Tax - Other – 0.3% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 95,000 | $ 94,475 | ||
| PRIFA Class 61 Trust, Class 2024-2005C (taxable), 5.5%, 7/01/2024 | 125,000 | 124,832 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 145,000 | 144,632 | ||
| Total Trust Units (Identified Cost, $367,848) | $ 363,939 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 204,000 | $ 177,465 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 346,533 | 102,616 | ||
| Total Bonds (Identified Cost, $306,165) | $ 280,081 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $131,888) | $ 231,133 | $124,234 | ||
| Investment Companies (h) – 3.9% | ||||
| Money Market Funds – 3.9% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $5,309,987) | 5,309,987 | $ 5,309,987 | ||
| Other Assets, Less Liabilities – 0.7% | 933,328 | |||
| Net Assets – 100.0% | $ 135,008,881 | |||
See Portfolio Footnotes and Notes to Financial Statements
50
Portfolio of
Investments – continued
MFS Maryland Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 94.4% | ||||
| Airport Revenue – 1.5% | ||||
| Maryland Department of Transportation Special Project Rev., ”B“, 4%, 8/01/2040 | $ | 1,000,000 | $ 1,045,386 | |
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2024 | 90,000 | 95,014 | ||
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2025 | 120,000 | 129,062 | ||
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2026 | 180,000 | 197,275 | ||
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2027 | 225,000 | 250,678 | ||
| $ 1,717,415 | ||||
| General Obligations - General Purpose – 23.0% | ||||
| Anne Arundel County, MD, Consolidated General Obligation Improvement, 5%, 10/01/2027 | $ | 1,000,000 | $ 1,154,016 | |
| Anne Arundel County, MD, Consolidated Water & Sewer, 5%, 10/01/2040 | 400,000 | 470,719 | ||
| Anne Arundel County, MD, General Obligation Consolidated Improvement Refunding, 5%, 4/01/2027 | 1,000,000 | 1,142,730 | ||
| Anne Arundel County, MD, General Obligation Consolidated Improvement Refunding, 5%, 4/01/2028 | 1,000,000 | 1,164,761 | ||
| Baltimore County, MD, Metropolitan District (80th Issue), 5%, 3/01/2033 | 1,250,000 | 1,438,684 | ||
| Baltimore County, MD, Public Improvement, 4%, 3/01/2037 | 1,750,000 | 1,896,873 | ||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 225,000 | 221,323 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 21,335 | 19,468 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 53,375 | 30,824 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 46,322 | 47,446 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 46,192 | 48,735 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 45,774 | 49,980 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 45,031 | 50,218 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 43,739 | 49,819 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 41,476 | 40,489 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 37,281 | 35,976 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 31,997 | 30,722 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 43,504 | 41,313 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 150,243 | 141,332 | ||
| Frederick County, MD, General Obligation, Public Facilities Refunding Project, ”A“, 4%, 10/01/2032 | 1,000,000 | 1,136,419 | ||
| Harford County, MD, Consolidated General Obligation Public Improvement Project, 4%, 10/01/2023 | 1,745,000 | 1,805,938 | ||
| Howard County, MD, Consolidated Public Improvement Project, ”A“, 5%, 8/15/2023 | 1,000,000 | 1,045,429 | ||
| Howard County, MD, Consolidated Public Improvement Project, ”A“, 5%, 8/15/2028 | 1,000,000 | 1,172,988 | ||
| Howard County, MD, Metropolitan District Project, ”C“, 4%, 2/15/2048 | 1,500,000 | 1,591,306 | ||
| Maryland Community Development Administration, Local Government Infrastructure, ”A-2“, 4%, 6/01/2036 | 1,210,000 | 1,318,532 | ||
| Maryland State & Local Facilities Loan, General Obligation Refunding, ”A“, 5%, 8/01/2025 | 1,000,000 | 1,099,086 | ||
| Maryland State & Local Facilities Loan, General Obligation, ”A“, 5%, 3/15/2027 | 1,000,000 | 1,141,622 | ||
| Maryland State & Local Facilities Loan, General Obligation, ”A“, 5%, 8/01/2035 | 1,000,000 | 1,200,334 | ||
| Montgomery County, MD, Consolidated Public Improvement, ”A“, 5%, 11/01/2026 (Prerefunded 11/01/2024) | 500,000 | 538,621 | ||
| Prince George's County, MD, Consolidated Public Improvement, ”A“, 5%, 7/15/2033 | 1,000,000 | 1,159,318 | ||
| Prince George's County, MD, General Obligation Consolidated Public Improvement, ”A“, 5%, 7/15/2023 | 2,500,000 | 2,606,436 | ||
| Prince George's County, MD, General Obligation Consolidated Public Improvement, ”A“, 5%, 7/01/2024 | 1,015,000 | 1,085,567 | ||
| State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2041 | 780,000 | 850,319 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 160,000 | 180,853 | ||
| Washington Suburban Sanitary District, MD, Consolidated Public Improvement Refunding, 5%, 6/01/2024 | 1,000,000 | 1,067,110 | ||
| $ 27,075,306 | ||||
| General Obligations - Schools – 0.0% | ||||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | $ | 20,000 | $ 22,366 | |
| Healthcare Revenue - Hospitals – 15.8% | ||||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), ”A-2“, 5%, 8/01/2049 | $ | 5,000 | $ 5,568 | |
| Cobb County, GA, Kennestone Hospital Authority Rev. (Wellstar Health System, Inc. Project), ”A“, 4%, 4/01/2052 | 815,000 | 851,374 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), ”A-2“, 4%, 8/01/2044 | 55,000 | 57,380 | ||
| Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045 | 15,000 | 15,248 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2030 | 490,000 | 559,803 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036 | 750,000 | 835,419 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Carroll Hospital), ”A“, 5%, 7/01/2037 (Prerefunded 7/01/2022) | 1,000,000 | 1,009,586 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2034 | 750,000 | 806,727 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Health System), 4%, 7/01/2045 | 1,000,000 | 1,045,969
| ||
51
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Hospitals – continued | ||||
| Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), ”A“, 4%, 7/01/2041 | $ | 1,000,000 | $ 1,079,651 | |
| Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2028 (Prerefunded 7/01/2025) | 750,000 | 819,113 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2033 | 400,000 | 438,894 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 4%, 7/01/2042 | 1,000,000 | 1,052,006 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), ”A“, AGM, 5.25%, 8/15/2038 | 1,155,000 | 1,415,878 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), ”A“, 5%, 8/15/2041 | 505,000 | 525,360 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), ”A“, 5%, 5/15/2042 | 750,000 | 845,512 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), ”A“, 5%, 7/01/2032 | 600,000 | 662,566 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Medical Center), 5%, 7/01/2027 | 500,000 | 544,987 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), ”A“, 5%, 7/01/2035 | 500,000 | 583,385 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Trinity Health Credit Group), ”MD“, 5%, 12/01/2046 | 1,000,000 | 1,113,286 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), ”B“, 5%, 7/01/2034 | 1,000,000 | 1,124,545 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), ”D“, 4%, 7/01/2048 | 1,250,000 | 1,311,771 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Western Maryland Health System), 5.25%, 7/01/2034 (Prerefunded 7/01/2024) | 1,000,000 | 1,071,334 | ||
| Maryland Industrial Development Authority, Economic Development Rev., RIBS, AGM, 11.361%, 8/26/2022 (p) | 150,000 | 155,570 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 4%, 4/15/2043 | 635,000 | 666,439 | ||
| $ 18,597,371 | ||||
| Healthcare Revenue - Long Term Care – 3.4% | ||||
| Baltimore County, MD, Rev. (Oak Crest Village, Inc.), 4%, 1/01/2045 | $ | 1,000,000 | $ 1,068,140 | |
| Baltimore County, MD, Rev. (Riderwood Village, Inc.), 4%, 1/01/2038 | 450,000 | 485,353 | ||
| Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036 | 500,000 | 496,520 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), ”A“, 5%, 1/01/2045 | 500,000 | 542,927 | ||
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), ”B“, 5%, 11/01/2042 | 350,000 | 359,922 | ||
| Washington County, MD, County Commissioners Rev. (Diakon Lutheran Social Ministries Project), ”B“, 5%, 1/01/2032 | 575,000 | 649,562 | ||
| Westminster, MD, Refunding Rev. (Carroll Lutheran Village, Inc.), 5.125%, 7/01/2040 | 400,000 | 409,015 | ||
| $ 4,011,439 | ||||
| Healthcare Revenue - Other – 0.4% | ||||
| Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2029 | $ | 420,000 | $ 420,802 | |
| Industrial Revenue - Paper – 0.1% | ||||
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $ | 100,000 | $ 106,171 | |
| Miscellaneous Revenue - Other – 2.3% | ||||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025 | $ | 20,000 | $ 20,229 | |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2029 | 10,000 | 10,179 | ||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2033 | 25,000 | 25,406 | ||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2035 | 20,000 | 20,303 | ||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042 | 25,000 | 25,102 | ||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046 | 45,000 | 45,395 | ||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2040 (Prerefunded 7/01/2023) | 105,000 | 108,769 | ||
| Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2028 | 90,000 | 101,614 | ||
| Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2029 | 210,000 | 240,065 | ||
| Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 4%, 7/01/2039 | 1,100,000 | 1,162,607 | ||
| Montgomery County, MD, Transportation Fund Lease Authority Rev., ”A“, 5%, 11/01/2036 | 415,000 | 453,908 | ||
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 450,000 | 452,705 | ||
| $ 2,666,282 | ||||
| Multi-Family Housing Revenue – 6.0% | ||||
| Howard County, MD, Housing Commission Rev. (Columbia Commons Apartments), ”A“, 5%, 6/01/2044 | $ | 500,000 | $ 523,092 | |
| Howard County, MD, Housing Commission Rev. (Woodfield Oxford Square Apartments), 5%, 12/01/2037 | 750,000 | 820,893 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, FHA, 4%, 7/01/2048 | 500,000 | 514,602 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”B“, 3.65%, 7/01/2049 | 505,000 | 511,336 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”D“, 3.35%, 7/01/2049 | 1,765,000 | 1,711,330
| ||
52
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Multi-Family Housing Revenue – continued | ||||
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”A-1“, FHA, 3.05%, 7/01/2044 | $ | 1,000,000 | $ 941,364 | |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”C“, 5.125%, 7/01/2037 | 1,000,000 | 1,044,450 | ||
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., “C”, 3.1%, 7/01/2036 | 1,065,000 | 1,006,058 | ||
| $ 7,073,125 | ||||
| Parking – 1.2% | ||||
| Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AAC, 5%, 7/01/2034 | $ | 1,385,000 | $ 1,396,055 | |
| Port Revenue – 1.5% | ||||
| Maryland Economic Development Corp. Rev. (Terminal Project), ”A“, 5%, 6/01/2044 | $ | 500,000 | $ 552,143 | |
| Maryland Economic Development Corp. Rev. (Terminal Project), ”A“, 5%, 6/01/2049 | 250,000 | 274,476 | ||
| Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2031 | 650,000 | 730,593 | ||
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | 190,000 | 155,563 | ||
| $ 1,712,775 | ||||
| Sales & Excise Tax Revenue – 3.1% | ||||
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 | $ | 10,000 | $ 11,158 | |
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 | 5,000 | 5,638 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 | 10,000 | 11,405 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 | 30,000 | 30,280 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 | 45,000 | 45,123 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2026 | 40,000 | 43,529 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2027 | 90,000 | 99,658 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2028 | 80,000 | 89,937 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2029 | 15,000 | 17,080 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2030 | 40,000 | 46,118 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2032 | 500,000 | 590,548 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2033 | 650,000 | 773,069 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2036 | 35,000 | 39,692 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2037 | 50,000 | 57,077 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2038 | 40,000 | 41,721 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2040 | 25,000 | 26,490 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 21,000 | 21,996 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 31,000 | 32,959 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 241,000 | 249,308 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 75,000 | 77,639 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 46,000 | 48,361 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 3,000 | 2,812 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 36,000 | 30,806 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 6,000 | 4,783 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 338,000 | 250,181 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 332,000 | 226,518 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 2,229,000 | 681,172 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 120,000 | 116,558 | ||
| $ 3,671,616 | ||||
| Secondary Schools – 0.2% | ||||
| District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2039 (n) | $ | 250,000 | $ 262,844 | |
| Single Family Housing - Local – 0.4% | ||||
| Montgomery County, MD, Housing Opportunities Commission Program Rev., ”A“, 4%, 7/01/2049 | $ | 415,000 | $ 429,176 | |
| Single Family Housing - State – 3.6% | ||||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”D-1“, GNMA, 4%, 11/15/2047 | $ | 285,000 | $ 292,543 | |
| Iowa Finance Authority, Single Family Mortgage Rev., ”A“, GNMA, 4%, 7/01/2047 | 305,000 | 312,932 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | 270,000 | 281,090
| ||
53
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Single Family Housing - State – continued | ||||
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 3%, 9/01/2051 | $ | 1,000,000 | $ 1,004,432 | |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 5%, 3/01/2031 | 1,150,000 | 1,319,064 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 3%, 9/01/2039 | 1,000,000 | 972,742 | ||
| $ 4,182,803 | ||||
| State & Local Agencies – 7.2% | ||||
| Colorado State University Board of Governors, System Enterprise Refunding Rev., ”E“, 4%, 3/01/2043 | $ | 455,000 | $ 483,168 | |
| Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 665,000 | 630,717 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, 5%, 5/01/2041 (Prerefunded 5/01/2026) | 500,000 | 558,898 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2038 | 500,000 | 569,022 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 110,000 | 127,510 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | 225,000 | 253,142 | ||
| Maryland Stadium Authority, Built to Learn Rev., ”A“, 4%, 6/01/2036 | 1,000,000 | 1,075,311 | ||
| Maryland Stadium Authority, Hagerstown Multi-Use Sports & Events Facility Lease Rev., ”A“, 5%, 6/01/2052 | 1,000,000 | 1,153,363 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 5,000 | 5,694 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 5,000 | 5,244 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 20,000 | 20,915 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 10,000 | 10,426 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 10,000 | 10,393 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 10,000 | 10,274 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 100,000 | 109,946 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”LLL“, 5%, 6/15/2039 | 230,000 | 256,058 | ||
| Prince George's County, MD, COP (Suitland Public Infrastructure), 3%, 10/01/2038 | 1,000,000 | 976,581 | ||
| Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2037 | 1,000,000 | 1,169,071 | ||
| Washington, D.C. Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds - Climate Bond Certified), ”A“, 4%, 7/15/2039 | 1,000,000 | 1,090,148 | ||
| $ 8,515,881 | ||||
| Student Loan Revenue – 0.1% | ||||
| Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | $ | 45,000 | $ 43,765 | |
| Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | 115,000 | 103,322 | ||
| $ 147,087 | ||||
| Tax - Other – 1.4% | ||||
| New York City Transitional Finance Authority Rev., ”C-1“, 4%, 2/01/2038 | $ | 800,000 | $ 848,457 | |
| Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax, ”C-3“, 3%, 5/15/2051 | 600,000 | 548,205 | ||
| Virgin Islands Public Finance Authority Rev., ”B“, 5%, 10/01/2025 | 100,000 | 100,240 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 101,194 | ||
| $ 1,598,096 | ||||
| Tax Assessment – 4.1% | ||||
| Baltimore, MD, Special Obligation (East Baltimore Research Park Project), ”A“, 5%, 9/01/2038 | $ | 500,000 | $ 528,816 | |
| Baltimore, MD, Special Obligation Rev. (Harbor Point Project), ”B“, 3.875%, 6/01/2046 (n) | 300,000 | 278,811 | ||
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 500,000 | 536,283 | ||
| Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), ”B“, 4.625%, 7/01/2043 (n) | 250,000 | 267,131 | ||
| Frederick County, MD, Limited Obligation (Oakdale-Lake Linganore Project), 3.75%, 7/01/2039 | 500,000 | 480,290 | ||
| Frederick County, MD, Senior Special Obligation (Urbana Community Development Authority), ”A“, 4%, 7/01/2035 | 500,000 | 544,008 | ||
| Frederick County, MD, Senior Special Obligation (Urbana Community Development Authority), ”B“, 4%, 7/01/2040 | 200,000 | 203,262 | ||
| Frederick County, MD, Special Tax Limited Obligation Refunding (Jefferson Technology Park Project), ”A“, 5%, 7/01/2043 (n) | 250,000 | 264,571 | ||
| Howard County, MD, Special Obligation (Annapolis Junction Town Center Project), 6.1%, 2/15/2044 | 230,000 | 234,392 | ||
| Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.5%, 2/15/2047 (n) | 300,000 | 301,678 | ||
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n) | 500,000 | 485,506 | ||
| Prince George's County, MD, Special Obligation (National Harbor Project), 5.2%, 7/01/2034 | 314,000 | 316,229
| ||
54
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Tax Assessment – continued | ||||
| Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | $ | 400,000 | $ 418,420 | |
| $ 4,859,397 | ||||
| Tobacco – 0.2% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 75,000 | $ 84,355 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 1,400,000 | 208,239 | ||
| $ 292,594 | ||||
| Transportation - Special Tax – 3.6% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029 | $ | 355,000 | $ 366,861 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031 | 360,000 | 365,389 | ||
| Maryland Transportation Authority Facilities Projects Rev., ”A“, 5%, 7/01/2029 | 750,000 | 885,374 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, ”D-1“, 5%, 9/01/2022 | 265,000 | 268,660 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045 | 60,000 | 66,257 | ||
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 | 440,000 | 495,723 | ||
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 | 440,000 | 495,261 | ||
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., ”B“, 5%, 7/01/2042 | 1,140,000 | 1,277,809 | ||
| $ 4,221,334 | ||||
| Universities - Colleges – 6.9% | ||||
| Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), ”A“, 5%, 7/01/2034 | $ | 500,000 | $ 503,600 | |
| Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), ”A“, 5%, 7/01/2044 | 500,000 | 541,364 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins University), ”A“, 5%, 7/01/2037 (Prerefunded 7/01/2022) | 1,500,000 | 1,514,564 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), 5%, 10/01/2032 | 500,000 | 534,449 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), “A”, 5%, 10/01/2049 | 1,000,000 | 1,139,459 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art Issue), 5%, 6/01/2033 | 450,000 | 487,825 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2046 | 750,000 | 757,276 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2051 | 250,000 | 251,333 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 420,000 | 422,142 | ||
| Morgan State University, Academic & Auxiliary Facilities Fees Rev., 5%, 7/01/2030 (Prerefunded 7/01/2022) | 150,000 | 151,438 | ||
| Morgan State University, Academic & Auxiliary Facilities Fees Rev., 5%, 7/01/2032 (Prerefunded 7/01/2022) | 440,000 | 444,218 | ||
| 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 | 30,000 | 30,455 | ||
| 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 | 135,000 | 137,275 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | 85,000 | 85,919 | ||
| University System of Maryland, Auxiliary Facility & Tuition Rev., ”D“, 5%, 10/01/2022 | 1,000,000 | 1,018,834 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n) | 110,000 | 113,695 | ||
| $ 8,133,846 | ||||
| Universities - Dormitories – 2.9% | ||||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $ | 660,000 | $ 728,237 | |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035 | 750,000 | 827,170 | ||
| Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2050 | 1,000,000 | 1,096,032 | ||
| Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2027 | 500,000 | 502,155 | ||
| Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2030 | 300,000 | 301,124 | ||
| $ 3,454,718 | ||||
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 145,000 | $ 148,625 | |
| Utilities - Municipal Owned – 1.0% | ||||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | $ | 250,000 | $238,750 | |
55
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Municipal Owned – continued | ||||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | $ | 40,000 | $ 38,200 | |
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,600 | ||
| Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 95,000 | 91,200 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 100,000 | 95,500 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 160,000 | 152,800 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 45,000 | 42,975 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 125,000 | 119,375 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 10,000 | 10,291 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,613 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 60,000 | 57,300 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 65,000 | 62,400 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 65,000 | 62,400 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 50,000 | 48,750 | ||
| $ 1,154,054 | ||||
| Utilities - Other – 0.2% | ||||
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | $ | 100,000 | $ 101,520 | |
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2023 | 140,000 | 146,048 | ||
| $ 247,568 | ||||
| Water & Sewer Utility Revenue – 4.2% | ||||
| Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 5%, 7/01/2032 | $ | 410,000 | $ 486,612 | |
| Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 5%, 7/01/2033 | 305,000 | 361,385 | ||
| Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 5%, 7/01/2034 | 600,000 | 707,606 | ||
| Baltimore, MD, Refunding Rev. (Mayor and City Council of Baltimore Water Projects), ”B“, 5%, 7/01/2042 (Prerefunded 1/01/2024) | 1,320,000 | 1,390,964 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 20,000 | 21,714 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 105,000 | 113,290 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029 | 205,000 | 215,679 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035 | 205,000 | 214,878 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 130,000 | 145,604 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 25,000 | 26,505 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 30,000 | 31,651 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 15,000 | 15,870 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 35,000 | 37,013 | ||
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 50,000 | 53,474 | ||
| Montgomery County, MD, Water Quality Protection Charge Rev., ”A“, 5%, 4/01/2032 | 1,125,000 | 1,146,118 | ||
| $ 4,968,363 | ||||
| Total Municipal Bonds (Identified Cost, $112,502,282) | $ 111,087,109 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 165,000 | $ 143,538 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 346,533 | 102,616 | ||
| Total Bonds (Identified Cost, $270,386) | $ 246,154 | |||
56
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $118,171) | $ 207,095 | $111,313 | ||
| Trust Units – 0.1% | ||||
| Tax - Other – 0.1% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 (Identified Cost, $110,497) | 110,000 | $ 109,392 | ||
| Investment Companies (h) – 4.2% | ||||
| Money Market Funds – 4.2% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $4,987,440) | 4,987,440 | $ 4,987,440 | ||
| Other Assets, Less Liabilities – 1.0% | 1,178,996 | |||
| Net Assets – 100.0% | $ 117,720,404 | |||
See Portfolio Footnotes and Notes to Financial Statements
57
Portfolio of
Investments – continued
MFS Massachusetts Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 95.0% | ||||
| Airport Revenue – 5.9% | ||||
| Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2038 | $ | 2,000,000 | $ 2,252,489 | |
| Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2040 | 2,755,000 | 3,094,585 | ||
| Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2042 | 3,000,000 | 3,297,751 | ||
| Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2047 | 1,500,000 | 1,633,055 | ||
| Massachusetts Port Authority Rev., ”B“, 5%, 7/01/2043 | 3,625,000 | 3,930,597 | ||
| Massachusetts Port Authority Rev., ”C“, 5%, 7/01/2044 | 3,000,000 | 3,340,544 | ||
| Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2029 | 620,000 | 710,514 | ||
| Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2030 | 500,000 | 577,853 | ||
| Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2031 | 1,000,000 | 1,165,987 | ||
| Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2032 | 1,590,000 | 1,847,890 | ||
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2024 | 300,000 | 316,714 | ||
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2025 | 395,000 | 424,829 | ||
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2026 | 600,000 | 657,582 | ||
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2027 | 755,000 | 841,164 | ||
| $ 24,091,554 | ||||
| General Obligations - General Purpose – 14.9% | ||||
| Barnstable, MA, General Obligation, 5%, 3/15/2026 | $ | 500,000 | $ 558,448 | |
| Barnstable, MA, General Obligation, 5%, 3/15/2027 | 665,000 | 759,516 | ||
| Barnstable, MA, General Obligation, 5%, 3/15/2029 | 685,000 | 811,082 | ||
| Beverly, MA, General Obligation, 5%, 3/15/2027 | 1,200,000 | 1,366,910 | ||
| Beverly, MA, General Obligation, 5%, 3/15/2028 | 1,330,000 | 1,543,826 | ||
| Beverly, MA, General Obligation, 5%, 3/15/2029 | 455,000 | 537,460 | ||
| Boston, MA, General Obligation Refunding, ”D“, 5%, 3/01/2025 | 1,500,000 | 1,632,607 | ||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 705,000 | 693,479 | ||
| Chicago, IL, General Obligation, ”A“, 5%, 1/01/2025 | 535,000 | 568,161 | ||
| Chicago, IL, General Obligation, ”A“, 5%, 1/01/2027 | 170,000 | 184,585 | ||
| Commonwealth of Massachusetts, ”B“, 5.25%, 8/01/2023 | 1,000,000 | 1,046,877 | ||
| Commonwealth of Massachusetts, ”B“, 5.25%, 8/01/2028 | 2,225,000 | 2,636,464 | ||
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”D“, 4%, 2/01/2044 | 2,000,000 | 2,118,800 | ||
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”D“, 4%, 2/01/2046 | 2,600,000 | 2,747,933 | ||
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”E“, 5%, 11/01/2032 | 2,250,000 | 2,711,053 | ||
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”E“, 5%, 11/01/2033 | 1,740,000 | 2,087,341 | ||
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”F“, 5%, 11/01/2042 | 3,000,000 | 3,376,014 | ||
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”I“, 5%, 12/01/2034 | 1,000,000 | 1,118,702 | ||
| Commonwealth of Massachusetts, General Obligation, ”B“, 5%, 11/01/2025 | 4,000,000 | 4,421,012 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 73,911 | 67,444 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 184,909 | 106,785 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 160,475 | 164,369 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 160,025 | 168,834 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 158,576 | 173,148 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 156,003 | 173,974 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 151,525 | 172,587 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 143,685 | 140,267 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 129,154 | 124,633 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 110,848 | 106,432 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 150,711 | 143,120 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 516,737 | 486,088 | ||
| Georgetown, MA, General Obligation, Refunding, Unlimited Tax, 4%, 5/01/2032 | 825,000 | 917,239 | ||
| Longmeadow, MA, General Obligation, 5%, 5/15/2025 | 810,000 | 884,732 | ||
| Massachusetts Turnpike Authority, Metropolitan Highway System Rev., Capital Appreciation, ”A“, NPFG, 0%, 1/01/2029 | 1,560,000 | 1,305,993 | ||
| New Bedford, MA, General Obligation, ”B“, 3%, 4/13/2023 (w) | 5,000,000 | 5,064,246 | ||
| Norton, MA, Bond Anticipation Notes, 2%, 7/15/2022 | 1,400,000 | 1,402,876 | ||
| Quincy, MA, General Obligation Purpose Loan, ”A“, 4%, 6/01/2039 | 500,000 | 550,141 | ||
| Quincy, MA, General Obligation Purpose Loan, ”A“, 4%, 6/01/2040 | 500,000 | 549,151 | ||
| Quincy, MA, General Obligation Purpose Loan, ”A“, 4%, 6/01/2041 | 300,000 | 328,958 | ||
| Quincy, MA, General Obligation Purpose Loan, ”A“, 4%, 6/01/2042 | 400,000 | 437,653 | ||
| Quincy, MA, General Obligation Purpose Loan, ”A“, 5%, 6/01/2047 | 1,000,000 | 1,291,038
| ||
58
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - General Purpose – continued | ||||
| Quincy, MA, General Obligation Purpose Loan, ”A“, 5%, 6/01/2050 | $ | 2,000,000 | $ 2,353,231 | |
| State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2041 | 2,560,000 | 2,790,791 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 280,000 | 316,493 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 255,000 | 290,051 | ||
| West Springfield, MA, General Obligation, 3%, 5/15/2032 | 1,490,000 | 1,525,034 | ||
| West Springfield, MA, General Obligation, 3%, 5/15/2033 | 1,490,000 | 1,516,813 | ||
| Westborough, MA, General Obligation, 3%, 3/29/2023 | 6,000,000 | 6,077,659 | ||
| $ 60,550,050 | ||||
| General Obligations - Schools – 0.4% | ||||
| San Marcos, CA, Unified School District (Election of 2010), Capital Appreciation, ”C“, 0%, 8/01/2038 (Prerefunded 2/15/2024) | $ | 3,375,000 | $ 1,524,720 | |
| Healthcare Revenue - Hospitals – 12.8% | ||||
| Massachusetts Development Finance Agency Rev. (Atrius Health Issue), ”A“, 4%, 6/01/2049 | $ | 1,500,000 | $ 1,547,614 | |
| Massachusetts Development Finance Agency Rev. (Baystate Medical Center), ”N“, 5%, 7/01/2044 | 2,000,000 | 2,104,706 | ||
| Massachusetts Development Finance Agency Rev. (Berkshire Health Systems), ”I“, 5%, 10/01/2029 | 600,000 | 705,698 | ||
| Massachusetts Development Finance Agency Rev. (Berkshire Health Systems), ”I“, 5%, 10/01/2030 | 1,675,000 | 1,998,303 | ||
| Massachusetts Development Finance Agency Rev. (Berkshire Health Systems), ”I“, 5%, 10/01/2031 | 400,000 | 483,986 | ||
| Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2036 | 635,000 | 731,369 | ||
| Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2037 | 850,000 | 978,282 | ||
| Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2038 | 700,000 | 804,553 | ||
| Massachusetts Development Finance Agency Rev. (CareGroup), ”I“, 5%, 7/01/2037 | 1,000,000 | 1,096,391 | ||
| Massachusetts Development Finance Agency Rev. (CareGroup), ”J-2“, 5%, 7/01/2036 | 1,000,000 | 1,144,866 | ||
| Massachusetts Development Finance Agency Rev. (CareGroup), ”J-2“, 5%, 7/01/2037 | 1,000,000 | 1,144,129 | ||
| Massachusetts Development Finance Agency Rev. (Children's Hospital), ”P“, 5%, 10/01/2032 (Prerefunded 10/01/2024) | 1,000,000 | 1,072,421 | ||
| Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”N“, 5%, 12/01/2041 | 1,690,000 | 1,870,262 | ||
| Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2029 | 100,000 | 118,129 | ||
| Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2030 | 100,000 | 117,441 | ||
| Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2031 | 125,000 | 146,513 | ||
| Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2032 | 175,000 | 204,787 | ||
| Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2033 | 150,000 | 175,294 | ||
| Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2034 | 400,000 | 466,934 | ||
| Massachusetts Development Finance Agency Rev. (Lahey Health System Obligated Group), ”F“, 5%, 8/15/2030 | 2,000,000 | 2,174,412 | ||
| Massachusetts Development Finance Agency Rev. (Massachusetts General Brigham, Inc.), ”A-2“, 5%, 7/01/2023 | 5,000,000 | 5,204,620 | ||
| Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”F“, 5.75%, 7/15/2043 | 1,000,000 | 1,030,880 | ||
| Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”G“, 5%, 7/15/2046 (n) | 1,000,000 | 1,116,673 | ||
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”Q“, 5%, 7/01/2041 | 1,810,000 | 1,995,187 | ||
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”Q“, 5%, 7/01/2047 | 1,500,000 | 1,645,852 | ||
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”S“, 4%, 7/01/2041 | 3,500,000 | 3,721,982 | ||
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”S-4“, 5%, 7/01/2034 | 700,000 | 795,407 | ||
| Massachusetts Development Finance Agency Rev. (South Shore Hospital), ”I“, 5%, 7/01/2041 | 2,300,000 | 2,519,666 | ||
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”I“, 5%, 7/01/2041 | 1,850,000 | 2,051,018 | ||
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”K“, 5%, 7/01/2038 | 2,000,000 | 2,216,179 | ||
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”L“, 5%, 7/01/2044 | 1,000,000 | 1,115,883 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 4%, 7/01/2044 | 2,080,000 | 2,166,162 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 5%, 7/01/2044 | 2,000,000 | 2,237,398 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”C“, AGM, 5%, 10/01/2034 | 450,000 | 530,503 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”C“, AGM, 4%, 10/01/2045 | 2,500,000 | 2,679,139 | ||
| Massachusetts Development Finance Agency Rev., ”J-2“, 5%, 7/01/2048 | 1,610,000 | 1,820,894 | ||
| $ 51,933,533 | ||||
| Healthcare Revenue - Long Term Care – 1.7% | ||||
| Massachusetts Development Finance Agency First Mortgage Rev. (Berkshire Retirement Community), 5%, 7/01/2031 | $ | 1,000,000 | $ 1,079,753 | |
| Massachusetts Development Finance Agency Rev. (Adventcare), ”A“, 6.75%, 10/15/2037 (a)(d) | 500,000 | 195,000 | ||
| Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 4%, 12/01/2042 | 485,000 | 513,400 | ||
| Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 5%, 12/01/2042 | 525,000 | 574,804 | ||
| Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2031 (n)(w) | 500,000 | 508,767 | ||
| Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2051 | 900,000 | 914,350 | ||
| Massachusetts Development Finance Agency Rev. (Loomis Communities), ”A“, 6%, 1/01/2033 (Prerefunded 10/13/2022) | 250,000 | 258,165
| ||
59
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Long Term Care – continued | ||||
| Massachusetts Development Finance Agency Rev. (Loomis Communities), ETM, 6%, 1/01/2033 (Prerefunded 7/01/2023) | $ | 250,000 | $ 263,067 | |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 1,250,000 | 1,329,950 | ||
| Massachusetts Development Finance Agency Rev. (North Hill Communities), ”A“, 6.5%, 11/15/2043 (Prerefunded 11/15/2023) (n) | 1,000,000 | 1,072,528 | ||
| $ 6,709,784 | ||||
| Industrial Revenue - Other – 0.1% | ||||
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n) | $ | 500,000 | $ 480,435 | |
| Miscellaneous Revenue - Other – 1.7% | ||||
| Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2037 | $ | 1,000,000 | $ 1,152,218 | |
| Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2038 | 1,000,000 | 1,151,477 | ||
| Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2043 | 1,000,000 | 1,151,479 | ||
| Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2038 | 1,000,000 | 1,115,233 | ||
| Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2039 | 2,000,000 | 2,227,487 | ||
| $ 6,797,894 | ||||
| Multi-Family Housing Revenue – 3.3% | ||||
| Boston, MA, Housing Authority Capital Program Rev., ”B“, 5%, 4/01/2028 | $ | 1,000,000 | $ 1,147,146 | |
| Massachusetts Development Finance Agency Rev. (Credit Housing-Chelsea Homes), ”I-A“, LOC, 5%, 12/15/2024 | 925,000 | 926,132 | ||
| Massachusetts Development Finance Agency Rev. (Morville House Apartments), ”A“, LOC, 4.95%, 12/15/2023 | 1,895,000 | 1,902,236 | ||
| Massachusetts Housing Finance Agency, ”A“, 3.7%, 12/01/2038 | 1,000,000 | 1,014,827 | ||
| Massachusetts Housing Finance Agency, ”A“, 3.8%, 12/01/2043 | 2,025,000 | 2,050,165 | ||
| Massachusetts Housing Finance Agency, ”A“, FHA, 5.25%, 12/01/2035 | 45,000 | 45,312 | ||
| Massachusetts Housing Finance Agency, ”C“, 5.35%, 12/01/2049 | 1,035,000 | 1,035,984 | ||
| Massachusetts Housing Finance Agency, “C-1”, 2.9%, 12/01/2039 | 1,000,000 | 959,039 | ||
| Massachusetts Housing Finance Agency, “C-1”, 3.1%, 12/01/2044 | 2,000,000 | 1,896,943 | ||
| Massachusetts Housing Finance Agency, Multi-Family Housing, ”A“, FHA, 4.75%, 12/01/2030 | 1,425,000 | 1,426,707 | ||
| Massachusetts Housing Finance Agency, Multi-Family Housing, ”A“, FHA, 4.875%, 12/01/2032 | 1,190,000 | 1,191,520 | ||
| $ 13,596,011 | ||||
| Port Revenue – 0.7% | ||||
| Martha's Vineyard, MA, Woods Hole Steamship Authority, ”A“, 4%, 3/01/2028 | $ | 2,660,000 | $ 2,817,601 | |
| Sales & Excise Tax Revenue – 6.0% | ||||
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 | $ | 25,000 | $ 27,895 | |
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 | 20,000 | 22,554 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 | 25,000 | 28,512 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 | 110,000 | 111,025 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 | 145,000 | 145,397 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2026 | 140,000 | 152,351 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2027 | 310,000 | 343,268 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2028 | 275,000 | 309,159 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2029 | 60,000 | 68,318 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2030 | 140,000 | 161,412 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2036 | 125,000 | 141,757 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2037 | 175,000 | 199,769 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2038 | 80,000 | 83,441 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2039 | 55,000 | 57,283 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2040 | 85,000 | 90,065 | ||
| Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A“, 5%, 7/01/2024 | 1,590,000 | 1,698,368 | ||
| Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 5.25%, 7/01/2029 | 1,850,000 | 2,217,362 | ||
| Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 5.25%, 7/01/2031 | 2,000,000 | 2,478,153 | ||
| Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 4%, 7/01/2051 | 1,720,000 | 1,856,484 | ||
| Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., ”A“, 5%, 2/15/2044 | 4,000,000 | 4,578,501 | ||
| Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., ”B“, 4%, 11/15/2046 | 3,000,000 | 3,190,490 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 73,000 | 76,462 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 215,000 | 228,588 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 671,000 | 694,132 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 256,000 | 265,007
| ||
60
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Sales & Excise Tax Revenue – continued | ||||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053 | $ | 5,000 | $ 5,187 | |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 101,000 | 106,184 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 11,000 | 10,311 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 117,000 | 100,121 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 22,000 | 17,538 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 1,059,000 | 783,850 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 1,011,000 | 689,787 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 9,313,000 | 2,846,008 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 410,000 | 398,241 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 360,000 | 355,219 | ||
| $ 24,538,199 | ||||
| Secondary Schools – 1.8% | ||||
| District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2056 (n) | $ | 290,000 | $ 300,780 | |
| Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2039 | 1,000,000 | 1,029,267 | ||
| Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2054 | 1,000,000 | 1,018,864 | ||
| Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2030 | 500,000 | 538,968 | ||
| Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2031 | 1,015,000 | 1,092,697 | ||
| Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), ”B“, 5%, 7/01/2037 | 1,000,000 | 1,056,895 | ||
| Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2033 | 2,000,000 | 2,123,425 | ||
| $ 7,160,896 | ||||
| Single Family Housing - Local – 0.4% | ||||
| Montgomery County, MD, Housing Opportunities Commission Program Rev., ”A“, 4%, 7/01/2049 | $ | 1,410,000 | $ 1,458,163 | |
| Single Family Housing - State – 2.9% | ||||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047 | $ | 850,000 | $ 872,156 | |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | 925,000 | 962,994 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”186“, 4%, 6/01/2039 (n) | 860,000 | 879,777 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”206“, 3.3%, 6/01/2034 | 365,000 | 362,477 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”206“, 3.45%, 12/01/2036 | 485,000 | 486,235 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”215“, GNMA, 4%, 12/01/2050 | 2,890,000 | 3,004,138 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2026 | 120,000 | 133,679 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 12/01/2026 | 100,000 | 112,586 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2027 | 110,000 | 124,789 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 12/01/2027 | 100,000 | 114,440 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2028 | 100,000 | 115,098 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 12/01/2028 | 100,000 | 116,048 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2029 | 100,000 | 117,028 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 1.35%, 12/01/2029 | 400,000 | 360,666 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”222“, GNMA, 3%, 6/01/2051 | 1,000,000 | 1,004,067 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., “214”, GNMA, 2.95%, 12/01/2044 | 1,865,000 | 1,725,078 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4.25%, 1/01/2050 | 1,255,000 | 1,305,285 | ||
| $ 11,796,541 | ||||
| State & Local Agencies – 4.2% | ||||
| Colorado State University Board of Governors, System Enterprise Refunding Rev., ”E“, 4%, 3/01/2043 | $ | 1,245,000 | $ 1,322,074 | |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 75,000 | 84,106 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 60,000 | 67,123 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 30,000 | 33,512 | ||
| Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 1,400,000 | 1,327,824 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 350,000 | 405,715 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | 665,000 | 748,175 | ||
| Massachusetts College Building Authority Project Refunding Rev., ”A“, 4%, 5/01/2037 | 250,000 | 275,904 | ||
| Massachusetts College Building Authority Project Refunding Rev., ”A“, 4%, 5/01/2038 | 250,000 | 275,397
| ||
61
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| State & Local Agencies – continued | ||||
| Massachusetts College Building Authority Project Refunding Rev., ”A“, 4%, 5/01/2039 | $ | 1,000,000 | $ 1,099,584 | |
| Massachusetts College Building Authority Project Refunding Rev., ”A“, 4%, 5/01/2040 | 500,000 | 548,810 | ||
| Massachusetts College Building Authority Project Rev., ”A“, 5%, 5/01/2031 (Prerefunded 5/01/2023) | 275,000 | 284,892 | ||
| Massachusetts College Building Authority Project Rev., ”A“, 5%, 5/01/2032 (Prerefunded 5/01/2023) | 760,000 | 787,339 | ||
| Massachusetts College Building Authority Project Rev., Capital Appreciation, ”A“, SYNCORA, 0%, 5/01/2022 | 8,310,000 | 8,303,638 | ||
| New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026) | 45,000 | 50,060 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 25,000 | 28,471 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 15,000 | 17,036 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 65,000 | 68,174 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 55,000 | 57,517 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 40,000 | 41,703 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 35,000 | 36,377 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 35,000 | 35,960 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 345,000 | 379,315 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”LLL“, 5%, 6/15/2039 | 765,000 | 851,671 | ||
| $ 17,130,377 | ||||
| Student Loan Revenue – 3.5% | ||||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 5%, 7/01/2029 | $ | 1,400,000 | $ 1,594,531 | |
| Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 5%, 7/01/2030 | 1,300,000 | 1,497,266 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 2%, 7/01/2037 | 3,000,000 | 2,726,784 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 4.125%, 7/01/2046 | 2,000,000 | 1,940,878 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 3.75%, 7/01/2047 | 4,000,000 | 3,703,754 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 5.625%, 7/01/2029 | 405,000 | 405,370 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 3.5%, 7/01/2033 | 420,000 | 412,198 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”K“, 4.5%, 7/01/2024 | 340,000 | 342,542 | ||
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 3%, 7/01/2051 | 2,000,000 | 1,580,947 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 220,000 | 202,288 | ||
| $ 14,406,558 | ||||
| Tax - Other – 0.7% | ||||
| Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2035 | $ | 225,000 | $ 246,041 | |
| Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2036 | 120,000 | 131,141 | ||
| Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2046 | 370,000 | 400,551 | ||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029 | 210,000 | 244,243 | ||
| Massachusetts Special Obligation Dedicated Tax Rev., NPFG, 5.5%, 1/01/2023 | 1,585,000 | 1,627,726 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 225,000 | 227,686 | ||
| $ 2,877,388 | ||||
| Tax Assessment – 0.0% | ||||
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | $ | 25,000 | $ 25,957 | |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 32,000 | 34,322 | ||
| $ 60,279 | ||||
| Tobacco – 0.2% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 250,000 | $ 281,184 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 4,885,000 | 726,606 | ||
| $ 1,007,790 | ||||
| Toll Roads – 1.1% | ||||
| Massachusetts Department of Transportation, Metropolitan Highway System Refunding Rev., Subordinated Contract Assistance, 5%, 1/01/2037 | $ | 1,000,000 | $ 1,160,126 | |
| Massachusetts Department of Transportation, Metropolitan Highway System Rev., “C”, 5%, 1/01/2035 | 3,000,000 | 3,486,974 | ||
| $ 4,647,100 | ||||
| Transportation - Special Tax – 3.6% | ||||
| Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2036 | $ | 2,850,000 | $3,141,684 | |
62
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Transportation - Special Tax – continued | ||||
| Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2042 | $ | 3,000,000 | $ 3,351,216 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”A“, NPFG, 4.75%, 7/01/2038 | 465,000 | 478,279 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”AA-1“, AGM, 4.95%, 7/01/2026 | 245,000 | 246,591 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032 | 280,000 | 281,949 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029 | 520,000 | 537,374 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031 | 1,055,000 | 1,070,791 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, ”A“, NPFG, 5%, 7/01/2038 | 45,000 | 46,285 | ||
| Massachusetts Bay Transportation Authority, Sales Tax Rev., ”B-1“, 5%, 7/01/2033 | 3,000,000 | 3,579,250 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, ”D-1“, 5%, 9/01/2022 | 890,000 | 902,291 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045 | 210,000 | 231,901 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027 | 420,000 | 465,300 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, ”A“, 5%, 12/15/2039 | 225,000 | 250,491 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 5%, 6/15/2044 | 220,000 | 241,379 | ||
| $ 14,824,781 | ||||
| Universities - Colleges – 21.5% | ||||
| Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), ”S-1“, 5%, 10/01/2038 | $ | 605,000 | $ 697,546 | |
| Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), ”S-1“, 5%, 10/01/2040 | 2,665,000 | 3,064,728 | ||
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2035 | 970,000 | 1,069,933 | ||
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2036 | 850,000 | 925,080 | ||
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2037 | 625,000 | 687,011 | ||
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2038 | 340,000 | 373,446 | ||
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 4%, 7/01/2039 | 3,055,000 | 3,100,382 | ||
| Massachusetts Development Finance Agency Refunding Rev. (Wellesley College), ”M“, 4%, 7/01/2036 (w) | 1,985,000 | 2,223,902 | ||
| Massachusetts Development Finance Agency Rev. (Babson College), 4%, 10/01/2040 | 875,000 | 968,635 | ||
| Massachusetts Development Finance Agency Rev. (Babson College), 4%, 10/01/2044 | 700,000 | 768,368 | ||
| Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040 | 1,500,000 | 1,657,820 | ||
| Massachusetts Development Finance Agency Rev. (Bentley University), ”A“, 4%, 7/01/2038 | 1,000,000 | 1,073,166 | ||
| Massachusetts Development Finance Agency Rev. (Brandeis University), ”R“, 5%, 10/01/2038 | 835,000 | 959,717 | ||
| Massachusetts Development Finance Agency Rev. (Brandeis University), ”S-1“, 5%, 10/01/2039 | 2,660,000 | 3,062,898 | ||
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2043 | 725,000 | 789,997 | ||
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2048 | 250,000 | 270,904 | ||
| Massachusetts Development Finance Agency Rev. (Emerson College), ”A“, 5.25%, 1/01/2042 | 2,000,000 | 2,185,214 | ||
| Massachusetts Development Finance Agency Rev. (Emmanuel College), ”A“, 5%, 10/01/2043 | 2,000,000 | 2,165,728 | ||
| Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046 | 1,375,000 | 1,416,460 | ||
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2045 | 250,000 | 242,252 | ||
| Massachusetts Development Finance Agency Rev. (Lesley University), ”A“, 5%, 7/01/2044 | 2,250,000 | 2,536,367 | ||
| Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2047 | 1,000,000 | 1,075,344 | ||
| Massachusetts Development Finance Agency Rev. (Merrimack University), ”B“, 4%, 7/01/2042 | 475,000 | 492,379 | ||
| Massachusetts Development Finance Agency Rev. (Merrimack University), ”B“, 4%, 7/01/2050 | 1,825,000 | 1,871,407 | ||
| Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2031 | 2,330,000 | 2,794,638 | ||
| Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2033 | 900,000 | 1,075,926 | ||
| Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2034 | 500,000 | 597,002 | ||
| Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2035 | 1,555,000 | 1,854,764 | ||
| Massachusetts Development Finance Agency Rev. (Simmons University), ”L“, 5%, 10/01/2035 | 2,000,000 | 2,227,542 | ||
| Massachusetts Development Finance Agency Rev. (Simmons University), ”M“, 5%, 10/01/2045 | 725,000 | 797,892 | ||
| Massachusetts Development Finance Agency Rev. (Simmons Unversity), ”H“, SYNCORA, 5.25%, 10/01/2026 | 2,250,000 | 2,389,147 | ||
| Massachusetts Development Finance Agency Rev. (Springfield College), ”A“, 4%, 6/01/2056 | 3,000,000 | 3,021,164 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2046 | 1,000,000 | 1,010,265 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 1,385,000 | 1,392,062 | ||
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology Issue), 5%, 10/01/2046 | 2,000,000 | 2,151,875 | ||
| Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2031 | 1,110,000 | 1,189,602 | ||
| Massachusetts Development Finance Agency Rev. (Western New England University), AGM, 5%, 9/01/2038 | 2,550,000 | 2,860,477 | ||
| Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2038 | 865,000 | 993,771 | ||
| Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2039 | 950,000 | 1,089,932 | ||
| Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2047 | 1,395,000 | 1,555,420 | ||
| Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 4%, 9/01/2049 | 3,000,000 | 3,024,405
| ||
63
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Universities - Colleges – continued | ||||
| Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 6/01/2027 | $ | 1,735,000 | $ 2,026,906 | |
| Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), ”I-1“, 5.2%, 1/01/2028 | 1,000,000 | 1,167,256 | ||
| Massachusetts Health & Educational Facilities Authority Rev. (University of Massachusetts), ”A“, 2.45%, 11/01/2030 (Put Date 4/01/2026) | 3,500,000 | 3,500,000 | ||
| Massachusetts Health & Educational Facilities Authority Rev. (Williams College), ”I“, 0.7%, 7/01/2033 (Put Date 7/01/2025) | 2,800,000 | 2,677,213 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 310,000 | 312,654 | ||
| 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 | 110,000 | 111,669 | ||
| 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 | 370,000 | 376,236 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 75,000 | 75,617 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 90,000 | 91,436 | ||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 470,000 | 514,426 | ||
| University of Massachusetts Building Authority Project Senior Rev., ”1“, 5%, 11/01/2037 | 1,000,000 | 1,172,914 | ||
| University of Massachusetts Building Authority Project Senior Rev., ”1“, 5%, 11/01/2039 (Prerefunded 11/01/2022) | 3,000,000 | 3,064,592 | ||
| University of Massachusetts Building Authority Project Senior Rev., ”1“, 5%, 11/01/2040 | 2,500,000 | 2,731,534 | ||
| University of Massachusetts Building Authority Senior Refunding Rev., ”2019-1“, 5%, 5/01/2039 | 3,000,000 | 3,478,175 | ||
| University of Massachusetts Building Authority Senior Refunding Rev., ”2021-1“, 5%, 11/01/2029 | 2,250,000 | 2,678,711 | ||
| $ 87,683,907 | ||||
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 250,000 | $ 256,250 | |
| Utilities - Municipal Owned – 2.2% | ||||
| Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039 | $ | 200,000 | $ 211,879 | |
| Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044 | 235,000 | 248,238 | ||
| Massachusetts Municipal Wholesale Electric Co., ”A“, 4%, 7/01/2046 | 2,000,000 | 2,155,054 | ||
| Massachusetts Municipal Wholesale Electric Co., ”A“, 4%, 7/01/2051 | 2,000,000 | 2,138,189 | ||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 800,000 | 764,000 | ||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 125,000 | 119,375 | ||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | 65,000 | 62,400 | ||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 30,000 | 28,800 | ||
| Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 300,000 | 288,000 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 35,000 | 33,425 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 315,000 | 300,825 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 510,000 | 487,050 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 150,000 | 143,250 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 135,000 | 128,925 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 25,000 | 23,875 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 415,000 | 396,325 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2029 | 220,000 | 226,829 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 35,000 | 36,019 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 30,000 | 28,838 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 65,000 | 62,400 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 195,000 | 186,225 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 220,000 | 211,200 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 75,000 | 72,000 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 230,000 | 220,800 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 190,000 | 185,250 | ||
| $ 8,759,171 | ||||
| Utilities - Other – 0.1% | ||||
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | $ | 210,000 | $
213,191 | |
64
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Water & Sewer Utility Revenue – 5.2% | ||||
| Boston, MA, Water and Sewer Commission General Refunding Rev., ”A“, 4%, 11/01/2025 (Prerefunded 11/01/2022) | $ | 2,950,000 | $ 2,996,670 | |
| Boston, MA, Water and Sewer Commission General Refunding Rev., ”A“, 3.5%, 11/01/2034 (Prerefunded 11/01/2022) | 1,000,000 | 1,012,907 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 455,000 | 509,613 | ||
| Massachusetts Clean Water Trust, State Revolving Fund, 5%, 8/01/2038 | 1,255,000 | 1,474,457 | ||
| Massachusetts Clean Water Trust, State Revolving Fund, 5%, 8/01/2039 | 545,000 | 639,431 | ||
| Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2027 | 1,280,000 | 1,489,154 | ||
| Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2033 | 2,000,000 | 2,549,780 | ||
| Massachusetts Water Pollution Abatement Trust (MWRA Program), ”A“, 5%, 8/01/2032 | 75,000 | 75,232 | ||
| Massachusetts Water Resources Authority, General Refunding Rev. (Green Bonds), ”C“, 4%, 8/01/2040 | 2,910,000 | 3,084,519 | ||
| Massachusetts Water Resources Authority, General Rev., ”B“, 5%, 8/01/2040 | 4,000,000 | 4,738,403 | ||
| Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2029 | 595,000 | 718,660 | ||
| Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2031 | 1,625,000 | 2,028,698 | ||
| $ 21,317,524 | ||||
| Total Municipal Bonds (Identified Cost, $389,150,192) | $ 386,639,697 | |||
| Trust Units – 0.3% | ||||
| Tax - Other – 0.3% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 305,000 | $ 303,314 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 995,000 | 992,471 | ||
| Total Trust Units (Identified Cost, $1,309,785) | $ 1,295,785 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 581,000 | $ 505,429 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,039,599 | 307,847 | ||
| Total Bonds (Identified Cost, $890,271) | $ 813,276 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $409,379) | $ 717,436 | $385,622 | ||
| Investment Companies (h) – 5.5% | ||||
| Money Market Funds – 5.5% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $22,571,581) | 22,571,623 | $ 22,571,623 | ||
| Other Assets, Less Liabilities – (1.1)% | (4,580,688) | |||
| Net Assets – 100.0% | $ 407,125,315 | |||
Portfolio Footnotes:
| (a) | Non-income producing security. |
| (d) | In default. |
| (h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of each fund’s investments in affiliated issuers and in unaffiliated issuers were as follows: |
| Affiliated Issuers | Unaffiliated Issuers | |
| Alabama Fund | $ 5,746,704 | $ 91,010,416 |
| Arkansas Fund | 1,147,208 | 169,521,521 |
| California Fund | 35,263,326 | 551,149,737 |
| Georgia Fund | 5,309,987 | 128,765,566 |
| Maryland Fund | 4,987,440 | 111,553,968 |
| Massachusetts Fund | 22,571,623 | 389,134,380 |
65
Portfolio of
Investments – continued
| (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 and percentage of net assets for each fund is as follows: |
| Value | Percent of net assets | |
| Alabama Fund | $ 1,408,466 | 1.4% |
| Arkansas Fund | 1,337,429 | 0.8% |
| California Fund | 62,472,504 | 10.6% |
| Georgia Fund | 1,854,485 | 1.4% |
| Maryland Fund | 2,755,368 | 2.3% |
| Massachusetts Fund | 7,255,646 | 1.8% |
| (p) | Primary market inverse floater. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (w) | When-issued security. |
| The following abbreviations are used in this report and are defined: | |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| BHAC | Berkshire Hathaway Assurance Corp. |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FGIC | Financial Guaranty Insurance Co. |
| FHA | Federal Housing Administration |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| LIBOR | London Interbank Offered Rate |
| LOC | Letter of Credit |
| NPFG | National Public Finance Guarantee Corp. |
| RIBS | Residual Interest Bonds |
| SYNCORA | Syncora Guarantee Inc. |
See Notes to Financial
Statements
66
Financial Statements
Statements of Assets and Liabilities
At 3/31/22
These statements represent each fund's balance sheet, which
details the assets and liabilities comprising the total value of each fund.
| Alabama
Fund |
Arkansas
Fund |
California
Fund | |
| Assets | |||
| Investments in unaffiliated issuers, at value (identified cost, $92,209,173, $170,298,379, and $550,488,456, respectively) | $91,010,416 | $169,521,521 | $551,149,737 |
| Investments in affiliated issuers, at value (identified cost, $5,746,676, $1,147,208, and $35,263,314, respectively) | 5,746,704 | 1,147,208 | 35,263,326 |
| Receivables for | |||
| Investments sold | 5,000 | 690,000 | 35,000 |
| Fund shares sold | 15,430 | 231,301 | 813,621 |
| Interest | 1,010,684 | 2,029,805 | 6,260,727 |
| Receivable from investment adviser | 8,860 | 7,015 | — |
| Other assets | 1,006 | 641 | 1,596 |
| Total assets | $97,798,100 | $173,627,491 | $593,524,007 |
| Liabilities | |||
| Payables for | |||
| Distributions | $18,972 | $17,758 | $152,978 |
| Fund shares reacquired | 81,028 | 328,143 | 2,703,436 |
| When-issued investments purchased | — | 2,332,400 | 3,625,108 |
| Payable to affiliates | |||
| Investment adviser | — | — | 13,995 |
| Administrative services fee | 131 | 185 | 491 |
| Shareholder servicing costs | 19,428 | 34,301 | 120,824 |
| Distribution and service fees | 853 | 722 | 2,917 |
| Payable for independent Trustees' compensation | 11 | 12 | 4,403 |
| Accrued expenses and other liabilities | 73,797 | 75,483 | 95,292 |
| Total liabilities | $194,220 | $2,789,004 | $6,719,444 |
| Net assets | $97,603,880 | $170,838,487 | $586,804,563 |
| Net assets consist of | |||
| Paid-in capital | $99,878,455 | $176,326,201 | $591,829,835 |
| Total distributable earnings (loss) | (2,274,575) | (5,487,714) | (5,025,272) |
| Net assets | $97,603,880 | $170,838,487 | $586,804,563 |
67
Statements of Assets and
Liabilities – continued
| Alabama
Fund |
Arkansas
Fund |
California
Fund | |
| Net assets | |||
| Class A | $62,259,836 | $128,340,562 | $362,464,581 |
| Class B | 61,135 | 479,795 | 451,096 |
| Class C | — | — | 16,766,812 |
| Class I | 30,262,435 | 36,162,160 | 153,882,399 |
| Class R6 | 5,020,474 | 5,855,970 | 53,239,675 |
| Total net assets | $97,603,880 | $170,838,487 | $586,804,563 |
| Shares of beneficial interest outstanding | |||
| Class A | 6,292,287 | 13,450,852 | 61,797,391 |
| Class B | 6,177 | 50,239 | 76,877 |
| Class C | — | — | 2,849,220 |
| Class I | 3,209,237 | 3,818,030 | 16,116,746 |
| Class R6 | 532,415 | 618,240 | 5,579,605 |
| Total shares of beneficial interest outstanding | 10,040,116 | 17,937,361 | 86,419,839 |
| Class A shares | |||
| Net
asset value per share (net assets / shares of beneficial interest outstanding) |
$9.89 | $9.54 | $5.87 |
| Offering price per share (100 / 95.75 x net asset value per share) | $10.33 | $9.96 | $6.13 |
| Class B shares | |||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$9.90 | $9.55 | $5.87 |
| Class C shares | |||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$— | $— | $5.88 |
| Class I shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$9.43 | $9.47 | $9.55 |
| Class R6 shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$9.43 | $9.47 | $9.54 |
| On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. | |||
See Notes to Financial Statements
68
Statements of Assets and
Liabilities – continued
| At 3/31/22 | Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| Assets | |||
| Investments in unaffiliated issuers, at value (identified cost, $130,544,686, $113,001,336, and $391,759,627, respectively) | $128,765,566 | $111,553,968 | $389,134,380 |
| Investments in affiliated issuers, at value (identified cost, $5,309,987, $4,987,440, and $22,571,581, respectively) | 5,309,987 | 4,987,440 | 22,571,623 |
| Receivables for | |||
| Investments sold | 437,493 | 436,660 | 1,327,477 |
| Fund shares sold | 39,712 | 540,551 | 2,747,195 |
| When-issued investments sold | 170,432 | — | — |
| Interest | 1,475,679 | 1,247,986 | 4,237,760 |
| Receivable from investment adviser | — | 17,275 | — |
| Other assets | 544 | 510 | 1,105 |
| Total assets | $136,199,413 | $118,784,390 | $420,019,540 |
| Liabilities | |||
| Payable to custodian | $10 | $102,485 | $48 |
| Payables for | |||
| Distributions | 15,900 | 33,087 | 85,405 |
| Investments purchased | — | — | 3,843,687 |
| Fund shares reacquired | 247,409 | 826,643 | 821,440 |
| When-issued investments purchased | 833,655 | — | 7,952,617 |
| Payable to affiliates | |||
| Investment adviser | 48 | — | 9,678 |
| Administrative services fee | 158 | 146 | 358 |
| Shareholder servicing costs | 17,193 | 23,270 | 89,129 |
| Distribution and service fees | 1,367 | 1,104 | 2,830 |
| Payable for independent Trustees' compensation | 5 | 2,653 | 2,644 |
| Accrued expenses and other liabilities | 74,787 | 74,598 | 86,389 |
| Total liabilities | $1,190,532 | $1,063,986 | $12,894,225 |
| Net assets | $135,008,881 | $117,720,404 | $407,125,315 |
| Net assets consist of | |||
| Paid-in capital | $138,569,841 | $121,157,414 | $415,491,933 |
| Total distributable earnings (loss) | (3,560,960) | (3,437,010) | (8,366,618) |
| Net assets | $135,008,881 | $117,720,404 | $407,125,315 |
69
Statements of Assets and
Liabilities – continued
| Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund | |
| Net assets | |||
| Class A | $99,894,736 | $80,515,330 | $216,458,184 |
| Class B | 40,021 | 575,796 | 346,614 |
| Class I | 14,153,948 | 27,736,100 | 179,551,396 |
| Class R6 | 20,920,176 | 8,893,178 | 10,769,121 |
| Total net assets | $135,008,881 | $117,720,404 | $407,125,315 |
| Shares of beneficial interest outstanding | |||
| Class A | 9,563,880 | 7,687,957 | 20,288,899 |
| Class B | 3,817 | 55,006 | 32,432 |
| Class I | 1,494,602 | 2,935,826 | 19,228,344 |
| Class R6 | 2,207,883 | 941,188 | 1,152,607 |
| Total shares of beneficial interest outstanding | 13,270,182 | 11,619,977 | 40,702,282 |
| Class A shares | |||
| Net
asset value per share (net assets / shares of beneficial interest outstanding) |
$10.45 | $10.47 | $10.67 |
| Offering price per share (100 / 95.75 x net asset value per share) | $10.91 | $10.93 | $11.14 |
| Class B shares | |||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$10.48 | $10.47 | $10.69 |
| Class I shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$9.47 | $9.45 | $9.34 |
| Class R6 shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$9.48 | $9.45 | $9.34 |
| On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class B shares. | |||
See Notes to Financial Statements
70
Financial Statements
Statements of Operations
Year ended 3/31/22
These statements describe how much each fund earned in
investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.
| Alabama
Fund |
Arkansas
Fund |
California
Fund | |
| Net investment income (loss) | |||
| Interest | $2,436,960 | $5,128,192 | $18,282,049 |
| Dividends from affiliated issuers | 1,904 | 1,687 | 7,600 |
| Other | 12,330 | 23,494 | 85,959 |
| Total investment income | $2,451,194 | $5,153,373 | $18,375,608 |
| Expenses | |||
| Management fee | $456,215 | $809,708 | $2,849,609 |
| Distribution and service fees | 162,560 | 344,711 | 1,205,962 |
| Shareholder servicing costs | 74,191 | 131,312 | 464,554 |
| Administrative services fee | 24,255 | 34,576 | 94,138 |
| Independent Trustees' compensation | 3,772 | 4,850 | 11,433 |
| Custodian fee | 23,677 | 28,748 | 80,218 |
| Shareholder communications | 6,437 | 8,194 | 15,848 |
| Audit and tax fees | 60,171 | 60,185 | 60,269 |
| Legal fees | 7,558 | 3,981 | 17,201 |
| Registration fees | 58,890 | 63,336 | 75,304 |
| Miscellaneous | 29,811 | 30,647 | 38,273 |
| Total expenses | $907,537 | $1,520,248 | $4,912,809 |
| Fees paid indirectly | (1) | (1) | (4) |
| Reduction of expenses by investment adviser and distributor | (89,213) | (282,842) | (687,460) |
| Net expenses | $818,323 | $1,237,405 | $4,225,345 |
| Net investment income (loss) | $1,632,871 | $3,915,968 | $14,150,263 |
| Realized and unrealized gain (loss) | |||
| Realized gain (loss) (identified cost basis) | |||
| Unaffiliated issuers | $82,689 | $494,619 | $(820,828) |
| Net realized gain (loss) | $82,689 | $494,619 | $(820,828) |
| Change in unrealized appreciation or depreciation | |||
| Unaffiliated issuers | $(5,869,181) | $(10,066,177) | $(38,175,575) |
| Net realized and unrealized gain (loss) | $(5,786,492) | $(9,571,558) | $(38,996,403) |
| Change in net assets from operations | $(4,153,621) | $(5,655,590) | $(24,846,140) |
See Notes to Financial
Statements
71
Statements of
Operations – continued
| Year ended 3/31/22 | Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| Net investment income (loss) | |||
| Interest | $3,518,587 | $3,182,094 | $11,048,977 |
| Dividends from affiliated issuers | 2,502 | 2,603 | 6,596 |
| Other | 18,130 | 16,245 | 56,243 |
| Total investment income | $3,539,219 | $3,200,942 | $11,111,816 |
| Expenses | |||
| Management fee | $657,005 | $551,012 | $1,846,055 |
| Distribution and service fees | 273,343 | 218,936 | 546,518 |
| Shareholder servicing costs | 67,419 | 92,416 | 323,781 |
| Administrative services fee | 30,116 | 27,023 | 64,847 |
| Independent Trustees' compensation | 4,381 | 4,298 | 8,256 |
| Custodian fee | 29,154 | 23,868 | 49,423 |
| Shareholder communications | 7,856 | 8,300 | 13,494 |
| Audit and tax fees | 60,179 | 60,174 | 60,227 |
| Legal fees | 9,884 | 12,421 | 27,711 |
| Registration fees | 61,460 | 65,452 | 65,329 |
| Miscellaneous | 30,690 | 30,379 | 33,969 |
| Total expenses | $1,231,487 | $1,094,279 | $3,039,610 |
| Fees paid indirectly | (1) | (2) | (3) |
| Reduction of expenses by investment adviser and distributor | (22,714) | (170,407) | (55,490) |
| Net expenses | $1,208,772 | $923,870 | $2,984,117 |
| Net investment income (loss) | $2,330,447 | $2,277,072 | $8,127,699 |
| Realized and unrealized gain (loss) | |||
| Realized gain (loss) (identified cost basis) | |||
| Unaffiliated issuers | $116,394 | $208,350 | $770,249 |
| Net realized gain (loss) | $116,394 | $208,350 | $770,249 |
| Change in unrealized appreciation or depreciation | |||
| Unaffiliated issuers | $(8,356,936) | $(6,759,752) | $(24,990,091) |
| Net realized and unrealized gain (loss) | $(8,240,542) | $(6,551,402) | $(24,219,842) |
| Change in net assets from operations | $(5,910,095) | $(4,274,330) | $(16,092,143) |
See Notes to Financial
Statements
72
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in
net assets resulting from operations, any distributions, and any shareholder transactions.
| Year ended 3/31/22 | Alabama
Fund |
Arkansas
Fund |
California
Fund |
| Change in net assets | |||
| From operations | |||
| Net investment income (loss) | $1,632,871 | $3,915,968 | $14,150,263 |
| Net realized gain (loss) | 82,689 | 494,619 | (820,828) |
| Net unrealized gain (loss) | (5,869,181) | (10,066,177) | (38,175,575) |
| Change in net assets from operations | $(4,153,621) | $(5,655,590) | $(24,846,140) |
| Total distributions to shareholders | $(1,629,906) | $(3,863,922) | $(14,043,491) |
| Change in net assets from fund share transactions | $8,228,708 | $7,421,076 | $9,092,065 |
| Total change in net assets | $2,445,181 | $(2,098,436) | $(29,797,566) |
| Net assets | |||
| At beginning of period | 95,158,699 | 172,936,923 | 616,602,129 |
| At end of period | $97,603,880 | $170,838,487 | $586,804,563 |
| Year ended 3/31/22 | Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| Change in net assets | |||
| From operations | |||
| Net investment income (loss) | $2,330,447 | $2,277,072 | $8,127,699 |
| Net realized gain (loss) | 116,394 | 208,350 | 770,249 |
| Net unrealized gain (loss) | (8,356,936) | (6,759,752) | (24,990,091) |
| Change in net assets from operations | $(5,910,095) | $(4,274,330) | $(16,092,143) |
| Total distributions to shareholders | $(2,293,807) | $(2,277,860) | $(7,975,575) |
| Change in net assets from fund share transactions | $1,833,644 | $8,493,798 | $36,270,055 |
| Total change in net assets | $(6,370,258) | $1,941,608 | $12,202,337 |
| Net assets | |||
| At beginning of period | 141,379,139 | 115,778,796 | 394,922,978 |
| At end of period | $135,008,881 | $117,720,404 | $407,125,315 |
See Notes to Financial
Statements
73
Statements of Changes in Net
Assets – continued
| Year ended 3/31/21 | Alabama
Fund |
Arkansas
Fund |
California
Fund |
| Change in net assets | |||
| From operations | |||
| Net investment income (loss) | $1,853,264 | $4,087,723 | $14,833,837 |
| Net realized gain (loss) | (856) | 324,232 | 404,914 |
| Net unrealized gain (loss) | 2,202,411 | 4,739,283 | 26,116,013 |
| Change in net assets from operations | $4,054,819 | $9,151,238 | $41,354,764 |
| Total distributions to shareholders | $(1,850,090) | $(4,066,917) | $(15,216,613) |
| Change in net assets from fund share transactions | $14,561,263 | $11,671,244 | $31,627,332 |
| Total change in net assets | $16,765,992 | $16,755,565 | $57,765,483 |
| Net assets | |||
| At beginning of period | 78,392,707 | 156,181,358 | 558,836,646 |
| At end of period | $95,158,699 | $172,936,923 | $616,602,129 |
| Year ended 3/31/21 | Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| Change in net assets | |||
| From operations | |||
| Net investment income (loss) | $2,610,651 | $2,703,961 | $9,368,020 |
| Net realized gain (loss) | 341,211 | 593,639 | 1,247,118 |
| Net unrealized gain (loss) | 3,861,074 | 3,525,287 | 11,852,224 |
| Change in net assets from operations | $6,812,936 | $6,822,887 | $22,467,362 |
| Total distributions to shareholders | $(2,591,351) | $(2,715,439) | $(9,339,543) |
| Change in net assets from fund share transactions | $21,176,870 | $5,802,071 | $22,731,107 |
| Total change in net assets | $25,398,455 | $9,909,519 | $35,858,926 |
| Net assets | |||
| At beginning of period | 115,980,684 | 105,869,277 | 359,064,052 |
| At end of period | $141,379,139 | $115,778,796 | $394,922,978 |
See Notes to Financial
Statements
74
Financial
Statements
Financial Highlights
MFS ALABAMA MUNICIPAL BOND FUND
The financial highlights table is intended to help you
understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $10.46 | $10.18 | $10.15 | $10.02 | $10.12 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.16 | $0.22 | $0.27 | $0.36 | $0.34 |
| Net realized and unrealized gain (loss) | (0.57) | 0.28 | 0.02 | 0.09 | (0.10) |
| Total from investment operations | $(0.41) | $0.50 | $0.29 | $0.45 | $0.24 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.16) | $(0.22) | $(0.26) | $(0.32) | $(0.34) |
| Net asset value, end of period (x) | $9.89 | $10.46 | $10.18 | $10.15 | $10.02 |
| Total return (%) (r)(s)(t)(x) | (4.00) | 4.91 | 2.89 | 4.63 | 2.35 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.99 | 1.01 | 1.04 | 1.09 | 1.10 |
| Expenses after expense reductions (f) | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| Net investment income (loss) | 1.52 | 2.07 | 2.56 | 3.60 | 3.37 |
| Portfolio turnover | 10 | 25 | 30 | 19 | 17 |
| Net assets at end of period (000 omitted) | $62,260 | $61,257 | $53,321 | $51,280 | $50,914 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 |
| Net asset value, beginning of period | $10.47 | $10.18 | $10.15 | $10.02 | $10.12 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.08 | $0.15 | $0.19 | $0.28 | $0.27 |
| Net realized and unrealized gain (loss) | (0.57) | 0.28 | 0.03 | 0.10 | (0.11) |
| Total from investment operations | $(0.49) | $0.43 | $0.22 | $0.38 | $0.16 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.08) | $(0.14) | $(0.19) | $(0.25) | $(0.26) |
| Net asset value, end of period (x) | $9.90 | $10.47 | $10.18 | $10.15 | $10.02 |
| Total return (%) (r)(s)(t)(x) | (4.71) | 4.24 | 2.13 | 3.85 | 1.59 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.74 | 1.77 | 1.80 | 1.84 | 1.84 |
| Expenses after expense reductions (f) | 1.65 | 1.65 | 1.65 | 1.65 | 1.65 |
| Net investment income (loss) | 0.77 | 1.44 | 1.86 | 2.85 | 2.63 |
| Portfolio turnover | 10 | 25 | 30 | 19 | 17 |
| Net assets at end of period (000 omitted) | $61 | $64 | $176 | $250 | $303 |
See Notes to Financial
Statements
75
Financial
Highlights − continued
MFS ALABAMA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $9.97 | $9.70 | $9.67 | $9.55 | $9.65 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.18 | $0.23 | $0.27 | $0.37 | $0.35 |
| Net realized and unrealized gain (loss) | (0.54) | 0.27 | 0.04 | 0.08 | (0.11) |
| Total from investment operations | $(0.36) | $0.50 | $0.31 | $0.45 | $0.24 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.18) | $(0.23) | $(0.28) | $(0.33) | $(0.34) |
| Net asset value, end of period (x) | $9.43 | $9.97 | $9.70 | $9.67 | $9.55 |
| Total return (%) (r)(s)(t)(x) | (3.73) | 5.21 | 3.15 | 4.83 | 2.55 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.74 | 0.76 | 0.79 | 0.84 | 0.85 |
| Expenses after expense reductions (f) | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| Net investment income (loss) | 1.77 | 2.31 | 2.77 | 3.85 | 3.62 |
| Portfolio turnover | 10 | 25 | 30 | 19 | 17 |
| Net assets at end of period (000 omitted) | $30,262 | $29,971 | $22,796 | $11,490 | $6,898 |
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
| Net asset value, beginning of period | $9.97 | $9.70 | $9.67 | $9.55 | $9.76 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.18 | $0.23 | $0.28 | $0.37 | $0.24 |
| Net realized and unrealized gain (loss) | (0.54) | 0.28 | 0.03 | 0.09 | (0.22) |
| Total from investment operations | $(0.36) | $0.51 | $0.31 | $0.46 | $0.02 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.18) | $(0.24) | $(0.28) | $(0.34) | $(0.23) |
| Net asset value, end of period (x) | $9.43 | $9.97 | $9.70 | $9.67 | $9.55 |
| Total return (%) (r)(s)(t)(x) | (3.66) | 5.28 | 3.23 | 4.92 | 0.25(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.67 | 0.69 | 0.71 | 0.77 | 0.84(a) |
| Expenses after expense reductions (f) | 0.58 | 0.58 | 0.57 | 0.58 | 0.58(a) |
| Net investment income (loss) | 1.83 | 2.35 | 2.85 | 3.92 | 3.70(a) |
| Portfolio turnover | 10 | 25 | 30 | 19 | 17 |
| Net assets at end of period (000 omitted) | $5,020 | $3,867 | $2,100 | $1,242 | $1,274 |
See Notes to Financial Statements
76
Financial
Highlights − continued
MFS ALABAMA
MUNICIPAL BOND FUND − continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
77
Financial
Highlights − continued
MFS ARKANSAS
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $10.07 | $9.75 | $9.80 | $9.64 | $9.73 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.22 | $0.25 | $0.27 | $0.33 | $0.30 |
| Net realized and unrealized gain (loss) | (0.54) | 0.32 | (0.05) | 0.12 | (0.09) |
| Total from investment operations | $(0.32) | $0.57 | $0.22 | $0.45 | $0.21 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.21) | $(0.25) | $(0.27) | $(0.29) | $(0.30) |
| Net asset value, end of period (x) | $9.54 | $10.07 | $9.75 | $9.80 | $9.64 |
| Total return (%) (r)(s)(t)(x) | (3.22) | 5.85 | 2.27 | 4.74 | 2.12 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.91 | 0.91 | 0.92 | 0.93 | 0.92 |
| Expenses after expense reductions (f) | 0.71 | 0.75 | 0.76 | 0.77 | 0.77 |
| Net investment income (loss) | 2.15 | 2.47 | 2.77 | 3.40 | 3.06 |
| Portfolio turnover | 17 | 22 | 20 | 14 | 17 |
| Net assets at end of period (000 omitted) | $128,341 | $133,754 | $123,979 | $121,888 | $141,605 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $10.08 | $9.76 | $9.81 | $9.65 | $9.73 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.14 | $0.18 | $0.20 | $0.25 | $0.23 |
| Net realized and unrealized gain (loss) | (0.53) | 0.31 | (0.05) | 0.13 | (0.09) |
| Total from investment operations | $(0.39) | $0.49 | $0.15 | $0.38 | $0.14 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.14) | $(0.17) | $(0.20) | $(0.22) | $(0.22) |
| Net asset value, end of period (x) | $9.55 | $10.08 | $9.76 | $9.81 | $9.65 |
| Total return (%) (r)(s)(t)(x) | (3.94) | 5.07 | 1.51 | 3.97 | 1.47 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.66 | 1.66 | 1.67 | 1.68 | 1.68 |
| Expenses after expense reductions (f) | 1.46 | 1.50 | 1.51 | 1.52 | 1.52 |
| Net investment income (loss) | 1.41 | 1.79 | 2.03 | 2.64 | 2.31 |
| Portfolio turnover | 17 | 22 | 20 | 14 | 17 |
| Net assets at end of period (000 omitted) | $480 | $610 | $1,587 | $2,477 | $4,209 |
See Notes to Financial
Statements
78
Financial
Highlights − continued
MFS ARKANSAS
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $9.99 | $9.68 | $9.73 | $9.57 | $9.65 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.22 | $0.25 | $0.28 | $0.33 | $0.31 |
| Net realized and unrealized gain (loss) | (0.52) | 0.31 | (0.05) | 0.13 | (0.09) |
| Total from investment operations | $(0.30) | $0.56 | $0.23 | $0.46 | $0.22 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.22) | $(0.25) | $(0.28) | $(0.30) | $(0.30) |
| Net asset value, end of period (x) | $9.47 | $9.99 | $9.68 | $9.73 | $9.57 |
| Total return (%) (r)(s)(t)(x) | (3.07) | 5.88 | 2.36 | 4.86 | 2.32 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.66 | 0.66 | 0.67 | 0.68 | 0.67 |
| Expenses after expense reductions (f) | 0.61 | 0.65 | 0.66 | 0.67 | 0.67 |
| Net investment income (loss) | 2.25 | 2.56 | 2.86 | 3.49 | 3.16 |
| Portfolio turnover | 17 | 22 | 20 | 14 | 17 |
| Net assets at end of period (000 omitted) | $36,162 | $34,603 | $29,078 | $26,586 | $13,733 |
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18(i) |
| Net asset value, beginning of period | $9.99 | $9.68 | $9.73 | $9.58 | $9.78 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.23 | $0.26 | $0.29 | $0.34 | $0.20 |
| Net realized and unrealized gain (loss) | (0.52) | 0.31 | (0.05) | 0.11 | (0.19) |
| Total from investment operations | $(0.29) | $0.57 | $0.24 | $0.45 | $0.01 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.23) | $(0.26) | $(0.29) | $(0.30) | $(0.21) |
| Net asset value, end of period (x) | $9.47 | $9.99 | $9.68 | $9.73 | $9.58 |
| Total return (%) (r)(s)(t)(x) | (3.00) | 5.95 | 2.44 | 4.83 | 0.09(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.58 | 0.58 | 0.59 | 0.60 | 0.61(a) |
| Expenses after expense reductions (f) | 0.54 | 0.57 | 0.58 | 0.59 | 0.61(a) |
| Net investment income (loss) | 2.31 | 2.58 | 2.92 | 3.58 | 3.19(a) |
| Portfolio turnover | 17 | 22 | 20 | 14 | 17 |
| Net assets at end of period (000 omitted) | $5,856 | $3,971 | $1,538 | $954 | $766 |
See Notes to Financial Statements
79
Financial
Highlights − continued
MFS ARKANSAS
MUNICIPAL BOND FUND − continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
80
Financial
Highlights − continued
MFS CALIFORNIA
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $6.24 | $5.97 | $6.04 | $5.94 | $5.95 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.14 | $0.15 | $0.18 | $0.22 | $0.23 |
| Net realized and unrealized gain (loss) | (0.37) | 0.28 | (0.07) | 0.08 | (0.02) |
| Total from investment operations | $(0.23) | $0.43 | $0.11 | $0.30 | $0.21 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.14) | $(0.16) | $(0.18) | $(0.20) | $(0.22) |
| Net asset value, end of period (x) | $5.87 | $6.24 | $5.97 | $6.04 | $5.94 |
| Total return (%) (r)(s)(t)(x) | (3.82) | 7.24 | 1.76 | 5.21 | 3.47 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.84 | 0.84 | 0.86 | 0.87 | 0.88 |
| Expenses after expense reductions (f) | 0.68 | 0.68 | 0.70 | 0.71 | 0.72 |
| Net investment income (loss) | 2.22 | 2.50 | 2.94 | 3.76 | 3.75 |
| Portfolio turnover | 25 | 31 | 22 | 15 | 15 |
| Net assets at end of period (000 omitted) | $362,465 | $396,643 | $374,941 | $299,882 | $272,958 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $6.24 | $5.97 | $6.04 | $5.94 | $5.95 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.09 | $0.11 | $0.14 | $0.18 | $0.18 |
| Net realized and unrealized gain (loss) | (0.37) | 0.27 | (0.08) | 0.08 | (0.02) |
| Total from investment operations | $(0.28) | $0.38 | $0.06 | $0.26 | $0.16 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.09) | $(0.11) | $(0.13) | $(0.16) | $(0.17) |
| Net asset value, end of period (x) | $5.87 | $6.24 | $5.97 | $6.04 | $5.94 |
| Total return (%) (r)(s)(t)(x) | (4.54) | 6.45 | 1.00 | 4.43 | 2.69 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.59 | 1.59 | 1.61 | 1.62 | 1.63 |
| Expenses after expense reductions (f) | 1.43 | 1.43 | 1.45 | 1.46 | 1.48 |
| Net investment income (loss) | 1.48 | 1.78 | 2.22 | 3.01 | 3.02 |
| Portfolio turnover | 25 | 31 | 22 | 15 | 15 |
| Net assets at end of period (000 omitted) | $451 | $627 | $1,033 | $1,506 | $1,913 |
See Notes to Financial
Statements
81
Financial
Highlights − continued
MFS CALIFORNIA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class C | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $6.26 | $5.99 | $6.06 | $5.96 | $5.97 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.08 | $0.10 | $0.13 | $0.17 | $0.17 |
| Net realized and unrealized gain (loss) | (0.38) | 0.27 | (0.08) | 0.08 | (0.02) |
| Total from investment operations | $(0.30) | $0.37 | $0.05 | $0.25 | $0.15 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.08) | $(0.10) | $(0.12) | $(0.15) | $(0.16) |
| Net asset value, end of period (x) | $5.88 | $6.26 | $5.99 | $6.06 | $5.96 |
| Total return (%) (r)(s)(t)(x) | (4.83) | 6.27 | 0.85 | 4.26 | 2.54 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.59 | 1.59 | 1.61 | 1.62 | 1.63 |
| Expenses after expense reductions (f) | 1.58 | 1.58 | 1.60 | 1.61 | 1.62 |
| Net investment income (loss) | 1.33 | 1.62 | 2.05 | 2.86 | 2.86 |
| Portfolio turnover | 25 | 31 | 22 | 15 | 15 |
| Net assets at end of period (000 omitted) | $16,767 | $21,410 | $25,552 | $22,786 | $31,800 |
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $10.16 | $9.71 | $9.83 | $9.67 | $9.68 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.24 | $0.26 | $0.31 | $0.37 | $0.37 |
| Net realized and unrealized gain (loss) | (0.61) | 0.46 | (0.13) | 0.13 | (0.02) |
| Total from investment operations | $(0.37) | $0.72 | $0.18 | $0.50 | $0.35 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.24) | $(0.27) | $(0.30) | $(0.34) | $(0.36) |
| Net asset value, end of period (x) | $9.55 | $10.16 | $9.71 | $9.83 | $9.67 |
| Total return (%) (r)(s)(t)(x) | (3.80) | 7.46 | 1.79 | 5.27 | 3.63 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.59 | 0.59 | 0.61 | 0.62 | 0.62 |
| Expenses after expense reductions (f) | 0.58 | 0.58 | 0.60 | 0.61 | 0.61 |
| Net investment income (loss) | 2.32 | 2.60 | 3.04 | 3.85 | 3.83 |
| Portfolio turnover | 25 | 31 | 22 | 15 | 15 |
| Net assets at end of period (000 omitted) | $153,882 | $157,366 | $128,914 | $79,276 | $56,553 |
See Notes to Financial
Statements
82
Financial
Highlights − continued
MFS CALIFORNIA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18(i) |
| Net asset value, beginning of period | $10.16 | $9.71 | $9.82 | $9.66 | $9.84 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.24 | $0.27 | $0.31 | $0.38 | $0.24 |
| Net realized and unrealized gain (loss) | (0.62) | 0.45 | (0.11) | 0.12 | (0.18) |
| Total from investment operations | $(0.38) | $0.72 | $0.20 | $0.50 | $0.06 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.24) | $(0.27) | $(0.31) | $(0.34) | $(0.24) |
| Net asset value, end of period (x) | $9.54 | $10.16 | $9.71 | $9.82 | $9.66 |
| Total return (%) (r)(s)(t)(x) | (3.83) | 7.54 | 1.97 | 5.36 | 0.61(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.52 | 0.52 | 0.53 | 0.54 | 0.56(a) |
| Expenses after expense reductions (f) | 0.50 | 0.51 | 0.52 | 0.53 | 0.55(a) |
| Net investment income (loss) | 2.39 | 2.66 | 3.10 | 3.92 | 3.78(a) |
| Portfolio turnover | 25 | 31 | 22 | 15 | 15 |
| Net assets at end of period (000 omitted) | $53,240 | $40,556 | $28,396 | $12,773 | $5,995 |
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
83
Financial
Highlights − continued
MFS GEORGIA
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.06 | $10.70 | $10.73 | $10.58 | $10.68 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.17 | $0.21 | $0.26 | $0.36 | $0.35 |
| Net realized and unrealized gain (loss) | (0.61) | 0.36 | (0.02) | 0.11 | (0.12) |
| Total from investment operations | $(0.44) | $0.57 | $0.24 | $0.47 | $0.23 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.17) | $(0.21) | $(0.27) | $(0.32) | $(0.33) |
| Net asset value, end of period (x) | $10.45 | $11.06 | $10.70 | $10.73 | $10.58 |
| Total return (%) (r)(s)(t)(x) | (4.08) | 5.38 | 2.17 | 4.51 | 2.15 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.91 | 0.92 | 0.95 | 1.02 | 1.04 |
| Expenses after expense reductions (f) | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| Net investment income (loss) | 1.53 | 1.94 | 2.39 | 3.41 | 3.26 |
| Portfolio turnover | 12 | 22 | 28 | 14 | 12 |
| Net assets at end of period (000 omitted) | $99,895 | $108,346 | $95,352 | $70,456 | $65,922 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 |
| Net asset value, beginning of period | $11.10 | $10.74 | $10.77 | $10.62 | $10.72 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.09 | $0.14 | $0.19 | $0.28 | $0.27 |
| Net realized and unrealized gain (loss) | (0.63) | 0.35 | (0.03) | 0.11 | (0.12) |
| Total from investment operations | $(0.54) | $0.49 | $0.16 | $0.39 | $0.15 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.08) | $(0.13) | $(0.19) | $(0.24) | $(0.25) |
| Net asset value, end of period (x) | $10.48 | $11.10 | $10.74 | $10.77 | $10.62 |
| Total return (%) (r)(s)(t)(x) | (4.87) | 4.61 | 1.44 | 3.73 | 1.40 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.66 | 1.68 | 1.71 | 1.77 | 1.79 |
| Expenses after expense reductions (f) | 1.65 | 1.63 | 1.63 | 1.65 | 1.65 |
| Net investment income (loss) | 0.77 | 1.29 | 1.72 | 2.67 | 2.54 |
| Portfolio turnover | 12 | 22 | 28 | 14 | 12 |
| Net assets at end of period (000 omitted) | $40 | $66 | $261 | $399 | $563 |
See Notes to Financial
Statements
84
Financial
Highlights − continued
MFS GEORGIA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $10.03 | $9.70 | $9.73 | $9.60 | $9.69 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.18 | $0.21 | $0.26 | $0.35 | $0.34 |
| Net realized and unrealized gain (loss) | (0.56) | 0.34 | (0.02) | 0.09 | (0.11) |
| Total from investment operations | $(0.38) | $0.55 | $0.24 | $0.44 | $0.23 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.18) | $(0.22) | $(0.27) | $(0.31) | $(0.32) |
| Net asset value, end of period (x) | $9.47 | $10.03 | $9.70 | $9.73 | $9.60 |
| Total return (%) (r)(s)(t)(x) | (3.91) | 5.68 | 2.39 | 4.70 | 2.40 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.66 | 0.67 | 0.70 | 0.77 | 0.79 |
| Expenses after expense reductions (f) | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| Net investment income (loss) | 1.78 | 2.16 | 2.64 | 3.65 | 3.49 |
| Portfolio turnover | 12 | 22 | 28 | 14 | 12 |
| Net assets at end of period (000 omitted) | $14,154 | $15,012 | $9,345 | $7,834 | $6,817 |
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
| Net asset value, beginning of period | $10.03 | $9.70 | $9.73 | $9.60 | $9.82 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.18 | $0.22 | $0.27 | $0.36 | $0.23 |
| Net realized and unrealized gain (loss) | (0.55) | 0.33 | (0.03) | 0.09 | (0.23) |
| Total from investment operations | $(0.37) | $0.55 | $0.24 | $0.45 | $0.00(w) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.18) | $(0.22) | $(0.27) | $(0.32) | $(0.22) |
| Net asset value, end of period (x) | $9.48 | $10.03 | $9.70 | $9.73 | $9.60 |
| Total return (%) (r)(s)(t)(x) | (3.76) | 5.72 | 2.44 | 4.77 | (0.05)(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.62 | 0.62 | 0.65 | 0.70 | 0.82(a) |
| Expenses after expense reductions (f) | 0.60 | 0.60 | 0.60 | 0.59 | 0.59(a) |
| Net investment income (loss) | 1.82 | 2.20 | 2.68 | 3.72 | 3.56(a) |
| Portfolio turnover | 12 | 22 | 28 | 14 | 12 |
| Net assets at end of period (000 omitted) | $20,920 | $17,956 | $11,022 | $7,371 | $5,988 |
See Notes to Financial Statements
85
Financial
Highlights − continued
MFS GEORGIA
MUNICIPAL BOND FUND − continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (w) | Per share amount was less than $0.01. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
86
Financial
Highlights − continued
MFS MARYLAND
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.04 | $10.62 | $10.76 | $10.65 | $10.76 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.20 | $0.26 | $0.31 | $0.40 | $0.38 |
| Net realized and unrealized gain (loss) | (0.57) | 0.42 | (0.14) | 0.06 | (0.12) |
| Total from investment operations | $(0.37) | $0.68 | $0.17 | $0.46 | $0.26 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.26) | $(0.31) | $(0.35) | $(0.37) |
| Net asset value, end of period (x) | $10.47 | $11.04 | $10.62 | $10.76 | $10.65 |
| Total return (%) (r)(s)(t)(x) | (3.45) | 6.51 | 1.57 | 4.46 | 2.39 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.97 | 0.98 | 0.99 | 1.01 | 1.02 |
| Expenses after expense reductions (f) | 0.83 | 0.83 | 0.82 | 0.82 | 0.82 |
| Net investment income (loss) | 1.79 | 2.42 | 2.85 | 3.77 | 3.48 |
| Portfolio turnover | 16 | 27 | 27 | 14 | 23 |
| Net assets at end of period (000 omitted) | $80,515 | $82,725 | $83,852 | $75,215 | $76,993 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 |
| Net asset value, beginning of period | $11.04 | $10.62 | $10.75 | $10.65 | $10.76 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.12 | $0.18 | $0.23 | $0.32 | $0.29 |
| Net realized and unrealized gain (loss) | (0.57) | 0.42 | (0.13) | 0.05 | (0.11) |
| Total from investment operations | $(0.45) | $0.60 | $0.10 | $0.37 | $0.18 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.12) | $(0.18) | $(0.23) | $(0.27) | $(0.29) |
| Net asset value, end of period (x) | $10.47 | $11.04 | $10.62 | $10.75 | $10.65 |
| Total return (%) (r)(s)(t)(x) | (4.17) | 5.71 | 0.91 | 3.58 | 1.62 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.72 | 1.73 | 1.74 | 1.76 | 1.77 |
| Expenses after expense reductions (f) | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 |
| Net investment income (loss) | 1.04 | 1.69 | 2.12 | 3.01 | 2.73 |
| Portfolio turnover | 16 | 27 | 27 | 14 | 23 |
| Net assets at end of period (000 omitted) | $576 | $656 | $1,040 | $1,217 | $1,331 |
See Notes to Financial
Statements
87
Financial
Highlights − continued
MFS MARYLAND
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $9.96 | $9.58 | $9.70 | $9.61 | $9.71 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.20 | $0.26 | $0.30 | $0.38 | $0.36 |
| Net realized and unrealized gain (loss) | (0.51) | 0.38 | (0.11) | 0.05 | (0.11) |
| Total from investment operations | $(0.31) | $0.64 | $0.19 | $0.43 | $0.25 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.26) | $(0.31) | $(0.34) | $(0.35) |
| Net asset value, end of period (x) | $9.45 | $9.96 | $9.58 | $9.70 | $9.61 |
| Total return (%) (r)(s)(t)(x) | (3.17) | 6.78 | 1.88 | 4.61 | 2.62 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.72 | 0.73 | 0.74 | 0.76 | 0.77 |
| Expenses after expense reductions (f) | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 |
| Net investment income (loss) | 2.03 | 2.64 | 3.07 | 4.01 | 3.72 |
| Portfolio turnover | 16 | 27 | 27 | 14 | 23 |
| Net assets at end of period (000 omitted) | $27,736 | $26,243 | $18,140 | $11,831 | $9,261 |
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
| Net asset value, beginning of period | $9.96 | $9.58 | $9.70 | $9.61 | $9.81 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.21 | $0.26 | $0.30 | $0.39 | $0.24 |
| Net realized and unrealized gain (loss) | (0.51) | 0.39 | (0.11) | 0.05 | (0.21) |
| Total from investment operations | $(0.30) | $0.65 | $0.19 | $0.44 | $0.03 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.21) | $(0.27) | $(0.31) | $(0.35) | $(0.23) |
| Net asset value, end of period (x) | $9.45 | $9.96 | $9.58 | $9.70 | $9.61 |
| Total return (%) (r)(s)(t)(x) | (3.10) | 6.84 | 1.93 | 4.67 | 0.35(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.65 | 0.66 | 0.68 | 0.70 | 0.76(a) |
| Expenses after expense reductions (f) | 0.51 | 0.52 | 0.52 | 0.52 | 0.52(a) |
| Net investment income (loss) | 2.09 | 2.67 | 3.10 | 4.07 | 3.79(a) |
| Portfolio turnover | 16 | 27 | 27 | 14 | 23 |
| Net assets at end of period (000 omitted) | $8,893 | $6,155 | $2,837 | $1,315 | $961 |
See Notes to Financial Statements
88
Financial
Highlights − continued
MFS MARYLAND
MUNICIPAL BOND FUND − continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
89
Financial
Highlights − continued
MFS MASSACHUSETTS
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.30 | $10.90 | $11.04 | $10.90 | $11.02 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.21 | $0.27 | $0.33 | $0.41 | $0.42 |
| Net realized and unrealized gain (loss) | (0.63) | 0.39 | (0.15) | 0.09 | (0.13) |
| Total from investment operations | $(0.42) | $0.66 | $0.18 | $0.50 | $0.29 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.21) | $(0.26) | $(0.32) | $(0.36) | $(0.41) |
| Net asset value, end of period (x) | $10.67 | $11.30 | $10.90 | $11.04 | $10.90 |
| Total return (%) (r)(s)(t)(x) | (3.83) | 6.16 | 1.61 | 4.74 | 2.60 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.86 | 0.86 | 0.87 | 0.88 | 0.89 |
| Expenses after expense reductions (f) | 0.85 | 0.84 | 0.83 | 0.85 | 0.86 |
| Net investment income (loss) | 1.87 | 2.39 | 2.91 | 3.75 | 3.82 |
| Portfolio turnover | 17 | 26 | 29 | 13 | 19 |
| Net assets at end of period (000 omitted) | $216,458 | $216,177 | $226,471 | $207,565 | $202,967 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.32 | $10.92 | $11.06 | $10.92 | $11.04 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.13 | $0.19 | $0.25 | $0.32 | $0.34 |
| Net realized and unrealized gain (loss) | (0.64) | 0.39 | (0.15) | 0.10 | (0.14) |
| Total from investment operations | $(0.51) | $0.58 | $0.10 | $0.42 | $0.20 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.12) | $(0.18) | $(0.24) | $(0.28) | $(0.32) |
| Net asset value, end of period (x) | $10.69 | $11.32 | $10.92 | $11.06 | $10.92 |
| Total return (%) (r)(s)(t)(x) | (4.54) | 5.36 | 0.84 | 3.94 | 1.81 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.61 | 1.61 | 1.62 | 1.63 | 1.64 |
| Expenses after expense reductions (f) | 1.60 | 1.60 | 1.60 | 1.62 | 1.63 |
| Net investment income (loss) | 1.12 | 1.67 | 2.19 | 2.98 | 3.06 |
| Portfolio turnover | 17 | 26 | 29 | 13 | 19 |
| Net assets at end of period (000 omitted) | $347 | $470 | $1,081 | $1,664 | $1,858 |
See Notes to Financial
Statements
90
Financial
Highlights − continued
MFS MASSACHUSETTS
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $9.89 | $9.54 | $9.66 | $9.54 | $9.65 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.21 | $0.25 | $0.30 | $0.38 | $0.39 |
| Net realized and unrealized gain (loss) | (0.55) | 0.36 | (0.12) | 0.08 | (0.12) |
| Total from investment operations | $(0.34) | $0.61 | $0.18 | $0.46 | $0.27 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.21) | $(0.26) | $(0.30) | $(0.34) | $(0.38) |
| Net asset value, end of period (x) | $9.34 | $9.89 | $9.54 | $9.66 | $9.54 |
| Total return (%) (r)(s)(t)(x) | (3.58) | 6.41 | 1.86 | 4.95 | 2.76 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.61 | 0.61 | 0.62 | 0.63 | 0.64 |
| Expenses after expense reductions (f) | 0.60 | 0.60 | 0.60 | 0.62 | 0.63 |
| Net investment income (loss) | 2.11 | 2.60 | 3.10 | 3.98 | 4.00 |
| Portfolio turnover | 17 | 26 | 29 | 13 | 19 |
| Net assets at end of period (000 omitted) | $179,551 | $168,647 | $124,875 | $68,669 | $49,523 |
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18(i) |
| Net asset value, beginning of period | $9.90 | $9.55 | $9.67 | $9.54 | $9.77 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.22 | $0.26 | $0.31 | $0.38 | $0.24 |
| Net realized and unrealized gain (loss) | (0.57) | 0.35 | (0.12) | 0.10 | (0.21) |
| Total from investment operations | $(0.35) | $0.61 | $0.19 | $0.48 | $0.03 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.21) | $(0.26) | $(0.31) | $(0.35) | $(0.26) |
| Net asset value, end of period (x) | $9.34 | $9.90 | $9.55 | $9.67 | $9.54 |
| Total return (%) (r)(s)(t)(x) | (3.60) | 6.48 | 1.93 | 5.13 | 0.26(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.54 | 0.54 | 0.55 | 0.56 | 0.58(a) |
| Expenses after expense reductions (f) | 0.52 | 0.53 | 0.53 | 0.55 | 0.57(a) |
| Net investment income (loss) | 2.18 | 2.67 | 3.15 | 4.05 | 3.85(a) |
| Portfolio turnover | 17 | 26 | 29 | 13 | 19 |
| Net assets at end of period (000 omitted) | $10,769 | $9,628 | $6,636 | $3,176 | $1,983 |
See Notes to Financial Statements
91
Financial
Highlights − continued
MFS MASSACHUSETTS
MUNICIPAL BOND FUND − continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
92
Notes to
Financial Statements
(1) Business and Organization
MFS Alabama Municipal Bond Fund (Alabama Fund), MFS
Arkansas Municipal Bond Fund (Arkansas Fund), MFS California Municipal Bond Fund (California Fund), MFS Georgia Municipal Bond Fund (Georgia Fund), MFS Maryland Municipal Bond Fund (Maryland Fund), and MFS Massachusetts Municipal Bond Fund
(Massachusetts Fund) are each a diversified series of MFS Municipal Series Trust which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment
company.
Each 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.
(2) Significant Accounting Policies
General — The
preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of
these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. Each fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The
credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal
instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument.
Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly
affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region or state where the instrument is issued, and the financial condition of municipal issuers
and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the funds and the overall municipal
market. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions
made by the funds could be taxable to shareholders.
Balance Sheet Offsetting
— Each fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or
similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between each fund and the applicable counterparty. Each fund's right to
setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to each
fund, have been included in each fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
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. Open-end investment companies are generally valued at net asset value per
share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation.
In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.
The Board of Trustees has delegated primary responsibility
for determining or causing to be determined the value of each 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 each 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 each 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
93
Notes to Financial
Statements - continued
to fair value an investment. The value of an investment for purposes of
calculating each 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 each fund’s net asset value may differ from quoted
or published prices for the same investment. There can be no assurance that each fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which each fund determines its net asset value per
share.
Various inputs are used in determining the
value of each 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. Each 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 March 31, 2022 in valuing each fund's assets and liabilities:
| Level 1 | Level 2 | Level 3 | Total | |
| Alabama Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $90,840,798 | $— | $90,840,798 |
| U.S. Corporate Bonds | — | 169,618 | — | 169,618 |
| Mutual Funds | 5,746,704 | — | — | 5,746,704 |
| Total | $5,746,704 | $91,010,416 | $— | $96,757,120 |
| Arkansas Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $169,180,119 | $— | $169,180,119 |
| U.S. Corporate Bonds | — | 341,402 | — | 341,402 |
| Mutual Funds | 1,147,208 | — | — | 1,147,208 |
| Total | $1,147,208 | $169,521,521 | $— | $170,668,729 |
| California Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $549,877,636 | $— | $549,877,636 |
| U.S. Corporate Bonds | — | 1,272,101 | — | 1,272,101 |
| Mutual Funds | 35,263,326 | — | — | 35,263,326 |
| Total | $35,263,326 | $551,149,737 | $— | $586,413,063 |
| Georgia Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $128,485,485 | $— | $128,485,485 |
| U.S. Corporate Bonds | — | 280,081 | — | 280,081 |
| Mutual Funds | 5,309,987 | — | — | 5,309,987 |
| Total | $5,309,987 | $128,765,566 | $— | $134,075,553 |
| Maryland Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $111,307,814 | $— | $111,307,814 |
| U.S. Corporate Bonds | — | 246,154 | — | 246,154 |
| Mutual Funds | 4,987,440 | — | — | 4,987,440 |
| Total | $4,987,440 | $111,553,968 | $— | $116,541,408 |
| Massachusetts Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $388,321,104 | $— | $388,321,104 |
| U.S. Corporate Bonds | — | 813,276 | — | 813,276 |
| Mutual Funds | 22,571,623 | — | — | 22,571,623 |
| Total | $22,571,623 | $389,134,380 | $— | $411,706,003 |
For further information
regarding security characteristics, see the Portfolio of Investments.
94
Notes to Financial
Statements - continued
Indemnifications —
Under each fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each fund. Additionally, in the normal course of business, each fund
enters into agreements with service providers that may contain indemnification clauses. Each fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against each fund that have not yet
occurred.
Investment Transactions and Income — Investment transactions are recorded on the trade date. Some securities may be purchased or sold on an extended settlement basis, which means that the receipt or delivery
of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. Interest income is recorded on the accrual basis.
All premium and discount is amortized or accreted for financial statement
purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date. In determining the net
gain or loss on securities sold, the cost of securities is determined on the identified cost basis. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of
all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
Each fund may receive proceeds from litigation settlements.
Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the
fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of Operations.
Each fund may purchase or sell securities on a when-issued
or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the normal settlement period. The price of such security and the
date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place.
When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed
delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statements of
Assets and Liabilities. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due
to political, economic or other factors. At the time that it enters into a when-issued or delayed delivery transaction, each fund is required to have sufficient cash and/or liquid securities to cover its commitments.
Legal fees and other related expenses incurred to preserve
and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of
high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as
realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
Fees Paid Indirectly
— Each fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by each fund. The amount of the credit, for the year ended
March 31, 2022, is shown as a reduction of total expenses in the Statements of Operations.
Tax Matters and Distributions — Each fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital
gains. As a result, no provision for federal income tax is required. Each fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed each
fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the
ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are
periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income,
expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to defaulted bonds
and amortization and accretion of debt securities, as applicable to each fund.
95
Notes to Financial
Statements - continued
The tax character of distributions declared to shareholders
for the last two fiscal years is as follows:
| Year ended 3/31/22 | Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| Ordinary income (including any short-term capital gains) | $20,985 | $52,942 | $170,586 | $29,620 | $61,722 | $146,143 |
| Tax-exempt income | 1,608,921 | 3,810,980 | 13,872,905 | 2,264,187 | 2,216,138 | 7,829,432 |
| Total distributions | $1,629,906 | $3,863,922 | $14,043,491 | $2,293,807 | $2,277,860 | $7,975,575 |
| Year ended 3/31/21 | Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| Ordinary income (including any short-term capital gains) | $31,321 | $39,472 | $398,949 | $70,772 | $27,758 | $226,239 |
| Tax-exempt income | 1,818,769 | 4,027,445 | 14,817,664 | 2,520,579 | 2,687,681 | 9,113,304 |
| Total distributions | $1,850,090 | $4,066,917 | $15,216,613 | $2,591,351 | $2,715,439 | $9,339,543 |
The federal tax cost and the tax
basis components of distributable earnings were as follows:
| As of 3/31/22 | Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| Cost of investments | $98,048,414 | $171,522,594 | $586,030,132 | $135,956,750 | $118,060,864 | $413,976,874 |
| Gross appreciation | 1,702,847 | 3,604,127 | 15,038,679 | 1,936,487 | 1,983,367 | 9,183,062 |
| Gross depreciation | (2,994,141) | (4,457,992) | (14,655,748) | (3,817,684) | (3,502,823) | (11,453,933) |
| Net unrealized appreciation (depreciation) | $(1,291,294) | $(853,865) | $382,931 | $(1,881,197) | $(1,519,456) | $(2,270,871) |
| Undistributed ordinary income | 28,722 | 73,340 | 287,444 | 42,152 | 21,109 | 226,149 |
| Undistributed tax-exempt income | 434,731 | 929,928 | 3,110,467 | 557,808 | 753,554 | 1,858,949 |
| Capital loss carryforwards | (1,302,347) | (5,305,655) | (7,613,484) | (2,094,441) | (2,495,108) | (7,459,562) |
| Other temporary differences | (144,387) | (331,462) | (1,192,630) | (185,282) | (197,109) | (721,283) |
| Total distributable earnings (loss) | $(2,274,575) | $(5,487,714) | $(5,025,272) | $(3,560,960) | $(3,437,010) | $(8,366,618) |
As of March 31, 2022, each fund
had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as
follows:
| Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund | |
| Short-Term | $(973,802) | $(2,331,612) | $(5,679,083) | $(1,857,351) | $(1,677,099) | $(7,377,362) |
| Long-Term | (328,545) | (2,974,043) | (1,934,401) | (237,090) | (818,009) | (82,200) |
| Total | $(1,302,347) | $(5,305,655) | $(7,613,484) | $(2,094,441) | $(2,495,108) | $(7,459,562) |
Multiple Classes of Shares of
Beneficial Interest — Each fund offers multiple classes of shares, which differ in their respective distribution and service fees. Each fund's income and common expenses are allocated to shareholders based on
the value of settled shares outstanding of each class. Each fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per
share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. Each fund’s distributions declared to shareholders as
reported in the Statements of Changes in Net Assets are presented by class as follows:
| Alabama Fund | Arkansas Fund | California Fund | |||||||||
| Year
Ended 3/31/22 |
Year
Ended 3/31/21 |
Year
Ended 3/31/22 |
Year
Ended 3/31/21 |
Year
Ended 3/31/22 |
Year
Ended 3/31/21 | ||||||
| Class A | $981,338 | $1,175,867 | $2,883,300 | $3,182,641 | $8,861,588 | $9,948,878 | |||||
| Class B | 497 | 1,456 | 7,448 | 16,800 | 7,679 | 15,381 | |||||
| Class C | — | — | — | — | 258,871 | 399,949 | |||||
| Class I | 558,700 | 606,811 | 847,322 | 799,726 | 3,721,131 | 3,890,859 | |||||
| Class R6 | 89,371 | 65,956 | 125,852 | 67,750 | 1,194,222 | 961,546 | |||||
| Total | $1,629,906 | $1,850,090 | $3,863,922 | $4,066,917 | $14,043,491 | $15,216,613 | |||||
96
Notes to Financial
Statements - continued
| Georgia Fund | Maryland Fund | Massachusetts Fund | |||||||||
| Year
Ended 3/31/22 |
Year
Ended 3/31/21 |
Year
Ended 3/31/22 |
Year
Ended 3/31/21 |
Year
Ended 3/31/22 |
Year
Ended 3/31/21 | ||||||
| Class A | $1,639,490 | $1,997,208 | $1,520,880 | $2,000,293 | $3,967,360 | $5,195,000 | |||||
| Class B | 459 | 1,718 | 6,456 | 14,724 | 4,409 | 12,486 | |||||
| Class I | 281,350 | 265,241 | 584,490 | 590,621 | 3,775,226 | 3,922,584 | |||||
| Class R6 | 372,508 | 327,184 | 166,034 | 109,801 | 228,580 | 209,473 | |||||
| Total | $2,293,807 | $2,591,351 | $2,277,860 | $2,715,439 | $7,975,575 | $9,339,543 | |||||
(3) Transactions with
Affiliates
Investment Adviser — Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to each fund. The
management fee is computed daily and paid monthly at an annual rate of 0.45% of each fund’s average daily net assets.
MFS has agreed in writing to reduce its management fee by a
specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the funds’ Board of Trustees. Effective March 1, 2022, MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this
agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the funds' Board of Trustees, but such agreement will continue at least until July 31, 2023. For the year ended March 31, 2022, these management
fee reductions amounted to the following, which are included in the reduction of total expenses in the Statements of Operations:
| Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| $13,572 | $24,047 | $84,726 | $19,537 | $16,391 | $54,909 |
The management fee incurred for
the year ended March 31, 2022 was equivalent to an annual effective rate of 0.44% of each fund's average daily net assets.
The investment adviser has agreed in writing to pay a
portion of the following funds’ total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses, such that total fund operating expenses do not exceed the
following rates annually of these funds’ average daily net assets:
| Alabama
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund | |
| Class A | 0.90% | 0.90% | 0.83% | 0.85% |
| Class B | 1.65% | 1.65% | 1.58% | 1.60% |
| Class I | 0.65% | 0.65% | 0.58% | 0.60% |
| Class R6 | 0.59% | 0.60% | 0.53% | 0.53% |
Effective August 1, 2021, the
investment adviser has agreed in writing to pay a portion of the Arkansas Fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses, such that
total fund operating expenses do not exceed the following rates annually of this fund’s average daily net assets:
| Arkansas
Fund | |
| Class A | 0.70% |
| Class B | 1.45% |
| Class I | 0.60% |
| Class R6 | 0.53% |
These written agreements will
continue until modified by the funds' Board of Trustees, but such agreements will continue at least until July 31, 2022. For the year ended March 31, 2022, these reductions amounted to $75,641 for the Alabama Fund, $3,170 for the Georgia Fund, and
$153,806 for the Maryland Fund. For the period from August 1, 2021 through March 31, 2022, this reduction amounted to $54,398 for the Arkansas Fund. Each reduction is included in the reduction of total expenses in the Statements of Operations. For
the year ended March 31, 2022, the Massachusetts Fund's actual operating expenses did not exceed the limit described above and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.
97
Notes to Financial
Statements - continued
Distributor — MFS
Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended March 31, 2022, as its portion of the initial sales charge on sales of Class A shares of each fund:
| Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| $4,293 | $10,891 | $9,748 | $4,218 | $4,503 | $7,422 |
The Board of Trustees has
adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
Each fund's distribution plan provides that each fund will
pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service
fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.
Distribution Plan Fee Table:
| Class A | |||||
| Distribution
Fee Rate (d) |
Service
Fee Rate (d) |
Total
Distribution Plan (d) |
Annual
Effective Rate (e) |
Distribution
and Service Fee | |
| Alabama Fund | — | 0.25% | 0.25% | 0.25% | $161,912 |
| Arkansas Fund | — | 0.25% | 0.25% | 0.10% | 339,310 |
| California Fund | — | 0.25% | 0.25% | 0.10% | 1,003,234 |
| Georgia Fund | — | 0.25% | 0.25% | 0.25% | 272,735 |
| Maryland Fund | — | 0.25% | 0.25% | 0.25% | 212,737 |
| Massachusetts Fund | — | 0.25% | 0.25% | 0.25% | 542,445 |
| Class B | |||||
| Distribution
Fee Rate (d) |
Service
Fee Rate (d) |
Total
Distribution Plan (d) |
Annual
Effective Rate (e) |
Distribution
and Service Fee | |
| Alabama Fund | 0.75% | 0.25% | 1.00% | 1.00% | $648 |
| Arkansas Fund | 0.75% | 0.25% | 1.00% | 0.85% | 5,401 |
| California Fund | 0.75% | 0.25% | 1.00% | 0.85% | 5,243 |
| Georgia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 608 |
| Maryland Fund | 0.75% | 0.25% | 1.00% | 1.00% | 6,199 |
| Massachusetts Fund | 0.75% | 0.25% | 1.00% | 1.00% | 4,073 |
| Class C | |||||
| Distribution
Fee Rate (d) |
Service
Fee Rate (d) |
Total
Distribution Plan (d) |
Annual
Effective Rate (e) |
Distribution
and Service Fee | |
| California Fund | 0.75% | 0.25% | 1.00% | 1.00% | $197,485 |
98
Notes to Financial
Statements - continued
| Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund | |
| Total Distribution and Service Fees | $162,560 | $344,711 | $1,205,962 | $273,343 | $218,936 | $546,518 |
| (d) | In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
| (e) | The annual effective rates represent actual fees incurred under the distribution plan for the year ended March 31, 2022 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the year ended March 31, 2022, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations: |
| Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund | |
| Class A | $— | $— | $5 | $7 | $210 | $581 |
Arkansas Fund: MFD has agreed in writing to reduce the Class A and Class B service fee rate to 0.10%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least
until July 31, 2022. For the year ended March 31, 2022, these reductions amounted to $203,587 and $810 for Class A and Class B, respectively, and are included in the reduction of total expenses in the Statements of Operations.
California Fund: MFD has agreed in writing to reduce the Class A and Class B service fee rate to 0.10%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least
until July 31, 2022. For the year ended March 31, 2022, these reductions amounted to $601,943 and $786 for Class A and Class B, respectively, and are included in the reduction of total expenses in the Statements of Operations.
Certain Class A shares are subject to a contingent deferred
sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event
of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended March 31, 2022, were as follows:
| CDSC Imposed | Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| Class A | $1,982 | $749 | $17,009 | $7,971 | $7,759 | $1,510 |
| Class B | — | 44 | 357 | — | 565 | 141 |
| Class C | N/A | N/A | 2,791 | N/A | N/A | N/A |
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each
fund as determined periodically under the supervision of the funds’ Board of Trustees. For the year ended March 31, 2022, each fund paid the following fee, which equated to the following annual percentage of each fund’s average daily net
assets:
| Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund | |
| Expenses paid | $3,375 | $4,918 | $21,407 | $4,585 | $10,443 | $21,842 |
| Annual percentage of average daily net assets | 0.0033% | 0.0027% | 0.0034% | 0.0031% | 0.0085% | 0.0053% |
MFSC also receives reimbursement
from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended March 31, 2022,
these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:
| Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund |
| $70,816 | $126,394 | $443,147 | $62,834 | $81,973 | $301,939 |
Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund reimburses MFS the costs
incurred to provide these services. Each fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the year ended March 31, 2022 was equivalent to the following
annual effective rates of each fund's average daily net assets:
| Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund | |
| Percentage of average daily net assets | 0.0239% | 0.0192% | 0.0149% | 0.0206% | 0.0221% | 0.0158% |
99
Notes to Financial
Statements - continued
Trustees’ and Officers’ Compensation — Each fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The funds do not pay compensation directly to
Trustees or officers of each fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to each fund. Certain officers and Trustees of each fund are officers or directors of MFS, MFD, and
MFSC.
Prior to December 31, 2001, each fund
had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan
covers only certain of those former independent Trustees who retired on or before December 31, 2001. The Alabama Fund, the Arkansas Fund, and the Georgia Fund no longer participate in the DB plan. The DB plan resulted in a pension expense for the
following funds. These amounts are included in “Independent Trustees’ compensation” in the Statements of Operations for the year ended March 31, 2022:
| California
Fund |
Maryland
Fund |
Massachusetts
Fund |
| $381 | $242 | $243 |
The liability for deferred
retirement benefits payable to those former independent Trustees under the DB plan amounted to the following at March 31, 2022, and is included in “Payable for independent Trustees’ compensation” in the Statements of Assets and
Liabilities:
| California
Fund |
Maryland
Fund |
Massachusetts
Fund |
| $4,385 | $2,642 | $2,629 |
Other — Each fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a
management fee to MFS but does incur investment and operating costs.
On June 18, 2021, MFS redeemed 5,730 shares of Class R6 for
an aggregate amount of $59,417 for the California Fund.
(4) Portfolio Securities
For the year ended March 31, 2022, purchases and sales of
investments, other than short-term obligations, were as follows:
| Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund | |
| Purchases | $16,087,163 | $40,555,533 | $153,118,332 | $20,807,734 | $24,708,490 | $99,110,417 |
| Sales | $9,806,112 | $29,887,228 | $172,838,162 | $16,637,783 | $18,928,994 | $68,003,949 |
(5) Shares of
Beneficial Interest
Each fund's Declaration of Trust
permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
| Alabama Fund | Arkansas Fund | ||||||||||
| Year
ended 3/31/22 |
Year
ended 3/31/21 |
Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 1,092,109 | $ 11,530,731 | 1,386,777 | $ 14,436,917 | 1,673,419 | $ 16,865,986 | 2,202,300 | $ 21,992,710 | |||
| Class B | 26 | 270 | 56 | 590 | 267 | 2,724 | 1 | 5 | |||
| Class I | 614,654 | 6,175,392 | 1,034,729 | 10,258,753 | 1,336,908 | 13,385,641 | 1,128,787 | 11,192,820 | |||
| Class R6 | 236,429 | 2,376,557 | 200,628 | 1,992,286 | 373,919 | 3,745,556 | 257,515 | 2,554,782 | |||
| 1,943,218 | $ 20,082,950 | 2,622,190 | $ 26,688,546 | 3,384,513 | $ 33,999,907 | 3,588,603 | $ 35,740,317 | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | 83,125 | $ 870,178 | 99,752 | $ 1,035,281 | 270,862 | $ 2,718,409 | 298,767 | $ 2,977,251 | |||
| Class B | 13 | 135 | 76 | 783 | 741 | 7,448 | 1,686 | 16,745 | |||
| Class I | 45,277 | 451,702 | 40,408 | 400,558 | 80,568 | 802,778 | 75,042 | 742,490 | |||
| Class R6 | 8,969 | 89,371 | 6,657 | 65,956 | 12,621 | 125,546 | 6,829 | 67,750 | |||
| 137,384 | $ 1,411,386 | 146,893 | $ 1,502,578 | 364,792 | $ 3,654,181 | 382,324 | $ 3,804,236 | ||||
100
Notes to Financial
Statements - continued
| Alabama Fund − continued | Arkansas Fund − continued | ||||||||||
| Year
ended 3/31/22 |
Year
ended 3/31/21 |
Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares reacquired | |||||||||||
| Class A | (737,535) | $ (7,720,842) | (869,474) | $ (9,008,758) | (1,781,235) | $ (17,852,127) | (1,928,654) | $ (19,235,698) | |||
| Class B | (1) | (8) | (11,250) | (115,944) | (11,308) | (113,928) | (103,732) | (1,030,570) | |||
| Class I | (456,358) | (4,545,032) | (419,004) | (4,149,079) | (1,062,724) | (10,631,845) | (744,965) | (7,349,930) | |||
| Class R6 | (100,726) | (999,746) | (36,012) | (356,080) | (165,610) | (1,635,112) | (25,887) | (257,111) | |||
| (1,294,620) | $ (13,265,628) | (1,335,740) | $ (13,629,861) | (3,020,877) | $ (30,233,012) | (2,803,238) | $ (27,873,309) | ||||
| Net change | |||||||||||
| Class A | 437,699 | $ 4,680,067 | 617,055 | $ 6,463,440 | 163,046 | $ 1,732,268 | 572,413 | $ 5,734,263 | |||
| Class B | 38 | 397 | (11,118) | (114,571) | (10,300) | (103,756) | (102,045) | (1,013,820) | |||
| Class I | 203,573 | 2,082,062 | 656,133 | 6,510,232 | 354,752 | 3,556,574 | 458,864 | 4,585,380 | |||
| Class R6 | 144,672 | 1,466,182 | 171,273 | 1,702,162 | 220,930 | 2,235,990 | 238,457 | 2,365,421 | |||
| 785,982 | $ 8,228,708 | 1,433,343 | $ 14,561,263 | 728,428 | $ 7,421,076 | 1,167,689 | $ 11,671,244 | ||||
| California Fund | Georgia Fund | ||||||||||
| Year
ended 3/31/22 |
Year
ended 3/31/21 |
Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 7,615,849 | $ 48,039,741 | 9,263,597 | $ 56,858,716 | 955,065 | $ 10,644,046 | 2,153,288 | $ 23,431,274 | |||
| Class B | — | — | 6,109 | 36,322 | — | — | 1,720 | 19,028 | |||
| Class C | 233,103 | 1,484,054 | 331,823 | 2,043,410 | — | — | — | — | |||
| Class I | 4,218,017 | 42,961,408 | 5,015,906 | 50,096,437 | 361,764 | 3,638,475 | 893,306 | 8,869,763 | |||
| Class R6 | 2,552,099 | 26,094,542 | 2,046,990 | 20,388,849 | 810,836 | 8,149,565 | 946,198 | 9,391,379 | |||
| 14,619,068 | $ 118,579,745 | 16,664,425 | $ 129,423,734 | 2,127,665 | $ 22,432,086 | 3,994,512 | $ 41,711,444 | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | 1,284,669 | $ 8,047,078 | 1,454,022 | $ 8,939,165 | 139,208 | $ 1,539,130 | 172,056 | $ 1,879,358 | |||
| Class B | 1,137 | 7,125 | 2,385 | 14,609 | 20 | 220 | 106 | 1,158 | |||
| Class C | 37,988 | 238,778 | 56,823 | 349,870 | — | — | — | — | |||
| Class I | 271,567 | 2,766,695 | 288,947 | 2,893,639 | 18,555 | 186,054 | 18,536 | 183,875 | |||
| Class R6 | 116,955 | 1,188,923 | 95,889 | 960,117 | 37,181 | 372,502 | 32,960 | 327,184 | |||
| 1,712,316 | $ 12,248,599 | 1,898,066 | $ 13,157,400 | 194,964 | $ 2,097,906 | 223,658 | $ 2,391,575 | ||||
| Shares reacquired | |||||||||||
| Class A | (10,643,435) | $ (66,154,205) | (10,014,959) | $ (61,231,526) | (1,329,229) | $ (14,608,069) | (1,439,636) | $ (15,729,981) | |||
| Class B | (24,671) | (155,300) | (81,102) | (496,959) | (2,136) | (23,156) | (20,236) | (220,870) | |||
| Class C | (840,348) | (5,272,369) | (1,238,317) | (7,676,240) | — | — | — | — | |||
| Class I | (3,858,910) | (39,271,468) | (3,091,054) | (30,841,866) | (383,094) | (3,786,076) | (377,938) | (3,758,413) | |||
| Class R6 | (1,083,049) | (10,882,937) | (1,074,648) | (10,707,211) | (430,239) | (4,279,047) | (324,825) | (3,216,885) | |||
| (16,450,413) | $ (121,736,279) | (15,500,080) | $ (110,953,802) | (2,144,698) | $ (22,696,348) | (2,162,635) | $ (22,926,149) | ||||
| Net change | |||||||||||
| Class A | (1,742,917) | $ (10,067,386) | 702,660 | $ 4,566,355 | (234,956) | $ (2,424,893) | 885,708 | $ 9,580,651 | |||
| Class B | (23,534) | (148,175) | (72,608) | (446,028) | (2,116) | (22,936) | (18,410) | (200,684) | |||
| Class C | (569,257) | (3,549,537) | (849,671) | (5,282,960) | — | — | — | — | |||
| Class I | 630,674 | 6,456,635 | 2,213,799 | 22,148,210 | (2,775) | 38,453 | 533,904 | 5,295,225 | |||
| Class R6 | 1,586,005 | 16,400,528 | 1,068,231 | 10,641,755 | 417,778 | 4,243,020 | 654,333 | 6,501,678 | |||
| (119,029) | $ 9,092,065 | 3,062,411 | $ 31,627,332 | 177,931 | $ 1,833,644 | 2,055,535 | $ 21,176,870 | ||||
101
Notes to Financial
Statements - continued
| Maryland Fund | Massachusetts Fund | ||||||||||
| Year
ended 3/31/22 |
Year
ended 3/31/21 |
Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 1,092,489 | $ 12,048,309 | 748,726 | $ 8,176,687 | 4,455,049 | $ 49,277,576 | 2,828,491 | $ 31,436,735 | |||
| Class B | — | — | — | — | — | — | 2 | 16 | |||
| Class I | 1,217,610 | 12,165,314 | 1,182,143 | 11,649,152 | 5,546,835 | 54,880,011 | 6,985,927 | 68,377,630 | |||
| Class R6 | 383,204 | 3,838,674 | 381,559 | 3,767,559 | 350,254 | 3,478,277 | 374,212 | 3,686,546 | |||
| 2,693,303 | $ 28,052,297 | 2,312,428 | $ 23,593,398 | 10,352,138 | $107,635,864 | 10,188,632 | $103,500,927 | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | 112,845 | $ 1,247,510 | 147,949 | $ 1,608,759 | 318,464 | $ 3,593,455 | 418,434 | $ 4,665,522 | |||
| Class B | 574 | 6,352 | 1,339 | 14,519 | 389 | 4,398 | 1,106 | 12,309 | |||
| Class I | 43,042 | 428,933 | 46,751 | 459,454 | 317,584 | 3,134,315 | 334,898 | 3,273,998 | |||
| Class R6 | 16,673 | 166,034 | 11,143 | 109,801 | 23,142 | 228,564 | 21,410 | 209,473 | |||
| 173,134 | $ 1,848,829 | 207,182 | $ 2,192,533 | 659,579 | $ 6,960,732 | 775,848 | $ 8,161,302 | ||||
| Shares reacquired | |||||||||||
| Class A | (1,010,172) | $ (11,097,917) | (1,297,078) | $ (14,071,079) | (3,615,568) | $ (40,357,246) | (4,890,636) | $ (54,442,822) | |||
| Class B | (5,014) | (55,923) | (39,879) | (434,264) | (9,514) | (108,844) | (58,521) | (652,728) | |||
| Class I | (959,706) | (9,490,484) | (486,840) | (4,781,146) | (3,688,326) | (35,949,708) | (3,356,896) | (32,679,010) | |||
| Class R6 | (76,547) | (763,004) | (70,852) | (697,371) | (193,654) | (1,910,743) | (117,876) | (1,156,562) | |||
| (2,051,439) | $ (21,407,328) | (1,894,649) | $ (19,983,860) | (7,507,062) | $ (78,326,541) | (8,423,929) | $ (88,931,122) | ||||
| Net change | |||||||||||
| Class A | 195,162 | $ 2,197,902 | (400,403) | $ (4,285,633) | 1,157,945 | $ 12,513,785 | (1,643,711) | $ (18,340,565) | |||
| Class B | (4,440) | (49,571) | (38,540) | (419,745) | (9,125) | (104,446) | (57,413) | (640,403) | |||
| Class I | 300,946 | 3,103,763 | 742,054 | 7,327,460 | 2,176,093 | 22,064,618 | 3,963,929 | 38,972,618 | |||
| Class R6 | 323,330 | 3,241,704 | 321,850 | 3,179,989 | 179,742 | 1,796,098 | 277,746 | 2,739,457 | |||
| 814,998 | $ 8,493,798 | 624,961 | $ 5,802,071 | 3,504,655 | $ 36,270,055 | 2,540,551 | $ 22,731,107 | ||||
Effective June 1, 2019, purchases of each fund’s
Class B shares are closed to new and existing investors subject to certain exceptions. Please see each fund’s prospectus for details.
(6) Line of Credit
Each fund and certain other funds managed by MFS
participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by each fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings
may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of Daily Simple SOFR plus 0.10%, the Federal Funds Effective Rate, and the Overnight Bank Funding Rate,
plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, each fund and other funds managed by MFS have established unsecured
uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended March 31,
2022, each fund’s commitment fee and interest expense were as follows and are included in “Miscellaneous” expense in the Statements of Operations:
| Alabama
Fund |
Arkansas
Fund |
California
Fund |
Georgia
Fund |
Maryland
Fund |
Massachusetts
Fund | |
| Commitment Fee | $314 | $551 | $2,055 | $493 | $382 | $1,305 |
| Interest Expense | — | — | — | — | — | — |
102
Notes to Financial
Statements - continued
(7) Investments in Affiliated Issuers
An affiliated issuer of a fund may be considered one in
which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, each fund assumes the MFS Institutional Money Market Portfolio to be an affiliated issuer. Each
fund’s transactions in the MFS Institutional Money Market Portfolio for the year ended March 31, 2022, are as follows:
| Affiliated Issuer - MFS Institutional Money Market Portfolio | ||||||
| Beginning
Value |
Purchases | Sales
Proceeds |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation or Depreciation |
Ending
Value | |
| Alabama Fund | $1,877,374 | $25,183,242 | $21,313,912 | $— | $— | $5,746,704 |
| Arkansas Fund | 1,447,457 | 50,611,429 | 50,911,678 | — | — | 1,147,208 |
| California Fund | 2,970,539 | 216,076,776 | 183,783,989 | — | — | 35,263,326 |
| Georgia Fund | 4,694,126 | 32,386,092 | 31,770,231 | — | — | 5,309,987 |
| Maryland Fund | 1,711,689 | 34,363,085 | 31,087,334 | — | — | 4,987,440 |
| Massachusetts Fund | 2,485,262 | 110,851,530 | 90,765,169 | — | — | 22,571,623 |
| Dividend
Income |
Capital
Gain Distributions | |
| Alabama Fund | $1,904 | $— |
| Arkansas Fund | 1,687 | — |
| California Fund | 7,600 | — |
| Georgia Fund | 2,502 | — |
| Maryland Fund | 2,603 | — |
| Massachusetts Fund | 6,596 | — |
(8) LIBOR
Transition
Certain of each fund's investments,
including investments in certain debt instruments and derivatives (if any), as well as borrowings by each fund and certain other contractual arrangements of each fund, may be based on the London Interbank Offered Rate (“LIBOR”). In 2017,
the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more
commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the
markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on each fund's performance. With respect to each fund's accounting for investments, including investments in certain debt
instruments and derivatives, as well as borrowings by each fund and any other contractual arrangements of each fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by
FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the funds to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the
funds of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.
(9) 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 each fund’s assets and thus each fund’s performance. Management continues to monitor these events and to evaluate
the related impacts, if any, to the funds.
103
Report of
Independent Registered Public Accounting Firm
To the Board of Trustees of MFS Municipal Series Trust and
the Shareholders of MFS Alabama Municipal Bond Fund, MFS Arkansas Municipal Bond Fund, MFS California Municipal Bond Fund, MFS Georgia Municipal Bond Fund, MFS Maryland Municipal Bond Fund and MFS Massachusetts Municipal Bond Fund:
Opinion on the Financial Statements and Financial
Highlights
We have audited the accompanying
statements of assets and liabilities of MFS Alabama Municipal Bond Fund, MFS Arkansas Municipal Bond Fund, MFS California Municipal Bond Fund, MFS Georgia Municipal Bond Fund, MFS Maryland Municipal Bond Fund and MFS Massachusetts Municipal Bond
Fund (the “Funds”), including the portfolios of investments, as of March 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended,
the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the
Funds as of March 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then
ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the
responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or
fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but
not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the
risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the
amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 13, 2022
May 13, 2022
We have served as the auditor of one or more of the MFS
investment companies since 1924.
104
Trustees and
Officers — Identification and Background
The Trustees and Officers of the Trust, as of May 1, 2022,
are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal
Occupations During the Past Five Years |
Other
Directorships During the Past Five Years (j) | |||||
| INTERESTED TRUSTEES | ||||||||||
| Michael
W. Roberge (k) (age 55) |
Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | |||||
| INDEPENDENT TRUSTEES | ||||||||||
| John
P. Kavanaugh (age 67) |
Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
| Steven
E. Buller (age 70) |
Trustee | February 2014 | 136 | Private investor | N/A | |||||
| John
A. Caroselli (age 67) |
Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
| Maureen
R. Goldfarb (age 67) |
Trustee | January 2009 | 136 | Private investor | N/A | |||||
| Peter
D. Jones (age 66) |
Trustee | January 2019 | 136 | Private investor | N/A | |||||
| James
W. Kilman, Jr. (age 61) |
Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) | |||||
| Clarence
Otis, Jr. (age 66) |
Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
| Maryanne
L. Roepke (age 66) |
Trustee | May 2014 | 136 | Private investor | N/A | |||||
| Laurie
J. Thomsen (age 64) |
Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
| Name, Age | Position(s)
Held with Fund |
Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal
Occupations During the Past Five Years | ||||
| OFFICERS | ||||||||
| Christopher
R. Bohane (k) (age 48) |
Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel |
105
Trustees and Officers -
continued
| Name, Age | Position(s)
Held with Fund |
Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal
Occupations During the Past Five Years | ||||
| Kino
Clark (k) (age 53) |
Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
| John
W. Clark, Jr. (k) (age 55) |
Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head - Treasurer's Office (until February 2017) | ||||
| David
L. DiLorenzo (k) (age 53) |
President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
| Heidi
W. Hardin (k) (age 54) |
Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (until January 2017) | ||||
| Brian
E. Langenfeld (k) (age 49) |
Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Senior Counsel | ||||
| Rosa
E. Licea-Mailloux(k) (age 45) |
Chief Compliance Officer | March 2022 | 136 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018) | ||||
| Amanda
S. Mooradian (k) (age 43) |
Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
| Susan
A. Pereira (k) (age 51) |
Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
| Kasey
L. Phillips (k) (age 51) |
Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
| Matthew
A. Stowe (k) (age 47) |
Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
| James
O. Yost (k) (age 61) |
Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
| (h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
| (j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
| (k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Each Trustee (other than Messrs. Jones, Kilman and
Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. Mr. Roberge became a Trustee of the Funds
on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019. The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms. Under the terms of the
Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the
Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Kilman and Otis and Ms. Roepke are
members of the Trust’s Audit Committee.
106
Trustees and Officers -
continued
Each of the Interested Trustees and certain Officers hold
comparable officer positions with certain affiliates of MFS.
| Investment Adviser | Custodian |
| Massachusetts Financial
Services Company 111 Huntington Avenue Boston, MA 02199-7618 |
JPMorgan
Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
| Distributor | Independent Registered Public Accounting Firm |
| MFS Fund
Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 |
Deloitte
& Touche LLP 200 Berkeley Street Boston, MA 02116 |
| Portfolio Manager(s) | |
| Michael Dawson |
107
Statement
Regarding Liquidity Risk Management Program
Each fund has adopted and implemented a liquidity risk
management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. Each fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The
Program is reasonably designed to assess and manage the liquidity risk of each fund. Liquidity risk is the risk that each fund could not meet requests to redeem shares issued by each fund without significant dilution of remaining investors'
interests.
MFS provided a written report to the Board
for consideration at its March 2022 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2021 to December 31, 2021 (the “Covered
Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage each fund’s liquidity risk. MFS also
reported that there were no liquidity events that impacted each fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its
objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in each fund may be subject, can be found in each fund's prospectus.
108
Proxy
Voting Policies and Information
MFS votes proxies on
behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s
Web site at http://www.sec.gov.
Information regarding how each fund voted proxies relating
to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site
at http://www.sec.gov.
Quarterly Portfolio Disclosure
Each fund files a complete schedule of portfolio holdings
with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each fund's Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. A
shareholder can obtain the portfolio holdings report for the first and third quarters of each fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the
“Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about
each fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at
mfs.com/openendfunds by choosing each fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
Each fund has entered into contractual arrangements with an
investment adviser, administrator, distributor, shareholder servicing agent, 529 program manager (if applicable), and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended
beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either
directly or on behalf of the fund.
Under the
Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of
Massachusetts.
Federal Tax Information (unaudited)
The funds will notify shareholders of amounts for use in
preparing 2022 income tax forms in January 2023. The following information is provided pursuant to provisions of the Internal Revenue Code.
Of the dividends paid from net investment income during the
fiscal year, the following percentages were designated as exempt interest dividends for federal income tax purposes. If each fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item
for purposes of computing a shareholder’s alternative minimum tax.
| Exempt
interest Dividends | |
| Alabama Fund | 98.71% |
| Arkansas Fund | 98.63% |
| California Fund | 98.79% |
| Georgia Fund | 98.71% |
| Maryland Fund | 97.29% |
| Massachusetts Fund | 98.17% |
The funds intend to pass through
the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
109
rev. 3/16
| FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| • Social Security number and account balances | |
| • Account transactions and transaction history | |
| • Checking account information and wire transfer instructions | |
| When you are no longer our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
| Reasons
we can share your personal information |
Does MFS share? | Can
you limit this sharing? |
| For
our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes | No |
| For
our marketing purposes – to offer our products and services to you |
No | We don't share |
| For
joint marketing with other financial companies |
No | We don't share |
| For
our affiliates' everyday business purposes – information about your transactions and experiences |
No | We don't share |
| For
our affiliates' everyday business purposes – information about your creditworthiness |
No | We don't share |
| For nonaffiliates to market to you | No | We don't share |
| Questions? | Call 800-225-2606 or go to mfs.com. |
110
Page 2
| Who we are | |
| Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
| What we do | |
| How
does MFS protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
| How
does MFS collect my personal information? |
We collect your personal information, for example, when you |
| • open an account or provide account information | |
| • direct us to buy securities or direct us to sell your securities | |
| • make a wire transfer | |
| We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
| Why can't I limit all sharing? | Federal law gives you the right to limit only |
| • sharing for affiliates' everyday business purposes – information about your creditworthiness | |
| • affiliates from using your information to market to you | |
| • sharing for nonaffiliates to market to you | |
| State laws and individual companies may give you additional rights to limit sharing. | |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share with nonaffiliates so they can market to you. | |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| • MFS doesn't jointly market. | |
| Other important information |
| If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
111
Annual Report
March 31, 2022
MFS® Municipal Series Trust
For the states of:
Mississippi, New York, North Carolina, Pennsylvania, South Carolina,
Virginia, and West Virginia
MSTB-ANN
MFS® Municipal Series Trust
For the states of: Mississippi, New York, North Carolina, Pennsylvania, South
Carolina, Virginia, and West Virginia
Portfolio Composition
MFS Mississippi Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
Cash & Cash Equivalents includes any
cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and
liabilities.
Percentages are based on net
assets as of March 31, 2022.
The portfolio
is actively managed and current holdings may be different.
2
Portfolio Composition -
continued
MFS New York Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
| (o) | Less than 0.1%. |
Cash & Cash
Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and
other assets and liabilities.
Percentages
are based on net assets as of March 31, 2022.
The portfolio is actively managed and current
holdings may be different.
3
Portfolio Composition -
continued
MFS North Carolina Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
Cash & Cash Equivalents includes any
cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and
liabilities.
Percentages are based on net
assets as of March 31, 2022.
The portfolio
is actively managed and current holdings may be different.
4
Portfolio Composition -
continued
MFS Pennsylvania Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
| (o) | Less than 0.1%. |
Cash & Cash
Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and
other assets and liabilities.
Percentages
are based on net assets as of March 31, 2022.
The portfolio is actively managed and current
holdings may be different.
5
Portfolio Composition -
continued
MFS South Carolina Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
| (o) | Less than 0.1%. |
Cash & Cash
Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and
other assets and liabilities.
Percentages
are based on net assets as of March 31, 2022.
The portfolio is actively managed and current
holdings may be different.
6
Portfolio Composition -
continued
MFS Virginia Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
Cash & Cash Equivalents includes any
cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and
liabilities.
Percentages are based on net
assets as of March 31, 2022.
The portfolio
is actively managed and current holdings may be different.
7
Portfolio Composition -
continued
MFS West Virginia Municipal Bond Fund
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
Cash & Cash Equivalents includes any
cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and
liabilities.
Percentages are based on net
assets as of March 31, 2022.
The portfolio
is actively managed and current holdings may be different.
8
Management
Review
Summary of Results
For the twelve months ended March 31, 2022, Class A shares,
at net asset value, of the municipal bond funds of Mississippi, New York, North Carolina, Pennsylvania, South Carolina, Virginia and West Virginia outperformed the Bloomberg Municipal Bond Index. The performance of the individual funds and the
benchmark are set forth in the Performance Summary.
Market Environment
Near the end of the period, just as the Omicron wave of the
pandemic appeared to be receding in much of the world, markets experienced a geopolitical shock as Russia launched a full-scale invasion of neighboring Ukraine. Given Europe's heavy reliance on imported oil and gas from Russia, European markets were
among the hardest hit. Energy prices spiked in the wake of the invasion, adding to already multi-decade high levels of inflation, and non-energy commodities rose sharply as well. Both the equity and fixed income markets experienced significant
upticks in volatility, though markets recovered their footing as the period came to an end.
The ripple effects from the Russian invasion further
complicated the mission central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers will find themselves in the difficult position of trying to
restrain inflation without tipping economies into recession. However, despite the challenging macroeconomic environment, policymakers remain focused on corralling inflation, though investors expect varying degrees of action from the central banks
with the US Federal Reserve (the “Fed”) expected to be the most hawkish developed market central bank and the European Central Bank less so, given the direct economic ripple effects on Europe stemming from the invasion.
Against an environment of rising labor and raw materials
prices, higher interest rates and waning fiscal and monetary stimulus, investor anxiety increased over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that some supply chain bottlenecks may be
easing, low levels of unemployment across developed markets and loosening of coronavirus restrictions outside of China are supportive factors for the macroeconomic backdrop.
The credit health of municipal issuers continued to
demonstrate strength, underpinned by above-trend growth in the US economy over the reporting period. Income, sales, and property tax grew during the year, and disbursements from federal fiscal stimulus packages bolstered liquidity. The supply/demand
backdrop worked against municipal assets, however, during the final three months of the reporting period. Accelerating rates of inflation and the Fed’s hawkish stance increased interest rate volatility and pushed the US Treasury and tax-exempt
curves higher while dragging municipal returns lower. Negative returns and fear of higher rates spurred investor outflows. Municipal funds and exchange traded funds reported net redemptions for 12 consecutive weeks at the end of the reporting
period. The repricing of municipal assets improved the Municipal/US Treasury ratio, an indicator of the value of municipals relative to Treasuries. At period end, the ratio reflected a more attractive proposition for municipals with 5-, 10-, and
30-year ratios moving from 48%, 70%, and 81% to 83%, 96%, and 106%, respectively. The valuation picture remained mixed, however, because yields of higher-yielding issuers continued to offer little premium over yields of investment-grade issuers. A
positive for long-term investors in municipal bonds, AAA tax-exempt yields ended the first quarter at their highest absolute levels since April 2019, excluding a brief period at the beginning of the pandemic in March 2020.
Factors Affecting Performance
Across all funds, security selection within the health care
and education sectors contributed to performance relative to the Bloomberg Municipal Bond Index. Additionally, bond selection within leasing sector across all funds, with the exception of the municipal bond fund of Pennsylvania also supported
relative returns.
From a quality perspective, bond
selection within both “AA” and “A” rated(r) bonds supported relative returns. Additionally, an out-of-benchmark exposure to non-rated securities also benefited relative results.
Yield curve(y) positioning was another area of relative
strength for all funds.
Conversely, a longer
duration(d) stance weakened relative returns across all funds, with the exception of the municipal bond fund of West Virginia, as interest rates generally rose over the reporting period.
Respectfully,
Portfolio Manager(s)
Michael Dawson
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value. |
| (r) | Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the |
9
Management Review -
continued
lower of the two is assigned. If none of the 3 rating
agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency
(KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.
| (y) | A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates. |
The views expressed in this report are those of the portfolio
manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other
conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not
recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
10
Performance
Summary THROUGH 3/31/22
The following charts
illustrate a representative class of each fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value,
including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Each fund's results have been compared to the Bloomberg Municipal Bond
Index, a market capitalization-weighted index that measures the performance of the tax-exempt bond market. However, while this index is considered the benchmark for the performance of municipal bond funds, it is comprised of municipal bonds issued
within the 50 states and the District of Columbia as well as U.S. territories and possessions such as Guam, Puerto Rico, and the Virgin Islands, while each of the funds invests a large percentage of its assets in municipal issuers of the state that
is in the fund’s name. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no
guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect
the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
MFS Mississippi Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 8/06/92 | (3.95)% | 2.06% | 2.39% | N/A |
| B | 9/07/93 | (4.56)% | 1.43% | 1.72% | N/A |
| I | 4/01/16 | (3.96)% | 2.16% | N/A | 1.72% |
| R6 | 8/01/17 | (3.90)% | N/A | N/A | 1.82% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(8.03)% | 1.18% | 1.95% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.33)% | 1.06% | 1.72% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
11
Performance Summary -
continued
MFS New York Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 6/06/88 | (4.30)% | 2.30% | 2.69% | N/A |
| B | 9/07/93 | (5.02)% | 1.55% | 1.93% | N/A |
| C | 12/11/00 | (5.02)% | 1.53% | 1.92% | N/A |
| I | 4/01/16 | (4.08)% | 2.54% | N/A | 2.19% |
| R6 | 8/01/17 | (4.02)% | N/A | N/A | 2.14% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(8.37)% | 1.41% | 2.24% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.77)% | 1.18% | 1.93% | N/A |
| C
With CDSC (1% for 12 months) (v) |
(5.96)% | 1.53% | 1.92% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
12
Performance Summary -
continued
MFS North Carolina Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 10/31/84 | (3.91)% | 2.06% | 2.34% | N/A |
| B | 9/07/93 | (4.63)% | 1.30% | 1.57% | N/A |
| C | 1/03/94 | (4.63)% | 1.29% | 1.57% | N/A |
| I | 4/01/16 | (3.67)% | 2.31% | N/A | 1.96% |
| R6 | 8/01/17 | (3.60)% | N/A | N/A | 2.02% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(8.00)% | 1.17% | 1.89% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.41)% | 0.92% | 1.57% | N/A |
| C
With CDSC (1% for 12 months) (v) |
(5.58)% | 1.29% | 1.57% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
13
Performance Summary -
continued
MFS Pennsylvania Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 2/01/93 | (3.29)% | 2.73% | 2.99% | N/A |
| B | 9/07/93 | (4.00)% | 1.97% | 2.21% | N/A |
| I | 4/01/16 | (3.16)% | 2.81% | N/A | 2.46% |
| R6 | 8/01/17 | (3.09)% | N/A | N/A | 2.54% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(7.40)% | 1.84% | 2.55% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(7.79)% | 1.60% | 2.21% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
14
Performance Summary -
continued
MFS South Carolina Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 10/31/84 | (4.15)% | 2.00% | 2.20% | N/A |
| B | 9/07/93 | (4.95)% | 1.24% | 1.44% | N/A |
| I | 4/01/16 | (4.02)% | 2.23% | N/A | 1.82% |
| R6 | 8/01/17 | (3.96)% | N/A | N/A | 1.90% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(8.23)% | 1.12% | 1.76% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.72)% | 0.87% | 1.44% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
15
Performance Summary -
continued
MFS Virginia Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 10/31/84 | (3.72)% | 2.19% | 2.45% | N/A |
| B | 9/07/93 | (4.45)% | 1.41% | 1.68% | N/A |
| C | 1/03/94 | (4.44)% | 1.43% | 1.68% | N/A |
| I | 4/01/16 | (3.53)% | 2.43% | N/A | 2.06% |
| R6 | 8/01/17 | (3.35)% | N/A | N/A | 2.19% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(7.82)% | 1.31% | 2.00% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.22)% | 1.04% | 1.68% | N/A |
| C
With CDSC (1% for 12 months) (v) |
(5.39)% | 1.43% | 1.68% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
16
Performance Summary -
continued
MFS West Virginia Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns
through 3/31/22
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 10/31/84 | (2.90)% | 2.14% | 2.26% | N/A |
| B | 9/07/93 | (3.63)% | 1.38% | 1.49% | N/A |
| I | 4/01/16 | (2.63)% | 2.37% | N/A | 2.04% |
| R6 | 8/01/17 | (2.56)% | N/A | N/A | 2.14% |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(7.03)% | 1.26% | 1.82% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(7.43)% | 1.01% | 1.49% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
Benchmark Definition(s)
Bloomberg Municipal Bond Index(a) – a market capitalization-weighted index that measures the performance of the tax-exempt bond market.
It is not possible to invest directly in an index.
| (a) | Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. |
Notes to Performance Summary
Average annual total return represents the average annual
change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated
period end date. As the fund's share classes may have different inception dates, the life returns may represent different time periods and may not be comparable. As a result, no comparative benchmark performance information is provided for life
periods.
17
Performance Summary -
continued
Performance results reflect any applicable expense
subsidies and waivers in effect during the periods shown. Without such subsidies and waivers each fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
Performance results do not include adjustments made for
financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
A portion of the fund’s monthly distributions may be
subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
From time to time the funds may receive proceeds from
litigation settlements, without which performance would be lower.
18
Expense
Tables
Fund expenses borne by the shareholders during the period,
October 1, 2021 through March 31, 2022
As a
shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and
other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000
invested at the beginning of the period and held for the entire period October 1, 2021 through March 31, 2022.
Actual Expenses
The first line for each share class in the following tables
provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000
(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during
this period.
Hypothetical Example for Comparison
Purposes
The second line for each share class in the
following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual
return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other
funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant
to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine
the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
MFS MISSISSIPPI MUNICIPAL BOND FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.82% | $1,000.00 | $948.38 | $3.98 |
| Hypothetical (h) | 0.82% | $1,000.00 | $1,020.84 | $4.13 | |
| B | Actual | 1.47% | $1,000.00 | $945.42 | $7.13 |
| Hypothetical (h) | 1.47% | $1,000.00 | $1,017.60 | $7.39 | |
| I | Actual | 0.72% | $1,000.00 | $948.73 | $3.50 |
| Hypothetical (h) | 0.72% | $1,000.00 | $1,021.34 | $3.63 | |
| R6 | Actual | 0.65% | $1,000.00 | $949.01 | $3.16 |
| Hypothetical (h) | 0.65% | $1,000.00 | $1,021.69 | $3.28 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
19
Expense Tables -
continued
MFS NEW YORK MUNICIPAL BOND FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.83% | $1,000.00 | $938.73 | $4.01 |
| Hypothetical (h) | 0.83% | $1,000.00 | $1,020.79 | $4.18 | |
| B | Actual | 1.58% | $1,000.00 | $935.92 | $7.63 |
| Hypothetical (h) | 1.58% | $1,000.00 | $1,017.05 | $7.95 | |
| C | Actual | 1.58% | $1,000.00 | $935.16 | $7.62 |
| Hypothetical (h) | 1.58% | $1,000.00 | $1,017.05 | $7.95 | |
| I | Actual | 0.58% | $1,000.00 | $939.55 | $2.80 |
| Hypothetical (h) | 0.58% | $1,000.00 | $1,022.04 | $2.92 | |
| R6 | Actual | 0.51% | $1,000.00 | $939.89 | $2.47 |
| Hypothetical (h) | 0.51% | $1,000.00 | $1,022.39 | $2.57 |
MFS NORTH CAROLINA MUNICIPAL BOND
FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.83% | $1,000.00 | $947.71 | $4.03 |
| Hypothetical (h) | 0.83% | $1,000.00 | $1,020.79 | $4.18 | |
| B | Actual | 1.58% | $1,000.00 | $944.12 | $7.66 |
| Hypothetical (h) | 1.58% | $1,000.00 | $1,017.05 | $7.95 | |
| C | Actual | 1.58% | $1,000.00 | $944.95 | $7.66 |
| Hypothetical (h) | 1.58% | $1,000.00 | $1,017.05 | $7.95 | |
| I | Actual | 0.58% | $1,000.00 | $948.93 | $2.82 |
| Hypothetical (h) | 0.58% | $1,000.00 | $1,022.04 | $2.92 | |
| R6 | Actual | 0.51% | $1,000.00 | $949.26 | $2.48 |
| Hypothetical (h) | 0.51% | $1,000.00 | $1,022.39 | $2.57 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
20
Expense Tables -
continued
MFS PENNSYLVANIA MUNICIPAL BOND FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.69% | $1,000.00 | $949.34 | $3.35 |
| Hypothetical (h) | 0.69% | $1,000.00 | $1,021.49 | $3.48 | |
| B | Actual | 1.44% | $1,000.00 | $945.02 | $6.98 |
| Hypothetical (h) | 1.44% | $1,000.00 | $1,017.75 | $7.24 | |
| I | Actual | 0.59% | $1,000.00 | $949.73 | $2.87 |
| Hypothetical (h) | 0.59% | $1,000.00 | $1,021.99 | $2.97 | |
| R6 | Actual | 0.52% | $1,000.00 | $950.14 | $2.53 |
| Hypothetical (h) | 0.52% | $1,000.00 | $1,022.34 | $2.62 |
MFS SOUTH CAROLINA MUNICIPAL BOND
FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.84% | $1,000.00 | $946.41 | $4.08 |
| Hypothetical (h) | 0.84% | $1,000.00 | $1,020.74 | $4.23 | |
| B | Actual | 1.59% | $1,000.00 | $942.06 | $7.70 |
| Hypothetical (h) | 1.59% | $1,000.00 | $1,017.00 | $8.00 | |
| I | Actual | 0.60% | $1,000.00 | $946.38 | $2.91 |
| Hypothetical (h) | 0.60% | $1,000.00 | $1,021.94 | $3.02 | |
| R6 | Actual | 0.53% | $1,000.00 | $946.67 | $2.57 |
| Hypothetical (h) | 0.53% | $1,000.00 | $1,022.29 | $2.67 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
21
Expense Tables -
continued
MFS VIRGINIA MUNICIPAL BOND FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.81% | $1,000.00 | $950.14 | $3.94 |
| Hypothetical (h) | 0.81% | $1,000.00 | $1,020.89 | $4.08 | |
| B | Actual | 1.56% | $1,000.00 | $946.53 | $7.57 |
| Hypothetical (h) | 1.56% | $1,000.00 | $1,017.15 | $7.85 | |
| C | Actual | 1.56% | $1,000.00 | $946.59 | $7.57 |
| Hypothetical (h) | 1.56% | $1,000.00 | $1,017.15 | $7.85 | |
| I | Actual | 0.56% | $1,000.00 | $951.42 | $2.72 |
| Hypothetical (h) | 0.56% | $1,000.00 | $1,022.14 | $2.82 | |
| R6 | Actual | 0.48% | $1,000.00 | $951.87 | $2.34 |
| Hypothetical (h) | 0.48% | $1,000.00 | $1,022.54 | $2.42 |
MFS WEST VIRGINIA MUNICIPAL BOND
FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.87% | $1,000.00 | $956.90 | $4.24 |
| Hypothetical (h) | 0.87% | $1,000.00 | $1,020.59 | $4.38 | |
| B | Actual | 1.62% | $1,000.00 | $952.43 | $7.89 |
| Hypothetical (h) | 1.62% | $1,000.00 | $1,016.85 | $8.15 | |
| I | Actual | 0.62% | $1,000.00 | $957.03 | $3.03 |
| Hypothetical (h) | 0.62% | $1,000.00 | $1,021.84 | $3.13 | |
| R6 | Actual | 0.54% | $1,000.00 | $958.34 | $2.64 |
| Hypothetical (h) | 0.54% | $1,000.00 | $1,022.24 | $2.72 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
22
Portfolio of
Investments
3/31/22
The Portfolio of Investments is a complete list of all
securities owned by your fund. It is categorized by broad-based asset classes.
MFS Mississippi Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 96.0% | ||||
| Airport Revenue – 1.1% | ||||
| Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | $ | 115,000 | $ 117,055 | |
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2024 | 80,000 | 84,457 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2025 | 110,000 | 118,307 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2026 | 165,000 | 180,835 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2027 | 205,000 | 228,395 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 45,000 | 48,083 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 230,000 | 246,371 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 35,000 | 37,044 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 60,000 | 63,347 | ||
| $ 1,123,894 | ||||
| General Obligations - General Purpose – 21.5% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 220,000 | $ 216,405 | |
| Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 45,000 | 48,157 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033 | 65,000 | 69,633 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 50,000 | 56,076 | ||
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040 | 20,000 | 21,383 | ||
| Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 135,000 | 144,167 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 19,525 | 17,816 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 48,848 | 28,210 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 42,393 | 43,422 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 42,274 | 44,601 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 41,891 | 45,740 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 41,212 | 45,959 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 40,029 | 45,593 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 37,958 | 37,055 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 34,119 | 32,925 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 29,283 | 28,117 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 39,814 | 37,809 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 128,406 | 120,790 | ||
| Jackson, MS, General Obligation Refunding, 5%, 3/01/2027 | 700,000 | 792,155 | ||
| Mississippi Development Bank Special Obligation (Biloxi General Obligation), 4%, 3/01/2037 | 500,000 | 535,438 | ||
| Mississippi Development Bank Special Obligation (City of Jackson, Mississippi General Obligation Capital City Convention Center Refunding Project), 5%, 3/01/2025 | 1,000,000 | 1,073,398 | ||
| Mississippi Development Bank Special Obligation (Gulfport Public Improvement General Obligation), 4%, 9/01/2039 | 520,000 | 554,620 | ||
| Mississippi Development Bank Special Obligation (Gulfport Public Improvement General Obligation), 4%, 9/01/2041 | 500,000 | 532,064 | ||
| Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034 | 1,000,000 | 1,216,299 | ||
| Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2044 | 115,000 | 121,836 | ||
| Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2045 | 500,000 | 532,601 | ||
| Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 5.25%, 2/01/2049 | 750,000 | 859,675 | ||
| Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032 | 500,000 | 566,400 | ||
| Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042 | 500,000 | 533,640 | ||
| Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2028 | 300,000 | 346,008 | ||
| Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2029 | 200,000 | 229,517 | ||
| Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2031 | 200,000 | 228,525 | ||
| Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2031 | 1,000,000 | 1,130,261 | ||
| Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2032 | 1,000,000 | 1,130,556 | ||
| Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM, 5%, 7/01/2048 | 1,000,000 | 1,137,761 | ||
| Mississippi Development Bank Special Obligation (Warren County Public Improvement General Obligation), “B”, 5%, 9/01/2031 | 375,000 | 453,530 | ||
| Mississippi General Obligation, “B”, 3%, 10/01/2035 | 875,000 | 881,468 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 150,000 | 169,550 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 130,000 | 146,910 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 190,000 | 216,077
| ||
23
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - General Purpose – continued | ||||
| State of Mississippi, “A”, 5%, 10/01/2033 (Prerefunded 10/01/2027) | $ | 1,000,000 | $ 1,152,331 | |
| State of Mississippi, “A”, 5%, 11/01/2036 (Prerefunded 11/01/2026) | 1,000,000 | 1,130,440 | ||
| State of Mississippi, “B”, 5%, 12/01/2033 (Prerefunded 12/01/2026) | 1,000,000 | 1,132,499 | ||
| State of Mississippi, “B”, 4%, 10/01/2036 | 1,000,000 | 1,087,373 | ||
| State of Mississippi, “B”, 4%, 10/01/2038 | 1,000,000 | 1,085,263 | ||
| State of Mississippi, “D”, 4%, 12/01/2030 | 1,000,000 | 1,090,548 | ||
| $ 21,150,601 | ||||
| General Obligations - Schools – 13.1% | ||||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | $ | 20,000 | $ 22,366 | |
| Lamar County, MS, School District, 5%, 9/01/2031 (Prerefunded 9/01/2023) | 1,095,000 | 1,144,295 | ||
| Mississippi Development Bank Special Obligation (Canton Public School District), AGM, 5%, 12/01/2031 | 1,000,000 | 1,104,891 | ||
| Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2036 | 500,000 | 537,996 | ||
| Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2037 | 500,000 | 535,834 | ||
| Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2031 (Prerefunded 4/01/2024) | 500,000 | 530,018 | ||
| Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2032 (Prerefunded 4/01/2024) | 500,000 | 530,018 | ||
| Mississippi Development Bank Special Obligation (Hinds County School District), 5%, 3/01/2043 | 450,000 | 507,379 | ||
| Mississippi Development Bank Special Obligation (Jackson Public School District General Obligation), BAM, 4%, 10/01/2035 | 250,000 | 269,086 | ||
| Mississippi Development Bank Special Obligation (Jackson Public School District Limited Tax Refunding Note Project), “B”, 5%, 10/01/2023 | 530,000 | 545,435 | ||
| Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037 | 1,000,000 | 1,158,542 | ||
| Mississippi Development Bank Special Obligation (Lafayette County School District General Obligation Bond Project), BAM, 5%, 4/01/2030 | 100,000 | 117,324 | ||
| Mississippi Development Bank Special Obligation (Mississippi Gulf Coast Community College District Facilities Construction and Refinancing Project), 5%, 12/01/2026 | 515,000 | 578,357 | ||
| Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043 | 750,000 | 790,949 | ||
| Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048 | 1,500,000 | 1,717,655 | ||
| Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2025 | 470,000 | 505,611 | ||
| Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2026 | 145,000 | 159,215 | ||
| Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2030 | 1,245,000 | 1,447,261 | ||
| San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, 0%, 7/01/2035 | 1,020,000 | 678,160 | ||
| $ 12,880,392 | ||||
| Healthcare Revenue - Hospitals – 7.5% | ||||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | $ | 5,000 | $ 5,568 | |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 50,000 | 52,164 | ||
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027 | 500,000 | 543,004 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 465,000 | 531,241 | ||
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 4%, 7/01/2041 | 535,000 | 568,932 | ||
| Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Forrest County General Hospital Refunding Project), “A”, 5%, 1/01/2028 | 575,000 | 650,348 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2022 | 1,000,000 | 1,014,306 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2044 (Put Date 9/01/2025) | 500,000 | 542,038 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040 | 1,000,000 | 1,061,006 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2037 | 1,500,000 | 1,730,202 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 655,000 | 687,429 | ||
| $ 7,386,238 | ||||
| Industrial Revenue - Other – 0.5% | ||||
| Jackson County, MS, Development Bank Special Obligation (Gomesa Project), 3.625%, 11/01/2036 (n) | $ | 500,000 | $ 454,591 | |
| Industrial Revenue - Paper – 1.0% | ||||
| Warren County, MS, Environmental Improvement Rev. (International Paper Co. Project), “B”, 1.6%, 8/01/2027 (Put Date 6/16/2025) | $ | 1,000,000 | $ 968,595 | |
| Miscellaneous Revenue - Other – 1.8% | ||||
| Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2029 | $ | 280,000 | $ 328,907 | |
| Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2030 | 720,000 | 858,364 | ||
| Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2031 | 505,000 | 600,153 | ||
| $
1,787,424 | ||||
24
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Sales & Excise Tax Revenue – 6.3% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | $ | 5,000 | $ 5,579 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 5,638 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 5,000 | 5,702 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 | 30,000 | 30,280 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 40,000 | 40,110 | ||
| Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 270,000 | 291,007 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 40,000 | 43,529 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 80,000 | 88,585 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 80,000 | 89,937 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 15,000 | 17,080 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 35,000 | 40,353 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 35,000 | 39,692 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 45,000 | 51,369 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 35,000 | 36,506 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 30,000 | 31,245 | ||
| Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | 750,000 | 898,931 | ||
| Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2030 | 1,650,000 | 1,952,418 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 20,000 | 20,948 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 929,000 | 987,712 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 203,000 | 209,998 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 71,000 | 73,498 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 1,037 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 33,000 | 34,694 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 1,000 | 937 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 38,000 | 32,518 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 7,000 | 5,580 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 346,000 | 256,102 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 330,000 | 225,153 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 1,891,000 | 577,881 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 115,000 | 111,702 | ||
| $ 6,205,721 | ||||
| Single Family Housing - State – 5.2% | ||||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, GNMA, 4%, 11/15/2047 | $ | 270,000 | $ 277,146 | |
| Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 4%, 7/01/2047 | 285,000 | 292,411 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 265,000 | 275,885 | ||
| Mississippi Home Corp., Single Family Mortgage Rev., “A”, 3%, 6/01/2050 | 500,000 | 502,139 | ||
| Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 3%, 12/01/2050 | 1,450,000 | 1,457,439 | ||
| Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 2.875%, 12/01/2043 | 1,000,000 | 912,246 | ||
| Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051 | 1,000,000 | 1,004,895 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050 | 355,000 | 369,224 | ||
| $ 5,091,385 | ||||
| State & Local Agencies – 5.6% | ||||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | $ | 25,000 | $ 28,035 | |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 25,000 | 27,968 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 10,000 | 11,171 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 115,000 | 133,306 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 225,000 | 253,142 | ||
| Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2026 (Prerefunded 1/01/2023) | 1,105,000 | 1,133,975 | ||
| Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2029 (Prerefunded 1/01/2023) | 500,000 | 513,111 | ||
| Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2030 (Prerefunded 1/01/2023) | 500,000 | 513,111 | ||
| Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036 | 500,000 | 501,662
| ||
25
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| State & Local Agencies – continued | ||||
| Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049 | $ | 1,500,000 | $ 1,707,049 | |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 100,000 | 109,947 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 210,000 | 233,792 | ||
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 280,000 | 295,479 | ||
| $ 5,461,748 | ||||
| Student Loan Revenue – 0.2% | ||||
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 45,000 | $ 43,765 | |
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 110,000 | 98,829 | ||
| $ 142,594 | ||||
| Tax - Other – 3.6% | ||||
| Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 455,000 | $ 495,513 | |
| State of Mississippi, Gaming Tax Rev., “A”, 4%, 10/15/2038 | 1,000,000 | 1,066,013 | ||
| State of Mississippi, Gaming Tax Rev., “E”, 5%, 10/15/2030 | 1,305,000 | 1,432,258 | ||
| Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax, ”C-3“, 3%, 5/15/2051 | 545,000 | 497,952 | ||
| $ 3,491,736 | ||||
| Tobacco – 0.3% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 70,000 | $ 78,731 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 1,285,000 | 191,134 | ||
| $ 269,865 | ||||
| Toll Roads – 0.7% | ||||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $ | 110,000 | $ 117,685 | |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 85,000 | 90,608 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 160,000 | 161,591 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 310,000 | 312,617 | ||
| $ 682,501 | ||||
| Transportation - Special Tax – 1.7% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | $ | 10,000 | $ 10,226 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 555,000 | 573,543 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 255,000 | 258,522 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w) | 30,000 | 31,020 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w) | 65,000 | 67,085 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w) | 55,000 | 56,278 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w) | 30,000 | 33,983 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w) | 25,000 | 28,532 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w) | 40,000 | 46,039 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w) | 30,000 | 34,746 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w) | 40,000 | 46,171 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w) | 35,000 | 40,197 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w) | 35,000 | 40,062 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w) | 35,000 | 39,978 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w) | 20,000 | 22,797 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 60,000 | 66,257 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050 | 40,000 | 43,987 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 165,000 | 182,797 | ||
| $ 1,622,220 | ||||
| Universities - Colleges – 10.9% | ||||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | $ | 370,000 | $ 371,887 | |
| Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 1/01/2028 | 920,000 | 1,073,876 | ||
| Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), “A”, 4%, 8/01/2043 | 600,000 | 633,739
| ||
26
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Universities - Colleges – continued | ||||
| Mississippi State University, Educational Building Corp. Rev. (Campus Improvement Project), 5%, 11/01/2031 | $ | 500,000 | $ 547,005 | |
| Mississippi State University, Educational Building Corp. Rev. (Mississippi State University Refunding and Improvements Project), 5.25%, 8/01/2038 (Prerefunded 8/01/2023) | 1,000,000 | 1,046,608 | ||
| University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 4%, 6/01/2047 | 1,000,000 | 1,061,193 | ||
| University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 5%, 6/01/2047 | 1,250,000 | 1,387,149 | ||
| University of Mississippi Medical Center, Educational Building Corp. Rev., “B”, AAC, 5.5%, 12/01/2023 | 320,000 | 333,187 | ||
| University of Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 10/01/2028 | 115,000 | 133,625 | ||
| University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), 5%, 9/01/2034 | 1,480,000 | 1,641,769 | ||
| University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 3/01/2028 | 745,000 | 802,295 | ||
| University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 9/01/2035 | 1,515,000 | 1,677,247 | ||
| $ 10,709,580 | ||||
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 120,000 | $ 123,000 | |
| Utilities - Investor Owned – 0.4% | ||||
| Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044 | $ | 500,000 | $ 387,002 | |
| Utilities - Municipal Owned – 3.0% | ||||
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033 | $ | 315,000 | $ 334,476 | |
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | 75,000 | 79,455 | ||
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 85,000 | 89,788 | ||
| Mississippi Development Bank Special Obligation (Municipal Energy Agency Power Supply Project), AGM, 5%, 3/01/2035 | 500,000 | 549,548 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 240,000 | 229,200 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 35,000 | 33,425 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,600 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 90,000 | 86,400 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 90,000 | 85,950 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 150,000 | 143,250 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 15,000 | 15,160 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 80,000 | 80,855 | ||
| Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 10,000 | 10,119 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 5,000 | 4,775 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 120,000 | 114,600 | ||
| Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2024 | 500,000 | 524,356 | ||
| Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | 60,000 | 60,643 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 105,000 | 107,218 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 10,000 | 10,291 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,613 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 14,400 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 60,000 | 57,300 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 65,000 | 62,400 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 60,000 | 57,600 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 50,000 | 48,750 | ||
| $ 2,943,522 | ||||
| Utilities - Other – 0.1% | ||||
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | $ | 95,000 | $ 96,443 | |
| Water & Sewer Utility Revenue – 11.4% | ||||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 30,000 | $ 32,571 | |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 145,000 | 156,447 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 30,000 | 31,563 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 30,000 | 31,446
| ||
27
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Water & Sewer Utility Revenue – continued | ||||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | $ | 120,000 | $ 134,403 | |
| Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040 | 2,000,000 | 2,174,171 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 25,000 | 26,505 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 30,000 | 31,651 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 15,000 | 15,869 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 35,000 | 37,013 | ||
| Mississippi Development Bank Special Obligation (Diamondhead Water & Sewer District), 4%, 7/01/2033 | 200,000 | 219,194 | ||
| Mississippi Development Bank Special Obligation (Diamondhead Water & Sewer District), 4%, 7/01/2035 | 405,000 | 442,374 | ||
| Mississippi Development Bank Special Obligation (Diamondhead Water & Sewer District), 4%, 7/01/2037 | 545,000 | 593,662 | ||
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 750,000 | 802,116 | ||
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), “A”, AGM, 5%, 9/01/2023 | 1,220,000 | 1,222,769 | ||
| Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045 | 1,305,000 | 1,384,300 | ||
| Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050 | 1,500,000 | 1,582,659 | ||
| West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2043 (Prerefunded 1/01/2028) | 1,000,000 | 1,152,397 | ||
| West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028) | 1,000,000 | 1,152,397 | ||
| $ 11,223,507 | ||||
| Total Municipal Bonds (Identified Cost, $94,115,873) | $ 94,202,559 | |||
| Trust Units – 0.5% | ||||
| Tax - Other – 0.5% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 (Identified Cost, $512,304) | 510,000 | $ 507,181 | ||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 161,000 | $ 140,058 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 259,900 | 76,962 | ||
| Total Bonds (Identified Cost, $237,071) | $ 217,020 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $108,148) | $ 189,529 | $101,872 | ||
| Investment Companies (h) – 2.6% | ||||
| Money Market Funds – 2.6% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $2,539,919) | 2,539,919 | $ 2,539,919 | ||
| Other Assets, Less Liabilities – 0.6% | 601,222 | |||
| Net Assets – 100.0% | $ 98,169,773 | |||
See Portfolio Footnotes and Notes to Financial Statements
28
Portfolio of
Investments – continued
MFS New York Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 97.4% | ||||
| Airport Revenue – 2.8% | ||||
| Albany County, NY, Airport Authority Rev., “A”, 5%, 12/15/2043 | $ | 1,500,000 | $ 1,675,564 | |
| Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 245,000 | 249,377 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2040 | 1,500,000 | 1,523,363 | ||
| Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2028 | 650,000 | 680,302 | ||
| Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2029 | 500,000 | 523,309 | ||
| Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2035 | 1,000,000 | 1,111,751 | ||
| Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2038 | 1,000,000 | 1,106,447 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 90,000 | 96,165 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 15,000 | 16,068 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 80,000 | 84,673 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 130,000 | 137,251 | ||
| $ 7,204,270 | ||||
| General Obligations - General Purpose – 8.7% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 615,000 | $ 604,950 | |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 55,910 | 51,018 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 139,873 | 80,777 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 121,390 | 124,336 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 121,050 | 127,713 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 119,953 | 130,976 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 118,007 | 131,601 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 114,620 | 130,552 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 108,689 | 106,104 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 97,697 | 94,277 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 83,850 | 80,510 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 114,004 | 108,262 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 354,563 | 333,533 | ||
| Nassau County, NY, General Improvement, “B”, AGM, 5%, 7/01/2035 | 2,175,000 | 2,501,403 | ||
| Nassau County, NY, General Improvement, “B”, AGM, 5%, 7/01/2037 | 3,000,000 | 3,451,098 | ||
| New York, NY, “B-1”, 5%, 12/01/2041 | 3,000,000 | 3,307,509 | ||
| New York, NY, “D-1”, 5%, 12/01/2038 | 2,000,000 | 2,271,549 | ||
| New York, NY, “J”, FGIC, 5.5%, 2/15/2026 | 5,000 | 5,017 | ||
| New York, NY, General Obligation, “F-1”, 5%, 4/01/2043 | 3,000,000 | 3,348,830 | ||
| Oyster Bay, NY, Public Improvement Rev., AGM, 4%, 3/01/2026 | 350,000 | 372,118 | ||
| Oyster Bay, NY, Public Improvement Rev., AGM, 4%, 3/01/2028 | 850,000 | 920,781 | ||
| Poughkeepsie, NY, Dutchess County Public Improvement, 5%, 6/01/2031 | 635,000 | 686,244 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 215,000 | 243,021 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 200,000 | 227,491 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 335,000 | 378,577 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 490,000 | 557,250 | ||
| Suffolk County, NY, Refunding Serial Bonds, “A”, 5%, 6/15/2034 | 575,000 | 684,260 | ||
| Yonkers, NY, General Obligation, “A”, AGM, 5%, 2/15/2033 | 300,000 | 357,047 | ||
| Yonkers, NY, General Obligation, “A”, AGM, 5%, 2/15/2034 | 300,000 | 356,285 | ||
| Yonkers, NY, School District, “B”, AGM, 5%, 2/15/2033 | 360,000 | 428,456 | ||
| Yonkers, NY, School District, “B”, AGM, 5%, 2/15/2034 | 380,000 | 451,294 | ||
| $ 22,652,839 | ||||
| General Obligations - Schools – 1.5% | ||||
| Cayuga, NY, Moravia Central School District, Onondaga & Tompkins Counties Anticipation Notes, 1.25%, 6/30/2022 | $ | 4,000,000 | $ 4,002,398 | |
| Healthcare Revenue - Hospitals – 7.0% | ||||
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2026 | $ | 450,000 | $ 470,141 | |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2027 | 300,000 | 312,888 | ||
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2029 | 590,000 | 612,989 | ||
| Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), 4%, 7/01/2041 | 1,500,000 | 1,550,437 | ||
| Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), “A”, 5%, 7/01/2044 (Prerefunded 7/01/2024) | 1,000,000 | 1,065,880
| ||
29
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Hospitals – continued | ||||
| Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), “A”, 5%, 11/01/2037 | $ | 2,000,000 | $ 2,171,620 | |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 1,250,000 | 1,428,068 | ||
| Monroe County, NY, Industrial Development Corp. Rev. (Rochester General Hospital Project), 5%, 12/01/2046 | 2,000,000 | 2,173,284 | ||
| Nassau County, NY, Local Economic Assistance Corp. Rev. (Catholic Health Services of Long Island Obligated Group Project), 5%, 7/01/2032 | 1,000,000 | 1,056,838 | ||
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 170,000 | 182,600 | ||
| New York Dormitory Authority Rev. (Maimonides Medical Center), FHA, 4%, 8/01/2043 | 1,000,000 | 1,072,591 | ||
| New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2045 | 1,500,000 | 1,471,685 | ||
| New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 800,000 | 891,624 | ||
| Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 4%, 12/01/2037 | 1,000,000 | 1,077,046 | ||
| Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 4%, 12/01/2038 | 1,000,000 | 1,075,481 | ||
| Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 | 1,290,000 | 1,351,139 | ||
| Westchester County, NY, Health Care Corp. Rev., “B”, “C-2”, 6%, 11/01/2030 | 125,000 | 125,366 | ||
| $ 18,089,677 | ||||
| Healthcare Revenue - Long Term Care – 2.0% | ||||
| Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), 5.25%, 11/01/2036 | $ | 1,000,000 | $ 1,109,942 | |
| Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), “A”, 4%, 11/01/2045 | 2,000,000 | 2,101,936 | ||
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Orchard Park CCRC, Inc. Project), 5%, 11/15/2037 | 750,000 | 795,965 | ||
| Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Kendal at Ithaca, Inc. Project), “A”, 5%, 7/01/2044 | 915,000 | 957,387 | ||
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | 255,000 | 243,746 | ||
| $ 5,208,976 | ||||
| Industrial Revenue - Airlines – 3.2% | ||||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | $ | 1,500,000 | $ 1,443,011 | |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031 | 1,000,000 | 1,008,662 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036 | 1,000,000 | 1,131,610 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2034 | 1,000,000 | 1,089,321 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2036 | 2,000,000 | 2,173,188 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | 1,500,000 | 1,535,140 | ||
| $ 8,380,932 | ||||
| Industrial Revenue - Environmental Services – 0.4% | ||||
| New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, 9/01/2050 (Put Date 9/02/2025) (n) | $ | 1,000,000 | $ 999,340 | |
| Industrial Revenue - Other – 0.5% | ||||
| Onondaga County, NY, Industrial Development Agency Sewer Facilities Rev. (Bristol-Meyers Squibb Co. Project), 5.75%, 3/01/2024 | $ | 1,000,000 | $ 1,066,318 | |
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 200,000 | 192,174 | ||
| $ 1,258,492 | ||||
| Industrial Revenue - Paper – 0.3% | ||||
| Build NYC Resource Corp. Solid Waste Disposal Rev. (Pratt Paper, Inc. Project), 4.5%, 1/01/2025 (n) | $ | 785,000 | $ 808,463 | |
| Miscellaneous Revenue - Other – 4.2% | ||||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023) | $ | 205,000 | $ 212,359 | |
| New York City Convention Center Development Corp., Capital Appreciation, “B”, AGM, 0%, 11/15/2043 | 680,000 | 270,911 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 1,940,000 | 2,030,805 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 (n) | 1,500,000 | 1,592,368 | ||
| New York, NY, Industrial Development Agency Pilot Refunding Rev., (Queens Stadium Project), “A”, AGM, 5%, 1/01/2030 | 1,500,000 | 1,736,196
| ||
30
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Miscellaneous Revenue - Other – continued | ||||
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | $ | 3,000,000 | $ 3,018,031 | |
| New York, NY, Trust for Cultural Resources Refunding Rev. (Carnegie Hall), 5%, 12/01/2038 | 250,000 | 291,723 | ||
| New York, NY, Trust for Cultural Resources Refunding Rev. (Carnegie Hall), 5%, 12/01/2039 | 250,000 | 290,934 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | 750,000 | 622,392 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | 1,000,000 | 810,841 | ||
| $ 10,876,560 | ||||
| Multi-Family Housing Revenue – 3.1% | ||||
| New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “B”, 3.7%, 11/01/2038 | $ | 1,450,000 | $ 1,477,985 | |
| New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “I”, 4%, 11/01/2043 | 1,015,000 | 1,042,886 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 106,740 | 106,243 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048 | 750,000 | 750,385 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “A-3-A”, 3.8%, 11/01/2039 | 1,970,000 | 2,008,648 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “C-1-A”, 3.95%, 11/01/2048 | 2,610,000 | 2,628,082 | ||
| $ 8,014,229 | ||||
| Port Revenue – 4.6% | ||||
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $ | 2,000,000 | $ 1,637,501 | |
| Port Authority of NY & NJ (205th Series), 5%, 11/15/2042 | 2,000,000 | 2,270,117 | ||
| Port Authority of NY & NJ (211th Series), 4%, 9/01/2043 | 2,000,000 | 2,118,934 | ||
| Port Authority of NY & NJ (220th Series), 5%, 11/01/2044 | 3,000,000 | 3,354,477 | ||
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2045 | 2,000,000 | 2,050,077 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2032 | 500,000 | 582,965 | ||
| $ 12,014,071 | ||||
| Sales & Excise Tax Revenue – 3.6% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | $ | 20,000 | $ 22,316 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 15,000 | 16,915 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 20,000 | 22,810 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 | 80,000 | 80,745 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 105,000 | 105,288 | ||
| Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 750,000 | 808,352 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 110,000 | 119,704 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 235,000 | 260,219 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 210,000 | 236,085 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 45,000 | 51,239 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 105,000 | 121,059 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 95,000 | 107,735 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 130,000 | 148,400 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 55,000 | 57,366 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 40,000 | 41,660 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 60,000 | 63,576 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 63,000 | 65,988 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 2,186,000 | 2,324,154 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 567,000 | 586,547 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 210,000 | 217,389 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 4,000 | 4,150 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 90,000 | 94,619 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 7,000 | 6,562 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 103,000 | 88,140 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 17,000 | 13,552 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 942,000 | 697,249 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 904,000 | 616,783 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 5,509,000 | 1,683,524 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 440,000 | 427,380
| ||
31
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Sales & Excise Tax Revenue – continued | ||||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | $ | 255,000 | $ 251,614 | |
| $ 9,341,120 | ||||
| Secondary Schools – 2.9% | ||||
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), “A”, 5%, 6/01/2035 | $ | 1,000,000 | $ 1,067,942 | |
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2025 | 220,000 | 229,694 | ||
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2029 | 320,000 | 338,168 | ||
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2036 | 400,000 | 419,011 | ||
| Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043 | 750,000 | 760,477 | ||
| Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2031 (n) | 350,000 | 358,597 | ||
| Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2041 (n) | 610,000 | 607,541 | ||
| Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2051 (n) | 735,000 | 706,772 | ||
| Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2056 (n) | 530,000 | 501,628 | ||
| Build NYC Resource Corp. Rev. (Packer Collegiate Institute Project), 5%, 6/01/2040 | 675,000 | 706,774 | ||
| Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2034 | 450,000 | 482,812 | ||
| Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2035 | 500,000 | 535,905 | ||
| Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2036 | 645,000 | 690,607 | ||
| $ 7,405,928 | ||||
| Single Family Housing - State – 3.1% | ||||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | $ | 705,000 | $ 733,958 | |
| New York Mortgage Agency Homeowner Mortgage Rev., 4%, 10/01/2037 | 1,830,000 | 1,880,529 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., 3.25%, 10/01/2051 | 1,000,000 | 1,014,725 | ||
| New York Mortgage Agency Rev., “212”, AMT, 3.7%, 10/01/2033 | 335,000 | 336,670 | ||
| New York Mortgage Agency Rev., “217”, 3.625%, 4/01/2039 | 355,000 | 363,451 | ||
| New York State Housing Finance Agency Affordable Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027) | 2,000,000 | 1,982,130 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050 | 965,000 | 1,003,665 | ||
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049 | 630,000 | 662,606 | ||
| $ 7,977,734 | ||||
| State & Local Agencies – 6.8% | ||||
| Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | $ | 1,430,000 | $ 1,356,278 | |
| New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026) | 30,000 | 33,374 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 15,000 | 17,083 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 10,000 | 11,357 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 10,000 | 10,488 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 35,000 | 36,602 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 30,000 | 31,277 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 30,000 | 31,180 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 25,000 | 25,686 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 265,000 | 291,358 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 615,000 | 684,676 | ||
| New York Dormitory Authority Rev., State Personal Income Tax, “A”, 3%, 3/15/2042 | 2,500,000 | 2,338,483 | ||
| New York Dormitory Authority Rev., State Personal Income Tax, “A” (Group C), 5%, 2/15/2037 | 1,000,000 | 1,108,782 | ||
| New York State Thruway Authority, Personal Income Tax Rev., “A-1”, 4%, 3/15/2038 | 4,000,000 | 4,281,420 | ||
| New York Urban Development Corp., State Personal Income Tax Rev., “C”, 5%, 3/15/2034 | 2,000,000 | 2,259,727 | ||
| New York, NY, City Transitional Finance Authority Building Aid Rev., “S-1A”, 4%, 7/15/2037 | 1,730,000 | 1,848,671 | ||
| New York, NY, Transitional Finance Authority Building Aid Rev., “S-3”, 5%, 7/15/2043 | 3,000,000 | 3,408,362 | ||
| $ 17,774,804 | ||||
| Tax - Other – 6.7% | ||||
| Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “B”, 0%, 1/01/2045 | $ | 2,000,000 | $ 623,697 | |
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | 190,000 | 207,768 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 100,000 | 109,284 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 300,000 | 324,771
| ||
32
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Tax - Other – continued | ||||
| Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2/15/2042 | $ | 2,000,000 | $ 2,221,159 | |
| New York City Transitional Finance Authority Rev., “C-1”, 4%, 2/01/2038 | 1,870,000 | 1,983,269 | ||
| New York, NY, City Transitional Finance Authority Rev., “A-3”, 4%, 8/01/2043 | 3,000,000 | 3,112,177 | ||
| New York, NY, City Transitional Finance Authority Rev., “B-1”, 5%, 8/01/2038 | 1,175,000 | 1,329,401 | ||
| New York, NY, City Transitional Finance Authority Rev., “B-1”, 4%, 8/01/2042 | 2,000,000 | 2,077,764 | ||
| New York, NY, City Transitional Finance Authority Rev., “E-1”, 5%, 2/01/2035 | 2,300,000 | 2,564,825 | ||
| New York, NY, City Transitional Finance Authority Rev., “E-1”, 5%, 2/01/2043 | 2,500,000 | 2,753,142 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 165,000 | 166,970 | ||
| $ 17,474,227 | ||||
| Tobacco – 2.5% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-3”, 6.25%, 6/01/2037 (Prerefunded 6/01/2022) | $ | 765,000 | $ 771,450 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | 180,000 | 202,453 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 3,650,000 | 542,909 | ||
| New York Counties Tobacco Trust II, 5.625%, 6/01/2035 | 35,000 | 35,676 | ||
| Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B”, 5%, 6/01/2032 (Prerefunded 6/01/2022) | 750,000 | 754,737 | ||
| Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B-1”, 4%, 6/01/2050 | 2,000,000 | 2,026,867 | ||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035 | 1,000,000 | 1,092,017 | ||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2036 | 1,000,000 | 1,091,478 | ||
| $ 6,517,587 | ||||
| Toll Roads – 2.7% | ||||
| Buffalo & Fort Erie, NY, Public Bridge Authority Toll System Rev., 5%, 1/01/2042 | $ | 1,000,000 | $ 1,109,202 | |
| Buffalo & Fort Erie, NY, Public Bridge Authority Toll System Rev., 5%, 1/01/2047 | 1,000,000 | 1,108,730 | ||
| New York Thruway Authority General Rev., Junior Indebtedness Obligations, “A”, 5.25%, 1/01/2056 | 2,000,000 | 2,185,198 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 205,000 | 219,322 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 170,000 | 181,216 | ||
| Triborough Bridge & Tunnel Authority Rev., NY, “A”, 4%, 11/15/2054 | 2,000,000 | 2,095,355 | ||
| $ 6,899,023 | ||||
| Transportation - Special Tax – 4.7% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “A”, NPFG, 4.75%, 7/01/2038 | $ | 395,000 | $ 406,280 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | 275,000 | 276,914 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 25,000 | 25,564 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 1,255,000 | 1,296,932 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038 | 40,000 | 41,142 | ||
| Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “A-2”, AGM, 5%, 11/15/2044 | 3,000,000 | 3,321,377 | ||
| Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “C-1”, 4%, 11/15/2037 | 1,000,000 | 1,029,743 | ||
| Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “E”, 5%, 11/15/2033 | 2,000,000 | 2,244,078 | ||
| Metropolitan Transportation Authority, NY, Transportation Rev., “A-2”, FLR, 0.988% (67% of SOFR + 0.8%), 11/01/2032 (Put Date 4/01/2026) | 1,500,000 | 1,491,651 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w) | 85,000 | 87,890 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w) | 170,000 | 175,453 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w) | 140,000 | 143,254 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w) | 75,000 | 84,958 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w) | 70,000 | 79,890 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w) | 105,000 | 120,853 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w) | 75,000 | 86,864 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w) | 100,000 | 115,428 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w) | 95,000 | 109,105 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w) | 90,000 | 103,016 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w) | 95,000 | 108,512 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w) | 45,000 | 51,293 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 155,000 | 171,165 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050 | 105,000 | 115,465 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 185,000 | 205,959
| ||
33
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Transportation - Special Tax – continued | ||||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | $ | 185,000 | $ 202,978 | |
| $ 12,095,764 | ||||
| Universities - Colleges – 12.8% | ||||
| Albany, NY, Capital Resource Corp. Rev. (Albany College of Pharmacy Project), “A”, 5%, 12/01/2033 | $ | 125,000 | $ 131,597 | |
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 1,080,000 | 1,155,632 | ||
| Build NYC Resource Corp. Rev. (Manhattan College Project), 5%, 8/01/2047 | 2,000,000 | 2,221,428 | ||
| Dobbs Ferry, NY, Local Development Corp. (Mercy College Project), 5%, 7/01/2039 | 1,000,000 | 1,056,706 | ||
| Dutchess County, NY, Local Development Corp. Rev. (Vassar College Project), 5%, 7/01/2042 | 1,500,000 | 1,669,686 | ||
| Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2047 | 2,000,000 | 2,216,135 | ||
| Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), “A”, 3%, 7/01/2051 | 3,000,000 | 2,518,427 | ||
| Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2036 | 675,000 | 737,266 | ||
| Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2038 | 480,000 | 522,972 | ||
| Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), “B”, 5.25%, 4/01/2029 | 1,325,000 | 1,537,376 | ||
| Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 5%, 7/01/2030 | 1,000,000 | 1,089,193 | ||
| Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 5%, 7/01/2037 | 1,000,000 | 1,123,550 | ||
| Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 4%, 7/01/2050 | 2,000,000 | 2,110,212 | ||
| New York Dormitory Authority Rev. (Columbia University), “B”, 5%, 10/01/2038 | 1,000,000 | 1,153,122 | ||
| New York Dormitory Authority Rev. (New York University), “A”, 4%, 7/01/2041 | 1,500,000 | 1,601,842 | ||
| New York Dormitory Authority Rev. (St. John's University), “A”, 4%, 7/01/2033 | 1,000,000 | 1,082,415 | ||
| New York Dormitory Authority Rev. (St. John's University), “A”, 4%, 7/01/2034 | 500,000 | 539,204 | ||
| New York Dormitory Authority Rev. (Teachers College), 4%, 7/01/2038 (w) | 375,000 | 397,780 | ||
| New York Dormitory Authority Rev. (Teachers College), 5%, 7/01/2039 (w) | 425,000 | 492,924 | ||
| New York Dormitory Authority Rev. (Teachers College), 4%, 7/01/2040 (w) | 785,000 | 829,910 | ||
| New York Dormitory Authority Rev. (Teachers College), 5%, 7/01/2041 (w) | 800,000 | 925,020 | ||
| New York Dormitory Authority Rev., Non-State Supported Debt, “A”, 5%, 7/01/2039 | 2,000,000 | 2,327,032 | ||
| Oneida County, NY, Local Development Corp. Rev. (Hamilton College Project), 5%, 7/01/2051 | 750,000 | 945,292 | ||
| 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 | 80,000 | 81,214 | ||
| 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 | 135,000 | 137,275 | ||
| Schenectady County, NY, Capital Resource Corp. Tax-Exempt Rev. (Union College Project), 5%, 1/01/2047 | 2,000,000 | 2,225,036 | ||
| St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2038 | 100,000 | 113,967 | ||
| St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2039 | 200,000 | 227,381 | ||
| St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2040 | 150,000 | 170,128 | ||
| St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2041 | 100,000 | 113,080 | ||
| Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Ithaca College Project), “A”, 5%, 7/01/2041 | 1,000,000 | 1,122,890 | ||
| Troy, NY, Capital Resource Corp. Rev. (Rensselaer Polytechnic Institute Project), 4%, 9/01/2033 | 100,000 | 106,950 | ||
| Troy, NY, Capital Resource Corp. Rev. (Rensselaer Polytechnic Institute Project), 4%, 9/01/2035 | 500,000 | 530,467 | ||
| $ 33,213,109 | ||||
| Universities - Dormitories – 2.5% | ||||
| Amherst, NY, Development Corp., Student Housing Facility Refunding Rev. (UBF Facility/Student Housing Corp./Greiner and Hadley Projects at SUNY Buffalo), “A”, AGM, 5%, 10/01/2045 | $ | 1,000,000 | $ 1,104,691 | |
| New York Dormitory Authority Rev. (State University Dormitory Facilities), “A”, 5%, 7/01/2037 | 3,000,000 | 3,029,129 | ||
| Onondaga County, NY, Trust for Cultural Resources Rev. (Abby Lane Housing Corp. Project), 5%, 5/01/2040 | 1,000,000 | 1,076,394 | ||
| Westchester County, NY, Local Development Corp. Rev. (Purchase Housing Corp. II Project), 5%, 6/01/2042 | 1,250,000 | 1,320,802 | ||
| $ 6,531,016 | ||||
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 240,000 | $ 246,000 | |
| Utilities - Municipal Owned – 2.1% | ||||
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 155,000 | $ 164,206 | |
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 180,000 | 190,139 | ||
| Long Island, NY, Power Authority, Electric System General Rev., 5%, 9/01/2035 | 1,000,000 | 1,134,592 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 675,000 | 644,625 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 100,000 | 95,500
| ||
34
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Municipal Owned – continued | ||||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | $ | 50,000 | $ 48,000 | |
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 25,000 | 24,000 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 250,000 | 240,000 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 25,000 | 23,875 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 265,000 | 253,075 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 430,000 | 410,650 | ||
| Puerto Rico Electric Power Authority Rev., “RR”, NPFG, 5%, 7/01/2022 | 885,000 | 903,369 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 115,000 | 109,825 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 110,000 | 105,050 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 20,000 | 19,100 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 345,000 | 329,475 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 30,000 | 30,874 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 20,000 | 19,225 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 50,000 | 48,000 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 170,000 | 162,350 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 180,000 | 172,800 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 55,000 | 52,800 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 170,000 | 163,200 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 140,000 | 136,500 | ||
| $ 5,481,230 | ||||
| Utilities - Other – 0.6% | ||||
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 | $ | 1,085,000 | $ 1,460,522 | |
| Water & Sewer Utility Revenue – 8.0% | ||||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 215,000 | $ 236,362 | |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 270,000 | 296,802 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 750,000 | 822,344 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 345,000 | 386,410 | ||
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 100,000 | 106,949 | ||
| New York Environmental Facilities Corp., Clean Water & Drinking Water Rev. (New York City Municipal Water Finance Authority Project), “B”, 5%, 6/15/2043 | 3,500,000 | 3,987,778 | ||
| New York Municipal Water Finance Authority, Water & Sewer System Second General Resolution Rev., “CC-1”, 5%, 6/15/2052 | 2,500,000 | 2,868,549 | ||
| New York Municipal Water Finance Authority, Water & Sewer System Second General Resolution Rev., “EE”, 5%, 6/15/2045 | 2,000,000 | 2,342,114 | ||
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., 4%, 6/15/2041 | 3,000,000 | 3,175,650 | ||
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “BB”, 5%, 6/15/2046 | 1,000,000 | 1,122,691 | ||
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “DD”, 5%, 6/15/2034 | 2,000,000 | 2,076,060 | ||
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “DD”, 5%, 6/15/2037 | 3,000,000 | 3,407,400 | ||
| $ 20,829,109 | ||||
| Total Municipal Bonds (Identified Cost, $253,314,292) | $ 252,757,420 | |||
| Trust Units – 0.8% | ||||
| Tax - Other – 0.8% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 350,000 | $ 348,065 | ||
| PRIFA Class 61 Trust, Class 2024-2005C (taxable), 5.5%, 7/01/2024 | 425,000 | 424,429 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 1,215,000 | 1,211,912 | ||
| Total Trust Units (Identified Cost, $2,005,906) | $ 1,984,406 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 415,000 | $ 361,021 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 866,333 | 256,539 | ||
| Total Bonds (Identified Cost, $678,474) | $ 617,560 | |||
35
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $309,672) | $ 542,700 | $291,701 | ||
| Investment Companies (h) – 2.1% | ||||
| Money Market Funds – 2.1% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $5,439,822) | 5,439,822 | $ 5,439,822 | ||
| Other Assets, Less Liabilities – (0.6)% | (1,561,100) | |||
| Net Assets – 100.0% | $ 259,529,809 | |||
See Portfolio Footnotes and Notes to Financial Statements
36
Portfolio of
Investments – continued
MFS North Carolina Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 89.9% | ||||
| Airport Revenue – 5.1% | ||||
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2032 | $ | 1,245,000 | $ 1,324,195 | |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2039 | 1,000,000 | 1,143,582 | ||
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2038 | 1,155,000 | 1,204,867 | ||
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2038 | 1,500,000 | 1,580,102 | ||
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2039 | 1,700,000 | 1,787,770 | ||
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2040 | 2,000,000 | 2,099,785 | ||
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2041 | 1,500,000 | 1,572,501 | ||
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2042 | 1,000,000 | 1,113,124 | ||
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2047 | 2,000,000 | 2,213,048 | ||
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2049 | 2,500,000 | 2,750,621 | ||
| Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 440,000 | 447,861 | ||
| Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2034 | 1,150,000 | 1,314,887 | ||
| Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2035 | 1,000,000 | 1,142,131 | ||
| Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2036 | 1,000,000 | 1,141,140 | ||
| Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2036 | 2,000,000 | 2,224,064 | ||
| Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2037 | 2,000,000 | 2,223,612 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 1,445,000 | 1,553,171 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 175,000 | 186,988 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 195,000 | 208,880 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 150,000 | 158,762 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 240,000 | 253,387 | ||
| $ 27,644,478 | ||||
| General Obligations - General Purpose – 9.4% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 1,030,000 | $ 1,013,168 | |
| Charlotte, NC, General Obligation Refunding, “A”, 5%, 6/01/2031 | 2,185,000 | 2,689,125 | ||
| Charlotte, NC, General Obligation Refunding, “A”, 4%, 6/01/2033 | 1,760,000 | 1,980,756 | ||
| Charlotte, NC, General Obligation, “A”, 5%, 6/01/2026 | 8,000,000 | 8,979,770 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033 | 315,000 | 337,453 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 235,000 | 263,556 | ||
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040 | 85,000 | 90,876 | ||
| Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 665,000 | 710,154 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 95,532 | 87,173 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 239,000 | 138,023 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 207,418 | 212,451 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 206,837 | 218,223 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 204,963 | 223,797 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 201,638 | 224,866 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 195,850 | 223,073 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 185,717 | 181,300 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 166,935 | 161,092 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 143,274 | 137,567 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 194,798 | 184,986 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 680,587 | 640,220 | ||
| Durham County, NC, General Obligation Refunding, 4%, 6/01/2036 | 500,000 | 543,787 | ||
| Durham County, NC, General Obligation Refunding, 4%, 6/01/2037 | 450,000 | 489,005 | ||
| Durham County, NC, General Obligation Refunding, 4%, 6/01/2039 | 650,000 | 702,213 | ||
| Forsyth, NC, General Obligation, “A”, 5%, 4/01/2033 | 2,500,000 | 3,018,723 | ||
| Forsyth, NC, General Obligation, “A”, 4%, 4/01/2034 | 5,100,000 | 5,640,445 | ||
| Gaston County, NC, Rev., 5%, 4/01/2033 | 675,000 | 785,052 | ||
| Gaston County, NC, Rev., 5%, 4/01/2035 | 610,000 | 707,979 | ||
| Granville County, NC, 5%, 10/01/2034 | 675,000 | 776,632 | ||
| Granville County, NC, 5%, 10/01/2035 | 690,000 | 793,241 | ||
| Holly Springs, NC, General Obligation Public Improvement, 5%, 6/01/2029 | 1,460,000 | 1,737,159 | ||
| Holly Springs, NC, General Obligation Public Improvement, 5%, 6/01/2030 | 1,385,000 | 1,675,317 | ||
| Holly Springs, NC, General Obligation Public Improvement, 5%, 6/01/2031 | 1,490,000 | 1,830,999 | ||
| Holly Springs, NC, General Obligation Public Improvement, 4%, 6/01/2032 | 1,500,000 | 1,692,733 | ||
| Lee County, NC, Limited Obligation, 3.25%, 5/01/2035 | 1,000,000 | 1,020,232
| ||
37
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - General Purpose – continued | ||||
| Lee County, NC, Limited Obligation, 4%, 5/01/2036 | $ | 500,000 | $ 537,721 | |
| Lee County, NC, Limited Obligation, 4%, 5/01/2037 | 855,000 | 918,782 | ||
| North Carolina General Obligation Refunding, “A”, 5%, 6/01/2023 | 1,000,000 | 1,038,819 | ||
| North Carolina Public Improvement General Obligation (Connect NC), “B”, 5%, 6/01/2030 | 1,625,000 | 1,929,405 | ||
| Randolph County, NC, 4%, 10/01/2037 | 1,045,000 | 1,132,034 | ||
| Randolph County, NC, 4%, 10/01/2038 | 500,000 | 540,870 | ||
| Randolph County, NC, 4%, 10/01/2039 | 500,000 | 540,105 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 375,000 | 423,874 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 350,000 | 398,109 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2028 | 465,000 | 514,468 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2029 | 705,000 | 789,101 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 645,000 | 728,901 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 935,000 | 1,063,325 | ||
| $ 50,666,660 | ||||
| General Obligations - Schools – 0.1% | ||||
| Iredell County, NC, General Obligation School, 4%, 12/01/2032 | $ | 680,000 | $ 770,784 | |
| Healthcare Revenue - Hospitals – 8.9% | ||||
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 555,000 | $ 579,687 | |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2036 | 3,000,000 | 3,478,551 | ||
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2040 | 3,000,000 | 3,279,598 | ||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 20,000 | 22,272 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 255,000 | 266,036 | ||
| New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036 (Prerefunded 10/01/2027) | 1,500,000 | 1,715,087 | ||
| New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047 (Prerefunded 10/01/2027) | 2,425,000 | 2,772,724 | ||
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 320,000 | 343,718 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), “A”, 5%, 6/01/2042 (Prerefunded 6/01/2022) | 2,420,000 | 2,435,676 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2032 | 600,000 | 703,175 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2033 | 255,000 | 297,790 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2031 (Prerefunded 6/01/2025) | 2,800,000 | 3,051,868 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2033 (Prerefunded 6/01/2025) | 3,000,000 | 3,269,859 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045 | 2,500,000 | 2,687,520 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Wake Forest Baptist Obligated Group), “A”, 5%, 12/01/2033 | 1,000,000 | 1,142,504 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (WakeMed), “A”, 5%, 10/01/2031 (Prerefunded 10/01/2022) | 4,355,000 | 4,434,417 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (WakeMed), “A”, 5%, 10/01/2038 (Prerefunded 10/01/2022) | 1,825,000 | 1,857,826 | ||
| North Carolina Medical Care Commission, Hospital Rev. (Caromont Health/Gaston Healthcare), “B”, 5%, 2/01/2051 (Put Date 2/01/2026) | 2,500,000 | 2,747,971 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 1,580,000 | 1,658,226 | ||
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027 | 150,000 | 165,944 | ||
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2035 | 1,515,000 | 1,611,327 | ||
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2038 | 1,065,000 | 1,129,235 | ||
| University of North Carolina, Hospitals at Chapel Hill Rev., 4%, 2/01/2037 | 405,000 | 437,037 | ||
| University of North Carolina, Hospitals at Chapel Hill Rev., 4%, 2/01/2038 | 1,040,000 | 1,120,791 | ||
| University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046 | 6,500,000 | 7,151,027 | ||
| $ 48,359,866 | ||||
| Healthcare Revenue - Long Term Care – 7.0% | ||||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community), 5%, 11/01/2037 | $ | 2,750,000 | $ 3,004,130 | |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 | 1,000,000 | 966,773 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 | 2,000,000 | 1,856,892 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 1,500,000 | 1,533,804 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2031 | 1,000,000 | 1,076,294
| ||
38
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Long Term Care – continued | ||||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2036 | $ | 800,000 | $ 854,393 | |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 2,000,000 | 2,215,339 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), “A”, 4%, 1/01/2052 | 3,000,000 | 3,033,747 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045 | 1,000,000 | 1,021,816 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), “A”, 5%, 7/01/2047 | 1,000,000 | 1,028,219 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), “B”, 5%, 4/01/2047 | 2,000,000 | 2,031,746 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2033 | 180,000 | 191,464 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2034 | 185,000 | 196,319 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2041 | 830,000 | 859,631 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2046 | 715,000 | 733,610 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2051 | 1,100,000 | 1,123,355 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Friends Homes, Inc.), “A”, 4%, 9/01/2040 | 2,000,000 | 2,025,194 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), “A”, 5%, 1/01/2039 | 1,225,000 | 1,284,168 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), “A”, 5%, 10/01/2050 | 1,500,000 | 1,544,969 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037 | 1,500,000 | 1,559,047 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2049 | 2,000,000 | 2,091,262 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031 | 800,000 | 836,207 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037 | 2,200,000 | 2,281,382 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 (Prerefunded 9/01/2024) | 1,500,000 | 1,599,775 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2033 (Prerefunded 10/01/2023) | 1,590,000 | 1,662,849 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2035 | 1,000,000 | 1,082,583 | ||
| $ 37,694,968 | ||||
| Human Services – 0.2% | ||||
| North Carolina Capital Facilities Finance Agency Rev. (Arc of North Carolina Projects), “A”, 5%, 10/01/2034 | $ | 1,000,000 | $ 1,100,568 | |
| Industrial Revenue - Other – 0.1% | ||||
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 600,000 | $ 576,522 | |
| Miscellaneous Revenue - Other – 0.3% | ||||
| Durham County, NC, Industrial Facilities & Pollution Control Financing Authority Rev. (Research Triangle Institute), 5%, 2/01/2025 | $ | 1,000,000 | $ 1,078,335 | |
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023) | 420,000 | 435,077 | ||
| $ 1,513,412 | ||||
| Sales & Excise Tax Revenue – 2.4% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | $ | 35,000 | $ 39,053 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 25,000 | 28,192 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 35,000 | 39,917 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 | 150,000 | 151,398 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 200,000 | 200,548 | ||
| Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 1,295,000 | 1,395,755 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 185,000 | 201,320 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 400,000 | 442,926 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 375,000 | 421,580 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 75,000 | 85,398 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 175,000 | 201,765 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 165,000 | 187,119 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 220,000 | 251,138 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 100,000 | 104,302 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 65,000 | 67,698 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 105,000 | 111,257 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 105,000 | 109,979
| ||
39
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Sales & Excise Tax Revenue – continued | ||||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | $ | 1,056,000 | $ 1,122,739 | |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 957,000 | 989,992 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 348,000 | 360,244 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 9,000 | 9,336 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 154,000 | 161,904 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 14,000 | 13,124 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 174,000 | 148,897 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 31,000 | 24,713 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 1,584,000 | 1,172,445 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 1,515,000 | 1,033,657 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 9,954,000 | 3,041,895 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 670,000 | 650,784 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 485,000 | 478,559 | ||
| $ 13,247,634 | ||||
| Secondary Schools – 0.1% | ||||
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n) | $ | 430,000 | $ 445,984 | |
| Single Family Housing - Local – 0.4% | ||||
| Montgomery County, MD, Housing Opportunities Commission Program Rev., “A”, 4%, 7/01/2049 | $ | 1,910,000 | $ 1,975,242 | |
| Single Family Housing - State – 3.2% | ||||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 1,095,000 | $ 1,123,543 | |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 1,255,000 | 1,306,549 | ||
| North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 3%, 7/01/2051 | 2,645,000 | 2,658,570 | ||
| North Carolina Housing Finance Agency, Home Ownership Rev., “41”, FNMA, 3.55%, 7/01/2044 | 1,450,000 | 1,448,006 | ||
| North Carolina Housing Finance Agency, Home Ownership Rev., “43”, GNMA, 2.95%, 7/01/2043 | 3,035,000 | 2,763,345 | ||
| North Carolina Housing Finance Agency, Home Ownership Rev., “44”, 4%, 7/01/2050 | 4,415,000 | 4,578,557 | ||
| North Carolina Housing Finance Agency, Home Ownership Rev., “48”, 3.75%, 7/01/2052 (w) | 3,500,000 | 3,634,425 | ||
| $ 17,512,995 | ||||
| State & Local Agencies – 14.6% | ||||
| Buncombe County, NC, Limited Obligation, 4%, 6/01/2034 | $ | 1,700,000 | $ 1,837,656 | |
| Buncombe County, NC, Limited Obligation, 4%, 6/01/2035 | 1,465,000 | 1,577,923 | ||
| Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2027 | 125,000 | 142,854 | ||
| Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2028 | 200,000 | 232,687 | ||
| Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2029 | 275,000 | 325,201 | ||
| Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2030 | 250,000 | 300,335 | ||
| Cabarrus County, NC, Limited Obligation, 4%, 6/01/2034 | 1,000,000 | 1,073,676 | ||
| Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2037 | 1,320,000 | 1,425,475 | ||
| Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2049 | 2,500,000 | 2,647,597 | ||
| Charlotte, NC, COP, 5%, 12/01/2034 | 1,000,000 | 1,159,233 | ||
| Charlotte, NC, COP, 5%, 12/01/2035 | 2,000,000 | 2,312,619 | ||
| Charlotte, NC, Cultural Arts Facilities, COP, “B”, 4%, 6/01/2038 | 2,015,000 | 2,173,025 | ||
| Charlotte, NC, Cultural Arts Facilities, COP, “B”, 4%, 6/01/2039 | 1,250,000 | 1,346,198 | ||
| Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 4%, 6/01/2038 | 4,500,000 | 4,852,909 | ||
| Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 3%, 6/01/2039 | 3,000,000 | 2,946,341 | ||
| Charlotte, NC, Refunding COP (Transit Projects Phase II), “B”, 5%, 6/01/2026 | 1,250,000 | 1,365,359 | ||
| Charlotte, NC, Refunding COP (Transit Projects), “A”, 5%, 6/01/2027 | 600,000 | 684,755 | ||
| Charlotte, NC, Refunding COP (Transit Projects), “A”, 5%, 6/01/2028 | 600,000 | 697,308 | ||
| Charlotte, NC, Refunding COP (Transit Projects), “A”, 5%, 6/01/2029 | 1,250,000 | 1,477,280 | ||
| Charlotte, NC, Refunding COP (Transit Projects), “A”, 5%, 6/01/2030 | 700,000 | 838,632 | ||
| Chatham County, NC, Limited Obligation, 4%, 11/01/2037 | 1,750,000 | 1,884,913 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 115,000 | 128,963 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 100,000 | 111,872 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 45,000 | 50,267
| ||
40
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| State & Local Agencies – continued | ||||
| Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2025 | $ | 175,000 | $ 186,024 | |
| Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2026 | 275,000 | 296,940 | ||
| Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2027 | 300,000 | 328,091 | ||
| Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2028 | 300,000 | 329,996 | ||
| Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2029 | 200,000 | 222,225 | ||
| Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2030 | 200,000 | 224,191 | ||
| Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2031 | 275,000 | 306,258 | ||
| Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 2,310,000 | 2,190,910 | ||
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034 | 2,000,000 | 2,169,375 | ||
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035 | 1,240,000 | 1,343,889 | ||
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2036 | 1,375,000 | 1,484,716 | ||
| Durham County, NC, Limited Obligation, 4%, 4/01/2035 | 1,270,000 | 1,369,285 | ||
| Durham County, NC, Limited Obligation, 4%, 4/01/2037 | 3,000,000 | 3,212,417 | ||
| Harnett County, NC, Limited Obligation Refunding, 5%, 12/01/2026 | 750,000 | 847,947 | ||
| Harnett County, NC, Limited Obligation Refunding, 5%, 12/01/2027 | 910,000 | 1,049,237 | ||
| Harnett County, NC, Limited Obligation Refunding, 4%, 12/01/2028 | 250,000 | 276,434 | ||
| Henderson County, NC, Limited Obligation, 4%, 6/01/2024 | 290,000 | 302,975 | ||
| Henderson County, NC, Limited Obligation, 4%, 6/01/2026 | 150,000 | 161,967 | ||
| Henderson County, NC, Limited Obligation, 4%, 6/01/2027 | 425,000 | 465,014 | ||
| Henderson County, NC, Limited Obligation, 4%, 6/01/2029 | 300,000 | 333,338 | ||
| Henderson County, NC, Limited Obligation, 4%, 6/01/2031 | 320,000 | 360,354 | ||
| Johnston County, NC, Finance Corp. Limited Obligation, “A”, 5%, 4/01/2033 | 550,000 | 651,296 | ||
| Johnston County, NC, Finance Corp. Limited Obligation, “A”, 4%, 4/01/2034 | 500,000 | 549,585 | ||
| Johnston County, NC, Finance Corp. Limited Obligation, “A”, 4%, 4/01/2036 | 800,000 | 874,559 | ||
| Johnston County, NC, Finance Corp. Limited Obligation, “A”, 4%, 4/01/2037 | 500,000 | 544,130 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 520,000 | 602,776 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 1,010,000 | 1,136,326 | ||
| Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2026 | 300,000 | 325,551 | ||
| Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2027 | 350,000 | 384,272 | ||
| Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2028 | 300,000 | 331,164 | ||
| Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2029 | 280,000 | 312,071 | ||
| Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2030 | 200,000 | 224,833 | ||
| Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2031 | 140,000 | 156,418 | ||
| Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2032 | 125,000 | 138,908 | ||
| Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2033 | 150,000 | 166,420 | ||
| Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2034 | 130,000 | 143,527 | ||
| Mooresville, NC, Limited Obligation, “A”, 3%, 10/01/2036 | 350,000 | 352,518 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 465,000 | 511,251 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 1,030,000 | 1,146,694 | ||
| North Carolina Limited Obligation (Build, Inc.), “A”, 5%, 5/01/2029 | 1,625,000 | 1,920,181 | ||
| North Carolina Turnpike Authority Refunding Rev., (Monroe Expressway System), 5%, 7/01/2038 | 1,250,000 | 1,502,554 | ||
| North Carolina Turnpike Authority Refunding Rev., (Monroe Expressway System), 5%, 7/01/2041 | 1,795,000 | 2,147,471 | ||
| North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2031 | 835,000 | 1,017,385 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Refunding Rev., “A”, 4%, 1/01/2034 | 2,555,000 | 2,749,910 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2043 | 3,500,000 | 1,730,941 | ||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 2,530,000 | 2,806,905 | ||
| Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2022 | 245,000 | 245,000 | ||
| Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2023 | 225,000 | 232,614 | ||
| Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2025 | 425,000 | 462,521 | ||
| Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2027 | 400,000 | 455,459 | ||
| Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2029 | 300,000 | 353,154 | ||
| Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2031 | 245,000 | 296,240 | ||
| Scotland County, NC, Limited Obligation, 5%, 12/01/2033 | 210,000 | 239,788 | ||
| Scotland County, NC, Limited Obligation, 5%, 12/01/2034 | 1,000,000 | 1,140,729 | ||
| Wake County, NC, Limited Obligation, “A”, 5%, 8/01/2027 | 920,000 | 1,055,259 | ||
| Wake County, NC, Limited Obligation, “A”, 4%, 8/01/2037 | 3,000,000 | 3,223,172 | ||
| $
79,186,243 | ||||
41
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Student Loan Revenue – 0.8% | ||||
| North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2027 | $ | 550,000 | $ 607,000 | |
| North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2028 | 1,000,000 | 1,113,936 | ||
| North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2029 | 700,000 | 786,363 | ||
| North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 3.125%, 6/01/2039 | 1,855,000 | 1,733,595 | ||
| $ 4,240,894 | ||||
| Tax - Other – 0.1% | ||||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029 | $ | 290,000 | $ 337,288 | |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 305,000 | 308,642 | ||
| $ 645,930 | ||||
| Tax Assessment – 0.2% | ||||
| Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040 (n) | $ | 1,000,000 | $ 991,266 | |
| Tobacco – 0.5% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-3”, 6.25%, 6/01/2037 (Prerefunded 6/01/2022) | $ | 1,295,000 | $ 1,305,919 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | 325,000 | 365,540 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 6,270,000 | 932,614 | ||
| $ 2,604,073 | ||||
| Toll Roads – 5.5% | ||||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | $ | 2,000,000 | $ 2,151,512 | |
| North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2029 | 1,230,000 | 1,453,814 | ||
| North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2030 | 2,215,000 | 2,658,847 | ||
| North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2032 | 1,500,000 | 1,824,420 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040 | 2,000,000 | 2,236,360 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031 | 500,000 | 560,099 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038 | 3,000,000 | 3,443,768 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036 | 1,975,000 | 2,272,544 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 2/01/2024 | 6,000,000 | 6,305,396 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032 | 1,150,000 | 1,266,575 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039 | 2,600,000 | 2,898,035 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 435,000 | 465,391 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 350,000 | 373,091 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 595,000 | 600,914 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 1,160,000 | 1,169,794 | ||
| $ 29,680,560 | ||||
| Transportation - Special Tax – 3.3% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | $ | 435,000 | $ 438,027 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 65,000 | 66,466 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 1,640,000 | 1,664,547 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 1,210,000 | 1,226,710 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 290,000 | 320,244 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 260,000 | 289,457 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 260,000 | 285,266 | ||
| North Carolina Department of State Treasurer, Grant Anticipation Rev., 5%, 3/01/2033 | 1,000,000 | 1,193,557 | ||
| North Carolina Department of State Treasurer, Grant Anticipation Rev., 4%, 3/01/2034 | 2,000,000 | 2,187,166 | ||
| North Carolina Department of State Treasurer, Grant Anticipation Rev., 4%, 3/01/2035 | 2,000,000 | 2,184,416 | ||
| North Carolina Grant Anticipation Rev., 5%, 3/01/2027 | 7,000,000 | 7,911,097 | ||
| $ 17,766,953 | ||||
| Universities - Colleges – 18.5% | ||||
| Appalachian State University Rev., 4%, 10/01/2048 | $ | 1,415,000 | $ 1,515,744 | |
| Appalachian State University, Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044 | 3,000,000 | 3,429,542 | ||
| East Carolina University, NC, General Rev., “A”, 4%, 10/01/2045 | 2,195,000 | 2,307,176
| ||
42
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Universities - Colleges – continued | ||||
| Elizabeth City State University Rev., AGM, 5%, 4/01/2040 | $ | 3,155,000 | $ 3,523,580 | |
| North Carolina Agricultural & Technical University Rev., “A”, 5%, 10/01/2035 | 3,075,000 | 3,363,378 | ||
| North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 4%, 10/01/2039 | 3,265,000 | 3,443,755 | ||
| North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 5%, 10/01/2044 | 4,955,000 | 5,492,095 | ||
| North Carolina Capital Facilities Finance Agency Rev. (Wake Forest University), 4%, 1/01/2048 | 3,000,000 | 3,202,029 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (Campbell University), “A”, 5%, 10/01/2024 | 1,250,000 | 1,323,614 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (Campbell University), “A”, 5%, 10/01/2025 | 1,000,000 | 1,076,316 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (Campbell University), “A”, 5%, 10/01/2026 | 850,000 | 927,753 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (Campbell University), “A”, 5%, 10/01/2027 | 400,000 | 442,090 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 3%, 5/01/2022 | 220,000 | 220,329 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 4%, 5/01/2023 | 265,000 | 271,291 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 4%, 5/01/2024 | 190,000 | 196,589 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2025 | 255,000 | 274,766 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2026 | 275,000 | 301,734 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2027 | 400,000 | 445,776 | ||
| North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034 | 1,370,000 | 1,409,109 | ||
| North Carolina Central University Rev., 5%, 4/01/2044 | 3,265,000 | 3,635,162 | ||
| North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2029 (Prerefunded 10/01/2023) | 5,000,000 | 5,240,423 | ||
| North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2033 | 500,000 | 593,719 | ||
| North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2034 | 1,000,000 | 1,186,053 | ||
| North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2035 | 1,180,000 | 1,398,172 | ||
| 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 | 170,000 | 172,579 | ||
| 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 | 275,000 | 279,635 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 115,000 | 115,947 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 140,000 | 142,234 | ||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 735,000 | 804,475 | ||
| University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2030 | 750,000 | 913,755 | ||
| University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2031 | 1,000,000 | 1,238,008 | ||
| University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2032 | 1,000,000 | 1,233,615 | ||
| University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2033 | 750,000 | 922,956 | ||
| University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2034 | 1,125,000 | 1,381,474 | ||
| University of North Carolina Board of Governors Rev., 4%, 4/01/2049 | 5,000,000 | 5,206,032 | ||
| University of North Carolina, Ashville, Rev., 4%, 6/01/2039 | 1,450,000 | 1,564,519 | ||
| University of North Carolina, Charlotte, Rev., 5%, 4/01/2043 (Prerefunded 4/01/2024) | 1,715,000 | 1,819,693 | ||
| University of North Carolina, Charlotte, Rev., “A”, 5%, 10/01/2038 | 1,110,000 | 1,299,869 | ||
| University of North Carolina, Charlotte, Rev., “A”, 4%, 10/01/2040 | 6,310,000 | 6,790,585 | ||
| University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036 | 1,750,000 | 1,879,504 | ||
| University of North Carolina, Greensboro, Rev., 4%, 4/01/2034 | 1,000,000 | 1,078,553 | ||
| University of North Carolina, Greensboro, Rev., 4%, 4/01/2035 | 1,000,000 | 1,077,601 | ||
| University of North Carolina, Greensboro, Rev., 5%, 4/01/2039 | 2,000,000 | 2,119,465 | ||
| University of North Carolina, School of Art General Rev., 4%, 2/01/2040 | 1,000,000 | 1,060,163 | ||
| University of North Carolina, School of Art General Rev., 4%, 2/01/2045 | 2,825,000 | 2,968,990 | ||
| University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 5%, 6/01/2028 | 3,045,000 | 3,308,369 | ||
| University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2032 | 500,000 | 527,881 | ||
| University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2033 | 400,000 | 421,093 | ||
| University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2034 | 500,000 | 524,999 | ||
| University of North Carolina, Wilmington, Rev., “B”, 4%, 10/01/2039 | 1,000,000 | 1,086,550 | ||
| University of North Carolina, Wilmington, Rev., “B”, 4%, 10/01/2044 | 1,405,000 | 1,514,410 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n) | 195,000 | 201,550 | ||
| Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043 | 3,700,000 | 4,178,008 | ||
| Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2032 | 2,420,000 | 2,859,218 | ||
| Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2033 | 500,000 | 589,702 | ||
| Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2034 | 1,300,000 | 1,531,354 | ||
| Winston-Salem State University, NC, General Rev., AGM, 5%, 10/01/2042 | 2,470,000 | 2,795,592
| ||
43
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Universities - Colleges – continued | ||||
| Winston-Salem State University, NC, Student Housing Project Rev., 5%, 6/01/2029 | $ | 1,550,000 | $ 1,618,891 | |
| $ 100,447,464 | ||||
| Universities - Dormitories – 0.6% | ||||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $ | 3,045,000 | $ 3,359,820 | |
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 400,000 | $ 410,000 | |
| Utilities - Municipal Owned – 1.2% | ||||
| Greenville, NC, Greenville Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044 | $ | 300,000 | $ 346,027 | |
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 1,125,000 | 1,074,375 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 175,000 | 167,125 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 85,000 | 81,600 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 40,000 | 38,400 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 415,000 | 398,400 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 440,000 | 420,200 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 720,000 | 687,600 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 195,000 | 186,225 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 190,000 | 181,450 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 35,000 | 33,425 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 585,000 | 558,675 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029 | 340,000 | 350,554 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 420,000 | 428,872 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 50,000 | 51,456 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 35,000 | 33,644 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 80,000 | 76,800 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 265,000 | 253,075 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 305,000 | 292,800 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 95,000 | 91,200 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 300,000 | 288,000 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 240,000 | 234,000 | ||
| $ 6,312,103 | ||||
| Utilities - Other – 0.3% | ||||
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026 | $ | 1,290,000 | $ 1,421,117 | |
| Water & Sewer Utility Revenue – 7.0% | ||||
| Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 6/01/2040 (Prerefunded 6/01/2024) | $ | 1,250,000 | $ 1,332,242 | |
| Charlotte, NC, Water & Sewer System Refunding Rev., 5%, 7/01/2030 | 2,000,000 | 2,425,835 | ||
| Charlotte, NC, Water & Sewer System Refunding Rev., 5%, 7/01/2033 | 1,750,000 | 2,106,756 | ||
| Charlotte, NC, Water & Sewer Systems Rev., 4%, 7/01/2047 | 4,000,000 | 4,261,213 | ||
| Durham, NC, Utility System Refunding Rev., 5%, 8/01/2033 | 2,625,000 | 3,215,577 | ||
| Durham, NC, Utility System Refunding Rev., 4%, 8/01/2034 | 1,675,000 | 1,864,764 | ||
| Greensboro, NC, Enterprise Systems Rev., “A”, 4%, 6/01/2047 | 2,000,000 | 2,119,417 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 220,000 | 238,856 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 380,000 | 417,757 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 480,000 | 527,648 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 1,325,000 | 1,452,807 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 1,000,000 | 1,078,948 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 605,000 | 677,617 | ||
| Jacksonville, NC, Enterprise Systems Refunding Rev., “A”, 5%, 5/01/2024 | 500,000 | 531,712 | ||
| Jacksonville, NC, Enterprise Systems Refunding Rev., “A”, 5%, 5/01/2025 | 485,000 | 529,077 | ||
| Jacksonville, NC, Enterprise Systems Refunding Rev., “A”, 5%, 5/01/2026 | 450,000 | 502,446 | ||
| Jacksonville, NC, Enterprise Systems Refunding Rev., “A”, 5%, 5/01/2027 | 550,000 | 627,267 | ||
| Jacksonville, NC, Enterprise Systems Refunding Rev., “A”, 5%, 5/01/2028 | 425,000 | 493,178 | ||
| Lincoln County, NC, Enterprise System Rev., 3%, 8/01/2034 | 175,000 | 177,941
| ||
44
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Water & Sewer Utility Revenue – continued | ||||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | $ | 95,000 | $ 100,721 | |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 115,000 | 121,330 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 60,000 | 63,478 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 140,000 | 148,052 | ||
| Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2025 | 2,010,000 | 2,185,015 | ||
| Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2028 | 500,000 | 562,661 | ||
| Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2029 | 1,400,000 | 1,524,451 | ||
| Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2031 | 1,600,000 | 1,743,912 | ||
| Raleigh, NC, Combined Enterprise Systems Rev., “A”, 5%, 3/01/2029 (Prerefunded 3/01/2023) | 3,145,000 | 3,243,282 | ||
| Union County, NC, Enterprise System Rev., 5%, 6/01/2026 | 750,000 | 840,258 | ||
| Union County, NC, Enterprise System Rev., 5%, 6/01/2027 | 800,000 | 914,269 | ||
| Union County, NC, Enterprise System Rev., 5%, 6/01/2028 | 750,000 | 872,575 | ||
| Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2034 | 700,000 | 755,096 | ||
| Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2035 | 500,000 | 537,695 | ||
| $ 38,193,853 | ||||
| Total Municipal Bonds (Identified Cost, $491,227,982) | $ 486,769,389 | |||
| Trust Units – 0.6% | ||||
| Tax - Other – 0.6% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 2,415,000 | $ 2,401,650 | ||
| PRIFA Class 61 Trust, Class 2024-2005C (taxable), 5.5%, 7/01/2024 | 760,000 | 758,979 | ||
| Total Trust Units (Identified Cost, $3,193,170) | $ 3,160,629 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 786,000 | $ 683,764 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,472,766 | 436,117 | ||
| Total Bonds (Identified Cost, $1,227,215) | $ 1,119,881 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $529,133) | $ 927,305 | $498,426 | ||
| Investment Companies (h) – 7.7% | ||||
| Money Market Funds – 7.7% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $41,867,591) | 41,867,648 | $ 41,867,648 | ||
| Other Assets, Less Liabilities – 1.5% | 8,327,975 | |||
| Net Assets – 100.0% | $ 541,743,948 | |||
See Portfolio Footnotes and Notes to Financial Statements
45
Portfolio of
Investments – continued
MFS Pennsylvania Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 90.8% | ||||
| Airport Revenue – 1.9% | ||||
| Allegheny County, PA, Airport Authority Rev., “A”, 5%, 1/01/2036 | $ | 2,000,000 | $ 2,273,729 | |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030 | 215,000 | 229,729 | ||
| Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034 | 750,000 | 823,334 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 55,000 | 58,768 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 65,000 | 69,627 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 45,000 | 47,628 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 80,000 | 84,462 | ||
| $ 3,587,277 | ||||
| General Obligations - General Purpose – 9.0% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 350,000 | $ 344,281 | |
| Bucks County, PA, Northampton Township, General Obligation, 4%, 5/15/2043 | 1,000,000 | 1,054,003 | ||
| Chester County, PA, General Obligation, 4%, 7/15/2039 | 510,000 | 557,913 | ||
| Chester County, PA, General Obligation, 4%, 7/15/2040 | 500,000 | 546,275 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 220,000 | 233,636 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 70,000 | 76,006 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 31,431 | 28,681 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 78,634 | 45,411 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 68,243 | 69,899 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 68,052 | 71,798 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 67,435 | 73,632 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 66,341 | 73,983 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 64,437 | 73,394 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 61,103 | 59,650 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 54,923 | 53,000 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 47,139 | 45,261 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 64,091 | 60,863 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 234,653 | 220,735 | ||
| Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2031 | 1,205,000 | 1,311,379 | ||
| Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2034 | 955,000 | 1,033,371 | ||
| Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2035 | 500,000 | 540,268 | ||
| Lower Paxton Township, PA, General Obligation, 4%, 4/01/2028 | 215,000 | 232,810 | ||
| Lower Paxton Township, PA, General Obligation, 4%, 4/01/2029 | 200,000 | 218,098 | ||
| Lower Paxton Township, PA, General Obligation, 4%, 4/01/2031 | 150,000 | 163,818 | ||
| Monroe County, PA, General Obligation, “A”, 4%, 7/15/2035 | 2,000,000 | 2,192,051 | ||
| Penn Hills, PA, Capital Appreciation, “D”, 0%, 12/01/2032 | 595,000 | 423,317 | ||
| Pennsylvania General Obligation, AGM, 5%, 9/15/2026 | 425,000 | 480,239 | ||
| Pennsylvania General Obligation Refunding, 5%, 1/15/2023 | 1,415,000 | 1,454,579 | ||
| Philadelphia, PA, “B”, 5%, 2/01/2035 | 1,000,000 | 1,152,580 | ||
| Philadelphia, PA, General Obligation, “A”, 5%, 5/01/2034 | 1,000,000 | 1,178,006 | ||
| Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2030 | 1,000,000 | 1,141,663 | ||
| Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2031 | 1,000,000 | 1,139,416 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 125,000 | 141,291 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 115,000 | 130,807 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 220,000 | 248,618 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 320,000 | 363,919 | ||
| $ 17,234,651 | ||||
| General Obligations - Schools – 9.9% | ||||
| Allegheny County, PA, Pine-Richland School District, General Obligation, “B”, 4%, 3/01/2036 | $ | 400,000 | $ 439,039 | |
| Allegheny County, PA, Pine-Richland School District, General Obligation, “B”, 4%, 3/01/2037 | 600,000 | 650,710 | ||
| Beaver County, PA, Aliquippa School District, General Obligation, BAM, 4%, 12/01/2041 | 1,000,000 | 1,064,737 | ||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2038 | 1,000,000 | 1,116,821 | ||
| Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 11/01/2031 | 1,150,000 | 859,592 | ||
| Erie, PA, City School District General Obligation, “A”, AGM, 4%, 4/01/2033 | 1,150,000 | 1,245,545 | ||
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054 | 765,000 | 810,291 | ||
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | 1,500,000 | 1,694,185 | ||
| Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046 | 545,000 | 558,930
| ||
46
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - Schools – continued | ||||
| Montgomery County, PA, Colonia School District, 4%, 2/15/2044 | $ | 580,000 | $ 616,622 | |
| Montgomery County, PA, Springfield Township School District, General Obligation, 4%, 11/15/2037 | 1,500,000 | 1,587,943 | ||
| Northampton County, PA, Area School District, “A”, 5%, 10/01/2033 | 1,000,000 | 1,017,440 | ||
| Pequea Valley, PA, School District Lancaster Country General Obligation, 4%, 5/15/2027 | 125,000 | 136,631 | ||
| Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 (Prerefunded 9/01/2026) | 5,000 | 5,617 | ||
| Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 | 1,495,000 | 1,647,866 | ||
| Philadelphia, PA, School District, “A”, 5%, 9/01/2044 | 1,500,000 | 1,700,185 | ||
| Scranton, PA, School District General Obligation, 4%, 12/01/2040 | 1,500,000 | 1,605,143 | ||
| Scranton, PA, School District, “E”, BAM, 5%, 12/01/2034 | 1,000,000 | 1,121,802 | ||
| Upper St. Clair Township, PA, School District General Obligation, “B”, 3.625%, 10/01/2039 | 1,000,000 | 1,034,789 | ||
| $ 18,913,888 | ||||
| Healthcare Revenue - Hospitals – 15.2% | ||||
| Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), “B”, 5%, 10/15/2029 | $ | 1,000,000 | $ 1,179,084 | |
| Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038 | 1,000,000 | 1,135,342 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 4%, 11/01/2038 | 500,000 | 485,014 | ||
| Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), “A”, 5%, 11/01/2040 | 1,600,000 | 1,600,206 | ||
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | 1,000,000 | 1,064,150 | ||
| Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 (Prerefunded 12/01/2028) | 665,000 | 776,623 | ||
| Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 335,000 | 377,860 | ||
| Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 5%, 11/15/2041 (Prerefunded 11/15/2025) | 850,000 | 935,086 | ||
| Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), “A”, 5%, 10/01/2052 | 1,750,000 | 1,953,903 | ||
| Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049 | 1,000,000 | 1,084,887 | ||
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2039 | 500,000 | 561,233 | ||
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2040 | 1,000,000 | 1,121,160 | ||
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043 | 1,000,000 | 1,107,972 | ||
| Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040 | 500,000 | 521,743 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 735,000 | 839,704 | ||
| Lancaster County, PA, Hospital Authority Rev. (University of Pennsylvania Health System), “A”, 5%, 8/15/2036 | 1,000,000 | 1,109,221 | ||
| Lehigh County, PA, Hospital Authority, General Purpose Refunding Rev. (Health Network), “A”, 4%, 7/01/2039 | 1,000,000 | 1,061,582 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, 4%, 5/01/2042 | 2,000,000 | 2,108,250 | ||
| Montour County, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2039 | 1,000,000 | 1,052,743 | ||
| Montour County, PA, Geisinger Authority Health System Rev., “A-1”, 5%, 2/15/2045 | 1,000,000 | 1,108,166 | ||
| Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's Hospital), “A”, 5%, 8/15/2048 | 500,000 | 564,182 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2036 | 1,000,000 | 1,111,929 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042 | 1,000,000 | 1,110,466 | ||
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), “A”, 5%, 7/01/2034 | 500,000 | 546,096 | ||
| Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 | 810,000 | 848,390 | ||
| Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044 | 1,000,000 | 1,070,699 | ||
| Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), “A”, 5%, 6/01/2044 (Prerefunded 6/01/2024) | 1,000,000 | 1,065,793 | ||
| Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), “A”, 4%, 7/01/2037 | 1,400,000 | 1,481,295 | ||
| $ 28,982,779 | ||||
| Healthcare Revenue - Long Term Care – 3.4% | ||||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 | $ | 500,000 | $ 508,104 | |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2039 | 905,000 | 999,571 | ||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, ETM, 5%, 1/01/2039 (Prerefunded 1/01/2029) | 95,000 | 110,778 | ||
| East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039 | 750,000 | 802,774 | ||
| Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), “A”, 5%, 7/01/2045 | 500,000 | 516,105 | ||
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2035 | 500,000 | 531,264 | ||
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036 | 260,000 | 288,125 | ||
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037 | 250,000 | 276,683 | ||
| Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037 | 500,000 | 523,441 | ||
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040 | 500,000 | 535,632 | ||
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045 | 500,000 | 532,146
| ||
47
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Long Term Care – continued | ||||
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | $ | 400,000 | $ 411,502 | |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049 | 500,000 | 477,079 | ||
| $ 6,513,204 | ||||
| Industrial Revenue - Environmental Services – 0.1% | ||||
| Blythe Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027) | $ | 225,000 | $ 282,161 | |
| Industrial Revenue - Other – 0.6% | ||||
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031 | $ | 1,000,000 | $ 1,209,971 | |
| Miscellaneous Revenue - Other – 0.5% | ||||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023) | $ | 145,000 | $ 150,205 | |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034 | 750,000 | 799,124 | ||
| $ 949,329 | ||||
| Multi-Family Housing Revenue – 1.2% | ||||
| Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons Apartments), FNMA, 3.6%, 8/01/2035 | $ | 958,461 | $ 954,922 | |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2058 | 1,250,000 | 1,346,178 | ||
| $ 2,301,100 | ||||
| Port Revenue – 0.1% | ||||
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $ | 300,000 | $ 245,625 | |
| Sales & Excise Tax Revenue – 3.1% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | $ | 10,000 | $ 11,158 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 10,000 | 11,277 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 10,000 | 11,405 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 | 50,000 | 50,466 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 70,000 | 70,192 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 60,000 | 65,293 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 130,000 | 143,951 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 125,000 | 140,527 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 25,000 | 28,466 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 60,000 | 69,176 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2032 | 805,000 | 950,783 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2033 | 1,045,000 | 1,242,857 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 55,000 | 62,373 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 70,000 | 79,908 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 55,000 | 57,366 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 35,000 | 37,086 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 35,000 | 36,660 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 188,000 | 199,882 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 367,000 | 379,652 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 116,000 | 120,081 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 1,037 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 69,000 | 72,541 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 6,000 | 5,624 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 55,000 | 47,065 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 9,000 | 7,175 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 524,000 | 387,854 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 509,000 | 347,281 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 2,990,000 | 913,730 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 195,000 | 189,407
| ||
48
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Sales & Excise Tax Revenue – continued | ||||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | $ | 205,000 | $ 202,278 | |
| $ 5,942,551 | ||||
| Secondary Schools – 2.1% | ||||
| Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), “A”, 5.125%, 3/15/2046 | $ | 500,000 | $ 535,137 | |
| Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2047 | 500,000 | 533,355 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (A String Theory Charter School Project), 5%, 6/15/2040 (n) | 900,000 | 958,574 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Discovery Charter School Project), 6.25%, 4/01/2037 | 500,000 | 500,605 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | 500,000 | 528,137 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050 | 500,000 | 543,849 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043 | 400,000 | 418,508 | ||
| $ 4,018,165 | ||||
| Single Family Housing - Local – 0.3% | ||||
| Montgomery County, MD, Housing Opportunities Commission Program Rev., “A”, 4%, 7/01/2049 | $ | 630,000 | $ 651,520 | |
| Single Family Housing - State – 4.3% | ||||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | $ | 410,000 | $ 426,841 | |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 3.65%, 10/01/2032 | 1,000,000 | 1,018,687 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051 | 1,980,000 | 1,989,946 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “A”, 4%, 4/01/2039 | 325,000 | 332,273 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2023 | 510,000 | 525,468 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2023 | 760,000 | 791,846 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2024 | 850,000 | 894,199 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2024 | 845,000 | 898,343 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2025 | 500,000 | 536,596 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2025 | 300,000 | 325,292 | ||
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049 | 365,000 | 383,891 | ||
| $ 8,123,382 | ||||
| State & Local Agencies – 6.8% | ||||
| Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043 | $ | 655,000 | $ 695,549 | |
| Commonwealth Financing Authority Rev., “A-2”, 5%, 6/01/2036 (Prerefunded 6/01/2022) | 1,500,000 | 1,509,717 | ||
| Commonwealth Financing Authority Rev., “B”, 5%, 6/01/2032 | 225,000 | 269,020 | ||
| Commonwealth Financing Authority Rev., “B”, 5%, 6/01/2033 | 200,000 | 238,680 | ||
| Commonwealth Financing Authority Rev., “B”, 5%, 6/01/2034 | 215,000 | 256,042 | ||
| Commonwealth Financing Authority Rev., “B”, 5%, 6/01/2035 | 260,000 | 309,263 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 1,000,000 | 1,117,053 | ||
| Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 745,000 | 706,592 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 10,000 | 11,389 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 10,000 | 11,357 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 5,000 | 5,244 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 25,000 | 26,144 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 15,000 | 15,639 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 20,000 | 20,787 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 15,000 | 15,411 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 155,000 | 170,417 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 340,000 | 378,520 | ||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 1,255,000 | 1,392,358 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037 | 250,000 | 285,448 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038 | 1,000,000 | 1,140,462 | ||
| Philadelphia, PA, Redevelopment Authority City Agreement Rev., “A”, 5%, 4/15/2028 | 1,000,000 | 1,082,589 | ||
| Philadelphia, PA, Redevelopment Authority City Service Agreement Refunding Rev., “B”, 5%, 4/15/2027 | 2,165,000 | 2,317,476 | ||
| Philadelphia, PA, Redevelopment Authority Refunding Rev. (Neighborhood Transformation Initiative), BAM, 5%, 4/15/2024 | 1,000,000 | 1,007,975 | ||
| $
12,983,132 | ||||
49
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Student Loan Revenue – 0.9% | ||||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029 | $ | 325,000 | $ 362,003 | |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2030 | 400,000 | 458,714 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 1,075,000 | 980,372 | ||
| $ 1,801,089 | ||||
| Tax - Other – 2.5% | ||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 | $ | 1,000,000 | $ 1,122,616 | |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n) | 300,000 | 328,028 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | 500,000 | 534,104 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2035 | 750,000 | 752,080 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | 115,000 | 125,754 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 60,000 | 65,571 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 185,000 | 200,275 | ||
| New York City Transitional Finance Authority Rev., “C-1”, 4%, 2/01/2038 | 1,410,000 | 1,495,406 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 105,000 | 106,254 | ||
| $ 4,730,088 | ||||
| Tax Assessment – 0.3% | ||||
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | $ | 500,000 | $ 520,447 | |
| Tobacco – 0.2% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 110,000 | $ 123,721 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 2,055,000 | 305,665 | ||
| $ 429,386 | ||||
| Toll Roads – 2.2% | ||||
| Delaware River Port Authority Rev., 5%, 1/01/2029 | $ | 1,145,000 | $ 1,204,131 | |
| Pennsylvania Turnpike Commission Rev., “B”, 5%, 12/01/2046 | 1,000,000 | 1,160,594 | ||
| Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049 | 1,500,000 | 1,596,162 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 140,000 | 149,781 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 110,000 | 117,257 | ||
| $ 4,227,925 | ||||
| Transportation - Special Tax – 2.4% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 7/01/2026 | $ | 130,000 | $ 130,844 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | 270,000 | 271,879 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 755,000 | 780,226 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030 | 75,000 | 76,194 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038 | 20,000 | 20,571 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 395,000 | 400,455 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 100,000 | 110,429 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 215,000 | 238,189 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 85,000 | 94,630 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 85,000 | 93,260 | ||
| Southeastern, PA, Transportation Authority Capital Grant Receipts Refunding (Federal Transit Administration Section 5337 State of Good Repair Formula Program Funds), 5%, 6/01/2022 | 2,365,000 | 2,380,435 | ||
| $ 4,597,112 | ||||
| Universities - Colleges – 10.2% | ||||
| Adams County, PA, General Obligation (Gettysburg College), 5%, 8/15/2033 | $ | 2,100,000 | $ 2,421,101 | |
| Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 5%, 3/01/2032 (Prerefunded 3/01/2025) | 500,000 | 541,687 | ||
| Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 4%, 3/01/2041 | 2,000,000 | 2,134,756 | ||
| Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2039 | 1,200,000 | 1,290,108 | ||
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2036 | 300,000 | 314,255
| ||
50
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Universities - Colleges – continued | ||||
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2041 | $ | 920,000 | $ 954,321 | |
| Lancaster, PA, Higher Education Authority, College Rev. (Harrisburg Area Community College Project), AGM, 5%, 10/01/2028 | 500,000 | 577,392 | ||
| Lancaster, PA, Higher Education Authority, College Rev. (Harrisburg Area Community College Project), AGM, 5%, 10/01/2030 | 390,000 | 462,649 | ||
| Montgomery County, PA, Industrial Development Authority Rev. (Germantown Academy Project), “A”, 4%, 10/01/2046 | 625,000 | 648,381 | ||
| Northampton County, PA, General Purpose Authority College Rev. (Lafayette College), 4%, 11/01/2038 | 1,000,000 | 1,087,019 | ||
| Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049 | 1,000,000 | 1,076,096 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2027 | 600,000 | 680,885 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2046 | 1,750,000 | 2,008,415 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 4%, 3/01/2037 | 750,000 | 798,314 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039 | 750,000 | 846,168 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), “A”, 4%, 7/15/2051 | 1,250,000 | 1,272,323 | ||
| Pennsylvania Public School Building Authority Rev. (Montgomery County Community College), 5%, 5/01/2033 | 1,000,000 | 1,072,592 | ||
| 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 | 95,000 | 96,601 | ||
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 25,000 | 25,519 | ||
| Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), “A”, 5%, 11/01/2026 | 1,000,000 | 1,089,203 | ||
| $ 19,397,785 | ||||
| Universities - Dormitories – 1.2% | ||||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $ | 1,025,000 | $ 1,130,974 | |
| 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) | 1,000,000 | 1,067,017 | ||
| $ 2,197,991 | ||||
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 165,000 | $ 169,125 | |
| Utilities - Municipal Owned – 1.3% | ||||
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 95,000 | $ 100,642 | |
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 105,000 | 110,915 | ||
| Philadelphia, PA, Gas Works Rev., 5%, 8/01/2031 | 500,000 | 542,637 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 390,000 | 372,450 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 55,000 | 52,525 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 25,000 | 24,000 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 15,000 | 14,400 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 140,000 | 134,400 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 15,000 | 14,325 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 150,000 | 143,250 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 245,000 | 233,975 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 65,000 | 62,075 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 65,000 | 62,075 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 200,000 | 191,000 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 15,000 | 15,437 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,613 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 30,000 | 28,800 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 95,000 | 90,725 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 105,000 | 100,800 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 30,000 | 28,800 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 95,000 | 91,200 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 80,000 | 78,000 | ||
| $ 2,511,594 | ||||
| Utilities - Other – 0.3% | ||||
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 | $ | 280,000 | $ 376,909 | |
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | 235,000 | 238,571 | ||
| $
615,480 | ||||
51
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Water & Sewer Utility Revenue – 10.7% | ||||
| Allegheny County, PA, Deer Creek Drainage Basin Authority Sewer Rev., AGM, 4%, 12/01/2035 | $ | 400,000 | $ 433,970 | |
| Allegheny County, PA, Deer Creek Drainage Basin Authority Sewer Rev., AGM, 4%, 12/01/2036 | 320,000 | 347,066 | ||
| Allegheny County, PA, Deer Creek Drainage Basin Authority Sewer Rev., AGM, 4%, 12/01/2037 | 250,000 | 271,411 | ||
| Allegheny County, PA, Sanitation Authority Sewer Rev., BAM, 5%, 12/01/2030 | 500,000 | 549,290 | ||
| Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2040 | 690,000 | 744,599 | ||
| Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2041 | 715,000 | 770,600 | ||
| Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2046 | 400,000 | 427,244 | ||
| Cambria County, PA, Greater Johnstown Water Authority Rev., AGM, 4%, 8/15/2041 | 2,000,000 | 2,174,708 | ||
| Canonsburg-Houston, PA, Joint Authority Sewer Rev., “A”, 5%, 12/01/2040 | 1,000,000 | 1,082,808 | ||
| Capital Region Water Sewer System Rev., 5%, 7/15/2042 | 1,000,000 | 1,123,133 | ||
| Clairton, PA, Municipal Authority Sewer Rev., “B”, 5%, 12/01/2042 | 500,000 | 507,068 | ||
| Erie, PA, Water Authority Rev., “A”, AGM, 5%, 12/01/2043 | 1,000,000 | 1,141,001 | ||
| Erie, PA, Water Authority Rev., “A”, AGM, 4%, 12/01/2050 | 995,000 | 1,055,702 | ||
| Erie, PA, Water Authority Rev., “D”, BAM, 4%, 12/01/2041 | 1,500,000 | 1,612,761 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 205,000 | 229,606 | ||
| Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2031 | 1,000,000 | 1,055,977 | ||
| Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2032 | 500,000 | 527,371 | ||
| Philadelphia, PA, Water and Wastewater Rev., “A”, 5%, 10/01/2037 | 1,000,000 | 1,140,060 | ||
| Philadelphia, PA, Water and Wastewater Rev., “A”, 5%, 10/01/2038 | 1,000,000 | 1,153,895 | ||
| Pittsburgh, PA, Water & Sewer Authority Rev., “B”, AGM, 5%, 9/01/2033 | 675,000 | 804,718 | ||
| Pittsburgh, PA, Water & Sewer Authority Rev., “B”, AGM, 5%, 9/01/2034 | 500,000 | 594,102 | ||
| Pittsburgh, PA, Water & Sewer System Authority Subordinate Refunding Rev., “B”, AGM, 4%, 9/01/2034 | 2,500,000 | 2,723,231 | ||
| $ 20,470,321 | ||||
| Total Municipal Bonds (Identified Cost, $174,065,001) | $ 173,607,078 | |||
| Trust Units – 0.4% | ||||
| Tax - Other – 0.4% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 155,000 | $ 154,143 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 655,000 | 653,335 | ||
| Total Trust Units (Identified Cost, $816,234) | $ 807,478 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 270,000 | $ 234,881 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 433,166 | 128,270 | ||
| Total Bonds (Identified Cost, $396,576) | $ 363,151 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $174,092) | $ 305,095 | $163,989 | ||
| Investment Companies (h) – 6.8% | ||||
| Money Market Funds – 6.8% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $12,967,833) | 12,967,834 | $ 12,967,834 | ||
| Other Assets, Less Liabilities – 1.7% | 3,222,193 | |||
| Net Assets – 100.0% | $ 191,131,723 | |||
See Portfolio Footnotes and Notes to Financial Statements
52
Portfolio of
Investments – continued
MFS South Carolina Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 93.6% | ||||
| Airport Revenue – 3.8% | ||||
| Charleston County, SC, Airport District Rev., 5%, 7/01/2037 | $ | 505,000 | $ 578,711 | |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2038 | 750,000 | 858,309 | ||
| Charleston County, SC, Airport District Rev., 5%, 7/01/2039 | 450,000 | 514,295 | ||
| Charleston County, SC, Airport District Rev., 5%, 7/01/2043 | 1,250,000 | 1,419,984 | ||
| Charleston County, SC, Airport District Rev., 5%, 7/01/2048 | 1,500,000 | 1,692,404 | ||
| Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 220,000 | 223,931 | ||
| Horry County, SC, Airport Refunding Rev., 4%, 7/01/2038 | 1,500,000 | 1,584,999 | ||
| Horry County, SC, Airport Refunding Rev., 4%, 7/01/2039 | 1,500,000 | 1,582,331 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2024 | 230,000 | 242,814 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2025 | 305,000 | 328,033 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2026 | 465,000 | 509,626 | ||
| Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2027 | 580,000 | 646,192 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 90,000 | 96,165 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 10,000 | 10,712 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 75,000 | 79,381 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 120,000 | 126,693 | ||
| $ 10,494,580 | ||||
| General Obligations - General Purpose – 6.5% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 475,000 | $ 467,238 | |
| Charleston County, SC, General Obligation Park & Recreation District, 4%, 2/01/2023 | 1,210,000 | 1,235,333 | ||
| Charleston County, SC, General Obligation Park & Recreation District, 4%, 2/01/2024 | 1,030,000 | 1,071,057 | ||
| Charleston County, SC, General Obligation Park & Recreation District, 4%, 2/01/2025 | 800,000 | 844,912 | ||
| Charleston County, SC, General Obligation Park & Recreation District, 4%, 2/01/2028 | 1,335,000 | 1,470,331 | ||
| Charleston County, SC, General Obligation Park & Recreation District, 4%, 2/01/2030 | 620,000 | 693,006 | ||
| Charleston County, SC, General Obligation, “C”, 5%, 11/01/2026 | 2,055,000 | 2,271,768 | ||
| Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 105,000 | 112,366 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 325,000 | 345,144 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 105,000 | 114,009 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 46,385 | 42,326 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 116,044 | 67,016 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 100,710 | 103,154 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 100,428 | 105,956 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 99,518 | 108,663 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 97,904 | 109,182 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 95,093 | 108,311 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 90,173 | 88,028 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 81,054 | 78,217 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 69,565 | 66,794 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 94,583 | 89,819 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 349,365 | 328,643 | ||
| Lancaster County, SC, General Obligation Refunding, 3%, 3/01/2039 | 725,000 | 710,312 | ||
| North Charleston, SC, General Obligation, 5%, 12/01/2024 | 675,000 | 727,038 | ||
| Richland County, SC, Sewer System General Obligation Refunding, 5%, 3/01/2023 | 690,000 | 710,991 | ||
| Richland County, SC, Sewer System General Obligation Refunding, 5%, 3/01/2024 | 725,000 | 768,152 | ||
| South Carolina General Obligation State Institution Bonds, “A”, 5%, 4/01/2034 | 1,810,000 | 2,203,817 | ||
| South Carolina General Obligation State Institution Bonds, “D”, 5%, 4/01/2034 | 850,000 | 1,034,942 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 190,000 | 214,763 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 175,000 | 199,054 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2028 | 250,000 | 276,595 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2029 | 370,000 | 414,138 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 340,000 | 384,227 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 495,000 | 562,937 | ||
| $ 18,128,239 | ||||
| General Obligations - Schools – 6.9% | ||||
| Aiken County, SC, Consolidated School District Special Obligation, 4%, 6/01/2035 | $ | 275,000 | $ 299,329 | |
| Aiken County, SC, Consolidated School District Special Obligation, 3.125%, 6/01/2041 | 1,400,000 | 1,375,936
| ||
53
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - Schools – continued | ||||
| Aiken County, SC, Consolidated School District Special Obligation, “A”, 4%, 4/01/2036 | $ | 2,000,000 | $ 2,165,197 | |
| Anderson County, SC, School District, “A”, 5%, 3/01/2026 | 1,240,000 | 1,381,161 | ||
| Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040 | 1,295,000 | 1,387,822 | ||
| Lexington County, SC, School District No. 1, “A”, 5%, 3/01/2023 | 1,030,000 | 1,062,473 | ||
| Richland County, SC, School District No. 1, General Obligation Refunding, “D”, 5%, 3/01/2024 | 1,850,000 | 1,959,038 | ||
| Richland County, SC, School District No. 2, General Obligation Refunding, 5%, 3/01/2023 | 2,825,000 | 2,914,063 | ||
| Spartanburg County, SC, School District No. 2 General Obligation, 5%, 3/01/2028 | 1,030,000 | 1,169,321 | ||
| Spartanburg County, SC, School District No. 7, General Obligation, “B”, 5%, 3/01/2048 | 2,000,000 | 2,276,686 | ||
| Spartanburg County, SC, School District No. 7, General Obligation, “D”, 5%, 3/01/2042 | 3,000,000 | 3,443,959 | ||
| $ 19,434,985 | ||||
| Healthcare Revenue - Hospitals – 11.4% | ||||
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 255,000 | $ 266,343 | |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 10,000 | 11,136 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 120,000 | 125,194 | ||
| Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045 | 30,000 | 30,497 | ||
| Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), 4%, 10/01/2036 | 1,500,000 | 1,591,523 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 1,115,000 | 1,273,837 | ||
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2031 | 1,000,000 | 1,066,156 | ||
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2032 | 1,000,000 | 1,065,378 | ||
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2035 | 1,000,000 | 1,092,344 | ||
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2036 | 1,000,000 | 1,092,749 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 5%, 12/01/2046 | 2,000,000 | 2,260,810 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Anmed Health), 5%, 2/01/2038 | 1,500,000 | 1,623,576 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5%, 7/01/2037 (Prerefunded 7/01/2022) | 1,250,000 | 1,261,983 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047 | 2,000,000 | 2,222,094 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037 | 500,000 | 533,541 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (McLeod Health Projects), 4%, 11/01/2048 | 2,000,000 | 2,125,779 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), “A”, 5.25%, 8/01/2030 (Prerefunded 8/01/2023) | 1,000,000 | 1,045,934 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), 5%, 5/01/2037 | 2,000,000 | 2,247,562 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2037 (Prerefunded 4/15/2022) | 30,000 | 30,036 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2037 | 1,970,000 | 1,972,412 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 3,340,000 | 3,505,363 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 5%, 4/15/2027 | 580,000 | 652,344 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 5%, 4/15/2034 | 1,000,000 | 1,168,395 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2036 | 450,000 | 490,061 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2037 | 550,000 | 598,337 | ||
| Spartanburg County, SC, Regional Health Services District, Inc. Hospital Refunding Rev., 4%, 4/15/2036 | 1,380,000 | 1,497,953 | ||
| Spartanburg County, SC, Regional Health Services District, Inc. Hospital Refunding Rev., 4%, 4/15/2037 | 1,000,000 | 1,082,305 | ||
| $ 31,933,642 | ||||
| Healthcare Revenue - Long Term Care – 1.8% | ||||
| South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%, 4/01/2049 | $ | 1,250,000 | $ 1,341,085 | |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5%, 5/01/2043 | 750,000 | 707,981 | ||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | 250,000 | 235,766 | ||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”, 5%, 5/01/2042 | 750,000 | 711,713 | ||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 (n) | 1,000,000 | 1,039,488 | ||
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047 | 1,000,000 | 1,041,167 | ||
| $
5,077,200 | ||||
54
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Industrial Revenue - Other – 0.0% | ||||
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 100,000 | $ 96,087 | |
| Industrial Revenue - Paper – 0.4% | ||||
| Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023 | $ | 1,000,000 | $ 1,019,430 | |
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 100,000 | 106,170 | ||
| $ 1,125,600 | ||||
| Miscellaneous Revenue - Other – 1.0% | ||||
| Florence, SC, Accommodations Fee Rev., 5%, 5/01/2035 | $ | 2,550,000 | $ 2,754,468 | |
| Port Revenue – 4.3% | ||||
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2045 | $ | 1,820,000 | $ 1,865,570 | |
| South Carolina Ports Authority Rev., 5%, 7/01/2028 | 300,000 | 321,400 | ||
| South Carolina Ports Authority Rev., 5%, 7/01/2029 | 450,000 | 483,186 | ||
| South Carolina Ports Authority Rev., 5%, 7/01/2033 (Prerefunded 7/01/2025) | 500,000 | 542,795 | ||
| South Carolina Ports Authority Rev., 5%, 7/01/2036 | 3,000,000 | 3,324,705 | ||
| South Carolina Ports Authority Rev., 4%, 7/01/2055 | 2,000,000 | 2,040,055 | ||
| South Carolina Ports Authority Rev., “B”, 5%, 7/01/2044 | 3,000,000 | 3,318,094 | ||
| $ 11,895,805 | ||||
| Sales & Excise Tax Revenue – 3.3% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | $ | 20,000 | $ 22,316 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 15,000 | 16,915 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 20,000 | 22,810 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 | 80,000 | 80,745 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 110,000 | 110,301 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 95,000 | 103,381 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 185,000 | 204,853 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 185,000 | 207,979 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 35,000 | 39,852 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 85,000 | 98,000 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 80,000 | 90,725 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 105,000 | 119,861 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 40,000 | 41,721 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 45,000 | 46,868 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 50,000 | 52,980 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 49,000 | 51,324 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 3,610,000 | 3,838,151 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 450,000 | 465,513 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 163,000 | 168,735 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 4,000 | 4,150 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 71,000 | 74,644 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 6,000 | 5,624 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 79,000 | 67,603 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 14,000 | 11,161 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 725,000 | 536,630 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 695,000 | 474,186 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 5,158,000 | 1,576,260 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 405,000 | 393,384 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 270,000 | 266,415 | ||
| $ 9,193,087 | ||||
| Secondary Schools – 0.6% | ||||
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n) | $ | 250,000 | $ 260,116 | |
| North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | 220,000 | 221,433
| ||
55
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Secondary Schools – continued | ||||
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2056 (n) | $ | 1,400,000 | $ 1,271,599 | |
| $ 1,753,148 | ||||
| Single Family Housing - State – 5.6% | ||||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 530,000 | $ 543,815 | |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 625,000 | 650,672 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 1/01/2027 | 520,000 | 585,201 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 7/01/2027 | 500,000 | 568,070 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 1/01/2030 (w) | 290,000 | 334,256 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 7/01/2030 (w) | 560,000 | 649,723 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 1/01/2031 (w) | 575,000 | 668,089 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 7/01/2031 (w) | 575,000 | 671,406 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3.75%, 7/01/2043 | 345,000 | 350,453 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3.8%, 1/01/2049 | 330,000 | 334,796 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 4%, 7/01/2050 | 2,710,000 | 2,816,220 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3%, 1/01/2052 | 3,140,000 | 3,151,482 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 3.25%, 1/01/2052 | 2,850,000 | 2,889,061 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050 | 855,000 | 889,258 | ||
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049 | 565,000 | 594,242 | ||
| $ 15,696,744 | ||||
| State & Local Agencies – 12.1% | ||||
| Charleston, SC, Educational Excellence Finance Corp. Rev. (Charleston County School District Project), “B”, 5%, 12/01/2030 (Prerefunded 12/01/2023) | $ | 3,595,000 | $ 3,781,116 | |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 55,000 | 61,678 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 45,000 | 50,343 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 25,000 | 27,926 | ||
| Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 1,330,000 | 1,261,433 | ||
| Dillon County, SC, School Facilities Corp., 5%, 12/01/2028 | 590,000 | 676,854 | ||
| Dillon County, SC, School Facilities Corp., 5%, 12/01/2032 | 1,625,000 | 1,877,123 | ||
| Dillon County, SC, School Facilities Corp., 5%, 12/01/2033 | 1,705,000 | 1,966,877 | ||
| Florence, SC, Public Facilities Corp., Installment Purchase Rev., “B”, 4%, 11/01/2030 | 1,035,000 | 1,154,093 | ||
| Florence, SC, Public Facilities Corp., Installment Purchase Rev., “B”, 4%, 11/01/2031 | 500,000 | 552,151 | ||
| Florence, SC, Public Facilities Corp., Installment Purchase Rev., “B”, 4%, 11/01/2032 | 500,000 | 547,143 | ||
| Greenwood, SC, Fifty School Facilities, Inc., Installment Purchase Rev. (Greenwood School District No. 50), BAM, 5%, 12/01/2028 | 3,000,000 | 3,347,270 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 240,000 | 278,205 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 465,000 | 523,160 | ||
| New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026) | 35,000 | 38,936 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 20,000 | 22,777 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 10,000 | 11,357 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 10,000 | 10,488 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 35,000 | 36,602 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 30,000 | 31,277 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 30,000 | 31,180 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 25,000 | 25,686 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 230,000 | 252,877 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 490,000 | 545,514 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2044 | 815,000 | 900,175 | ||
| North Charleston, SC, Public Facilities Corp. Refunding Rev., “B”, 4%, 6/01/2038 | 1,000,000 | 1,097,709 | ||
| North Charleston, SC, Public Facilities Corp. Refunding Rev., “B”, 4%, 6/01/2040 | 1,000,000 | 1,094,054 | ||
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 2,000,000 | 2,110,566 | ||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 1,115,000 | 1,237,035 | ||
| Scago, SC, Educational Facilities Installment Purchase Rev. (School District of Pickens County Project), 5%, 12/01/2028 | 2,000,000 | 2,177,631 | ||
| Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 4%, 4/01/2026 | 400,000 | 429,550 | ||
| Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 5%, 4/01/2027 | 655,000 | 745,815 | ||
| Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 5%, 4/01/2028 | 400,000 | 463,948
| ||
56
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| State & Local Agencies – continued | ||||
| Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 5%, 4/01/2030 | $ | 300,000 | $ 355,860 | |
| Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 5%, 4/01/2031 | 400,000 | 481,504 | ||
| Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 4%, 4/01/2032 | 350,000 | 388,405 | ||
| Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 4%, 4/01/2033 | 600,000 | 664,501 | ||
| Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2026 | 1,000,000 | 1,094,337 | ||
| Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2027 | 1,195,000 | 1,307,727 | ||
| Williamsburg County, SC, Public Facilities Corp. Installment Purchase Refunding Rev. (Williamsburg County Project), BAM, 4%, 6/01/2027 | 890,000 | 967,426 | ||
| Williamsburg County, SC, Public Facilities Corp. Installment Purchase Refunding Rev. (Williamsburg County Project), BAM, 4%, 6/01/2029 | 535,000 | 591,476 | ||
| Williamsburg County, SC, Public Facilities Corp. Installment Purchase Refunding Rev. (Williamsburg County Project), BAM, 4%, 6/01/2031 | 500,000 | 550,226 | ||
| $ 33,770,011 | ||||
| Tax - Other – 3.1% | ||||
| Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 940,000 | $ 1,023,697 | |
| Greenville County, SC, Special Source Rev., 4%, 4/01/2038 | 250,000 | 271,967 | ||
| Greenville County, SC, Special Source Rev., 4%, 4/01/2039 | 1,000,000 | 1,086,069 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | 180,000 | 196,833 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 95,000 | 103,820 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 285,000 | 308,532 | ||
| Illinois Sports Facilities Authority Refunding Rev., BAM, 5%, 6/15/2029 | 1,260,000 | 1,465,460 | ||
| Myrtle Beach, SC, Tax Increment Refunding Bonds Rev. (Myrtle Beach Air Force Base Redevelopment Project Area), 5%, 10/01/2030 | 1,000,000 | 1,104,398 | ||
| North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), “A”, 5%, 10/01/2040 | 2,000,000 | 2,219,555 | ||
| North Charleston, SC, Limited Obligation Bond (Tax Increment Pledge), 4%, 10/01/2032 | 685,000 | 761,214 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 165,000 | 166,970 | ||
| $ 8,708,515 | ||||
| Tax Assessment – 0.4% | ||||
| Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049 (n) | $ | 1,000,000 | $ 1,026,866 | |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 20,000 | 20,766 | ||
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 18,000 | 19,306 | ||
| $ 1,066,938 | ||||
| Tobacco – 0.3% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 150,000 | $ 168,711 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | 280,000 | 280,955 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 3,020,000 | 449,201 | ||
| $ 898,867 | ||||
| Toll Roads – 0.3% | ||||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | $ | 275,000 | $ 277,734 | |
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 535,000 | 539,517 | ||
| $ 817,251 | ||||
| Transportation - Special Tax – 5.2% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 7/01/2026 | $ | 680,000 | $ 684,416 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 20,000 | 20,451 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 1,125,000 | 1,162,588 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 90,000 | 91,347 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 600,000 | 608,286 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w) | 85,000 | 87,890 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w) | 175,000 | 180,614 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w) | 145,000 | 148,370 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w) | 80,000 | 90,622 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w) | 70,000 | 79,890 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w) | 110,000 | 126,608 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w) | 80,000 | 92,655
| ||
57
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Transportation - Special Tax – continued | ||||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w) | $ | 100,000 | $ 115,428 | |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w) | 95,000 | 109,105 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w) | 95,000 | 108,739 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w) | 100,000 | 114,223 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w) | 50,000 | 56,993 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 150,000 | 165,643 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050 | 105,000 | 115,465 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 350,000 | 387,750 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 125,000 | 139,162 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 125,000 | 137,147 | ||
| South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, 5%, 10/01/2036 | 1,205,000 | 1,353,176 | ||
| South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, 5%, 10/01/2037 | 1,500,000 | 1,683,807 | ||
| South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, AGM, 5%, 10/01/2035 | 2,000,000 | 2,256,225 | ||
| South Carolina Transportation Infrastructure Bank Rev., “A”, 5%, 10/01/2030 | 2,000,000 | 2,307,395 | ||
| South Carolina Transportation Infrastructure Bank Rev., “A”, 5%, 10/01/2040 | 2,000,000 | 2,238,000 | ||
| $ 14,661,995 | ||||
| Universities - Colleges – 5.1% | ||||
| Center for Arts & Health Science Public Facilities Corp. Installment Purchase Rev. (Greenville Technical College Project), 4%, 10/01/2038 | $ | 2,000,000 | $ 2,212,246 | |
| College of Charleston, SC, Academic & Administrative Facilities Refunding Rev., “A”, 5%, 4/01/2028 | 1,030,000 | 1,189,653 | ||
| College of Charleston, SC, Academic & Administrative Facilities Rev., “B”, 5%, 4/01/2022 | 1,205,000 | 1,205,000 | ||
| 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 | 75,000 | 76,138 | ||
| 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 | 125,000 | 127,106 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 55,000 | 55,453 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 70,000 | 71,117 | ||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 390,000 | 426,864 | ||
| South Carolina Jobs & Economic Development Authority (Furman University), 5%, 10/01/2028 | 700,000 | 759,505 | ||
| South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2035 | 1,565,000 | 1,702,615 | ||
| South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2049 | 2,000,000 | 2,222,031 | ||
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 30,000 | 30,623 | ||
| University of South Carolina, Higher Education Facilities Refunding Rev. (Campus Village Project), “A', 5%, 5/01/2041 | 3,000,000 | 3,571,700 | ||
| University of South Carolina, Higher Education Facilities Refunding Rev., ”A“, 5%, 5/01/2040 | 575,000 | 653,181 | ||
| $ 14,303,232 | ||||
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 235,000 | $ 240,875 | |
| Utilities - Municipal Owned – 8.6% | ||||
| Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039 | $ | 145,000 | $ 153,612 | |
| Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044 | 170,000 | 179,576 | ||
| Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2022 | 325,000 | 328,627 | ||
| Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2023 | 285,000 | 293,400 | ||
| Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2024 | 255,000 | 266,376 | ||
| Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2025 | 375,000 | 397,775 | ||
| Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2026 | 640,000 | 688,602 | ||
| Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2027 | 200,000 | 217,343 | ||
| Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 5%, 9/01/2028 | 275,000 | 318,728 | ||
| Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 5%, 9/01/2030 | 275,000 | 328,617 | ||
| Piedmont, SC, Municipal Power Agency Rev., ”A“, 4%, 1/01/2025 | 2,350,000 | 2,467,541 | ||
| Piedmont, SC, Municipal Power Agency Rev., ”B“, 5%, 1/01/2032 | 3,000,000 | 3,547,630 | ||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 525,000 | 501,375 | ||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 80,000 | 76,400 | ||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | 40,000 | 38,400
| ||
58
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Municipal Owned – continued | ||||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | $ | 20,000 | $ 19,200 | |
| Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 190,000 | 182,400 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 20,000 | 19,100 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 205,000 | 195,775 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 330,000 | 315,150 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 100,000 | 95,500 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 90,000 | 85,950 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 15,000 | 14,325 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 270,000 | 257,850 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 25,000 | 25,728 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 15,000 | 14,419 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 40,000 | 38,400 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 120,000 | 114,600 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 140,000 | 134,400 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 45,000 | 43,200 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 145,000 | 139,200 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 115,000 | 112,125 | ||
| Rock Hill, SC, Combined Utility System Rev., ”A“, 4%, 1/01/2049 | 650,000 | 680,305 | ||
| Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041 | 1,000,000 | 1,088,509 | ||
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 5%, 6/01/2032 | 500,000 | 595,576 | ||
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 5%, 6/01/2033 | 1,000,000 | 1,187,126 | ||
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 4%, 6/01/2035 | 500,000 | 543,300 | ||
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 4%, 6/01/2036 | 500,000 | 542,750 | ||
| South Carolina Public Service Authority Improvement Rev., ”B“, 4%, 12/01/2038 | 1,750,000 | 1,875,455 | ||
| South Carolina Public Service Authority Improvement Rev., ”B“, 4%, 12/01/2039 | 1,500,000 | 1,598,282 | ||
| South Carolina Public Service Authority Refunding Rev., ”A“, 4%, 12/01/2040 | 3,000,000 | 3,180,898 | ||
| South Carolina Public Service Authority Rev., ”A“, 5%, 12/01/2032 | 1,000,000 | 1,173,133 | ||
| $ 24,076,658 | ||||
| Utilities - Other – 0.7% | ||||
| Nebraska Central Plains Energy Project, Gas Project Rev., ”3“, 5%, 9/01/2042 | $ | 790,000 | $ 801,041 | |
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028 | 130,000 | 150,638 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | 290,000 | 294,407 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2026 | 570,000 | 627,935 | ||
| $ 1,874,021 | ||||
| Water & Sewer Utility Revenue – 12.1% | ||||
| Anderson County, SC, Water & Sewer System Refunding Rev., 4%, 7/01/2033 | $ | 750,000 | $ 835,543 | |
| Columbia, SC, Stormwater System Rev. (City Improvements), 5%, 2/01/2038 | 755,000 | 860,054 | ||
| Columbia, SC, Waterworks & Sewer System Rev., 4%, 2/01/2043 | 2,000,000 | 2,111,180 | ||
| Columbia, SC, Waterworks & Sewer System Rev., ”A“, 4%, 2/01/2044 | 3,990,000 | 4,239,849 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 90,000 | 97,714 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 410,000 | 442,369 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 300,000 | 336,009 | ||
| Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), ”B“, 5%, 7/01/2030 | 500,000 | 557,138 | ||
| Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), ”B“, 5%, 7/01/2035 | 500,000 | 553,041 | ||
| Lexington County, SC, Joint Municipal Water & Sewer Commission and Improvement Refunding Rev., ”A“, 4%, 6/01/2040 | 1,235,000 | 1,328,268 | ||
| Lexington County, SC, Joint Municipal Water & Sewer Commission and Improvement Refunding Rev., ”A“, 4%, 6/01/2043 | 1,260,000 | 1,344,473 | ||
| Lexington, SC, Waterworks & Sewer Systems Rev., 4%, 6/01/2041 | 2,000,000 | 2,141,151 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 50,000 | 53,011 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 60,000 | 63,303 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 30,000 | 31,739 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 70,000 | 74,026 | ||
| Mount Pleasant, SC, Waterworks & Sewer System Rev., ”A“, 5%, 6/01/2036 | 1,000,000 | 1,127,040 | ||
| Mount Pleasant, SC, Waterworks & Sewer System Rev., ”A“, 5%, 6/01/2037 | 1,000,000 | 1,127,394
| ||
59
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Water & Sewer Utility Revenue – continued | ||||
| North Charleston, SC, Sewer District, 5%, 7/01/2039 | $ | 3,425,000 | $ 3,621,981 | |
| South Carolina Grand Strand Water & Sewer Authority System Improvement Refunding Rev., ”A“, 4%, 6/01/2046 | 4,000,000 | 4,307,279 | ||
| South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2029 | 220,000 | 238,803 | ||
| South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2030 | 200,000 | 218,621 | ||
| South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2031 | 250,000 | 274,672 | ||
| South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2032 | 185,000 | 201,676 | ||
| Spartanburg, SC, Sanitary Sewer District Convertible Rev., ”B“, 5%, 3/01/2033 (Prerefunded 3/01/2023) | 1,000,000 | 1,031,250 | ||
| Spartanburg, SC, Sanitary Sewer District Convertible Rev., ”B“, 5%, 3/01/2034 | 2,000,000 | 2,153,069 | ||
| Spartanburg, SC, Water System Refunding & Improvement Rev., ”B“, 5%, 6/01/2039 | 4,000,000 | 4,469,635 | ||
| $ 33,840,288 | ||||
| Total Municipal Bonds (Identified Cost, $267,095,942) | $ 261,842,236 | |||
| Trust Units – 0.8% | ||||
| Tax - Other – 0.8% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 405,000 | $ 402,761 | ||
| PRIFA Class 61 Trust, Class 2024-2005C (taxable), 5.5%, 7/01/2024 | 440,000 | 439,408 | ||
| PRIFA Class 61 Trust, Class 2025-2005C (taxable), 5.5%, 7/01/2025 | 50,000 | 49,903 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 1,245,000 | 1,241,836 | ||
| Total Trust Units (Identified Cost, $2,157,002) | $ 2,133,908 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 420,000 | $ 365,370 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 693,066 | 205,232 | ||
| Total Bonds (Identified Cost, $623,555) | $ 570,602 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $256,918) | $ 450,247 | $242,008 | ||
| Investment Companies (h) – 4.8% | ||||
| Money Market Funds – 4.8% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $13,600,641) | 13,600,641 | $ 13,600,641 | ||
| Other Assets, Less Liabilities – 0.5% | 1,382,613 | |||
| Net Assets – 100.0% | $ 279,772,008 | |||
See Portfolio Footnotes and Notes to Financial Statements
60
Portfolio of
Investments – continued
MFS Virginia Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 95.2% | ||||
| Airport Revenue – 3.2% | ||||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, ”B“, 5%, 1/01/2030 | $ | 510,000 | $ 544,938 | |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 5%, 10/01/2037 | 1,000,000 | 1,118,323 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 5%, 10/01/2038 | 1,000,000 | 1,116,950 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 4%, 10/01/2039 | 1,000,000 | 1,052,858 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 4%, 10/01/2040 | 1,000,000 | 1,051,080 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 4%, 10/01/2041 | 1,000,000 | 1,049,485 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”B“, 5%, 10/01/2027 | 980,000 | 1,066,736 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”B“, 5%, 10/01/2028 | 1,000,000 | 1,085,007 | ||
| Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2028 | 500,000 | 570,990 | ||
| Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2029 | 500,000 | 576,540 | ||
| Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2030 | 400,000 | 465,473 | ||
| Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2031 | 500,000 | 587,417 | ||
| Norfolk, VA, Airport Authority Rev., 5%, 7/01/2029 | 525,000 | 605,367 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., ”B“, 5%, 5/01/2046 | 1,160,000 | 1,246,836 | ||
| $ 12,138,000 | ||||
| General Obligations - General Purpose – 9.7% | ||||
| Arlington County, VA, General Obligation Public Improvement, 5%, 6/15/2033 | $ | 2,755,000 | $ 3,370,328 | |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 775,000 | 762,335 | ||
| Chesterfield County, VA, Public Improvement, ”A“, 4%, 1/01/2036 | 1,570,000 | 1,701,073 | ||
| Chicago, IL, General Obligation, ”A“, 5.5%, 1/01/2033 | 400,000 | 428,512 | ||
| Chicago, IL, General Obligation, ”D“, 5.5%, 1/01/2040 | 65,000 | 69,494 | ||
| Chicago, IL, General Obligation, ”F“, 5.5%, 1/01/2042 | 475,000 | 507,253 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 68,673 | 62,664 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 171,803 | 99,217 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 149,101 | 152,719 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 148,683 | 156,868 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 147,336 | 160,875 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 144,946 | 161,643 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 140,785 | 160,354 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 133,501 | 130,326 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 120,000 | 115,800 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 102,991 | 98,888 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 140,029 | 132,976 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 476,628 | 448,358 | ||
| Commonwealth of Virginia, General Obligation, ”B“, 5%, 6/01/2024 | 1,315,000 | 1,403,250 | ||
| Commonwealth of Virginia, General Obligation, ”B“, 5%, 6/01/2026 | 4,750,000 | 5,325,674 | ||
| Fairfax County, VA, Public Improvement, ”A“, 5%, 10/01/2037 | 2,000,000 | 2,342,459 | ||
| Loudoun County, VA, General Obligation Public Improvement, ”A“, 5%, 12/01/2022 | 3,000,000 | 3,073,487 | ||
| Lynchburg, VA, Public Improvement, 5%, 6/01/2026 | 1,000,000 | 1,066,232 | ||
| Newport News, VA, General Obligation Improvement, ”A“, 4%, 2/01/2038 | 1,425,000 | 1,557,040 | ||
| Norfolk, VA, General Obligation Capital Improvement, 5%, 8/01/2043 (Prerefunded 8/01/2028) | 2,615,000 | 3,053,326 | ||
| Norfolk, VA, General Obligation Capital Improvement, ”A“, 5%, 3/01/2033 | 3,000,000 | 3,647,318 | ||
| Portsmouth, VA, General Obligation Public Improvement, ”A“, 5%, 2/01/2032 (Prerefunded 2/01/2023) | 440,000 | 452,585 | ||
| Portsmouth, VA, General Obligation Public Improvement, ”A“, 5%, 2/01/2032 (Prerefunded 2/01/2023) | 60,000 | 61,741 | ||
| Richmond, VA, Public Improvement, ”A“, 5%, 3/01/2028 (Prerefunded 3/01/2023) | 220,000 | 226,875 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 270,000 | 305,189 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 245,000 | 278,676 | ||
| State of Illinois, General Obligation, ”A“, 5%, 3/01/2028 | 330,000 | 365,106 | ||
| State of Illinois, General Obligation, ”A“, 5%, 3/01/2029 | 495,000 | 554,050 | ||
| State of Illinois, General Obligation, ”A“, 5%, 3/01/2030 | 455,000 | 514,186 | ||
| State of Illinois, General Obligation, ”A“, 5%, 3/01/2031 | 660,000 | 750,582 | ||
| Suffolk, VA, General Obligation, 5%, 12/01/2022 | 2,480,000 | 2,540,417 | ||
| $ 36,237,876 | ||||
| General Obligations - Schools – 3.1% | ||||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | $ | 70,000 | $ 78,280 | |
| Virginia Public School Authority, Special Obligation School Financing (Henrico County), 5%, 8/15/2025 | 2,405,000 | 2,647,547
| ||
61
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - Schools – continued | ||||
| Virginia Public School Authority, Special Obligation School Financing (Henrico County), 5%, 8/15/2027 | $ | 1,345,000 | $ 1,547,564 | |
| Virginia Public School Authority, Special Obligation School Financing (Prince William County), 5%, 8/01/2025 | 1,305,000 | 1,398,561 | ||
| Virginia Public School Authority, Special Obligation School Refunding (Montgomery County), 5%, 2/01/2025 | 5,330,000 | 5,776,548 | ||
| $ 11,448,500 | ||||
| Healthcare Revenue - Hospitals – 18.0% | ||||
| Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2037 | $ | 2,800,000 | $ 3,292,880 | |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), ”A-2“, 5%, 8/01/2049 | 15,000 | 16,704 | ||
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2033 | 2,000,000 | 2,304,480 | ||
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2034 | 1,475,000 | 1,697,693 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), ”A-2“, 4%, 8/01/2044 | 180,000 | 187,790 | ||
| Commonwealth of Virginia, University Health System General Rev., ”A“, 4%, 7/01/2040 | 2,000,000 | 2,123,527 | ||
| Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045 | 45,000 | 45,745 | ||
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), ”A“, 5%, 5/15/2044 | 2,000,000 | 2,126,054 | ||
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), ”A“, 4%, 5/15/2048 | 4,000,000 | 4,213,953 | ||
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), ”B“, 5%, 5/15/2022 | 5,000,000 | 5,023,086 | ||
| Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2031 | 750,000 | 788,553 | ||
| Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2033 | 1,000,000 | 1,050,527 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2030 | 1,585,000 | 1,810,790 | ||
| Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2039 | 1,320,000 | 1,381,205 | ||
| Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2040 | 550,000 | 573,584 | ||
| Lynchburg, VA, Economic Development Authority Rev. (Centra Health), ”A“, 5%, 1/01/2047 | 3,000,000 | 3,289,649 | ||
| Norfolk, VA, Economic Development Authority Health Care Facilities Rev. (Sentara Healthcare), ”B“, 5%, 11/01/2036 | 2,875,000 | 2,931,374 | ||
| Norfolk, VA, Economic Development Authority Hospital Facilities Refunding Rev. (Sentara Healthcare), ”B“, 4%, 11/01/2048 | 3,000,000 | 3,191,689 | ||
| Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), ”A“, 5%, 7/01/2047 | 1,625,000 | 2,066,353 | ||
| Roanoke, VA, Industrial Development Authority, Hospital Rev. (Carilion Health System Obligated Group), ”A“, VRDN, 0.47%, 7/01/2036 | 8,000,000 | 8,000,000 | ||
| Rockingham County, Virginia, Economic Development Authority, Health Care Facilities Rev. (Sentara RMH Medical Center), ”A“, 3%, 11/01/2046 | 2,255,000 | 2,037,262 | ||
| Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 4%, 11/01/2039 | 3,750,000 | 4,037,811 | ||
| Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 3%, 11/01/2040 | 3,370,000 | 3,272,992 | ||
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), ”A“, 4%, 12/01/2049 | 3,445,000 | 3,575,041 | ||
| Virginia Small Business Financing Authority, Hospital Rev. (Carilion Clinic Obligated Group), ”A“, VRDN, 0.5%, 7/01/2042 | 5,000,000 | 5,000,000 | ||
| Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2028 | 600,000 | 654,052 | ||
| Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2030 | 400,000 | 435,287 | ||
| Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), ”A“, 5%, 1/01/2044 (Prerefunded 1/01/2024) | 2,000,000 | 2,104,801 | ||
| $ 67,232,882 | ||||
| Healthcare Revenue - Long Term Care – 3.5% | ||||
| Albemarle County, VA, Economic Development Authority, Residential Care Facilities Rev. (Westminster-Canterbury Blue Ridge), ”A“, 5%, 1/01/2042 | $ | 1,000,000 | $ 1,025,093 | |
| Alexandria, VA, Industrial Development Authority, Residential Care Facilities Mortgage Rev. (Goodwin House, Inc.), 5%, 10/01/2030 | 1,000,000 | 1,079,960 | ||
| Fairfax County, VA, Economic Development Authority Residential Care Facilities Rev. (Goodwin House, Inc.), 5%, 10/01/2036 | 1,000,000 | 1,069,243 | ||
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Lifespire of Virginia.), ”C“, 5%, 12/01/2037 | 765,000 | 828,717 | ||
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2024 | 395,000 | 396,773 | ||
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2025 | 385,000 | 386,659 | ||
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2040 | 500,000 | 533,782 | ||
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2045 | 720,000 | 761,723 | ||
| Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), 4%, 1/01/2037 | 1,000,000 | 1,018,998 | ||
| Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), ”A“, 5%, 1/01/2042 | 1,000,000 | 1,055,519 | ||
| Prince William County, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster at Lake Ridge), 5%, 1/01/2037 | 1,000,000 | 1,018,503
| ||
62
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Long Term Care – continued | ||||
| Suffolk, VA, Economic Development Facilities First Mortgage Rev. (Lake Prince Center, Inc.), 5%, 9/01/2031 | $ | 1,000,000 | $ 1,055,826 | |
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), ”A“, 5%, 1/01/2033 | 1,750,000 | 1,943,285 | ||
| Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), ”C“, 5%, 6/01/2042 | 1,000,000 | 1,046,241 | ||
| $ 13,220,322 | ||||
| Industrial Revenue - Environmental Services – 0.3% | ||||
| Virginia Small Business Financing Authority Rev., Solid Waste Disposal (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n) | $ | 1,000,000 | $ 1,013,147 | |
| Industrial Revenue - Other – 0.1% | ||||
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n) | $ | 300,000 | $ 288,261 | |
| Industrial Revenue - Paper – 0.1% | ||||
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | $ | 100,000 | $ 105,751 | |
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 130,000 | 138,022 | ||
| West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), ”A“, 6.375%, 3/01/2019 (a)(d) | 1,683,272 | 168 | ||
| $ 243,941 | ||||
| Miscellaneous Revenue - Other – 1.5% | ||||
| Loudoun County, VA, Economic Development Authority Rev. (Howard Hughes Medical Institute), Capital Appreciation, ”A“, 0%, 7/01/2049 | $ | 7,500,000 | $ 3,047,564 | |
| Rappahannock, VA, Regional Jail Authority Rev., 5%, 10/01/2033 (Prerefunded 10/01/2025) | 2,220,000 | 2,443,125 | ||
| $ 5,490,689 | ||||
| Multi-Family Housing Revenue – 1.4% | ||||
| Virginia Housing Development Authority Rev., Rental Housing, ”A“, 3.8%, 9/01/2044 | $ | 2,000,000 | $ 2,056,622 | |
| Virginia Housing Development Authority Rev., Rental Housing, ”D“, 3.7%, 10/01/2038 | 3,000,000 | 3,105,036 | ||
| $ 5,161,658 | ||||
| Parking – 0.9% | ||||
| Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2035 | $ | 1,250,000 | $ 1,404,994 | |
| Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2036 | 1,000,000 | 1,122,992 | ||
| Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2037 | 750,000 | 841,869 | ||
| $ 3,369,855 | ||||
| Port Revenue – 1.4% | ||||
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $ | 590,000 | $ 483,063 | |
| Virginia Port Authority Facilities Refunding Rev., ”B“, 5%, 7/01/2027 | 1,500,000 | 1,654,106 | ||
| Virginia Port Authority Facilities Rev, ”A“, 5%, 7/01/2031 (Prerefunded 7/01/2025) | 3,000,000 | 3,261,679 | ||
| $ 5,398,848 | ||||
| Sales & Excise Tax Revenue – 3.7% | ||||
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 | $ | 25,000 | $ 27,895 | |
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 | 20,000 | 22,554 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 | 25,000 | 28,512 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 | 105,000 | 105,978 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 | 140,000 | 140,383 | ||
| Hampton Roads, VA, Transportation Accountability Commission, ”A“, 5%, 7/01/2029 | 1,000,000 | 1,179,767 | ||
| Hampton Roads, VA, Transportation Accountability Commission, ”A“, 5%, 7/01/2030 | 1,000,000 | 1,197,894 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 77,000 | 80,651 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 4,818,000 | 5,122,496 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 717,000 | 741,718 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 251,000 | 259,832 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053 | 6,000 | 6,224 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 122,000 | 128,262 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 11,000 | 10,311 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 135,000 | 115,524 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 26,000 | 20,727 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 1,212,000 | 897,098 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 1,160,000 | 791,447
| ||
63
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Sales & Excise Tax Revenue – continued | ||||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | $ | 7,149,000 | $ 2,184,700 | |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 640,000 | 621,644 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 345,000 | 340,419 | ||
| $ 14,024,036 | ||||
| Secondary Schools – 0.1% | ||||
| District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2056 (n) | $ | 325,000 | $ 337,081 | |
| Single Family Housing - State – 0.8% | ||||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | $ | 895,000 | $ 931,762 | |
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4.25%, 1/01/2050 | 1,210,000 | 1,258,482 | ||
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., ”A“, FNMA, 4.75%, 1/01/2049 | 795,000 | 836,145 | ||
| $ 3,026,389 | ||||
| State & Local Agencies – 10.7% | ||||
| Campbell County, VA, Industrial Development Authority, 4%, 6/01/2039 | $ | 1,000,000 | $ 1,085,782 | |
| Campbell County, VA, Industrial Development Authority, 4%, 6/01/2040 | 1,000,000 | 1,084,159 | ||
| Colorado State University Board of Governors, System Enterprise Refunding Rev., ”E“, 4%, 3/01/2043 | 1,555,000 | 1,651,265 | ||
| Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 1,955,000 | 1,854,212 | ||
| Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), ”A“, 5%, 10/01/2033 (Prerefunded 10/01/2024) | 500,000 | 536,842 | ||
| Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), ”A“, 5%, 10/01/2034 (Prerefunded 10/01/2024) | 1,000,000 | 1,073,684 | ||
| Fairfax County, VA, Public Improvement, ”A“, 5%, 10/01/2025 | 700,000 | 752,997 | ||
| Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2039 | 3,265,000 | 3,729,528 | ||
| Franklin County, VA, Industrial Development Authority, 3%, 10/15/2036 | 1,000,000 | 1,002,659 | ||
| Franklin County, VA, Industrial Development Authority, 3%, 10/15/2037 | 580,000 | 575,603 | ||
| Henry County, VA, Industrial Development Authority, Public Facility Leave Rev., 4%, 11/01/2045 | 3,000,000 | 3,131,033 | ||
| Loudoun County, VA, Economic Development Authority Rev. (Louduon County Public Facilities Project), ”A“, 3%, 12/01/2037 | 2,000,000 | 2,047,957 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 395,000 | 457,878 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | 770,000 | 866,308 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 25,000 | 28,471 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 10,000 | 11,358 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 65,000 | 68,174 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 55,000 | 57,517 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 35,000 | 36,490 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 35,000 | 36,377 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 25,000 | 25,686 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 340,000 | 373,818 | ||
| New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036 | 3,205,000 | 3,572,633 | ||
| Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), ”E-1“, 5%, 2/01/2023 | 2,140,000 | 2,202,463 | ||
| Virginia Port Authority, Port Fund Rev., ”B“, 5%, 7/01/2027 | 2,510,000 | 2,838,440 | ||
| Virginia Public Building Authority, Facilities Rev., ”A“, 4%, 8/01/2039 | 4,500,000 | 4,869,073 | ||
| Washington, D.C. Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds - Climate Bond Certified), ”A“, 5%, 7/15/2046 | 5,000,000 | 5,869,827 | ||
| $ 39,840,234 | ||||
| Student Loan Revenue – 0.1% | ||||
| Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | $ | 150,000 | $ 145,882 | |
| Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | 385,000 | 345,904 | ||
| $ 491,786 | ||||
| Tax - Other – 0.5% | ||||
| Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax, ”C-3“, 3%, 5/15/2051 | $ | 1,965,000 | $1,795,369 | |
64
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Tax - Other – continued | ||||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | $ | 220,000 | $ 222,627 | |
| $ 2,017,996 | ||||
| Tax Assessment – 0.6% | ||||
| Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 (Prerefunded 3/01/2023) | $ | 640,000 | $ 671,741 | |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | 1,000,000 | 1,024,671 | ||
| Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035 (n) | 500,000 | 513,409 | ||
| $ 2,209,821 | ||||
| Tobacco – 0.2% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 225,000 | $ 253,066 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 4,495,000 | 668,596 | ||
| $ 921,662 | ||||
| Toll Roads – 4.0% | ||||
| Chesapeake Bay Bridge & Tunnel District First Tier General Resolution Rev., 5%, 7/01/2051 | $ | 3,000,000 | $ 3,222,365 | |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), ”A“, AGM, 4%, 10/01/2052 | 3,000,000 | 3,150,539 | ||
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), ”B“, 4%, 10/01/2044 | 3,000,000 | 3,124,460 | ||
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), ”B“, AGM, 4%, 10/01/2053 | 2,830,000 | 2,966,739 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 465,000 | 469,622 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 905,000 | 912,641 | ||
| Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2049 | 1,000,000 | 1,110,384 | ||
| $ 14,956,750 | ||||
| Transportation - Special Tax – 7.9% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NPFG, 5%, 7/01/2029 | $ | 50,000 | $ 51,128 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029 | 1,715,000 | 1,772,301 | ||
| Commonwealth of Virginia, Federal Transportation Grant Anticipation Rev., 5%, 9/15/2027 | 1,000,000 | 1,127,699 | ||
| Commonwealth of Virginia, Federal Transportation Grant Anticipation Rev., 5%, 9/15/2033 | 3,360,000 | 4,016,699 | ||
| Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2030 | 300,000 | 360,153 | ||
| Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2031 | 500,000 | 609,365 | ||
| Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2032 | 300,000 | 363,627 | ||
| Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2033 | 500,000 | 604,892 | ||
| Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2034 | 1,655,000 | 1,999,488 | ||
| Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 4%, 5/15/2042 | 3,000,000 | 3,193,539 | ||
| Commonwealth of Virginia, Transportation Board Rev., Capital Projects, ”A“, 4%, 5/15/2035 | 2,750,000 | 2,977,849 | ||
| Metropolitan Transportation Authority Rev., NY, Anticipation Note, ”D-1“, 5%, 9/01/2022 | 850,000 | 861,739 | ||
| New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2038 (w) | 115,000 | 118,910 | ||
| New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2039 (w) | 230,000 | 237,378 | ||
| New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2041 (w) | 190,000 | 194,417 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2029 (w) | 100,000 | 113,277 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2030 (w) | 90,000 | 102,716 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2031 (w) | 145,000 | 166,892 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2032 (w) | 100,000 | 115,819 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2033 (w) | 135,000 | 155,827 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2034 (w) | 130,000 | 149,302 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035 (w) | 120,000 | 137,354 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2036 (w) | 125,000 | 142,779 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2037 (w) | 65,000 | 74,090 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, ”A“, 5%, 12/15/2039 | 190,000 | 211,526 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 5%, 6/15/2044 | 190,000 | 208,464 | ||
| Virginia Port Authority Rev., 5%, 7/01/2030 (Prerefunded 7/01/2025) | 1,000,000 | 1,090,506 | ||
| Virginia Port Authority Rev., 5%, 7/01/2031 (Prerefunded 7/01/2025) | 500,000 | 545,253 | ||
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 | 1,560,000 | 1,757,563 | ||
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 | 1,560,000 | 1,755,926
| ||
65
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Transportation - Special Tax – continued | ||||
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., ”B“, 5%, 7/01/2042 | $ | 3,860,000 | $ 4,326,617 | |
| $ 29,543,095 | ||||
| Universities - Colleges – 9.4% | ||||
| Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026 | $ | 1,190,000 | $ 1,161,028 | |
| Commonwealth of Virginia, University General Pledge Refunding Rev., ”A“, 4%, 11/01/2037 | 745,000 | 803,832 | ||
| Commonwealth of Virginia, University General Pledge Refunding Rev., ”A“, 4%, 5/01/2048 | 2,475,000 | 2,631,619 | ||
| Lexington, VA, Industrial Development Authority Educational Facilities Rev. (Washington and Lee Universities), ”A“, 5%, 1/01/2043 | 1,000,000 | 1,133,273 | ||
| Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), ”A“, 4%, 6/01/2037 | 1,000,000 | 1,090,084 | ||
| Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), ”A“, 4%, 6/01/2038 | 1,750,000 | 1,905,026 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 445,000 | 448,809 | ||
| 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 | 230,000 | 233,876 | ||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 595,000 | 651,242 | ||
| Roanoke, VA, Economic Development Authority, Educational Facilities Rev. (Lynchburg College), ”A“, 5%, 9/01/2034 | 1,000,000 | 1,105,739 | ||
| Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2038 | 250,000 | 260,711 | ||
| Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2039 | 225,000 | 234,131 | ||
| Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2040 | 250,000 | 259,766 | ||
| Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 5%, 4/01/2049 | 900,000 | 995,098 | ||
| University of Virginia, General Rev. Pledge Refunding, ”A“, 5%, 6/01/2043 (Prerefunded 6/01/2023) | 685,000 | 711,349 | ||
| University of Virginia, General Rev. Pledge Refunding, ”B“, 5%, 4/01/2046 | 2,500,000 | 2,807,483 | ||
| University of Virginia, Rector and Visitors General Pledge Rev. (Multi-Year Capital Project), ”A“, 4%, 8/01/2048 | 2,000,000 | 2,169,034 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”A“, 5%, 7/01/2035 (n) | 1,000,000 | 1,026,081 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n) | 1,000,000 | 1,033,590 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Randolph-Macon College), 4%, 1/15/2041 | 1,600,000 | 1,688,977 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2036 | 1,280,000 | 1,313,710 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 3%, 6/01/2041 | 470,000 | 403,185 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2046 | 1,250,000 | 1,258,287 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NPFG, 5.25%, 1/01/2031 | 1,000,000 | 1,175,526 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), ”A“, 5%, 1/01/2040 (Prerefunded 1/01/2025) | 1,000,000 | 1,080,405 | ||
| Virginia Commonwealth University, General Rev., ”A“, 5%, 11/01/2033 | 4,000,000 | 4,700,247 | ||
| Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 2,500,000 | 2,686,055 | ||
| $ 34,968,163 | ||||
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 290,000 | $ 297,250 | |
| Utilities - Municipal Owned – 3.1% | ||||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | $ | 835,000 | $ 797,425 | |
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 130,000 | 124,150 | ||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | 60,000 | 57,600 | ||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 30,000 | 28,800 | ||
| Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 305,000 | 292,800 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 30,000 | 28,650 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 320,000 | 305,600 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 535,000 | 510,925 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.625%, 7/01/2023 | 60,000 | 60,641 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.65%, 7/01/2024 | 315,000 | 318,366 | ||
| Puerto Rico Electric Power Authority Rev., ”PP“, NPFG, 5%, 7/01/2024 | 25,000 | 25,519 | ||
| Puerto Rico Electric Power Authority Rev., ”SS“, AGM, 4.375%, 7/01/2030 | 30,000 | 30,357 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 145,000 | 138,475 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 140,000 | 133,700 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 25,000 | 23,875 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 430,000 | 410,650 | ||
| Puerto Rico Electric Power Authority Rev., ”UU“, AGM, 4.25%, 7/01/2027 | 185,000 | 186,981 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030 | 340,000 | 347,182
| ||
66
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Municipal Owned – continued | ||||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | $ | 35,000 | $ 36,019 | |
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 25,000 | 24,031 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 60,000 | 57,600 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 205,000 | 195,775 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 225,000 | 216,000 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 70,000 | 67,200 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 215,000 | 206,400 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 175,000 | 170,625 | ||
| Richmond, VA, Public Utility Rev., ”A“, 5%, 1/15/2027 (Prerefunded 1/15/2023) | 2,555,000 | 2,625,494 | ||
| Richmond, VA, Public Utility Rev., ”A“, 5%, 1/15/2035 | 2,000,000 | 2,210,043 | ||
| Richmond, VA, Public Utility Rev., ”A“, 5%, 1/15/2038 (Prerefunded 1/15/2023) | 2,000,000 | 2,055,181 | ||
| $ 11,686,064 | ||||
| Utilities - Other – 0.4% | ||||
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | $ | 290,000 | $ 294,407 | |
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2026 | 1,140,000 | 1,255,871 | ||
| $ 1,550,278 | ||||
| Water & Sewer Utility Revenue – 10.4% | ||||
| Fairfax County, VA, Sewer Rev., ”A“, 4%, 7/15/2039 | $ | 3,000,000 | $ 3,366,505 | |
| Fairfax County, VA, Water Authority Rev., 4%, 4/01/2032 | 2,175,000 | 2,454,532 | ||
| Fairfax County, VA, Water Authority Rev., 5%, 4/01/2041 | 3,000,000 | 3,378,009 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 295,000 | 324,311 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 375,000 | 412,225 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 1,045,000 | 1,145,799 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 430,000 | 481,612 | ||
| Hampton Roads, VA, Sanitation District Wastewater Rev., ”A“, 5%, 10/01/2035 (Prerefunded 10/01/2027) | 660,000 | 758,689 | ||
| Hampton Roads, VA, Sanitation District Wastewater Rev., ”A“, 4%, 10/01/2037 | 1,350,000 | 1,432,450 | ||
| Hampton Roads, VA, Sanitation District Wastewater Rev., ”A“, 4%, 10/01/2038 | 1,265,000 | 1,340,274 | ||
| Henrico County, VA, Water and Sewer System Rev., 4%, 5/01/2046 | 1,435,000 | 1,550,333 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 80,000 | 84,817 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 100,000 | 105,504 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 50,000 | 52,898 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 110,000 | 116,326 | ||
| Norfolk, VA, Water Rev., 5%, 11/01/2028 (Prerefunded 5/01/2022) | 985,000 | 988,072 | ||
| Norfolk, VA, Water Rev., 5%, 11/01/2028 | 15,000 | 15,045 | ||
| Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 3%, 7/01/2044 | 2,065,000 | 2,090,663 | ||
| Virginia Beach, VA, Water & Sewer System Rev., 5%, 10/01/2022 | 1,310,000 | 1,334,672 | ||
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2025 | 5,000 | 5,015 | ||
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2027 | 45,000 | 45,133 | ||
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2028 | 40,000 | 40,126 | ||
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 4%, 11/01/2032 | 1,000,000 | 1,132,695 | ||
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 4%, 11/01/2033 | 1,500,000 | 1,696,091 | ||
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 4%, 11/01/2034 | 500,000 | 564,580 | ||
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 4%, 11/01/2036 | 3,450,000 | 3,782,735 | ||
| Virginia Resources Authority, Infrastructure Rev., Unrefunded Balance, 5%, 11/01/2025 | 45,000 | 45,133 | ||
| Virginia Resources Authority, Infrastructure Rev., Virginia Pooled Financing Program, ”C“, 5%, 11/01/2022 | 1,620,000 | 1,655,447 | ||
| Virginia Resources Authority, Infrastructure Rev., Virginia Pooled Financing Program, ”C“, 4%, 11/01/2044 | 3,235,000 | 3,537,836 | ||
| Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2033 (Prerefunded 11/01/2022) | 2,245,000 | 1,473,160 | ||
| Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2034 (Prerefunded 11/01/2022) | 2,250,000 | 1,410,225 | ||
| Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2035 (Prerefunded 11/01/2022) | 1,950,000 | 1,165,782
| ||
67
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Water & Sewer Utility Revenue – continued | ||||
| Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2036 (Prerefunded 11/01/2022) | $ | 1,250,000 | $ 711,827 | |
| $ 38,698,521 | ||||
| Total Municipal Bonds (Identified Cost, $362,232,248) | $ 355,813,105 | |||
| Trust Units – 0.8% | ||||
| Tax - Other – 0.8% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 375,000 | $ 372,927 | ||
| PRIFA Class 61 Trust, Class 2024-2005C (taxable), 5.5%, 7/01/2024 | 700,000 | 699,059 | ||
| PRIFA Class 61 Trust, Class 2025-2005C (taxable), 5.5%, 7/01/2025 | 85,000 | 84,835 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 2,030,000 | 2,024,841 | ||
| Total Trust Units (Identified Cost, $3,216,298) | $ 3,181,662 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 557,000 | $ 484,551 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,039,600 | 307,847 | ||
| Total Bonds (Identified Cost, $868,253) | $ 792,398 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $380,364) | $ 666,587 | $358,290 | ||
| Investment Companies (h) – 2.0% | ||||
| Money Market Funds – 2.0% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $7,310,699) | 7,310,732 | $ 7,310,732 | ||
| Other Assets, Less Liabilities – 1.7% | 6,354,786 | |||
| Net Assets – 100.0% | $ 373,810,973 | |||
See Portfolio Footnotes and Notes to Financial Statements
68
Portfolio of
Investments – continued
MFS West Virginia Municipal Bond Fund
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 96.1% | ||||
| Airport Revenue – 1.0% | ||||
| Dallas and Fort Worth, TX, International Airport Rev., ”B“, 5%, 11/01/2044 | $ | 155,000 | $ 157,769 | |
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2024 | 90,000 | 95,014 | ||
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2025 | 115,000 | 123,684 | ||
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2026 | 175,000 | 191,795 | ||
| Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2027 | 220,000 | 245,108 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”B“, 5%, 12/01/2044 | 60,000 | 64,110 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”B“, BAM, 5%, 12/01/2039 | 70,000 | 74,983 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”C“, 5%, 12/01/2039 | 55,000 | 58,213 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”C“, 5%, 12/01/2044 | 85,000 | 89,741 | ||
| $ 1,100,417 | ||||
| General Obligations - General Purpose – 13.0% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 260,000 | $ 255,751 | |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 20,954 | 19,120 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 52,422 | 30,274 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 45,495 | 46,599 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 45,368 | 47,865 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 44,957 | 49,088 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 44,227 | 49,322 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 42,958 | 48,929 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 40,735 | 39,766 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 36,615 | 35,333 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 31,426 | 30,174 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 42,727 | 40,575 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 143,435 | 134,928 | ||
| State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2041 | 730,000 | 795,811 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 165,000 | 186,505 | ||
| State of Illinois, General Obligation, ”A“, 5%, 3/01/2030 | 135,000 | 152,561 | ||
| State of Illinois, General Obligation, ”A“, 5%, 3/01/2031 | 195,000 | 221,763 | ||
| State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 6/01/2027 | 720,000 | 823,221 | ||
| State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 12/01/2035 | 1,000,000 | 1,178,564 | ||
| State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 12/01/2042 | 3,000,000 | 3,563,954 | ||
| State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 6/01/2044 | 3,000,000 | 3,495,374 | ||
| State of West Virginia, General Obligation Road Bonds, ”B“, 5%, 12/01/2040 | 1,750,000 | 2,013,659 | ||
| State of West Virginia, General Obligation Road Bonds, ”B“, 5%, 6/01/2041 | 200,000 | 229,895 | ||
| State of West Virginia, General Obligation Road Bonds, ”B“, 4%, 12/01/2042 | 1,000,000 | 1,078,460 | ||
| $ 14,567,491 | ||||
| General Obligations - Schools – 2.8% | ||||
| Cabell County, WV, Public School Board of Education, AGM, 3%, 6/01/2029 | $ | 1,400,000 | $ 1,451,497 | |
| Greenbrier County, WV, Board of Education, 4%, 5/01/2024 | 590,000 | 614,242 | ||
| Monongalia County, WV, Board of Education, 5%, 5/01/2031 (Prerefunded 5/01/2022) | 1,000,000 | 1,003,081 | ||
| $ 3,068,820 | ||||
| Healthcare Revenue - Hospitals – 16.3% | ||||
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), ”A“, 4%, 4/01/2044 | $ | 155,000 | $ 161,895 | |
| Cobb County, GA, Kennestone Hospital Authority Rev. (Wellstar Health System, Inc. Project), ”A“, 4%, 4/01/2052 | 765,000 | 799,143 | ||
| Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045 | 15,000 | 15,248 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 4%, 4/15/2043 | 780,000 | 818,618 | ||
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), ”A“, 4%, 12/01/2049 | 490,000 | 508,496 | ||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), 4%, 1/01/2038 | 230,000 | 240,592 | ||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2028 | 1,000,000 | 1,062,996 | ||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2039 | 1,500,000 | 1,709,098 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), ”A“, 4.125%, 1/01/2047 | 1,245,000 | 1,295,118 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), ”A“, ETM, 6.5%, 9/01/2023 | 660,000 | 687,670 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044 (Prerefunded 1/01/2024) | 1,000,000 | 1,053,283 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044 | 1,000,000 | 1,087,472
| ||
69
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Hospitals – continued | ||||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), ”A“, 5%, 6/01/2027 | $ | 200,000 | $ 220,449 | |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), ”A“, 4%, 6/01/2035 | 1,500,000 | 1,580,688 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), ”A“, 5.5%, 6/01/2044 (Prerefunded 6/01/2023) | 3,460,000 | 3,610,814 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), “A”, AGM, 4%, 6/01/2051 | 2,000,000 | 2,120,929 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), ”A“, 5%, 6/01/2042 | 1,000,000 | 1,106,166 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), ”A“, 4%, 6/01/2051 | 220,000 | 230,518 | ||
| $ 18,309,193 | ||||
| Industrial Revenue - Other – 0.6% | ||||
| New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035 | $ | 420,000 | $ 515,318 | |
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 4%, 1/01/2050 (n) | 200,000 | 185,129 | ||
| $ 700,447 | ||||
| Miscellaneous Revenue - Other – 6.8% | ||||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2040 (Prerefunded 7/01/2023) | $ | 140,000 | $ 145,026 | |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n) | 580,000 | 607,148 | ||
| State of West Virginia, Higher Education Policy Commission Community & Technical Colleges Capital Improvement Refunding Rev., 5%, 7/01/2038 | 200,000 | 225,633 | ||
| West Virginia Economic Development Authority, Excess Lottery Rev., 5%, 6/15/2022 | 250,000 | 251,843 | ||
| West Virginia Economic Development Authority, Excess Lottery Rev., ”A“, 5%, 7/01/2038 | 1,000,000 | 1,154,004 | ||
| West Virginia School Building Authority, ”A“, 5%, 7/01/2028 | 590,000 | 639,728 | ||
| West Virginia School Building Authority, ”A“, 3%, 7/01/2033 | 2,000,000 | 2,028,093 | ||
| West Virginia School Building Authority, Excess Lottery Rev., ”B“, 5%, 7/01/2030 | 1,000,000 | 1,002,996 | ||
| West Virginia School Building Authority, Lottery Capital Improvement Rev., “A”, 5%, 7/01/2028 | 1,500,000 | 1,560,252 | ||
| $ 7,614,723 | ||||
| Port Revenue – 0.1% | ||||
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $ | 170,000 | $ 139,188 | |
| Sales & Excise Tax Revenue – 4.4% | ||||
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 | $ | 10,000 | $ 11,158 | |
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 | 5,000 | 5,638 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 | 10,000 | 11,405 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 | 30,000 | 30,280 | ||
| Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 | 45,000 | 45,123 | ||
| Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A“, 5%, 7/01/2031 | 500,000 | 609,212 | ||
| Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic Opportunity Development District), ”A“, 4.125%, 6/01/2043 (n) | 1,000,000 | 1,010,986 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 25,000 | 26,186 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 1,537,000 | 1,634,138 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 238,000 | 246,205 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 83,000 | 85,920 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053 | 1,000 | 1,037 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 39,000 | 41,002 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 3,000 | 2,812 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 45,000 | 38,508 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 7,000 | 5,580 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 412,000 | 304,954 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 396,000 | 270,184 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 1,503,000 | 459,310 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 120,000 | 116,558 | ||
| $
4,956,196 | ||||
70
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Single Family Housing - State – 2.4% | ||||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | $ | 280,000 | $ 291,501 | |
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4.25%, 1/01/2050 | 380,000 | 395,226 | ||
| West Virginia Housing Development Fund, ”A“, 3.875%, 11/01/2044 | 1,500,000 | 1,529,854 | ||
| West Virginia Housing Development Fund, ”B“, 1.8%, 5/01/2026 | 485,000 | 475,306 | ||
| $ 2,691,887 | ||||
| State & Local Agencies – 8.2% | ||||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | $ | 140,000 | $ 162,286 | |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | 260,000 | 292,520 | ||
| Maryland Stadium Authority, Built to Learn Rev., ”A“, 4%, 6/01/2047 | 1,000,000 | 1,052,906 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 5,000 | 5,694 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 5,000 | 5,244 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 20,000 | 20,915 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 15,000 | 15,639 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 10,000 | 10,393 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 10,000 | 10,274 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 105,000 | 115,444 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044 | 1,640,000 | 779,792 | ||
| West Virginia Economic Development Authority, Auto Lease Rev., 5.2%, 5/01/2033 | 1,000,000 | 1,001,460 | ||
| West Virginia Economic Development Authority, Lease Rev. (Correctional, Juvenile and Public Safety Facilities), ”A“, 5%, 6/01/2025 | 255,000 | 256,565 | ||
| West Virginia Economic Development Authority, Lease Rev. (Correctional, Juvenile and Public Safety Facilities), ”A“, 5%, 6/01/2029 | 2,000,000 | 2,012,956 | ||
| West Virginia Economic Development Authority, Lease Rev. (Correctional, Juvenile and Public Safety Facilities), ”A“, AGM, 5%, 6/01/2022 | 1,000,000 | 1,002,960 | ||
| West Virginia Economic Development Authority, Lease Rev. (State Office Building), ”B“, NPFG, 5.25%, 1/01/2025 | 315,000 | 316,032 | ||
| West Virginia Economic Development Authority, Lease Rev. (State Office Building), ”B“, NPFG, 5.25%, 1/01/2030 | 1,355,000 | 1,359,437 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (Veterans Nursing Home), 5.5%, 3/01/2034 | 795,000 | 796,552 | ||
| $ 9,217,069 | ||||
| Tax - Other – 2.2% | ||||
| Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 535,000 | $ 582,636 | |
| New York City Transitional Finance Authority Rev., ”C-1“, 4%, 2/01/2038 | 755,000 | 800,731 | ||
| Virgin Islands Public Finance Authority Rev. (Gross Receipts), AGM, 5%, 10/01/2032 | 1,000,000 | 1,012,013 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 101,194 | ||
| $ 2,496,574 | ||||
| Tax Assessment – 1.3% | ||||
| Morgantown, WV, Tax Increment Rev., Parking Garage Project, ”A“, 5%, 6/01/2033 | $ | 455,000 | $ 454,971 | |
| Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), 4%, 6/01/2034 | 1,000,000 | 999,937 | ||
| $ 1,454,908 | ||||
| Tobacco – 0.8% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 75,000 | $ 84,355 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 4%, 6/01/2048 | 125,000 | 125,426 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055 | 500,000 | 520,349 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 1,360,000 | 202,290 | ||
| $ 932,420 | ||||
| Toll Roads – 2.4% | ||||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $ | 155,000 | $ 165,829 | |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 120,000 | 127,917 | ||
| West Virginia Parkways Authority, Senior Lien Turnpike Toll Rev., 4%, 6/01/2042 | 1,250,000 | 1,364,911 | ||
| West Virginia Parkways Authority, Turnpike Toll Rev., 4%, 6/01/2047 | 1,000,000 | 1,063,928 | ||
| $
2,722,585 | ||||
71
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Transportation - Special Tax – 4.8% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”AA-1“, AGM, 4.95%, 7/01/2026 | $ | 520,000 | $ 523,376 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029 | 760,000 | 785,393 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 4%, 6/15/2050 | 1,000,000 | 1,015,233 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027 | 220,000 | 243,729 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 4%, 6/15/2044 | 1,225,000 | 1,249,579 | ||
| West Virginia, Surface Transportation Improvements Special Obligation, ”A“, 5%, 9/01/2025 | 1,400,000 | 1,535,641 | ||
| $ 5,352,951 | ||||
| Universities - Colleges – 9.5% | ||||
| Fairmont, WV, State University Board of Governors Refunding Rev., ”A“, 5%, 6/01/2031 | $ | 720,000 | $ 846,912 | |
| Fairmont, WV, State University Board of Governors Refunding Rev., ”A“, 5%, 6/01/2032 | 1,050,000 | 1,249,228 | ||
| Marshall University, WV, Board of Governors Rev., ”A“, AGM, 5%, 5/01/2030 | 860,000 | 1,015,140 | ||
| Marshall University, WV, Board of Governors Rev., ”A“, AGM, 3%, 5/01/2046 | 1,000,000 | 921,757 | ||
| Marshall University, WV, Board of Governors Rev., ”A“, AGM, 4%, 5/01/2050 | 1,500,000 | 1,586,692 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | 110,000 | 111,189 | ||
| West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), ”A“, 5%, 10/01/2044 | 1,000,000 | 1,184,203 | ||
| West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), ”A“, 5%, 10/01/2049 | 1,000,000 | 1,152,538 | ||
| West Virginia University, University Systems Rev., ”A“, NPFG, 5.25%, 4/01/2028 | 2,385,000 | 2,615,088 | ||
| $ 10,682,747 | ||||
| Utilities - Cogeneration – 0.1% | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 140,000 | $ 143,500 | |
| Utilities - Investor Owned – 2.4% | ||||
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheel Power Co. - Mitchell Project), ”A“, 3%, 6/01/2037 (Put Date 6/18/2027) (w) | $ | 1,000,000 | $ 1,000,852 | |
| West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), ”A“, 0.625%, 12/01/2038 (Put Date 12/15/2025) | 750,000 | 703,362 | ||
| West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), ”A“, 1%, 1/01/2041 (Put Date 9/01/2025) | 1,000,000 | 954,686 | ||
| $ 2,658,900 | ||||
| Utilities - Municipal Owned – 1.7% | ||||
| Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2033 | $ | 435,000 | $ 461,896 | |
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 285,000 | 272,175 | ||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 45,000 | 42,975 | ||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,600 | ||
| Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 100,000 | 96,000 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 110,000 | 105,050 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 180,000 | 171,900 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 50,000 | 47,750 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 145,000 | 138,475 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030 | 135,000 | 137,852 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 10,000 | 10,291 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,612 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 70,000 | 66,850 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 75,000 | 72,000 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 65,000 | 62,400 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 50,000 | 48,750 | ||
| $
1,868,476 | ||||
72
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Other – 0.1% | ||||
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | $ | 125,000 | $ 126,899 | |
| Water & Sewer Utility Revenue – 15.2% | ||||
| Berkeley County, WV, Public Service Sewer District, ”A“, BAM, 5%, 6/01/2036 | $ | 1,700,000 | $ 1,868,867 | |
| Fairmont, WV, Waterworks Rev., AAC, 5.25%, 7/01/2022 | 75,000 | 75,651 | ||
| Fairmont, WV, Waterworks Rev., ”A“, BAM, 4%, 7/01/2027 | 200,000 | 216,358 | ||
| Fairmont, WV, Waterworks Rev., ”A“, BAM, 4%, 7/01/2028 | 200,000 | 218,365 | ||
| Fairmont, WV, Waterworks Rev., ”A“, BAM, 4%, 7/01/2029 | 300,000 | 330,439 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 40,000 | 43,428 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 180,000 | 194,210 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029 | 20,000 | 21,042 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035 | 20,000 | 20,964 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 135,000 | 151,204 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 35,000 | 37,108 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 40,000 | 42,202 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 20,000 | 21,159 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 50,000 | 52,876 | ||
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 75,000 | 80,212 | ||
| Morgantown, WV, Combined Utility System Rev., ”A“, AGM, 5%, 12/01/2041 | 1,000,000 | 1,109,913 | ||
| Morgantown, WV, Combined Utility System Rev., ”A“, BAM, 4%, 12/01/2033 | 400,000 | 441,176 | ||
| Morgantown, WV, Combined Utility System Rev., ”B“, 5%, 12/01/2043 | 2,000,000 | 2,275,899 | ||
| West Virginia Water Development Authority Rev. (Loan Program II), ”A“, 5%, 11/01/2026 | 650,000 | 680,975 | ||
| West Virginia Water Development Authority Rev. (Loan Program II), ”A-II“, 5%, 11/01/2033 | 1,475,000 | 1,655,725 | ||
| West Virginia Water Development Authority Rev. (Loan Program IV), ”A-IV“, 5%, 11/01/2038 | 500,000 | 568,027 | ||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., 5%, 6/01/2038 (Prerefunded 6/01/2023) | 3,000,000 | 3,111,873 | ||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., 5%, 6/01/2043 (Prerefunded 6/01/2023) | 1,000,000 | 1,037,291 | ||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2041 | 1,000,000 | 1,094,120 | ||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2051 | 1,500,000 | 1,618,101 | ||
| $ 16,967,185 | ||||
| Total Municipal Bonds (Identified Cost, $108,237,823) | $ 107,772,576 | |||
| Trust Units – 1.0% | ||||
| Tax - Other – 1.0% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 945,000 | $ 939,776 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 95,000 | 94,758 | ||
| Total Trust Units (Identified Cost, $1,045,072) | $ 1,034,534 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 167,000 | $ 145,278 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 346,533 | 102,616 | ||
| Total Bonds (Identified Cost, $272,220) | $ 247,894 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $116,061) | $ 203,397 | $109,326 | ||
73
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 2.1% | ||||
| Money Market Funds – 2.1% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $2,356,969) | 2,356,969 | $ 2,356,969 | ||
| Other Assets, Less Liabilities – 0.5% | 599,802 | |||
| Net Assets – 100.0% | $ 112,121,101 | |||
Portfolio Footnotes:
| (a) | Non-income producing security. |
| (d) | In default. |
| (h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of each fund’s investments in affiliated issuers and in unaffiliated issuers were as follows: |
| Affiliated Issuers | Unaffiliated Issuers | |
| Mississippi Fund | $ 2,539,919 | $ 95,028,632 |
| New York Fund | 5,439,822 | 255,651,087 |
| North Carolina Fund | 41,867,648 | 491,548,325 |
| Pennsylvania Fund | 12,967,834 | 174,941,696 |
| South Carolina Fund | 13,600,641 | 264,788,754 |
| Virginia Fund | 7,310,732 | 360,145,455 |
| West Virginia Fund | 2,356,969 | 109,164,330 |
| (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 and percentage of net assets for each fund is as follows: |
| Value | Percent of net assets | |
| Mississippi Fund | $ 783,313 | 0.8% |
| New York Fund | 11,141,498 | 4.3% |
| North Carolina Fund | 4,464,546 | 0.8% |
| Pennsylvania Fund | 2,575,542 | 1.3% |
| South Carolina Fund | 4,924,557 | 1.8% |
| Virginia Fund | 6,990,701 | 1.9% |
| West Virginia Fund | 2,167,715 | 1.9% |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (w) | When-issued security. |
| The following abbreviations are used in this report and are defined: | |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FGIC | Financial Guaranty Insurance Co. |
| FHA | Federal Housing Administration |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| LIBOR | London Interbank Offered Rate |
| NPFG | National Public Finance Guarantee Corp. |
| SOFR | Secured Overnight Financing Rate |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate. |
See Notes to Financial Statements
74
Financial Statements
Statements of Assets and Liabilities
At 3/31/22
These statements represent each fund's balance sheet, which
details the assets and liabilities comprising the total value of each fund.
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund | |
| Assets | ||||
| Investments in unaffiliated issuers, at value (identified cost, $94,973,396, $256,308,344, $496,177,500, and $175,451,903, respectively) | $95,028,632 | $255,651,087 | $491,548,325 | $174,941,696 |
| Investments in affiliated issuers, at value (identified cost, $2,539,919, $5,439,822, $41,867,591, and $12,967,833, respectively) | 2,539,919 | 5,439,822 | 41,867,648 | 12,967,834 |
| Receivables for | ||||
| Investments sold | 361,217 | 142,348 | 3,472,374 | 980,816 |
| Fund shares sold | 1,101 | 134,485 | 3,810,635 | 618,004 |
| When-issued investments sold | 130,701 | 340,865 | — | — |
| Interest | 1,019,094 | 2,764,916 | 6,767,058 | 2,065,476 |
| Receivable from investment adviser | — | 11,559 | — | 10,198 |
| Other assets | 495 | 911 | 1,740 | 673 |
| Total assets | $99,081,159 | $264,485,993 | $547,467,780 | $191,584,697 |
| Liabilities | ||||
| Payable to custodian | $— | $— | $74 | $1,366 |
| Payables for | ||||
| Distributions | 7,942 | 62,348 | 49,165 | 43,855 |
| Investments purchased | — | — | — | 13,991 |
| Fund shares reacquired | 162,752 | 200,886 | 1,783,220 | 275,572 |
| When-issued investments purchased | 647,397 | 4,562,943 | 3,673,950 | — |
| Payable to affiliates | ||||
| Investment adviser | 2,340 | — | 12,879 | — |
| Administrative services fee | 131 | 250 | 457 | 199 |
| Shareholder servicing costs | 18,204 | 46,037 | 102,450 | 37,237 |
| Distribution and service fees | 447 | 2,664 | 6,426 | 749 |
| Payable for independent Trustees' compensation | 17 | 52 | 2,638 | 11 |
| Accrued expenses and other liabilities | 72,156 | 81,004 | 92,573 | 79,994 |
| Total liabilities | $911,386 | $4,956,184 | $5,723,832 | $452,974 |
| Net assets | $98,169,773 | $259,529,809 | $541,743,948 | $191,131,723 |
| Net assets consist of | ||||
| Paid-in capital | $100,881,071 | $263,242,456 | $557,273,601 | $193,560,022 |
| Total distributable earnings (loss) | (2,711,298) | (3,712,647) | (15,529,653) | (2,428,299) |
| Net assets | $98,169,773 | $259,529,809 | $541,743,948 | $191,131,723 |
75
Statements of Assets and
Liabilities – continued
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund | |
| Net assets | ||||
| Class A | $81,092,703 | $153,525,482 | $354,751,808 | $132,466,373 |
| Class B | 89,846 | 725,338 | 322,660 | 577,103 |
| Class C | — | 9,645,829 | 28,827,534 | — |
| Class I | 13,660,624 | 44,708,366 | 116,856,802 | 37,529,709 |
| Class R6 | 3,326,600 | 50,924,794 | 40,985,144 | 20,558,538 |
| Total net assets | $98,169,773 | $259,529,809 | $541,743,948 | $191,131,723 |
| Shares of beneficial interest outstanding | ||||
| Class A | 8,691,843 | 14,450,817 | 31,527,475 | 13,182,771 |
| Class B | 9,613 | 68,444 | 28,711 | 57,281 |
| Class C | — | 909,030 | 2,563,451 | — |
| Class I | 1,466,544 | 4,759,236 | 12,458,593 | 3,919,764 |
| Class R6 | 357,132 | 5,422,848 | 4,369,497 | 2,146,937 |
| Total shares of beneficial interest outstanding | 10,525,132 | 25,610,375 | 50,947,727 | 19,306,753 |
| Class A shares | ||||
| Net
asset value per share (net assets / shares of beneficial interest outstanding) |
$9.33 | $10.62 | $11.25 | $10.05 |
| Offering price per share (100 / 95.75 x net asset value per share) | $9.74 | $11.09 | $11.75 | $10.50 |
| Class B shares | ||||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$9.35 | $10.60 | $11.24 | $10.07 |
| Class C shares | ||||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$— | $10.61 | $11.25 | $— |
| Class I shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$9.31 | $9.39 | $9.38 | $9.57 |
| Class R6 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$9.31 | $9.39 | $9.38 | $9.58 |
| On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. | ||||
See Notes to Financial Statements
76
Statements of Assets and
Liabilities – continued
| At 3/31/22 | South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| Assets | |||
| Investments in unaffiliated issuers, at value (identified cost, $270,133,417, $366,697,163, and $109,671,176, respectively) | $264,788,754 | $360,145,455 | $109,164,330 |
| Investments in affiliated issuers, at value (identified cost, $13,600,641, $7,310,699, and $2,356,969, respectively) | 13,600,641 | 7,310,732 | 2,356,969 |
| Receivables for | |||
| Investments sold | 3,060,131 | 3,357,570 | 335,000 |
| Fund shares sold | 45,054 | 1,679,214 | 23,943 |
| When-issued investments sold | 357,854 | 460,194 | — |
| Interest | 3,272,429 | 4,267,948 | 1,411,478 |
| Receivable from investment adviser | 5,205 | 15,072 | 10,853 |
| Other assets | 951 | 1,106 | 558 |
| Total assets | $285,131,019 | $377,237,291 | $113,303,131 |
| Liabilities | |||
| Payable to custodian | $33 | $— | $— |
| Payables for | |||
| Distributions | 20,731 | 65,406 | 11,062 |
| Fund shares reacquired | 1,088,428 | 907,212 | 68,511 |
| When-issued investments purchased | 4,111,077 | 2,273,739 | 1,000,000 |
| Payable to affiliates | |||
| Administrative services fee | 265 | 334 | 141 |
| Shareholder servicing costs | 51,888 | 87,375 | 26,163 |
| Distribution and service fees | 2,809 | 4,028 | 1,285 |
| Payable for independent Trustees' compensation | 2,711 | 2,678 | 2,670 |
| Accrued expenses and other liabilities | 81,069 | 85,546 | 72,198 |
| Total liabilities | $5,359,011 | $3,426,318 | $1,182,030 |
| Net assets | $279,772,008 | $373,810,973 | $112,121,101 |
| Net assets consist of | |||
| Paid-in capital | $290,254,390 | $386,974,022 | $116,112,683 |
| Total distributable earnings (loss) | (10,482,382) | (13,163,049) | (3,991,582) |
| Net assets | $279,772,008 | $373,810,973 | $112,121,101 |
77
Statements of Assets and
Liabilities – continued
| South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund | |
| Net assets | |||
| Class A | $204,883,114 | $246,985,842 | $94,023,981 |
| Class B | 146,338 | 387,220 | 53,698 |
| Class C | — | 11,754,287 | — |
| Class I | 56,292,149 | 88,807,552 | 16,289,736 |
| Class R6 | 18,450,407 | 25,876,072 | 1,753,686 |
| Total net assets | $279,772,008 | $373,810,973 | $112,121,101 |
| Shares of beneficial interest outstanding | |||
| Class A | 17,651,996 | 22,930,950 | 8,840,749 |
| Class B | 12,615 | 35,976 | 5,051 |
| Class C | — | 1,091,624 | — |
| Class I | 5,986,266 | 9,487,107 | 1,740,215 |
| Class R6 | 1,961,754 | 2,762,090 | 187,382 |
| Total shares of beneficial interest outstanding | 25,612,631 | 36,307,747 | 10,773,397 |
| Class A shares | |||
| Net
asset value per share (net assets / shares of beneficial interest outstanding) |
$11.61 | $10.77 | $10.64 |
| Offering price per share (100 / 95.75 x net asset value per share) | $12.13 | $11.25 | $11.11 |
| Class B shares | |||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$11.60 | $10.76 | $10.63 |
| Class C shares | |||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$— | $10.77 | $— |
| Class I shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$9.40 | $9.36 | $9.36 |
| Class R6 shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$9.41 | $9.37 | $9.36 |
| On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. | |||
See Notes to Financial Statements
78
Financial Statements
Statements of Operations
Year ended 3/31/22
These statements describe how much each fund earned in
investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund | |
| Net investment income (loss) | ||||
| Interest | $2,963,210 | $8,424,467 | $14,280,132 | $5,349,606 |
| Dividends from affiliated issuers | 1,340 | 2,580 | 10,115 | 3,654 |
| Other | 14,868 | 42,548 | 72,702 | 23,927 |
| Total investment income | $2,979,418 | $8,469,595 | $14,362,949 | $5,377,187 |
| Expenses | ||||
| Management fee | $495,527 | $1,303,665 | $2,517,187 | $890,038 |
| Distribution and service fees | 231,838 | 557,930 | 1,248,420 | 360,822 |
| Shareholder servicing costs | 71,666 | 209,930 | 386,107 | 146,202 |
| Administrative services fee | 25,398 | 48,992 | 84,435 | 36,923 |
| Independent Trustees' compensation | 3,917 | 6,397 | 10,275 | 5,079 |
| Custodian fee | 21,163 | 38,557 | 66,512 | 33,127 |
| Shareholder communications | 6,154 | 10,313 | 16,478 | 10,742 |
| Audit and tax fees | 60,173 | 60,205 | 60,255 | 60,188 |
| Legal fees | 10,858 | 13,531 | 11,141 | 11,987 |
| Registration fees | 61,217 | 73,507 | 78,241 | 61,890 |
| Miscellaneous | 30,026 | 33,119 | 37,525 | 31,105 |
| Total expenses | $1,017,937 | $2,356,146 | $4,516,576 | $1,648,103 |
| Fees paid indirectly | (2) | (2) | (4) | (1) |
| Reduction of expenses by investment adviser and distributor | (153,477) | (129,201) | (75,091) | (315,333) |
| Net expenses | $864,458 | $2,226,943 | $4,441,481 | $1,332,769 |
| Net investment income (loss) | $2,114,960 | $6,242,652 | $9,921,468 | $4,044,418 |
| Realized and unrealized gain (loss) | ||||
| Realized gain (loss) (identified cost basis) | ||||
| Unaffiliated issuers | $49,320 | $21,533 | $606,215 | $118,242 |
| Net realized gain (loss) | $49,320 | $21,533 | $606,215 | $118,242 |
| Change in unrealized appreciation or depreciation | ||||
| Unaffiliated issuers | $(6,329,056) | $(18,097,022) | $(32,562,449) | $(10,948,814) |
| Affiliated issuers | — | — | — | 1 |
| Net unrealized gain (loss) | $(6,329,056) | $(18,097,022) | $(32,562,449) | $(10,948,813) |
| Net realized and unrealized gain (loss) | $(6,279,736) | $(18,075,489) | $(31,956,234) | $(10,830,571) |
| Change in net assets from operations | $(4,164,776) | $(11,832,837) | $(22,034,766) | $(6,786,153) |
See Notes to Financial
Statements
79
Statements of
Operations – continued
| Year ended 3/31/22 | South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| Net investment income (loss) | |||
| Interest | $7,291,318 | $11,643,795 | $3,436,363 |
| Dividends from affiliated issuers | 4,918 | 3,665 | 1,347 |
| Other | 35,311 | 57,260 | 15,956 |
| Total investment income | $7,331,547 | $11,704,720 | $3,453,666 |
| Expenses | |||
| Management fee | $1,381,593 | $1,785,619 | $526,160 |
| Distribution and service fees | 565,312 | 780,786 | 249,163 |
| Shareholder servicing costs | 198,677 | 321,470 | 99,957 |
| Administrative services fee | 51,268 | 63,069 | 26,294 |
| Independent Trustees' compensation | 6,869 | 8,071 | 4,243 |
| Custodian fee | 42,370 | 46,864 | 19,618 |
| Shareholder communications | 9,573 | 12,969 | 6,399 |
| Audit and tax fees | 60,208 | 60,225 | 60,174 |
| Legal fees | 11,818 | 7,385 | 4,475 |
| Registration fees | 65,025 | 80,076 | 62,184 |
| Interest expense and fees | — | 2,604 | — |
| Miscellaneous | 33,113 | 33,077 | 29,917 |
| Total expenses | $2,425,826 | $3,202,215 | $1,088,584 |
| Fees paid indirectly | (3) | (6) | (3) |
| Reduction of expenses by investment adviser and distributor | (60,253) | (218,108) | (115,202) |
| Net expenses | $2,365,570 | $2,984,101 | $973,379 |
| Net investment income (loss) | $4,965,977 | $8,720,619 | $2,480,287 |
| Realized and unrealized gain (loss) | |||
| Realized gain (loss) (identified cost basis) | |||
| Unaffiliated issuers | $235,431 | $762,330 | $432,348 |
| Futures contracts | — | — | (8,181) |
| Net realized gain (loss) | $235,431 | $762,330 | $424,167 |
| Change in unrealized appreciation or depreciation | |||
| Unaffiliated issuers | $(17,655,390) | $(24,058,558) | $(6,304,814) |
| Affiliated issuers | — | — | 1 |
| Futures contracts | — | — | 79,267 |
| Net unrealized gain (loss) | $(17,655,390) | $(24,058,558) | $(6,225,546) |
| Net realized and unrealized gain (loss) | $(17,419,959) | $(23,296,228) | $(5,801,379) |
| Change in net assets from operations | $(12,453,982) | $(14,575,609) | $(3,321,092) |
See Notes to Financial
Statements
80
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in
net assets resulting from operations, any distributions, and any shareholder transactions.
| Year ended 3/31/22 | Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
| Change in net assets | ||||
| From operations | ||||
| Net investment income (loss) | $2,114,960 | $6,242,652 | $9,921,468 | $4,044,418 |
| Net realized gain (loss) | 49,320 | 21,533 | 606,215 | 118,242 |
| Net unrealized gain (loss) | (6,329,056) | (18,097,022) | (32,562,449) | (10,948,813) |
| Change in net assets from operations | $(4,164,776) | $(11,832,837) | $(22,034,766) | $(6,786,153) |
| Total distributions to shareholders | $(2,109,097) | $(6,174,943) | $(9,714,351) | $(3,972,270) |
| Change in net assets from fund share transactions | $(4,613,010) | $(7,256,169) | $29,972,562 | $15,380,911 |
| Total change in net assets | $(10,886,883) | $(25,263,949) | $(1,776,555) | $4,622,488 |
| Net assets | ||||
| At beginning of period | 109,056,656 | 284,793,758 | 543,520,503 | 186,509,235 |
| At end of period | $98,169,773 | $259,529,809 | $541,743,948 | $191,131,723 |
| Year ended 3/31/22 | South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| Change in net assets | |||
| From operations | |||
| Net investment income (loss) | $4,965,977 | $8,720,619 | $2,480,287 |
| Net realized gain (loss) | 235,431 | 762,330 | 424,167 |
| Net unrealized gain (loss) | (17,655,390) | (24,058,558) | (6,225,546) |
| Change in net assets from operations | $(12,453,982) | $(14,575,609) | $(3,321,092) |
| Total distributions to shareholders | $(4,899,233) | $(8,403,189) | $(2,484,284) |
| Change in net assets from fund share transactions | $6,335,908 | $13,421,250 | $3,561,574 |
| Total change in net assets | $(11,017,307) | $(9,557,548) | $(2,243,802) |
| Net assets | |||
| At beginning of period | 290,789,315 | 383,368,521 | 114,364,903 |
| At end of period | $279,772,008 | $373,810,973 | $112,121,101 |
See Notes to Financial
Statements
81
Statements of Changes in Net
Assets – continued
| Year ended 3/31/21 | Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
| Change in net assets | ||||
| From operations | ||||
| Net investment income (loss) | $2,453,632 | $7,242,791 | $11,752,260 | $4,438,214 |
| Net realized gain (loss) | 330,567 | 678,932 | 2,064,543 | 673,571 |
| Net unrealized gain (loss) | 2,507,375 | 9,128,733 | 17,451,614 | 4,984,720 |
| Change in net assets from operations | $5,291,574 | $17,050,456 | $31,268,417 | $10,096,505 |
| Total distributions to shareholders | $(2,422,939) | $(7,154,905) | $(11,694,845) | $(4,456,885) |
| Change in net assets from fund share transactions | $5,469,528 | $(3,957,478) | $43,206,435 | $22,693,436 |
| Total change in net assets | $8,338,163 | $5,938,073 | $62,780,007 | $28,333,056 |
| Net assets | ||||
| At beginning of period | 100,718,493 | 278,855,685 | 480,740,496 | 158,176,179 |
| At end of period | $109,056,656 | $284,793,758 | $543,520,503 | $186,509,235 |
| Year ended 3/31/21 | South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| Change in net assets | |||
| From operations | |||
| Net investment income (loss) | $5,602,178 | $9,408,848 | $2,805,667 |
| Net realized gain (loss) | 491,055 | 225,381 | (56,336) |
| Net unrealized gain (loss) | 7,019,041 | 10,909,706 | 2,391,347 |
| Change in net assets from operations | $13,112,274 | $20,543,935 | $5,140,678 |
| Total distributions to shareholders | $(5,579,131) | $(9,736,123) | $(2,825,621) |
| Change in net assets from fund share transactions | $45,917,088 | $33,511,986 | $4,684,892 |
| Total change in net assets | $53,450,231 | $44,319,798 | $6,999,949 |
| Net assets | |||
| At beginning of period | 237,339,084 | 339,048,723 | 107,364,954 |
| At end of period | $290,789,315 | $383,368,521 | $114,364,903 |
See Notes to Financial
Statements
82
Financial
Statements
Financial Highlights
MFS MISSISSIPPI MUNICIPAL BOND FUND
The financial highlights table is intended to help you
understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $9.90 | $9.63 | $9.64 | $9.53 | $9.64 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.19 | $0.23 | $0.28 | $0.34 | $0.31 |
| Net realized and unrealized gain (loss) | (0.57) | 0.27 | (0.01) | 0.08 | (0.11) |
| Total from investment operations | $(0.38) | $0.50 | $0.27 | $0.42 | $0.20 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.19) | $(0.23) | $(0.28) | $(0.31) | $(0.31) |
| Net asset value, end of period (x) | $9.33 | $9.90 | $9.63 | $9.64 | $9.53 |
| Total return (%) (r)(s)(t)(x) | (3.95) | 5.20 | 2.80 | 4.47 | 2.07 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.97 | 0.97 | 0.98 | 1.00 | 1.00 |
| Expenses after expense reductions (f) | 0.80 | 0.81 | 0.82 | 0.83 | 0.83 |
| Net investment income (loss) | 1.90 | 2.33 | 2.88 | 3.53 | 3.21 |
| Portfolio turnover | 13 | 20 | 30 | 16 | 11 |
| Net assets at end of period (000 omitted) | $81,093 | $92,395 | $86,335 | $79,190 | $82,526 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 |
| Net asset value, beginning of period | $9.92 | $9.64 | $9.65 | $9.54 | $9.65 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.12 | $0.18 | $0.22 | $0.27 | $0.25 |
| Net realized and unrealized gain (loss) | (0.57) | 0.26 | (0.01) | 0.09 | (0.11) |
| Total from investment operations | $(0.45) | $0.44 | $0.21 | $0.36 | $0.14 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.12) | $(0.16) | $(0.22) | $(0.25) | $(0.25) |
| Net asset value, end of period (x) | $9.35 | $9.92 | $9.64 | $9.65 | $9.54 |
| Total return (%) (r)(s)(t)(x) | (4.56) | 4.63 | 2.14 | 3.79 | 1.40 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.72 | 1.72 | 1.73 | 1.75 | 1.75 |
| Expenses after expense reductions (f) | 1.45 | 1.46 | 1.47 | 1.49 | 1.50 |
| Net investment income (loss) | 1.26 | 1.79 | 2.24 | 2.87 | 2.55 |
| Portfolio turnover | 13 | 20 | 30 | 16 | 11 |
| Net assets at end of period (000 omitted) | $90 | $115 | $626 | $659 | $1,007 |
See Notes to Financial
Statements
83
Financial
Highlights − continued
MFS MISSISSIPPI
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $9.89 | $9.61 | $9.63 | $9.51 | $9.62 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.20 | $0.24 | $0.29 | $0.34 | $0.32 |
| Net realized and unrealized gain (loss) | (0.58) | 0.28 | (0.02) | 0.09 | (0.11) |
| Total from investment operations | $(0.38) | $0.52 | $0.27 | $0.43 | $0.21 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.24) | $(0.29) | $(0.31) | $(0.32) |
| Net asset value, end of period (x) | $9.31 | $9.89 | $9.61 | $9.63 | $9.51 |
| Total return (%) (r)(s)(t)(x) | (3.96) | 5.41 | 2.79 | 4.67 | 2.15 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.72 | 0.72 | 0.72 | 0.75 | 0.74 |
| Expenses after expense reductions (f) | 0.70 | 0.70 | 0.71 | 0.74 | 0.74 |
| Net investment income (loss) | 2.00 | 2.42 | 2.96 | 3.63 | 3.29 |
| Portfolio turnover | 13 | 20 | 30 | 16 | 11 |
| Net assets at end of period (000 omitted) | $13,661 | $13,878 | $11,374 | $8,672 | $6,540 |
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
| Net asset value, beginning of period | $9.89 | $9.61 | $9.63 | $9.51 | $9.76 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.20 | $0.24 | $0.29 | $0.35 | $0.21 |
| Net realized and unrealized gain (loss) | (0.58) | 0.28 | (0.01) | 0.09 | (0.24) |
| Total from investment operations | $(0.38) | $0.52 | $0.28 | $0.44 | $(0.03) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.24) | $(0.30) | $(0.32) | $(0.22) |
| Net asset value, end of period (x) | $9.31 | $9.89 | $9.61 | $9.63 | $9.51 |
| Total return (%) (r)(s)(t)(x) | (3.90) | 5.48 | 2.85 | 4.74 | (0.36)(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.65 | 0.65 | 0.66 | 0.68 | 0.71(a) |
| Expenses after expense reductions (f) | 0.64 | 0.64 | 0.65 | 0.67 | 0.70(a) |
| Net investment income (loss) | 2.06 | 2.47 | 2.95 | 3.71 | 3.33(a) |
| Portfolio turnover | 13 | 20 | 30 | 16 | 11 |
| Net assets at end of period (000 omitted) | $3,327 | $2,668 | $2,384 | $867 | $560 |
See Notes to Financial Statements
84
Financial
Highlights − continued
MFS MISSISSIPPI
MUNICIPAL BOND FUND − continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
85
Financial
Highlights − continued
MFS NEW YORK
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.33 | $10.93 | $11.00 | $10.87 | $10.93 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.24 | $0.29 | $0.31 | $0.40 | $0.40 |
| Net realized and unrealized gain (loss) | (0.71) | 0.39 | (0.08) | 0.11 | (0.08) |
| Total from investment operations | $(0.47) | $0.68 | $0.23 | $0.51 | $0.32 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.24) | $(0.28) | $(0.30) | $(0.38) | $(0.38) |
| Net asset value, end of period (x) | $10.62 | $11.33 | $10.93 | $11.00 | $10.87 |
| Total return (%) (r)(s)(t)(x) | (4.30) | 6.32 | 2.08 | 4.82 | 2.89 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.88 | 0.87 | 0.88 | 0.89 | 0.89 |
| Expenses after expense reductions (f) | 0.83 | 0.84 | 0.86 | 0.88 | 0.88 |
| Net investment income (loss) | 2.09 | 2.57 | 2.73 | 3.75 | 3.60 |
| Portfolio turnover | 19 | 45 | 25 | 17 | 23 |
| Net assets at end of period (000 omitted) | $153,525 | $170,723 | $174,514 | $154,803 | $143,689 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.31 | $10.90 | $10.97 | $10.84 | $10.90 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.15 | $0.20 | $0.22 | $0.32 | $0.32 |
| Net realized and unrealized gain (loss) | (0.71) | 0.41 | (0.07) | 0.11 | (0.09) |
| Total from investment operations | $(0.56) | $0.61 | $0.15 | $0.43 | $0.23 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.15) | $(0.20) | $(0.22) | $(0.30) | $(0.29) |
| Net asset value, end of period (x) | $10.60 | $11.31 | $10.90 | $10.97 | $10.84 |
| Total return (%) (r)(s)(t)(x) | (5.02) | 5.63 | 1.32 | 4.05 | 2.12 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.63 | 1.62 | 1.63 | 1.64 | 1.64 |
| Expenses after expense reductions (f) | 1.58 | 1.60 | 1.62 | 1.63 | 1.64 |
| Net investment income (loss) | 1.35 | 1.85 | 2.00 | 3.01 | 2.87 |
| Portfolio turnover | 19 | 45 | 25 | 17 | 23 |
| Net assets at end of period (000 omitted) | $725 | $1,063 | $2,193 | $2,876 | $3,980 |
See Notes to Financial
Statements
86
Financial
Highlights − continued
MFS NEW YORK
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class C | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.32 | $10.91 | $10.98 | $10.86 | $10.92 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.15 | $0.20 | $0.22 | $0.32 | $0.31 |
| Net realized and unrealized gain (loss) | (0.71) | 0.41 | (0.07) | 0.10 | (0.08) |
| Total from investment operations | $(0.56) | $0.61 | $0.15 | $0.42 | $0.23 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.15) | $(0.20) | $(0.22) | $(0.30) | $(0.29) |
| Net asset value, end of period (x) | $10.61 | $11.32 | $10.91 | $10.98 | $10.86 |
| Total return (%) (r)(s)(t)(x) | (5.02) | 5.63 | 1.32 | 3.95 | 2.12 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.63 | 1.62 | 1.63 | 1.64 | 1.64 |
| Expenses after expense reductions (f) | 1.58 | 1.59 | 1.62 | 1.63 | 1.64 |
| Net investment income (loss) | 1.34 | 1.83 | 1.98 | 2.99 | 2.85 |
| Portfolio turnover | 19 | 45 | 25 | 17 | 23 |
| Net assets at end of period (000 omitted) | $9,646 | $12,260 | $15,471 | $16,953 | $22,932 |
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $10.02 | $9.66 | $9.73 | $9.61 | $9.67 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.24 | $0.28 | $0.30 | $0.38 | $0.38 |
| Net realized and unrealized gain (loss) | (0.64) | 0.35 | (0.08) | 0.10 | (0.08) |
| Total from investment operations | $(0.40) | $0.63 | $0.22 | $0.48 | $0.30 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.23) | $(0.27) | $(0.29) | $(0.36) | $(0.36) |
| Net asset value, end of period (x) | $9.39 | $10.02 | $9.66 | $9.73 | $9.61 |
| Total return (%) (r)(s)(t)(x) | (4.08) | 6.65 | 2.25 | 5.13 | 3.07 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.62 | 0.62 | 0.63 | 0.64 | 0.64 |
| Expenses after expense reductions (f) | 0.58 | 0.59 | 0.62 | 0.63 | 0.64 |
| Net investment income (loss) | 2.32 | 2.81 | 2.97 | 3.99 | 3.84 |
| Portfolio turnover | 19 | 45 | 25 | 17 | 23 |
| Net assets at end of period (000 omitted) | $44,708 | $95,882 | $83,586 | $68,415 | $57,349 |
See Notes to Financial
Statements
87
Financial
Highlights − continued
MFS NEW YORK
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18(i) |
| Net asset value, beginning of period | $10.02 | $9.66 | $9.73 | $9.61 | $9.83 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.25 | $0.28 | $0.30 | $0.39 | $0.24 |
| Net realized and unrealized gain (loss) | (0.64) | 0.36 | (0.07) | 0.10 | (0.23) |
| Total from investment operations | $(0.39) | $0.64 | $0.23 | $0.49 | $0.01 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.24) | $(0.28) | $(0.30) | $(0.37) | $(0.23) |
| Net asset value, end of period (x) | $9.39 | $10.02 | $9.66 | $9.73 | $9.61 |
| Total return (%) (r)(s)(t)(x) | (4.02) | 6.72 | 2.31 | 5.19 | 0.11(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.57 | 0.56 | 0.56 | 0.57 | 0.60(a) |
| Expenses after expense reductions (f) | 0.51 | 0.53 | 0.55 | 0.57 | 0.59(a) |
| Net investment income (loss) | 2.51 | 2.86 | 3.01 | 4.04 | 3.80(a) |
| Portfolio turnover | 19 | 45 | 25 | 17 | 23 |
| Net assets at end of period (000 omitted) | $50,925 | $4,866 | $3,092 | $1,914 | $1,293 |
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
88
Financial
Highlights − continued
MFS NORTH CAROLINA
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.91 | $11.45 | $11.59 | $11.48 | $11.59 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.21 | $0.27 | $0.32 | $0.40 | $0.40 |
| Net realized and unrealized gain (loss) | (0.67) | 0.46 | (0.13) | 0.07 | (0.14) |
| Total from investment operations | $(0.46) | $0.73 | $0.19 | $0.47 | $0.26 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.27) | $(0.33) | $(0.36) | $(0.37) |
| Net asset value, end of period (x) | $11.25 | $11.91 | $11.45 | $11.59 | $11.48 |
| Total return (%) (r)(s)(t)(x) | (3.91) | 6.42 | 1.55 | 4.23 | 2.28 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.84 | 0.84 | 0.85 | 0.86 | 0.87 |
| Expenses after expense reductions (f) | 0.83 | 0.83 | 0.83 | 0.85 | 0.86 |
| Net investment income (loss) | 1.74 | 2.29 | 2.72 | 3.53 | 3.39 |
| Portfolio turnover | 16 | 25 | 28 | 19 | 12 |
| Net assets at end of period (000 omitted) | $354,752 | $359,286 | $326,916 | $295,515 | $283,545 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.90 | $11.44 | $11.57 | $11.46 | $11.58 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.12 | $0.19 | $0.24 | $0.32 | $0.31 |
| Net realized and unrealized gain (loss) | (0.67) | 0.45 | (0.13) | 0.07 | (0.14) |
| Total from investment operations | $(0.55) | $0.64 | $0.11 | $0.39 | $0.17 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.11) | $(0.18) | $(0.24) | $(0.28) | $(0.29) |
| Net asset value, end of period (x) | $11.24 | $11.90 | $11.44 | $11.57 | $11.46 |
| Total return (%) (r)(s)(t)(x) | (4.63) | 5.64 | 0.88 | 3.46 | 1.43 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.59 | 1.59 | 1.61 | 1.62 | 1.62 |
| Expenses after expense reductions (f) | 1.58 | 1.58 | 1.59 | 1.61 | 1.62 |
| Net investment income (loss) | 0.99 | 1.60 | 2.01 | 2.78 | 2.65 |
| Portfolio turnover | 16 | 25 | 28 | 19 | 12 |
| Net assets at end of period (000 omitted) | $323 | $416 | $788 | $1,299 | $2,288 |
See Notes to Financial
Statements
89
Financial
Highlights − continued
MFS NORTH CAROLINA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class C | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.91 | $11.45 | $11.58 | $11.47 | $11.59 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.12 | $0.18 | $0.23 | $0.32 | $0.31 |
| Net realized and unrealized gain (loss) | (0.67) | 0.46 | (0.12) | 0.07 | (0.14) |
| Total from investment operations | $(0.55) | $0.64 | $0.11 | $0.39 | $0.17 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.11) | $(0.18) | $(0.24) | $(0.28) | $(0.29) |
| Net asset value, end of period (x) | $11.25 | $11.91 | $11.45 | $11.58 | $11.47 |
| Total return (%) (r)(s)(t)(x) | (4.63) | 5.63 | 0.88 | 3.45 | 1.42 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.59 | 1.59 | 1.61 | 1.62 | 1.62 |
| Expenses after expense reductions (f) | 1.58 | 1.58 | 1.59 | 1.61 | 1.62 |
| Net investment income (loss) | 0.99 | 1.56 | 1.96 | 2.78 | 2.64 |
| Portfolio turnover | 16 | 25 | 28 | 19 | 12 |
| Net assets at end of period (000 omitted) | $28,828 | $35,315 | $45,135 | $38,639 | $53,117 |
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $9.93 | $9.55 | $9.66 | $9.57 | $9.66 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.20 | $0.25 | $0.29 | $0.36 | $0.35 |
| Net realized and unrealized gain (loss) | (0.56) | 0.38 | (0.10) | 0.06 | (0.10) |
| Total from investment operations | $(0.36) | $0.63 | $0.19 | $0.42 | $0.25 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.19) | $(0.25) | $(0.30) | $(0.33) | $(0.34) |
| Net asset value, end of period (x) | $9.38 | $9.93 | $9.55 | $9.66 | $9.57 |
| Total return (%) (r)(s)(t)(x) | (3.67) | 6.64 | 1.87 | 4.46 | 2.54 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.59 | 0.59 | 0.60 | 0.61 | 0.62 |
| Expenses after expense reductions (f) | 0.58 | 0.58 | 0.59 | 0.60 | 0.61 |
| Net investment income (loss) | 1.99 | 2.52 | 2.95 | 3.77 | 3.62 |
| Portfolio turnover | 16 | 25 | 28 | 19 | 12 |
| Net assets at end of period (000 omitted) | $116,857 | $113,800 | $83,861 | $58,802 | $45,147 |
See Notes to Financial
Statements
90
Financial
Highlights − continued
MFS NORTH CAROLINA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18(i) |
| Net asset value, beginning of period | $9.93 | $9.55 | $9.66 | $9.57 | $9.78 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.20 | $0.25 | $0.30 | $0.37 | $0.23 |
| Net realized and unrealized gain (loss) | (0.55) | 0.38 | (0.11) | 0.05 | (0.22) |
| Total from investment operations | $(0.35) | $0.63 | $0.19 | $0.42 | $0.01 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.25) | $(0.30) | $(0.33) | $(0.22) |
| Net asset value, end of period (x) | $9.38 | $9.93 | $9.55 | $9.66 | $9.57 |
| Total return (%) (r)(s)(t)(x) | (3.60) | 6.71 | 1.94 | 4.54 | 0.15(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.52 | 0.52 | 0.53 | 0.54 | 0.55(a) |
| Expenses after expense reductions (f) | 0.51 | 0.51 | 0.52 | 0.53 | 0.55(a) |
| Net investment income (loss) | 2.05 | 2.59 | 3.01 | 3.85 | 3.64(a) |
| Portfolio turnover | 16 | 25 | 28 | 19 | 12 |
| Net assets at end of period (000 omitted) | $40,985 | $34,703 | $24,040 | $16,161 | $13,198 |
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
91
Financial
Highlights − continued
MFS PENNSYLVANIA
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $10.60 | $10.24 | $10.26 | $10.15 | $10.19 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.21 | $0.27 | $0.33 | $0.40 | $0.40 |
| Net realized and unrealized gain (loss) | (0.55) | 0.36 | (0.02) | 0.07 | (0.07) |
| Total from investment operations | $(0.34) | $0.63 | $0.31 | $0.47 | $0.33 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.21) | $(0.27) | $(0.33) | $(0.36) | $(0.37) |
| Net asset value, end of period (x) | $10.05 | $10.60 | $10.24 | $10.26 | $10.15 |
| Total return (%) (r)(s)(t)(x) | (3.29) | 6.21 | 2.97 | 4.73 | 3.29 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.91 | 0.92 | 0.94 | 0.96 | 0.97 |
| Expenses after expense reductions (f) | 0.71 | 0.76 | 0.78 | 0.80 | 0.81 |
| Net investment income (loss) | 2.02 | 2.55 | 3.13 | 3.91 | 3.90 |
| Portfolio turnover | 19 | 28 | 17 | 16 | 16 |
| Net assets at end of period (000 omitted) | $132,466 | $137,727 | $117,575 | $105,777 | $99,319 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $10.62 | $10.27 | $10.29 | $10.18 | $10.21 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.14 | $0.19 | $0.25 | $0.32 | $0.32 |
| Net realized and unrealized gain (loss) | (0.56) | 0.35 | (0.02) | 0.07 | (0.05) |
| Total from investment operations | $(0.42) | $0.54 | $0.23 | $0.39 | $0.27 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.13) | $(0.19) | $(0.25) | $(0.28) | $(0.30) |
| Net asset value, end of period (x) | $10.07 | $10.62 | $10.27 | $10.29 | $10.18 |
| Total return (%) (r)(s)(t)(x) | (4.00) | 5.32 | 2.21 | 3.95 | 2.62 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.66 | 1.67 | 1.69 | 1.71 | 1.72 |
| Expenses after expense reductions (f) | 1.46 | 1.51 | 1.53 | 1.55 | 1.56 |
| Net investment income (loss) | 1.27 | 1.86 | 2.40 | 3.15 | 3.15 |
| Portfolio turnover | 19 | 28 | 17 | 16 | 16 |
| Net assets at end of period (000 omitted) | $577 | $851 | $1,507 | $2,373 | $3,462 |
See Notes to Financial
Statements
92
Financial
Highlights − continued
MFS PENNSYLVANIA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $10.09 | $9.76 | $9.78 | $9.67 | $9.71 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.21 | $0.26 | $0.32 | $0.38 | $0.39 |
| Net realized and unrealized gain (loss) | (0.52) | 0.34 | (0.02) | 0.08 | (0.07) |
| Total from investment operations | $(0.31) | $0.60 | $0.30 | $0.46 | $0.32 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.21) | $(0.27) | $(0.32) | $(0.35) | $(0.36) |
| Net asset value, end of period (x) | $9.57 | $10.09 | $9.76 | $9.78 | $9.67 |
| Total return (%) (r)(s)(t)(x) | (3.16) | 6.18 | 3.06 | 4.88 | 3.37 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.66 | 0.67 | 0.69 | 0.71 | 0.71 |
| Expenses after expense reductions (f) | 0.61 | 0.66 | 0.68 | 0.70 | 0.71 |
| Net investment income (loss) | 2.11 | 2.64 | 3.21 | 4.00 | 3.99 |
| Portfolio turnover | 19 | 28 | 17 | 16 | 16 |
| Net assets at end of period (000 omitted) | $37,530 | $32,103 | $26,064 | $20,253 | $20,579 |
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18(i) |
| Net asset value, beginning of period | $10.10 | $9.76 | $9.78 | $9.67 | $9.84 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.22 | $0.27 | $0.33 | $0.40 | $0.26 |
| Net realized and unrealized gain (loss) | (0.52) | 0.34 | (0.02) | 0.07 | (0.18) |
| Total from investment operations | $(0.30) | $0.61 | $0.31 | $0.47 | $0.08 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.22) | $(0.27) | $(0.33) | $(0.36) | $(0.25) |
| Net asset value, end of period (x) | $9.58 | $10.10 | $9.76 | $9.78 | $9.67 |
| Total return (%) (r)(s)(t)(x) | (3.09) | 6.35 | 3.13 | 4.94 | 0.78(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.59 | 0.60 | 0.61 | 0.64 | 0.67(a) |
| Expenses after expense reductions (f) | 0.54 | 0.59 | 0.60 | 0.63 | 0.66(a) |
| Net investment income (loss) | 2.18 | 2.71 | 3.28 | 4.13 | 4.02(a) |
| Portfolio turnover | 19 | 28 | 17 | 16 | 16 |
| Net assets at end of period (000 omitted) | $20,559 | $15,830 | $13,031 | $10,736 | $1,205 |
See Notes to Financial Statements
93
Financial
Highlights − continued
MFS PENNSYLVANIA
MUNICIPAL BOND FUND − continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
94
Financial
Highlights − continued
MFS SOUTH CAROLINA
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $12.30 | $11.94 | $11.97 | $11.83 | $11.91 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.19 | $0.25 | $0.33 | $0.41 | $0.38 |
| Net realized and unrealized gain (loss) | (0.69) | 0.36 | (0.04) | 0.10 | (0.09) |
| Total from investment operations | $(0.50) | $0.61 | $0.29 | $0.51 | $0.29 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.19) | $(0.25) | $(0.32) | $(0.37) | $(0.37) |
| Net asset value, end of period (x) | $11.61 | $12.30 | $11.94 | $11.97 | $11.83 |
| Total return (%) (r)(s)(t)(x) | (4.15) | 5.18 | 2.44 | 4.39 | 2.41 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.86 | 0.87 | 0.88 | 0.90 | 0.91 |
| Expenses after expense reductions (f) | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
| Net investment income (loss) | 1.55 | 2.08 | 2.68 | 3.49 | 3.20 |
| Portfolio turnover | 22 | 23 | 22 | 14 | 15 |
| Net assets at end of period (000 omitted) | $204,883 | $222,730 | $192,059 | $156,427 | $159,257 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $12.30 | $11.93 | $11.97 | $11.82 | $11.90 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.10 | $0.18 | $0.24 | $0.32 | $0.29 |
| Net realized and unrealized gain (loss) | (0.70) | 0.35 | (0.05) | 0.11 | (0.09) |
| Total from investment operations | $(0.60) | $0.53 | $0.19 | $0.43 | $0.20 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.10) | $(0.16) | $(0.23) | $(0.28) | $(0.28) |
| Net asset value, end of period (x) | $11.60 | $12.30 | $11.93 | $11.97 | $11.82 |
| Total return (%) (r)(s)(t)(x) | (4.95) | 4.50 | 1.59 | 3.70 | 1.64 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.61 | 1.62 | 1.64 | 1.65 | 1.66 |
| Expenses after expense reductions (f) | 1.59 | 1.59 | 1.59 | 1.59 | 1.59 |
| Net investment income (loss) | 0.81 | 1.48 | 1.96 | 2.74 | 2.46 |
| Portfolio turnover | 22 | 23 | 22 | 14 | 15 |
| Net assets at end of period (000 omitted) | $146 | $280 | $1,200 | $1,955 | $2,718 |
See Notes to Financial
Statements
95
Financial
Highlights − continued
MFS SOUTH CAROLINA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $9.97 | $9.67 | $9.70 | $9.58 | $9.65 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.18 | $0.23 | $0.29 | $0.36 | $0.33 |
| Net realized and unrealized gain (loss) | (0.57) | 0.30 | (0.03) | 0.08 | (0.08) |
| Total from investment operations | $(0.39) | $0.53 | $0.26 | $0.44 | $0.25 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.18) | $(0.23) | $(0.29) | $(0.32) | $(0.32) |
| Net asset value, end of period (x) | $9.40 | $9.97 | $9.67 | $9.70 | $9.58 |
| Total return (%) (r)(s)(t)(x) | (4.02) | 5.53 | 2.63 | 4.71 | 2.60 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.61 | 0.62 | 0.63 | 0.65 | 0.66 |
| Expenses after expense reductions (f) | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
| Net investment income (loss) | 1.80 | 2.31 | 2.92 | 3.74 | 3.44 |
| Portfolio turnover | 22 | 23 | 22 | 14 | 15 |
| Net assets at end of period (000 omitted) | $56,292 | $53,171 | $35,189 | $28,182 | $21,954 |
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18(i) |
| Net asset value, beginning of period | $9.97 | $9.67 | $9.70 | $9.58 | $9.79 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.19 | $0.23 | $0.29 | $0.36 | $0.23 |
| Net realized and unrealized gain (loss) | (0.57) | 0.31 | (0.03) | 0.09 | (0.22) |
| Total from investment operations | $(0.38) | $0.54 | $0.26 | $0.45 | $0.01 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.18) | $(0.24) | $(0.29) | $(0.33) | $(0.22) |
| Net asset value, end of period (x) | $9.41 | $9.97 | $9.67 | $9.70 | $9.58 |
| Total return (%) (r)(s)(t)(x) | (3.86) | 5.59 | 2.68 | 4.77 | 0.08(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.55 | 0.55 | 0.57 | 0.58 | 0.60(a) |
| Expenses after expense reductions (f) | 0.53 | 0.53 | 0.53 | 0.52 | 0.52(a) |
| Net investment income (loss) | 1.86 | 2.36 | 2.95 | 3.81 | 3.53(a) |
| Portfolio turnover | 22 | 23 | 22 | 14 | 15 |
| Net assets at end of period (000 omitted) | $18,450 | $14,608 | $8,892 | $4,341 | $2,605 |
See Notes to Financial Statements
96
Financial
Highlights − continued
MFS SOUTH CAROLINA
MUNICIPAL BOND FUND − continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
97
Financial
Highlights − continued
MFS VIRGINIA
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.42 | $11.07 | $11.14 | $10.98 | $11.10 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.24 | $0.29 | $0.33 | $0.37 | $0.38 |
| Net realized and unrealized gain (loss) | (0.65) | 0.36 | (0.08) | 0.13 | (0.14) |
| Total from investment operations | $(0.41) | $0.65 | $0.25 | $0.50 | $0.24 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.24) | $(0.30) | $(0.32) | $(0.34) | $(0.36) |
| Net asset value, end of period (x) | $10.77 | $11.42 | $11.07 | $11.14 | $10.98 |
| Total return (%) (r)(s)(t)(x) | (3.72) | 5.94 | 2.22 | 4.67 | 2.13 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.87 | 0.88 | 0.91 | 0.92 | 0.92 |
| Expenses after expense reductions (f) | 0.81 | 0.82 | 0.84 | 0.84 | 0.83 |
| Net investment income (loss) | 2.14 | 2.57 | 2.88 | 3.37 | 3.36 |
| Portfolio turnover | 23 | 21 | 24 | 15 | 15 |
| Net assets at end of period (000 omitted) | $246,986 | $251,971 | $235,639 | $226,366 | $221,291 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 |
See Notes to Financial
Statements
98
Financial
Highlights − continued
MFS VIRGINIA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.41 | $11.06 | $11.13 | $10.98 | $11.10 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.16 | $0.21 | $0.24 | $0.29 | $0.29 |
| Net realized and unrealized gain (loss) | (0.66) | 0.36 | (0.07) | 0.12 | (0.14) |
| Total from investment operations | $(0.50) | $0.57 | $0.17 | $0.41 | $0.15 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.15) | $(0.22) | $(0.24) | $(0.26) | $(0.27) |
| Net asset value, end of period (x) | $10.76 | $11.41 | $11.06 | $11.13 | $10.98 |
| Total return (%) (r)(s)(t)(x) | (4.45) | 5.16 | 1.46 | 3.80 | 1.37 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.62 | 1.63 | 1.66 | 1.67 | 1.67 |
| Expenses after expense reductions (f) | 1.56 | 1.57 | 1.59 | 1.60 | 1.59 |
| Net investment income (loss) | 1.39 | 1.82 | 2.14 | 2.62 | 2.61 |
| Portfolio turnover | 23 | 21 | 24 | 15 | 15 |
| Net assets at end of period (000 omitted) | $387 | $436 | $581 | $755 | $914 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 |
| Year ended | |||||
| Class C | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.42 | $11.06 | $11.14 | $10.98 | $11.10 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.16 | $0.21 | $0.24 | $0.29 | $0.29 |
| Net realized and unrealized gain (loss) | (0.66) | 0.37 | (0.08) | 0.13 | (0.14) |
| Total from investment operations | $(0.50) | $0.58 | $0.16 | $0.42 | $0.15 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.15) | $(0.22) | $(0.24) | $(0.26) | $(0.27) |
| Net asset value, end of period (x) | $10.77 | $11.42 | $11.06 | $11.14 | $10.98 |
| Total return (%) (r)(s)(t)(x) | (4.44) | 5.25 | 1.36 | 3.89 | 1.36 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.62 | 1.63 | 1.66 | 1.67 | 1.67 |
| Expenses after expense reductions (f) | 1.56 | 1.57 | 1.59 | 1.60 | 1.59 |
| Net investment income (loss) | 1.39 | 1.82 | 2.13 | 2.62 | 2.61 |
| Portfolio turnover | 23 | 21 | 24 | 15 | 15 |
| Net assets at end of period (000 omitted) | $11,754 | $14,348 | $16,736 | $17,665 | $24,116 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 |
See Notes to Financial
Statements
99
Financial
Highlights − continued
MFS VIRGINIA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $9.93 | $9.62 | $9.68 | $9.55 | $9.65 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.24 | $0.28 | $0.31 | $0.34 | $0.35 |
| Net realized and unrealized gain (loss) | (0.58) | 0.32 | (0.07) | 0.11 | (0.12) |
| Total from investment operations | $(0.34) | $0.60 | $0.24 | $0.45 | $0.23 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.23) | $(0.29) | $(0.30) | $(0.32) | $(0.33) |
| Net asset value, end of period (x) | $9.36 | $9.93 | $9.62 | $9.68 | $9.55 |
| Total return (%) (r)(s)(t)(x) | (3.53) | 6.26 | 2.47 | 4.82 | 2.42 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.62 | 0.63 | 0.66 | 0.67 | 0.67 |
| Expenses after expense reductions (f) | 0.56 | 0.57 | 0.59 | 0.60 | 0.59 |
| Net investment income (loss) | 2.39 | 2.80 | 3.12 | 3.61 | 3.60 |
| Portfolio turnover | 23 | 21 | 24 | 15 | 15 |
| Net assets at end of period (000 omitted) | $88,808 | $94,495 | $71,807 | $57,139 | $43,832 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 |
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18(i) |
| Net asset value, beginning of period | $9.93 | $9.63 | $9.69 | $9.55 | $9.77 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.24 | $0.28 | $0.31 | $0.35 | $0.23 |
| Net realized and unrealized gain (loss) | (0.56) | 0.31 | (0.06) | 0.12 | (0.22) |
| Total from investment operations | $(0.32) | $0.59 | $0.25 | $0.47 | $0.01 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.24) | $(0.29) | $(0.31) | $(0.33) | $(0.23) |
| Net asset value, end of period (x) | $9.37 | $9.93 | $9.63 | $9.69 | $9.55 |
| Total return (%) (r)(s)(t)(x) | (3.35) | 6.23 | 2.55 | 5.01 | 0.05(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.54 | 0.55 | 0.58 | 0.59 | 0.60(a) |
| Expenses after expense reductions (f) | 0.48 | 0.50 | 0.51 | 0.51 | 0.51(a) |
| Net investment income (loss) | 2.46 | 2.87 | 3.20 | 3.69 | 3.61(a) |
| Portfolio turnover | 23 | 21 | 24 | 15 | 15 |
| Net assets at end of period (000 omitted) | $25,876 | $22,118 | $14,286 | $10,153 | $6,196 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.48 | 0.48 | 0.48 | 0.48 | 0.48(a) |
See Notes to Financial Statements
100
Financial
Highlights − continued
MFS VIRGINIA
MUNICIPAL BOND FUND − continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (l) | Interest expense and fees include payments made to the holders of the floating rate certificates. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
101
Financial
Highlights − continued
MFS WEST VIRGINIA
MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand
the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $11.19 | $10.95 | $10.98 | $10.89 | $11.01 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.23 | $0.28 | $0.33 | $0.38 | $0.37 |
| Net realized and unrealized gain (loss) | (0.55) | 0.24 | (0.03) | 0.06 | (0.13) |
| Total from investment operations | $(0.32) | $0.52 | $0.30 | $0.44 | $0.24 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.23) | $(0.28) | $(0.33) | $(0.35) | $(0.36) |
| Net asset value, end of period (x) | $10.64 | $11.19 | $10.95 | $10.98 | $10.89 |
| Total return (%) (r)(s)(t)(x) | (2.90) | 4.81 | 2.75 | 4.09 | 2.15 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.97 | 0.97 | 0.98 | 0.98 | 0.97 |
| Expenses after expense reductions (f) | 0.87 | 0.87 | 0.86 | 0.86 | 0.86 |
| Net investment income (loss) | 2.09 | 2.51 | 3.00 | 3.53 | 3.34 |
| Portfolio turnover | 21 | 23 | 19 | 17 | 11 |
| Net assets at end of period (000 omitted) | $94,024 | $99,380 | $98,950 | $98,510 | $101,013 |
| Year ended | |||||
| Class B | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 |
| Net asset value, beginning of period | $11.18 | $10.95 | $10.98 | $10.88 | $11.00 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.15 | $0.20 | $0.25 | $0.30 | $0.29 |
| Net realized and unrealized gain (loss) | (0.55) | 0.23 | (0.03) | 0.06 | (0.14) |
| Total from investment operations | $(0.40) | $0.43 | $0.22 | $0.36 | $0.15 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.15) | $(0.20) | $(0.25) | $(0.26) | $(0.27) |
| Net asset value, end of period (x) | $10.63 | $11.18 | $10.95 | $10.98 | $10.88 |
| Total return (%) (r)(s)(t)(x) | (3.63) | 3.93 | 1.98 | 3.40 | 1.38 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.72 | 1.72 | 1.73 | 1.73 | 1.72 |
| Expenses after expense reductions (f) | 1.62 | 1.62 | 1.62 | 1.62 | 1.62 |
| Net investment income (loss) | 1.35 | 1.78 | 2.28 | 2.77 | 2.58 |
| Portfolio turnover | 21 | 23 | 19 | 17 | 11 |
| Net assets at end of period (000 omitted) | $54 | $109 | $155 | $494 | $613 |
See Notes to Financial
Statements
102
Financial
Highlights − continued
MFS WEST VIRGINIA
MUNICIPAL BOND FUND − continued
| Year ended | |||||
| Class I | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 |
| Net asset value, beginning of period | $9.84 | $9.64 | $9.67 | $9.58 | $9.69 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.23 | $0.27 | $0.32 | $0.36 | $0.35 |
| Net realized and unrealized gain (loss) | (0.48) | 0.20 | (0.03) | 0.06 | (0.12) |
| Total from investment operations | $(0.25) | $0.47 | $0.29 | $0.42 | $0.23 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.23) | $(0.27) | $(0.32) | $(0.33) | $(0.34) |
| Net asset value, end of period (x) | $9.36 | $9.84 | $9.64 | $9.67 | $9.58 |
| Total return (%) (r)(s)(t)(x) | (2.63) | 4.94 | 2.95 | 4.44 | 2.33 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.72 | 0.72 | 0.73 | 0.73 | 0.72 |
| Expenses after expense reductions (f) | 0.62 | 0.62 | 0.62 | 0.62 | 0.62 |
| Net investment income (loss) | 2.32 | 2.73 | 3.23 | 3.75 | 3.58 |
| Portfolio turnover | 21 | 23 | 19 | 17 | 11 |
| Net assets at end of period (000 omitted) | $16,290 | $14,052 | $7,545 | $6,248 | $7,038 |
| Year ended | |||||
| Class R6 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
| Net asset value, beginning of period | $9.84 | $9.63 | $9.66 | $9.58 | $9.79 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.23 | $0.28 | $0.32 | $0.37 | $0.24 |
| Net realized and unrealized gain (loss) | (0.47) | 0.21 | (0.03) | 0.04 | (0.22) |
| Total from investment operations | $(0.24) | $0.49 | $0.29 | $0.41 | $0.02 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.24) | $(0.28) | $(0.32) | $(0.33) | $(0.23) |
| Net asset value, end of period (x) | $9.36 | $9.84 | $9.63 | $9.66 | $9.58 |
| Total return (%) (r)(s)(t)(x) | (2.56) | 5.13 | 3.02 | 4.42 | 0.18(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.64 | 0.64 | 0.64 | 0.64 | 0.65(a) |
| Expenses after expense reductions (f) | 0.54 | 0.54 | 0.54 | 0.53 | 0.54(a) |
| Net investment income (loss) | 2.38 | 2.83 | 3.27 | 3.87 | 3.67(a) |
| Portfolio turnover | 21 | 23 | 19 | 17 | 11 |
| Net assets at end of period (000 omitted) | $1,754 | $824 | $715 | $246 | $130 |
See Notes to Financial Statements
103
Financial
Highlights − continued
MFS WEST VIRGINIA
MUNICIPAL BOND FUND − continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
104
Notes to
Financial Statements
(1) Business and Organization
MFS Mississippi Municipal Bond Fund (Mississippi Fund), MFS
New York Municipal Bond Fund (New York Fund), MFS North Carolina Municipal Bond Fund (North Carolina Fund), MFS Pennsylvania Municipal Bond Fund (Pennsylvania Fund), MFS South Carolina Municipal Bond Fund (South Carolina Fund), MFS Virginia
Municipal Bond Fund (Virginia Fund), and MFS West Virginia Municipal Bond Fund (West Virginia Fund) are each a series of MFS Municipal Series Trust which is organized as a Massachusetts business trust and is registered under the Investment Company
Act of 1940, as amended, as an open-end management investment company. Each fund is a diversified series with the exception of Mississippi Fund and West Virginia Fund which are non-diversified.
Each 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.
(2) Significant Accounting Policies
General — The
preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of
these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. Each fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The
credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal
instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument.
Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly
affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region where the instrument is issued, and the financial condition of municipal issuers and of
municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the funds and the overall municipal market.
If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the
funds could be taxable to shareholders.
Balance
Sheet Offsetting — Each fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and
Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between each fund
and the applicable counterparty. Each fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet
offsetting disclosures, to the extent applicable to each fund, have been included in each fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
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. Open-end investment companies are generally valued at net asset value per
share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation.
In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.
The Board of Trustees has delegated primary responsibility
for determining or causing to be determined the value of each 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 each 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 each 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
105
Notes to Financial
Statements - continued
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 each 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 each fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that each fund could obtain the fair
value assigned to an investment if it were to sell the investment at the same time at which each fund determines its net asset value per share.
Various inputs are used in determining the value of each
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. Each 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
March 31, 2022 in valuing each fund's assets and liabilities:
| Level 1 | Level 2 | Level 3 | Total | |
| Mississippi Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $94,811,612 | $— | $94,811,612 |
| U.S. Corporate Bonds | — | 217,020 | — | 217,020 |
| Mutual Funds | 2,539,919 | — | — | 2,539,919 |
| Total | $2,539,919 | $95,028,632 | $— | $97,568,551 |
| New York Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $255,033,527 | $— | $255,033,527 |
| U.S. Corporate Bonds | — | 617,560 | — | 617,560 |
| Mutual Funds | 5,439,822 | — | — | 5,439,822 |
| Total | $5,439,822 | $255,651,087 | $— | $261,090,909 |
| North Carolina Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $490,428,444 | $— | $490,428,444 |
| U.S. Corporate Bonds | — | 1,119,881 | — | 1,119,881 |
| Mutual Funds | 41,867,648 | — | — | 41,867,648 |
| Total | $41,867,648 | $491,548,325 | $— | $533,415,973 |
| Pennsylvania Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $174,578,545 | $— | $174,578,545 |
| U.S. Corporate Bonds | — | 363,151 | — | 363,151 |
| Mutual Funds | 12,967,834 | — | — | 12,967,834 |
| Total | $12,967,834 | $174,941,696 | $— | $187,909,530 |
| South Carolina Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $264,218,152 | $— | $264,218,152 |
| U.S. Corporate Bonds | — | 570,602 | — | 570,602 |
| Mutual Funds | 13,600,641 | — | — | 13,600,641 |
| Total | $13,600,641 | $264,788,754 | $— | $278,389,395 |
| Virginia Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $359,353,057 | $— | $359,353,057 |
| U.S. Corporate Bonds | — | 792,398 | — | 792,398 |
| Mutual Funds | 7,310,732 | — | — | 7,310,732 |
| Total | $7,310,732 | $360,145,455 | $— | $367,456,187 |
106
Notes to Financial
Statements - continued
| Level 1 | Level 2 | Level 3 | Total | |
| West Virginia Fund | ||||
| Financial Instruments | ||||
| Municipal Bonds | $— | $108,916,436 | $— | $108,916,436 |
| U.S. Corporate Bonds | — | 247,894 | — | 247,894 |
| Mutual Funds | 2,356,969 | — | — | 2,356,969 |
| Total | $2,356,969 | $109,164,330 | $— | $111,521,299 |
For further information
regarding security characteristics, see the Portfolio of Investments.
Derivatives — Certain
funds use derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate exposure, or as alternatives to direct investments. Derivatives are used for hedging
or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When certain funds derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative
instruments may be substantially greater than the derivative’s original cost.
The derivative instruments used by certain funds were
futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the
position to a third party. At March 31, 2022, the funds did not have any outstanding derivative instruments.
The following table presents, by major type of derivative
contract, the realized gain (loss) on derivatives held by certain funds for the year ended March 31, 2022 as reported in the Statements of Operations:
| Fund | Risk | Futures
Contracts |
| West Virginia Fund | Interest Rate | $(8,181) |
The following table presents, by
major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by certain funds for the year ended March 31, 2022 as reported in the Statements of Operations:
| Fund | Risk | Futures
Contracts |
| West Virginia Fund | Interest Rate | $79,267 |
Derivative counterparty credit
risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, each fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering
into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the
other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount
payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of each fund's credit risk to such counterparty equal to any amounts payable by
each fund under the applicable transactions, if any.
Collateral and margin requirements differ by type of
derivative. For cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the
fund directly with the clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options) and collateral, in the form
of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a collateral support annex, the collateral requirements are
netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover each fund's collateral or
margin obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives. Securities pledged as
collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The funds may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in
“Miscellaneous” expense in the Statements of Operations.
Futures Contracts —
Certain funds entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at
a specified price on a specified date.
107
Notes to Financial
Statements - continued
Upon entering into a futures contract, the fund is required
to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day,
depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts
is realized.
The fund bears the risk of interest
rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the
contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund's maximum risk of loss due to counterparty credit risk is
equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.
Inverse Floaters —
The Virginia Fund invests in municipal inverse floating rate securities in the form of self-deposited secondary market inverse floaters and primary market inverse floaters, both of which have variable rates of interest that typically move in the
opposite direction of short-term rates. A self-deposited secondary market inverse floating rate security is created when the Virginia Fund transfers a municipal bond from its portfolio to a special purpose trust (“the trust”) and causes
the trust to issue (a) inverse floaters to be held by the Virginia Fund and (b) floating rate certificates to be held by third parties. The floating rate certificates usually pay tax-exempt interest at short-term rates that reset weekly and the
holders of those certificates typically have the option to tender at par plus accrued interest. Self-deposited secondary market inverse floaters are accounted for as secured borrowings, with the municipal bonds transferred to the trust being
reflected as fund investments and the amounts owed to floating rate certificate holders being reflected as fund liabilities in the Statement of Assets and Liabilities as “Payable to the holders of the floating rate
certificates”.
At March 31, 2022, the
Virginia Fund did not hold self-deposited secondary market inverse floaters and, therefore, there was no payable to the holders of the floating rate certificates. For the year ended March 31, 2022, the average payable to the holders of the settled
floating rate certificates was $95,890 at a weighted average interest rate of 0.01%. Interest expense and fees, which are recorded as incurred, include interest payments made to the holders of the floating rate certificates and associated fees. For
the year ended March 31, 2022, the related interest expense and fees amounted to $1,385 which is included in “Interest expense and fees“ in the Statements of Operations.
Indemnifications —
Under each fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each fund. Additionally, in the normal course of business, each fund
enters into agreements with service providers that may contain indemnification clauses. Each fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against each fund that have not yet
occurred.
Investment Transactions and Income — Investment transactions are recorded on the trade date. Some securities may be purchased or sold on an extended settlement basis, which means that the receipt or delivery
of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. Interest income is recorded on the accrual basis.
All premium and discount is amortized or accreted for financial statement
purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date. In determining the net
gain or loss on securities sold, the cost of securities is determined on the identified cost basis. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of
all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
Each fund may receive proceeds from litigation settlements.
Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the
fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of Operations.
Each fund may purchase or sell securities on a when-issued
or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the normal settlement period. The price of such security and the
date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place.
When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed
delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased in the Statements of Assets and Liabilities. Losses may
arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other
factors. At the time that it enters into a when-issued or delayed delivery transaction, each fund is required to have sufficient cash and/or liquid securities to cover its commitments.
108
Notes to Financial
Statements - continued
Fees Paid Indirectly
— Each fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by each fund. The amount of the credit, for the year ended
March 31, 2022, is shown as a reduction of total expenses in the Statements of Operations.
Tax Matters and Distributions — Each fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital
gains. As a result, no provision for federal income tax is required. Each fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed each
fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the
ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are
periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income,
expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to defaulted bonds
and amortization and accretion of debt securities, as applicable to each fund.
The tax character of distributions declared to shareholders
for the last two fiscal years is as follows:
| Year ended 3/31/22 | Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| Ordinary income (including any short-term capital gains) | $27,218 | $85,587 | $180,338 | $73,982 | $100,897 | $183,867 | $52,427 |
| Tax-exempt income | 2,081,879 | 6,089,356 | 9,534,013 | 3,898,288 | 4,798,336 | 8,219,322 | 2,431,857 |
| Total distributions | $2,109,097 | $6,174,943 | $9,714,351 | $3,972,270 | $4,899,233 | $8,403,189 | $2,484,284 |
| Year ended 3/31/21 | Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| Ordinary income (including any short-term capital gains) | $26,771 | $85,904 | $364,526 | $54,673 | $67,319 | $302,307 | $28,504 |
| Tax-exempt income | 2,396,168 | 7,069,001 | 11,330,319 | 4,402,212 | 5,511,812 | 9,433,816 | 2,797,117 |
| Total distributions | $2,422,939 | $7,154,905 | $11,694,845 | $4,456,885 | $5,579,131 | $9,736,123 | $2,825,621 |
The federal tax cost and the tax
basis components of distributable earnings were as follows:
| As of 3/31/22 | Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
| Cost of investments | $97,624,892 | $261,917,919 | $538,076,348 | $188,487,048 |
| Gross appreciation | 2,355,583 | 6,497,273 | 10,468,508 | 4,357,078 |
| Gross depreciation | (2,411,924) | (7,324,283) | (15,128,883) | (4,934,596) |
| Net unrealized appreciation (depreciation) | $(56,341) | $(827,010) | $(4,660,375) | $(577,518) |
| Undistributed ordinary income | 47,712 | 149,219 | 227,452 | 54,406 |
| Undistributed tax-exempt income | 548,846 | 1,438,231 | 2,431,664 | 921,940 |
| Capital loss carryforwards | (3,082,457) | (3,932,004) | (12,747,314) | (2,502,325) |
| Other temporary differences | (169,058) | (541,083) | (781,080) | (324,802) |
| Total distributable earnings (loss) | $(2,711,298) | $(3,712,647) | $(15,529,653) | $(2,428,299) |
109
Notes to Financial
Statements - continued
| As of 3/31/22 | South
Carolina Fund |
Virginia
Fund |
West Virginia Fund |
| Cost of investments | $283,835,070 | $373,905,207 | $112,164,348 |
| Gross appreciation | 3,916,642 | 7,405,094 | 2,155,365 |
| Gross depreciation | (9,362,317) | (13,854,114) | (2,798,414) |
| Net unrealized appreciation (depreciation) | $(5,445,675) | $(6,449,020) | $(643,049) |
| Undistributed ordinary income | 109,132 | 286,139 | 68,768 |
| Undistributed tax-exempt income | 1,163,122 | 1,670,182 | 599,937 |
| Capital loss carryforwards | (5,910,481) | (7,998,685) | (3,806,728) |
| Other temporary differences | (398,480) | (671,665) | (210,510) |
| Total distributable earnings (loss) | $(10,482,382) | $(13,163,049) | $(3,991,582) |
As of March 31, 2022, each fund
had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as
follows:
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund | |
| Short-Term | $(1,344,956) | $(3,716,525) | $(11,561,928) | $(2,307,086) | $(4,266,290) | $(5,120,802) | $(1,459,079) |
| Long-Term | (1,737,501) | (215,479) | (1,185,386) | (195,239) | (1,644,191) | (2,877,883) | (2,347,649) |
| Total | $(3,082,457) | $(3,932,004) | $(12,747,314) | $(2,502,325) | $(5,910,481) | $(7,998,685) | $(3,806,728) |
Multiple Classes of Shares of
Beneficial Interest — Each fund offers multiple classes of shares, which differ in their respective distribution and service fees. Each fund's income and common expenses are allocated to shareholders based on
the value of settled shares outstanding of each class. Each fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per
share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. Each fund’s distributions declared to shareholders as
reported in the Statements of Changes in Net Assets are presented by class as follows:
| Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | ||||||||||||
| Year
Ended 3/31/22 |
Year
Ended 3/31/21 |
Year
Ended 3/31/22 |
Year
Ended 3/31/21 |
Year
Ended 3/31/22 |
Year
Ended 3/31/21 |
Year
Ended 3/31/22 |
Year
Ended 3/31/21 | ||||||||
| Class A | $1,753,181 | $2,055,799 | $3,549,948 | $4,260,533 | $6,185,717 | $7,895,170 | $2,798,683 | $3,301,867 | |||||||
| Class B | 1,257 | 4,318 | 11,603 | 29,344 | 3,640 | 9,137 | 8,925 | 22,490 | |||||||
| Class C | — | — | 159,120 | 253,482 | 323,974 | 626,025 | — | — | |||||||
| Class I | 292,636 | 294,859 | 2,030,412 | 2,498,450 | 2,372,992 | 2,442,306 | 760,115 | 759,458 | |||||||
| Class R6 | 62,023 | 67,963 | 423,860 | 113,096 | 828,028 | 722,207 | 404,547 | 373,070 | |||||||
| Total | $2,109,097 | $2,422,939 | $6,174,943 | $7,154,905 | $9,714,351 | $11,694,845 | $3,972,270 | $4,456,885 | |||||||
| South Carolina Fund | Virginia Fund | West Virginia Fund | |||||||||
| Year
Ended 3/31/22 |
Year
Ended 3/31/21 |
Year
Ended 3/31/22 |
Year
Ended 3/31/21 |
Year
Ended 3/31/22 |
Year
Ended 3/31/21 | ||||||
| Class A | $3,441,883 | $4,250,603 | $5,278,330 | $6,549,795 | $2,076,723 | $2,488,264 | |||||
| Class B | 1,488 | 8,828 | 5,631 | 10,591 | 952 | 2,229 | |||||
| Class C | — | — | 178,905 | 300,167 | — | — | |||||
| Class I | 1,116,984 | 1,051,444 | 2,314,962 | 2,341,558 | 375,186 | 313,431 | |||||
| Class R6 | 338,878 | 268,256 | 625,361 | 534,012 | 31,423 | 21,697 | |||||
| Total | $4,899,233 | $5,579,131 | $8,403,189 | $9,736,123 | $2,484,284 | $2,825,621 | |||||
(3) Transactions with
Affiliates
Investment Adviser — Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to each fund. The
management fee is computed daily and paid monthly at an annual rate of 0.45% of each fund’s average daily net assets.
110
Notes to Financial
Statements - continued
MFS has agreed in writing to reduce its management fee by a
specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the funds’ Board of Trustees. Effective March 1, 2022, MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this
agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the funds' Board of Trustees, but such agreement will continue at least until July 31, 2023. For the year ended March 31, 2022, these management
fee reductions amounted to the following, which are included in the reduction of total expenses in the Statements of Operations:
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| $14,724 | $38,745 | $74,844 | $26,441 | $41,065 | $53,087 | $15,640 |
The management fee incurred for
the year ended March 31, 2022 was equivalent to an annual effective rate of 0.44% of each fund's average daily net assets.
The investment adviser has agreed in writing to pay a
portion of the following funds’ total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses (including interest expense and fees associated with
investments in inverse floating rate instruments), such that total fund operating expenses do not exceed the following rates annually of these funds’ average daily net assets:
| New
York Fund |
North
Carolina Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund | |
| Class A | 0.83% | 0.84% | 0.84% | 0.81% | 0.87% |
| Class B | 1.58% | 1.59% | 1.59% | 1.56% | 1.62% |
| Class C | 1.58% | 1.59% | N/A | 1.56% | N/A |
| Class I | 0.58% | 0.59% | 0.59% | 0.56% | 0.62% |
| Class R6 | 0.53% | 0.52% | 0.53% | 0.49% | 0.55% |
These written agreements will
continue until modified by the funds’ Board of Trustees, but such agreements will continue at least until July 31, 2022. For the year ended March 31, 2022, these reductions amounted to the following for the New York Fund, the South Carolina
Fund, the Virginia Fund, and the West Virginia Fund and are included in the reduction of total expenses in the Statements of Operations.
| New
York Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| $90,456 | $19,184 | $164,903 | $99,561 |
For the year ended March 31,
2022, the North Carolina Fund’s actual operating expenses did not exceed the limit described above and therefore, the investment adviser did not pay any portion of the fund’s expenses related to this agreement.
Effective August 1, 2021, the investment adviser has agreed
in writing to pay a portion of the Pennsylvania Fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses (including interest expense and fees
associated with investments in inverse floating rate instruments), such that total fund operating expenses do not exceed the following rates annually of the Pennsylvania Fund’s average daily net assets:
| Pennsylvania
Fund | |
| Class A | 0.69% |
| Class B | 1.44% |
| Class I | 0.59% |
| Class R6 | 0.52% |
This written agreement will
continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2022. For the period from August 1, 2021 through March 31, 2022, this reduction amounted to $75,645 and is included in the
reduction of total expenses in the Statements of Operations.
Distributor — MFS
Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended March 31, 2022, as its portion of the initial sales charge on sales of Class A shares of each fund:
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| $4,268 | $3,990 | $14,162 | $14,046 | $11,481 | $7,782 | $4,365 |
111
Notes to Financial
Statements - continued
The Board of Trustees has adopted a distribution plan for
certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
Each fund's distribution plan provides that each fund will
pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service
fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.
Distribution Plan Fee Table:
| Class A | |||||
| Distribution
Fee Rate (d) |
Service
Fee Rate (d) |
Total
Distribution Plan (d) |
Annual
Effective Rate (e) |
Distribution
and Service Fee | |
| Mississippi Fund | — | 0.25% | 0.25% | 0.10% | $230,835 |
| New York Fund | — | 0.25% | 0.25% | 0.25% | 428,720 |
| North Carolina Fund | — | 0.25% | 0.25% | 0.25% | 906,561 |
| Pennsylvania Fund | — | 0.25% | 0.25% | 0.10% | 353,598 |
| South Carolina Fund | — | 0.25% | 0.25% | 0.25% | 563,427 |
| Virginia Fund | — | 0.25% | 0.25% | 0.25% | 640,402 |
| West Virginia Fund | — | 0.25% | 0.25% | 0.25% | 248,465 |
| Class B | |||||
| Distribution
Fee Rate (d) |
Service
Fee Rate (d) |
Total
Distribution Plan (d) |
Annual
Effective Rate (e) |
Distribution
and Service Fee | |
| Mississippi Fund | 0.75% | 0.25% | 1.00% | 0.75% | $1,003 |
| New York Fund | 0.75% | 0.25% | 1.00% | 1.00% | 8,737 |
| North Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 3,791 |
| Pennsylvania Fund | 0.75% | 0.25% | 1.00% | 0.85% | 7,224 |
| South Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,885 |
| Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 4,288 |
| West Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 698 |
| Class C | |||||
| Distribution
Fee Rate (d) |
Service
Fee Rate (d) |
Total
Distribution Plan (d) |
Annual
Effective Rate (e) |
Distribution
and Service Fee | |
| New York Fund | 0.75% | 0.25% | 1.00% | 1.00% | $120,473 |
| North Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 338,068 |
| Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 136,096 |
112
Notes to Financial
Statements - continued
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund | |
| Total Distribution and Service Fees | $231,838 | $557,930 | $1,248,420 | $360,822 | $565,312 | $780,786 | $249,163 |
| (d) | In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
| (e) | The annual effective rates represent actual fees incurred under the distribution plan for the year ended March 31, 2022 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the year ended March 31, 2022, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations: |
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund | |
| Class A | $— | $— | $247 | $4 | $4 | $118 | $1 |
Mississippi Fund: MFD has agreed in writing to reduce the Class A and Class B service fee rates to 0.10% and 0.00%, respectively. This written agreement will continue until modified by the fund’s Board of Trustees, but such
agreement will continue at least until July 31, 2022. For the year ended March 31, 2022, these reductions amounted to $138,502 and $251 for Class A and Class B, respectively, and are included in the reduction of total expenses in the Statements of
Operations.
Pennsylvania Fund: MFD has agreed in writing to reduce the Class A and Class B service fee rate to 0.10%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least
until July 31, 2022. For the year ended March 31, 2022, these reductions amounted to $212,160 and $1,083 for Class A and Class B, respectively, and are included in the reduction of total expenses in the Statements of Operations.
Certain Class A shares are subject to a contingent deferred
sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event
of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended March 31, 2022, were as follows:
| CDSC Imposed | Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| Class A | $9,068 | $4,385 | $30,873 | $3,082 | $17,158 | $10,095 | $662 |
| Class B | — | 1,416 | 34 | — | 52 | — | — |
| Class C | N/A | 3,412 | 3,554 | N/A | N/A | 69 | N/A |
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each
fund as determined periodically under the supervision of the funds’ Board of Trustees. For the year ended March 31, 2022, each fund paid the following fee, which equated to the following annual percentage of each fund’s average daily net
assets:
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund | |
| Expenses paid | $3,171 | $17,188 | $20,569 | $16,425 | $10,443 | $19,158 | $4,970 |
| Annual percentage of average daily net assets | 0.0029% | 0.0059% | 0.0037% | 0.0083% | 0.0034% | 0.0048% | 0.0043% |
MFSC also receives reimbursement
from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended March 31, 2022,
these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| $68,495 | $192,742 | $365,538 | $129,777 | $188,234 | $302,312 | $94,987 |
113
Notes to Financial
Statements - continued
Administrator — MFS
provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund reimburses MFS the costs incurred to provide these services. Each fund
is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the year ended March 31, 2022 was equivalent to the following annual effective rates of each fund's average daily
net assets:
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund | |
| Percentage of average daily net assets | 0.0231% | 0.0169% | 0.0151% | 0.0187% | 0.0167% | 0.0159% | 0.0225% |
Trustees’ and
Officers’ Compensation — Each fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The funds do not
pay compensation directly to Trustees or officers of each fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to each fund. Certain officers and Trustees of each fund are officers or
directors of MFS, MFD, and MFSC.
Prior to
December 31, 2001, each fund had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent
Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. The Mississippi Fund, the New York Fund, and the Pennsylvania Fund no longer participate in the DB plan. The DB plan
resulted in a pension expense for the following funds. These amounts are included in “Independent Trustees’ compensation” in the Statements of Operations for the year ended March 31, 2022:
| North
Carolina Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| $245 | $242 | $243 | $242 |
The liability for deferred
retirement benefits payable to those former independent Trustees under the DB plan amounted to the following at March 31, 2022, and is included in “Payable for independent Trustees’ compensation” in the Statements of Assets and
Liabilities:
| North
Carolina Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund |
| $2,624 | $2,655 | $2,640 | $2,654 |
Other — Each fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a
management fee to MFS but does incur investment and operating costs.
On June 18, 2021, MFS redeemed the following fund
shares:
| Fund | Class | Shares | Amount |
| North Carolina Fund | Class R6 | 5,743 | $57,893 |
| Virginia Fund | Class R6 | 5,774 | 58,142 |
(4) Portfolio
Securities
For the year ended March 31, 2022,
purchases and sales of investments, other than short-term obligations, were as follows:
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund | |
| Purchases | $13,401,540 | $54,890,117 | $85,866,219 | $40,979,495 | $75,423,075 | $95,817,638 | $27,750,075 |
| Sales | $19,621,063 | $64,327,344 | $92,540,395 | $35,748,844 | $64,332,344 | $87,415,621 | $23,765,225 |
114
Notes to Financial
Statements - continued
(5) Shares of Beneficial Interest
Each fund's Declaration of Trust permits the Trustees to
issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
| Mississippi Fund | New York Fund | ||||||||||
| Year
ended 3/31/22 |
Year
ended 3/31/21 |
Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 664,473 | $ 6,608,160 | 1,158,053 | $ 11,381,463 | 1,535,775 | $ 17,534,239 | 1,830,942 | $ 20,327,920 | |||
| Class B | 69 | 685 | 203 | 1,992 | 6 | 67 | 2,514 | 28,267 | |||
| Class C | — | — | — | — | 94,505 | 1,085,512 | 154,106 | 1,721,692 | |||
| Class I | 262,884 | 2,607,152 | 411,802 | 4,071,191 | 993,410 | 10,039,839 | 1,701,251 | 16,809,838 | |||
| Class R6 | 114,707 | 1,130,805 | 110,133 | 1,083,067 | 5,009,657 | 50,791,805 | 208,661 | 2,054,168 | |||
| 1,042,133 | $ 10,346,802 | 1,680,191 | $ 16,537,713 | 7,633,353 | $ 79,451,462 | 3,897,474 | $ 40,941,885 | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | 170,189 | $ 1,681,291 | 198,409 | $ 1,951,155 | 269,871 | $ 3,063,742 | 326,932 | $ 3,645,100 | |||
| Class B | 34 | 330 | 209 | 2,024 | 966 | 10,944 | 2,230 | 24,720 | |||
| Class C | — | — | — | — | 12,520 | 142,014 | 20,040 | 222,852 | |||
| Class I | 26,744 | 263,696 | 26,461 | 259,865 | 168,723 | 1,703,392 | 231,894 | 2,288,157 | |||
| Class R6 | 6,298 | 62,011 | 6,881 | 67,595 | 43,348 | 423,860 | 11,447 | 113,096 | |||
| 203,265 | $ 2,007,328 | 231,960 | $ 2,280,639 | 495,428 | $ 5,343,952 | 592,543 | $ 6,293,925 | ||||
| Shares reacquired | |||||||||||
| Class A | (1,474,819) | $ (14,370,002) | (994,086) | $ (9,740,963) | (2,418,241) | $ (27,305,790) | (3,065,195) | $ (33,791,067) | |||
| Class B | (2,127) | (21,293) | (53,748) | (523,669) | (26,589) | (301,471) | (111,918) | (1,247,029) | |||
| Class C | — | — | — | — | (281,029) | (3,139,981) | (508,585) | (5,680,181) | |||
| Class I | (226,922) | (2,243,329) | (217,925) | (2,145,712) | (5,967,800) | (60,139,644) | (1,016,702) | (9,938,837) | |||
| Class R6 | (33,794) | (332,516) | (95,165) | (938,480) | (115,641) | (1,164,697) | (54,612) | (536,174) | |||
| (1,737,662) | $ (16,967,140) | (1,360,924) | $ (13,348,824) | (8,809,300) | $ (92,051,583) | (4,757,012) | $ (51,193,288) | ||||
| Net change | |||||||||||
| Class A | (640,157) | $ (6,080,551) | 362,376 | $ 3,591,655 | (612,595) | $ (6,707,809) | (907,321) | $ (9,818,047) | |||
| Class B | (2,024) | (20,278) | (53,336) | (519,653) | (25,617) | (290,460) | (107,174) | (1,194,042) | |||
| Class C | — | — | — | — | (174,004) | (1,912,455) | (334,439) | (3,735,637) | |||
| Class I | 62,706 | 627,519 | 220,338 | 2,185,344 | (4,805,667) | (48,396,413) | 916,443 | 9,159,158 | |||
| Class R6 | 87,211 | 860,300 | 21,849 | 212,182 | 4,937,364 | 50,050,968 | 165,496 | 1,631,090 | |||
| (492,264) | $ (4,613,010) | 551,227 | $ 5,469,528 | (680,519) | $ (7,256,169) | (266,995) | $ (3,957,478) | ||||
| North Carolina Fund | Pennsylvania Fund | ||||||||||
| Year
ended 3/31/22 |
Year
ended 3/31/21 |
Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 5,850,253 | $ 68,685,618 | 6,602,432 | $ 77,721,228 | 1,746,541 | $ 18,605,633 | 2,474,008 | $ 25,928,595 | |||
| Class B | — | — | 1,276 | 14,396 | 21 | 221 | 38 | 388 | |||
| Class C | 271,155 | 3,267,571 | 504,123 | 5,910,821 | — | — | — | — | |||
| Class I | 3,227,645 | 32,146,638 | 4,368,095 | 42,924,803 | 2,876,721 | 29,048,205 | 915,677 | 9,163,074 | |||
| Class R6 | 1,746,451 | 17,419,228 | 1,385,236 | 13,674,485 | 783,738 | 7,965,889 | 583,182 | 5,829,247 | |||
| 11,095,504 | $ 121,519,055 | 12,861,162 | $ 140,245,733 | 5,407,021 | $ 55,619,948 | 3,972,905 | $ 40,921,304 | ||||
115
Notes to Financial
Statements - continued
| North Carolina Fund − continued | Pennsylvania Fund − continued | ||||||||||
| Year
ended 3/31/22 |
Year
ended 3/31/21 |
Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | 492,347 | $ 5,862,338 | 627,631 | $ 7,378,536 | 249,591 | $ 2,653,059 | 294,973 | $ 3,085,376 | |||
| Class B | 274 | 3,261 | 726 | 8,481 | 774 | 8,258 | 2,040 | 21,320 | |||
| Class C | 26,217 | 312,225 | 50,553 | 592,825 | — | — | — | — | |||
| Class I | 211,310 | 2,096,544 | 214,421 | 2,103,354 | 62,687 | 634,112 | 63,165 | 629,313 | |||
| Class R6 | 79,594 | 789,299 | 71,308 | 699,567 | 16,645 | 168,358 | 12,015 | 120,001 | |||
| 809,742 | $ 9,063,667 | 964,639 | $ 10,782,763 | 329,697 | $ 3,463,787 | 372,193 | $ 3,856,010 | ||||
| Shares reacquired | |||||||||||
| Class A | (4,974,968) | $ (58,723,641) | (5,616,204) | $ (66,037,402) | (1,812,074) | $ (19,208,090) | (1,250,228) | $ (13,104,888) | |||
| Class B | (6,503) | (77,669) | (35,926) | (422,186) | (23,588) | (252,205) | (68,742) | (721,534) | |||
| Class C | (700,146) | (8,308,265) | (1,531,861) | (18,023,528) | — | — | — | — | |||
| Class I | (2,440,231) | (24,144,249) | (1,906,770) | (18,642,473) | (2,200,423) | (22,031,600) | (469,667) | (4,680,498) | |||
| Class R6 | (951,058) | (9,356,336) | (480,280) | (4,696,472) | (221,256) | (2,210,929) | (362,505) | (3,576,958) | |||
| (9,072,906) | $ (100,610,160) | (9,571,041) | $ (107,822,061) | (4,257,341) | $ (43,702,824) | (2,151,142) | $ (22,083,878) | ||||
| Net change | |||||||||||
| Class A | 1,367,632 | $ 15,824,315 | 1,613,859 | $ 19,062,362 | 184,058 | $ 2,050,602 | 1,518,753 | $ 15,909,083 | |||
| Class B | (6,229) | (74,408) | (33,924) | (399,309) | (22,793) | (243,726) | (66,664) | (699,826) | |||
| Class C | (402,774) | (4,728,469) | (977,185) | (11,519,882) | — | — | — | — | |||
| Class I | 998,724 | 10,098,933 | 2,675,746 | 26,385,684 | 738,985 | 7,650,717 | 509,175 | 5,111,889 | |||
| Class R6 | 874,987 | 8,852,191 | 976,264 | 9,677,580 | 579,127 | 5,923,318 | 232,692 | 2,372,290 | |||
| 2,832,340 | $ 29,972,562 | 4,254,760 | $ 43,206,435 | 1,479,377 | $ 15,380,911 | 2,193,956 | $ 22,693,436 | ||||
| South Carolina Fund | Virginia Fund | ||||||||||
| Year
ended 3/31/22 |
Year
ended 3/31/21 |
Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 2,372,086 | $ 29,319,454 | 3,622,825 | $ 44,351,500 | 3,082,317 | $ 34,747,094 | 4,343,470 | $ 48,934,253 | |||
| Class B | — | — | 1,030 | 12,749 | 2,264 | 26,007 | 2,258 | 25,986 | |||
| Class C | — | — | — | — | 68,268 | 784,471 | 237,225 | 2,690,383 | |||
| Class I | 2,681,963 | 26,859,693 | 2,251,458 | 22,235,583 | 3,127,472 | 31,010,484 | 3,369,391 | 33,380,444 | |||
| Class R6 | 806,676 | 8,094,413 | 646,473 | 6,413,862 | 1,010,801 | 10,065,928 | 939,360 | 9,267,335 | |||
| 5,860,725 | $ 64,273,560 | 6,521,786 | $ 73,013,694 | 7,291,122 | $ 76,633,984 | 8,891,704 | $ 94,298,401 | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | 270,984 | $ 3,330,868 | 336,266 | $ 4,097,388 | 419,275 | $ 4,776,019 | 507,718 | $ 5,759,053 | |||
| Class B | 120 | 1,480 | 731 | 8,819 | 430 | 4,899 | 845 | 9,574 | |||
| Class C | — | — | — | — | 13,848 | 157,810 | 22,789 | 258,077 | |||
| Class I | 97,823 | 974,446 | 91,275 | 902,178 | 199,270 | 1,972,533 | 204,142 | 2,014,090 | |||
| Class R6 | 34,067 | 338,875 | 27,122 | 268,235 | 63,023 | 623,830 | 54,008 | 533,483 | |||
| 402,994 | $ 4,645,669 | 455,394 | $ 5,276,620 | 695,846 | $ 7,535,091 | 789,502 | $ 8,574,277 | ||||
| Shares reacquired | |||||||||||
| Class A | (3,092,604) | $ (37,841,157) | (1,944,801) | $ (23,726,152) | (2,630,752) | $ (29,754,374) | (4,084,717) | $ (45,948,525) | |||
| Class B | (10,273) | (127,051) | (79,566) | (968,002) | (4,883) | (55,280) | (17,450) | (198,890) | |||
| Class C | — | — | — | — | (247,059) | (2,811,487) | (516,194) | (5,859,010) | |||
| Class I | (2,127,322) | (21,223,924) | (647,031) | (6,417,783) | (3,358,779) | (32,848,183) | (1,520,352) | (14,892,809) | |||
| Class R6 | (344,094) | (3,391,189) | (127,656) | (1,261,289) | (538,116) | (5,278,501) | (251,195) | (2,461,458) | |||
| (5,574,293) | $ (62,583,321) | (2,799,054) | $ (32,373,226) | (6,779,589) | $ (70,747,825) | (6,389,908) | $ (69,360,692) | ||||
116
Notes to Financial
Statements - continued
| South Carolina Fund − continued | Virginia Fund − continued | ||||||||||
| Year
ended 3/31/22 |
Year
ended 3/31/21 |
Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Net change | |||||||||||
| Class A | (449,534) | $ (5,190,835) | 2,014,290 | $ 24,722,736 | 870,840 | $ 9,768,739 | 766,471 | $ 8,744,781 | |||
| Class B | (10,153) | (125,571) | (77,805) | (946,434) | (2,189) | (24,374) | (14,347) | (163,330) | |||
| Class C | — | — | — | — | (164,943) | (1,869,206) | (256,180) | (2,910,550) | |||
| Class I | 652,464 | 6,610,215 | 1,695,702 | 16,719,978 | (32,037) | 134,834 | 2,053,181 | 20,501,725 | |||
| Class R6 | 496,649 | 5,042,099 | 545,939 | 5,420,808 | 535,708 | 5,411,257 | 742,173 | 7,339,360 | |||
| 689,426 | $ 6,335,908 | 4,178,126 | $ 45,917,088 | 1,207,379 | $ 13,421,250 | 3,291,298 | $ 33,511,986 | ||||
| West Virginia Fund | |||||
| Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||
| Shares | Amount | Shares | Amount | ||
| Shares sold | |||||
| Class A | 798,195 | $ 8,965,316 | 528,300 | $ 5,897,279 | |
| Class B | 2 | 16 | 2,112 | 23,813 | |
| Class I | 455,289 | 4,508,333 | 733,254 | 7,204,193 | |
| Class R6 | 119,674 | 1,181,222 | 26,052 | 255,077 | |
| 1,373,160 | $ 14,654,887 | 1,289,718 | $ 13,380,362 | ||
| Shares
issued to shareholders in reinvestment of distributions |
|||||
| Class A | 178,745 | $ 1,999,069 | 214,015 | $ 2,382,778 | |
| Class B | 84 | 947 | 200 | 2,226 | |
| Class I | 31,219 | 306,989 | 25,141 | 246,860 | |
| Class R6 | 3,206 | 31,423 | 2,214 | 21,697 | |
| 213,254 | $ 2,338,428 | 241,570 | $ 2,653,561 | ||
| Shares reacquired | |||||
| Class A | (1,021,241) | $ (11,484,492) | (895,511) | $ (9,976,692) | |
| Class B | (4,742) | (53,412) | (6,777) | (75,812) | |
| Class I | (173,626) | (1,708,211) | (114,007) | (1,114,581) | |
| Class R6 | (19,253) | (185,626) | (18,727) | (181,946) | |
| (1,218,862) | $ (13,431,741) | (1,035,022) | $ (11,349,031) | ||
| Net change | |||||
| Class A | (44,301) | $ (520,107) | (153,196) | $ (1,696,635) | |
| Class B | (4,656) | (52,449) | (4,465) | (49,773) | |
| Class I | 312,882 | 3,107,111 | 644,388 | 6,336,472 | |
| Class R6 | 103,627 | 1,027,019 | 9,539 | 94,828 | |
| 367,552 | $ 3,561,574 | 496,266 | $ 4,684,892 | ||
Effective June 1, 2019, purchases of each fund’s
Class B shares are closed to new and existing investors subject to certain exceptions. Please see each fund’s prospectus for details.
(6) Line of Credit
Each fund and certain other funds managed by MFS
participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by each fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings
may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of Daily Simple SOFR plus 0.10%, the Federal Funds Effective Rate, and the Overnight Bank Funding Rate,
plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, each fund and other funds managed by MFS have established unsecured
uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended
117
Notes to Financial
Statements - continued
March 31, 2022, each fund’s commitment fee and interest expense were
as follows and are included in “Miscellaneous” expense in the Statements of Operations, with the exception of the Virginia Fund, whose commitment fee and interest expense are included in ”Interest expense and fees“ in the
Statements of Operations.
| Mississippi
Fund |
New
York Fund |
North
Carolina Fund |
Pennsylvania
Fund |
South
Carolina Fund |
Virginia
Fund |
West
Virginia Fund | |
| Commitment Fee | $330 | $899 | $1,768 | $627 | $950 | $1,217 | $354 |
| Interest Expense | — | — | — | — | — | — | — |
(7) Investments in
Affiliated Issuers
An affiliated issuer of a fund may
be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, each fund assumes the MFS Institutional Money Market Portfolio to be an affiliated
issuer. Each fund’s transactions in the MFS Institutional Money Market Portfolio for the year ended March 31, 2022, are as follows:
| Affiliated Issuer - MFS Institutional Money Market Portfolio | ||||||
| Beginning
Value |
Purchases | Sales
Proceeds |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation or Depreciation |
Ending
Value | |
| Mississippi Fund | $38,650 | $27,306,337 | $24,805,068 | $— | $— | $2,539,919 |
| New York Fund | 2,328,184 | 74,699,366 | 71,587,728 | — | — | 5,439,822 |
| North Carolina Fund | 8,059,699 | 147,201,779 | 113,393,830 | — | — | 41,867,648 |
| Pennsylvania Fund | 3,316,601 | 69,462,526 | 59,811,294 | — | 1 | 12,967,834 |
| South Carolina Fund | 3,938,050 | 104,758,521 | 95,095,930 | — | — | 13,600,641 |
| Virginia Fund | 4,569,228 | 115,547,935 | 112,806,431 | — | — | 7,310,732 |
| West Virginia Fund | 588,118 | 33,071,235 | 31,302,385 | — | 1 | 2,356,969 |
| Dividend
Income |
Capital
Gain Distributions | |
| Mississippi Fund | $1,340 | $— |
| New York Fund | 2,580 | — |
| North Carolina Fund | 10,115 | — |
| Pennsylvania Fund | 3,654 | — |
| South Carolina Fund | 4,918 | — |
| Virginia Fund | 3,665 | — |
| West Virginia Fund | 1,347 | — |
(8) LIBOR
Transition
Certain of each fund's investments,
including investments in certain debt instruments and derivatives (if any), as well as borrowings by each fund and certain other contractual arrangements of each fund, may be based on the London Interbank Offered Rate (”LIBOR“). In 2017,
the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more
commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the
markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on each fund's performance. With respect to each fund's accounting for investments, including investments in certain debt
instruments and derivatives, as well as borrowings by each fund and any other contractual arrangements of each fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by
FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the funds to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the
funds of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.
(9) 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 each fund’s assets and thus each fund’s performance. Management continues to monitor these events and to evaluate
the related impacts, if any, to the funds.
118
Report of
Independent Registered Public Accounting Firm
To the Board of Trustees of MFS Municipal Series Trust and
the Shareholders of MFS Mississippi Municipal Bond Fund, MFS New York Municipal Bond Fund, MFS North Carolina Municipal Bond Fund, MFS Pennsylvania Municipal Bond Fund, MFS South Carolina Municipal Bond Fund, MFS Virginia Municipal Bond Fund and MFS
West Virginia Municipal Bond Fund:
Opinion on the
Financial Statements and Financial Highlights
We have
audited the accompanying statements of assets and liabilities of MFS Mississippi Municipal Bond Fund, MFS New York Municipal Bond Fund, MFS North Carolina Municipal Bond Fund, MFS Pennsylvania Municipal Bond Fund, MFS South Carolina Municipal Bond
Fund, MFS Virginia Municipal Bond Fund and MFS West Virginia Municipal Bond Fund (the “Funds”), including the portfolios of investments, as of March 31, 2022, the related statements of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights
present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the
responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or
fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but
not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the
risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the
amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 13, 2022
May 13, 2022
We have served as the auditor of one or more of the MFS
investment companies since 1924.
119
Trustees and
Officers — Identification and Background
The Trustees and Officers of the Trust, as of May 1, 2022,
are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal
Occupations During the Past Five Years |
Other
Directorships During the Past Five Years (j) | |||||
| INTERESTED TRUSTEES | ||||||||||
| Michael
W. Roberge (k) (age 55) |
Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | |||||
| INDEPENDENT TRUSTEES | ||||||||||
| John
P. Kavanaugh (age 67) |
Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
| Steven
E. Buller (age 70) |
Trustee | February 2014 | 136 | Private investor | N/A | |||||
| John
A. Caroselli (age 67) |
Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
| Maureen
R. Goldfarb (age 67) |
Trustee | January 2009 | 136 | Private investor | N/A | |||||
| Peter
D. Jones (age 66) |
Trustee | January 2019 | 136 | Private investor | N/A | |||||
| James
W. Kilman, Jr. (age 61) |
Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) | |||||
| Clarence
Otis, Jr. (age 66) |
Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
| Maryanne
L. Roepke (age 66) |
Trustee | May 2014 | 136 | Private investor | N/A | |||||
| Laurie
J. Thomsen (age 64) |
Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
| Name, Age | Position(s)
Held with Fund |
Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal
Occupations During the Past Five Years | ||||
| OFFICERS | ||||||||
| Christopher
R. Bohane (k) (age 48) |
Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel |
120
Trustees and Officers -
continued
| Name, Age | Position(s)
Held with Fund |
Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal
Occupations During the Past Five Years | ||||
| Kino
Clark (k) (age 53) |
Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
| John
W. Clark, Jr. (k) (age 55) |
Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head - Treasurer's Office (until February 2017) | ||||
| David
L. DiLorenzo (k) (age 53) |
President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
| Heidi
W. Hardin (k) (age 54) |
Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (until January 2017) | ||||
| Brian
E. Langenfeld (k) (age 49) |
Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Senior Counsel | ||||
| Rosa
E. Licea-Mailloux(k) (age 45) |
Chief Compliance Officer | March 2022 | 136 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018) | ||||
| Amanda
S. Mooradian (k) (age 43) |
Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
| Susan
A. Pereira (k) (age 51) |
Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
| Kasey
L. Phillips (k) (age 51) |
Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
| Matthew
A. Stowe (k) (age 47) |
Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
| James
O. Yost (k) (age 61) |
Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
| (h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
| (j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
| (k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Each Trustee (other than Messrs. Jones, Kilman and
Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. Mr. Roberge became a Trustee of the Funds
on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019. The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms. Under the terms of the
Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the
Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Kilman and Otis and Ms. Roepke are
members of the Trust’s Audit Committee.
121
Trustees and Officers -
continued
Each of the Interested Trustees and certain Officers hold
comparable officer positions with certain affiliates of MFS.
| Investment Adviser | Custodian |
| Massachusetts Financial
Services Company 111 Huntington Avenue Boston, MA 02199-7618 |
JPMorgan
Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
| Distributor | Independent Registered Public Accounting Firm |
| MFS Fund
Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 |
Deloitte
& Touche LLP 200 Berkeley Street Boston, MA 02116 |
| Portfolio Manager(s) | |
| Michael Dawson |
122
Statement
Regarding Liquidity Risk Management Program
Each fund has adopted and implemented a liquidity risk
management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. Each fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The
Program is reasonably designed to assess and manage the liquidity risk of each fund. Liquidity risk is the risk that each fund could not meet requests to redeem shares issued by each fund without significant dilution of remaining investors'
interests.
MFS provided a written report to the Board
for consideration at its March 2022 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2021 to December 31, 2021 (the “Covered
Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage each fund’s liquidity risk. MFS also
reported that there were no liquidity events that impacted each fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its
objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in each fund may be subject, can be found in each fund's prospectus.
123
Proxy
Voting Policies and Information
MFS votes proxies on
behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s
Web site at http://www.sec.gov.
Information regarding how each fund voted proxies relating
to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site
at http://www.sec.gov.
Quarterly Portfolio Disclosure
Each fund files a complete schedule of portfolio holdings
with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each fund's Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. A
shareholder can obtain the portfolio holdings report for the first and third quarters of each fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the
“Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about
each fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at
mfs.com/openendfunds by choosing each fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
Each fund has entered into contractual arrangements with an
investment adviser, administrator, distributor, shareholder servicing agent, 529 program manager (if applicable), and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended
beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either
directly or on behalf of the fund.
Under the
Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of
Massachusetts.
Federal Tax Information (unaudited)
The funds will notify shareholders of amounts for use in
preparing 2022 income tax forms in January 2023. The following information is provided pursuant to provisions of the Internal Revenue Code.
Of the dividends paid from net investment income during the
fiscal year, the following percentages were designated as exempt interest dividends for federal income tax purposes. If each fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item
for purposes of computing a shareholder’s alternative minimum tax.
| Exempt
interest Dividends | |
| Mississippi Fund | 98.71% |
| New York Fund | 98.61% |
| North Carolina Fund | 98.14% |
| Pennsylvania Fund | 98.14% |
| South Carolina Fund | 97.94% |
| Virginia Fund | 97.81% |
| West Virginia Fund | 97.89% |
The funds intend to pass through
the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
124
rev. 3/16
| FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| • Social Security number and account balances | |
| • Account transactions and transaction history | |
| • Checking account information and wire transfer instructions | |
| When you are no longer our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
| Reasons
we can share your personal information |
Does MFS share? | Can
you limit this sharing? |
| For
our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes | No |
| For
our marketing purposes – to offer our products and services to you |
No | We don't share |
| For
joint marketing with other financial companies |
No | We don't share |
| For
our affiliates' everyday business purposes – information about your transactions and experiences |
No | We don't share |
| For
our affiliates' everyday business purposes – information about your creditworthiness |
No | We don't share |
| For nonaffiliates to market to you | No | We don't share |
| Questions? | Call 800-225-2606 or go to mfs.com. |
125
Page 2
| Who we are | |
| Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
| What we do | |
| How
does MFS protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
| How
does MFS collect my personal information? |
We collect your personal information, for example, when you |
| • open an account or provide account information | |
| • direct us to buy securities or direct us to sell your securities | |
| • make a wire transfer | |
| We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
| Why can't I limit all sharing? | Federal law gives you the right to limit only |
| • sharing for affiliates' everyday business purposes – information about your creditworthiness | |
| • affiliates from using your information to market to you | |
| • sharing for nonaffiliates to market to you | |
| State laws and individual companies may give you additional rights to limit sharing. | |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share with nonaffiliates so they can market to you. | |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| • MFS doesn't jointly market. | |
| Other important information |
| If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
126
Annual Report
March 31, 2022
MFS® Municipal Income Fund
LMB-ANN
MFS® Municipal
Income Fund
CONTENTS
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back cover |
The
report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED • MAY LOSE VALUE
• NO BANK GUARANTEE
LETTER FROM THE CHAIR AND
CEO
Dear Shareholders:
As a result of Russia’s invasion of Ukraine, the danger
of wider geopolitical conflict has risen to a level not seen in decades, and this comes as sanctions aimed at countering Russia’s actions are exacerbating already mounting inflation. Consequently, at a time when global growth faces multiple
headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The US Federal Reserve recently raised rates for the first time since 2018 and indicated that it is likely to
tighten policy much more over the coming year. Meanwhile, the unsettled geopolitical backdrop and tighter financial conditions have led to increased volatility.
There are, however, encouraging signs for
the markets. The number of coronavirus cases outside of Asia remains well below prior peaks, unemployment is low, and there are signs that some global supply chain bottlenecks are beginning to ease, though lockdowns in China and disruptions stemming
from Russia's invasion of Ukraine could hamper these advances. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment
environment.
It is important to have a deep understanding
of company fundamentals during times of market transition, and we have built our global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating the increasing complexity of global markets and economies. Guided by our commitment to long-term
investing, we tune out the noise and try to uncover what we believe are the best, most durable investment opportunities in the market. Our unique global investment platform combines collective expertise, long-term discipline, and thoughtful risk
management to create sustainable value for investors over time.
Respectfully,
Michael W.
Roberge
Chair and Chief Executive Officer
MFS Investment Management
May 13, 2022
The opinions expressed in this letter are subject to change
and may not be relied upon for investment advice. No forecasts can be guaranteed.
1
Portfolio Composition
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
2
Portfolio Composition -
continued
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
| (o) | Less than 0.1%. |
Cash & Cash Equivalents includes
any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and
liabilities.
Other includes equivalent exposure from
currency derivatives and/or any offsets to derivative positions and/or the leverage created through the issuance of self-deposited inverse floaters and may be negative.
Percentages are based on net assets as of March 31, 2022.
The portfolio is actively managed and current holdings may be
different.
3
Management Review
Summary of Results
For the twelve months ended March 31, 2022, Class A shares of
the MFS Municipal Income Fund (fund) provided a total return of -4.01%, at net asset value. This compares with a return of -4.47% for the fund’s benchmark, the Bloomberg Municipal Bond Index.
Market Environment
Near the end of the period, just as the Omicron wave of the
pandemic appeared to be receding in much of the world, markets experienced a geopolitical shock as Russia launched a full-scale invasion of neighboring Ukraine. Given Europe's heavy reliance on imported oil and gas from Russia, European markets were
among the hardest hit. Energy prices spiked in the wake of the invasion, adding to already multi-decade high levels of inflation, and non-energy commodities rose sharply as well. Both the equity and fixed income markets experienced significant
upticks in volatility, though markets recovered their footing as the period came to an end.
The ripple effects from the Russian invasion further
complicated the mission central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers will find themselves in the difficult position of trying to
restrain inflation without tipping economies into recession. However, despite the challenging macroeconomic environment, policymakers remain focused on corralling inflation, though investors expect varying degrees of action from the central banks
with the US Federal Reserve (the “Fed”) expected to be the most hawkish developed market central bank and the European Central Bank less so, given the direct economic ripple effects on Europe stemming from the invasion.
Against an environment of rising labor and raw materials
prices, higher interest rates and waning fiscal and monetary stimulus, investor anxiety increased over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that some supply chain bottlenecks may be
easing, low levels of unemployment across developed markets and loosening of coronavirus restrictions outside of China are supportive factors for the macroeconomic backdrop.
The credit health of municipal issuers continued to demonstrate
strength, underpinned by above-trend growth in the US economy over the reporting period. Income, sales, and property tax grew during the year, and disbursements from federal fiscal stimulus packages bolstered liquidity. The supply/demand backdrop
worked against municipal assets, however, during the final three months of the reporting period. Accelerating rates of inflation and the Fed’s hawkish stance increased interest rate volatility and pushed the US Treasury and tax-exempt curves
higher while dragging municipal returns lower. Negative returns and fear of higher rates spurred investor outflows. Municipal funds and exchange traded funds reported net redemptions for 12 consecutive weeks at the end of the reporting period. The
repricing of municipal assets improved the Municipal/US Treasury ratio, an indicator of the value of municipals relative to Treasuries. At period end, the ratio reflected a more attractive proposition for municipals with 5-, 10-, and 30-year ratios
moving from 48%, 70%, and 81% to 83%, 96%, and 106%, respectively. The valuation picture remained mixed, however, because yields of higher-yielding issuers continued to offer little premium over yields of
4
Management Review -
continued
investment-grade issuers. A positive for long-term investors in municipal
bonds, AAA tax-exempt yields ended the first quarter at their highest absolute levels since April 2019, excluding a brief period at the beginning of the pandemic in March 2020.
Factors Affecting Performance
Relative to the Bloomberg Municipal Bond Index, security
selection was a positive contributor to the fund’s performance. From a sector perspective, bond selection within the health care, housing, education and leasing sectors benefited relative returns. From a quality perspective, selection within
“AA”, “A” and “BBB” rated(r) bonds supported relative results.
The fund's asset allocation decisions also strengthened
relative performance. Here, the fund's out-of-benchmark allocation to both non-rated and “BB” rated securities, and its overweight allocation to “BBB” rated bonds, aided relative returns.
The fund's yield curve(y) positioning further helped relative
performance. Notably, the fund's average overweight exposure to the long end of the yield curve, specifically to bonds with maturities of 10, 20 and 30 years, benefited relative returns as longer-term interest rates were relatively flat over the
reporting period, while shorter-term rates increased significantly.
Conversely, the fund's longer duration(d) stance hurt relative
returns as interest rates generally rose over the reporting period.
Respectfully,
Portfolio Manager(s)
Jason Kosty, Megan Poplowski, and Geoffrey Schechter
Jason Kosty, Megan Poplowski, and Geoffrey Schechter
Note to Shareholders: Effective March
1, 2022, Megan Poplowski was added as a Portfolio Manager of the fund.
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value. |
| (r) | Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated. |
| (y) | A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates. |
The views expressed in this report are those of the portfolio
manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other
conditions, and MFS disclaims any responsibility to update such views. These
5
Management Review -
continued
views may not be relied upon as investment advice or an indication of trading
intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
6
Performance Summary THROUGH
3/31/22
The following chart illustrates a representative
class of the fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of
dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect
sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no
guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect
the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
Growth of a Hypothetical $10,000 Investment
7
Performance Summary -
continued
Total Returns through 3/31/22
Average annual without sales charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 9/07/93 | (4.01)% | 2.68% | 3.12% | N/A |
| B | 12/29/86 | (4.61)% | 1.93% | 2.35% | N/A |
| C | 1/03/94 | (4.71)% | 1.92% | 2.34% | N/A |
| I | 8/01/11 | (3.66)% | 2.96% | 3.38% | N/A |
| R6 | 8/01/17 | (3.71)% | N/A | N/A | 2.60% |
| A1 | 6/25/07 | (3.76)% | 2.94% | 3.38% | N/A |
| B1 | 6/25/07 | (4.38)% | 2.17% | 2.61% | N/A |
Comparative benchmark(s)
| Bloomberg Municipal Bond Index (f) | (4.47)% | 2.52% | 2.88% | N/A |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(8.09)% | 1.80% | 2.67% | N/A |
| B
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.37)% | 1.56% | 2.35% | N/A |
| C
With CDSC (1% for 12 months) (v) |
(5.65)% | 1.92% | 2.34% | N/A |
| A1
With Initial Sales Charge (4.25%) |
(7.85)% | 2.05% | 2.93% | N/A |
| B1
With CDSC (Declining over six years from 4% to 0%) (v) |
(8.15)% | 1.81% | 2.61% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
8
Performance Summary -
continued
Benchmark Definition(s)
Bloomberg Municipal Bond Index(a) – a market capitalization-weighted index that measures the performance of the tax-exempt bond market.
It is not possible to invest directly in an index.
| (a) | Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. |
Notes to Performance Summary
Average annual total return represents the average annual
change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated
period end date. As the fund's share classes may have different inception dates, the life returns may represent different time periods and may not be comparable. As a result, no comparative benchmark performance information is provided for life
periods.
Performance results reflect any applicable
expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
Performance results do not include adjustments made for
financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
A portion of the fund’s monthly distributions may be
subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
From time to time the fund may receive proceeds from litigation
settlements, without which performance would be lower.
9
Expense Table
Fund expenses borne by the shareholders during the period,
October 1, 2021 through March 31, 2022
October 1, 2021 through March 31, 2022
As a
shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and
other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the
beginning of the period and held for the entire period October 1, 2021 through March 31, 2022.
Actual Expenses
The first line for each share class in the following table
provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000
(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during
this period.
Hypothetical Example for Comparison
Purposes
The second line for each share class in the
following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual
return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other
funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to
highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10
Expense Table -
continued
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.72% | $1,000.00 | $941.17 | $3.48 |
| Hypothetical (h) | 0.72% | $1,000.00 | $1,021.34 | $3.63 | |
| B | Actual | 1.47% | $1,000.00 | $938.84 | $7.11 |
| Hypothetical (h) | 1.47% | $1,000.00 | $1,017.60 | $7.39 | |
| C | Actual | 1.47% | $1,000.00 | $937.89 | $7.10 |
| Hypothetical (h) | 1.47% | $1,000.00 | $1,017.60 | $7.39 | |
| I | Actual | 0.47% | $1,000.00 | $943.39 | $2.28 |
| Hypothetical (h) | 0.47% | $1,000.00 | $1,022.59 | $2.37 | |
| R6 | Actual | 0.39% | $1,000.00 | $943.67 | $1.89 |
| Hypothetical (h) | 0.39% | $1,000.00 | $1,022.99 | $1.97 | |
| A1 | Actual | 0.47% | $1,000.00 | $943.48 | $2.28 |
| Hypothetical (h) | 0.47% | $1,000.00 | $1,022.59 | $2.37 | |
| B1 | Actual | 1.22% | $1,000.00 | $940.02 | $5.90 |
| Hypothetical (h) | 1.22% | $1,000.00 | $1,018.85 | $6.14 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Notes to Expense Table
Expense ratios include 0.01% of investment related expenses
from self-deposited inverse floaters (See Note 2 of the Notes to Financial Statements) that are outside of the expense limitation arrangement (See Note 3 of the Notes to Financial Statements).
11
Portfolio of
Investments
3/31/22
The Portfolio of Investments is a complete list of all
securities owned by your fund. It is categorized by jurisdiction.
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - 98.5% | ||||
| Alabama - 1.2% | ||||
| Alabama Stadium Trace Village Improvement District Development Incentive Anticipation, 3.625%, 3/01/2036 | $ | 1,750,000 | $ 1,531,669 | |
| Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2035 | 300,000 | 319,800 | ||
| Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2036 | 1,070,000 | 1,135,541 | ||
| Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2037 | 240,000 | 254,489 | ||
| Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2038 | 1,580,000 | 1,672,798 | ||
| Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2039 | 310,000 | 327,705 | ||
| Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040 | 155,000 | 163,262 | ||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025 | 685,000 | 693,147 | ||
| Black Belt Energy Gas District, AL, Gas Prepay Rev., “A”, 4%, 12/01/2048 (Put Date 12/01/2023) | 6,570,000 | 6,733,890 | ||
| Black Belt Energy Gas District, AL, Gas Prepay Rev., “A-1”, 4%, 10/01/2049 (Put Date 10/01/2026) | 4,945,000 | 5,190,753 | ||
| Black Belt Energy Gas District, AL, Gas Prepay Rev., “B-1”, FLR, 1.054% (67% of LIBOR - 1mo. + 0.9%), 12/01/2048 (Put Date 12/01/2023) | 20,175,000 | 20,179,840 | ||
| DCH Health Care Authority, AL, Health Care Facilities Rev., 5%, 6/01/2033 | 785,000 | 844,624 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026 | 1,175,000 | 999,126 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029 | 1,655,000 | 1,155,790 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034 | 2,370,000 | 1,166,473 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035 | 4,495,000 | 2,071,852 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023 | 455,000 | 476,122 | ||
| Mobile, AL, General Obligation Warrants, “A”, 5%, 2/15/2030 | 3,130,000 | 3,540,367 | ||
| Southeast Alabama Gas Supply District Rev. (Project No. 1), “A”, 4%, 4/01/2049 | 14,580,000 | 14,964,373 | ||
| University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2038 | 1,505,000 | 1,742,960 | ||
| University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039 | 620,000 | 716,650 | ||
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044 | 4,070,000 | 4,640,875 | ||
12
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Alabama - continued | ||||
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | $ | 2,480,000 | $ 2,811,745 | |
| $ 73,333,851 | ||||
| Alaska - 0.2% | ||||
| Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 6/01/2027 | $ | 620,000 | $ 704,979 | |
| Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 12/01/2027 | 1,000,000 | 1,147,259 | ||
| Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 6/01/2028 | 1,315,000 | 1,517,610 | ||
| Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 12/01/2028 | 1,365,000 | 1,588,621 | ||
| Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 6/01/2029 | 1,025,000 | 1,202,485 | ||
| Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 4%, 12/01/2029 | 1,830,000 | 2,030,361 | ||
| Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 4%, 6/01/2030 | 1,100,000 | 1,224,415 | ||
| $ 9,415,730 | ||||
| Arizona - 2.5% | ||||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2038 | $ | 370,000 | $ 406,217 | |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2048 | 990,000 | 1,074,392 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052 | 1,235,000 | 1,336,708 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “A”, 5.125%, 7/01/2037 (n) | 1,000,000 | 1,070,817 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “A”, 5.25%, 7/01/2047 (n) | 750,000 | 799,146 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n) | 95,000 | 102,048 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n) | 160,000 | 170,054 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n) | 425,000 | 450,667 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2037 | 1,000,000 | 1,101,820 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2047 | 2,350,000 | 2,562,011 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2052 | 1,870,000 | 2,033,263 | ||
13
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arizona - continued | ||||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2037 (n) | $ | 165,000 | $ 177,241 | |
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2047 (n) | 165,000 | 175,369 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2051 (n) | 310,000 | 328,722 | ||
| Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2031 | 400,000 | 471,519 | ||
| Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2032 | 300,000 | 352,563 | ||
| Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2033 | 250,000 | 292,918 | ||
| Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2035 | 1,395,000 | 1,626,271 | ||
| Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2040 | 290,000 | 335,055 | ||
| Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2036 | 1,100,000 | 1,156,651 | ||
| Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2038 | 600,000 | 629,595 | ||
| Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2039 | 750,000 | 785,751 | ||
| Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2040 | 800,000 | 836,835 | ||
| Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2045 | 1,015,000 | 1,051,811 | ||
| Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2050 | 1,385,000 | 1,426,310 | ||
| Coconino County, AZ, Pollution Control Corp., “A”, 1.875%, 9/01/2032 (Put Date 3/31/2023) | 2,605,000 | 2,604,178 | ||
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033 | 1,285,000 | 1,091,605 | ||
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035 | 1,965,000 | 1,944,498 | ||
| Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2042 | 3,000,000 | 3,263,119 | ||
| Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2048 | 4,000,000 | 4,330,635 | ||
| La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2038 | 675,000 | 732,938 | ||
14
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arizona - continued | ||||
| La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2048 | $ | 465,000 | $ 499,261 | |
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2034 | 170,000 | 179,840 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039 | 295,000 | 331,798 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039 (n) | 860,000 | 925,313 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n) | 545,000 | 604,429 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n) | 460,000 | 488,052 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054 | 690,000 | 762,747 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054 (n) | 2,050,000 | 2,168,414 | ||
| Maricopa County, AZ, Industrial Development Authority Rev. (Banner Health), “A”, 5%, 1/01/2038 | 3,000,000 | 3,341,801 | ||
| Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 0.875%, 6/01/2043 (Put Date 10/01/2026) | 790,000 | 727,574 | ||
| Phoenix, AZ, Civic Improvement Corp. Rental Car Facility Charge Rev., “A”, 5%, 7/01/2037 | 6,500,000 | 7,425,837 | ||
| Phoenix, AZ, Civic Improvement Corp. Rental Car Facility Charge Rev., “A”, 5%, 7/01/2045 | 10,000,000 | 11,184,741 | ||
| Phoenix, AZ, Industrial Development Authority Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2041 (n) | 2,395,000 | 2,139,881 | ||
| Phoenix, AZ, Industrial Development Authority Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n) | 7,950,000 | 6,695,147 | ||
| Phoenix, AZ, Industrial Development Authority Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4.15%, 12/01/2057 (n) | 2,990,000 | 2,492,280 | ||
| Phoenix, AZ, Industrial Development Authority Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n) | 3,495,000 | 3,013,766 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 470,000 | 494,054 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 140,000 | 147,165 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n) | 570,000 | 595,067 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n) | 340,000 | 354,846 | ||
15
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arizona - continued | ||||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036 | $ | 700,000 | $ 740,469 | |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041 | 560,000 | 589,965 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046 | 895,000 | 939,326 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 840,000 | 878,777 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 925,000 | 959,646 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2046 (n) | 610,000 | 636,933 | ||
| Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 0.45%, 12/01/2035 (Put Date 5/02/2022) | 42,960,000 | 42,934,117 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC-Arizona State University Project), “A”, 5%, 7/01/2044 | 420,000 | 458,847 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC-Arizona State University Project), “A”, 5%, 7/01/2049 | 1,030,000 | 1,120,464 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC-Arizona State University Project), “A”, 5%, 7/01/2059 | 840,000 | 908,215 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2030 | 150,000 | 167,225 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2031 | 530,000 | 587,676 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2033 | 285,000 | 314,651 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2037 | 500,000 | 549,344 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2042 | 605,000 | 659,706 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4.75%, 6/15/2037 (n) | 1,075,000 | 1,082,606 | ||
16
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arizona - continued | ||||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2041 (n) | $ | 235,000 | $ 224,416 | |
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2041 (n) | 1,265,000 | 1,208,025 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047 (n) | 1,020,000 | 1,027,717 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n) | 1,400,000 | 1,276,614 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n) | 360,000 | 328,273 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052 (n) | 550,000 | 554,161 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2057 (n) | 315,000 | 279,808 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2057 (n) | 1,580,000 | 1,403,775 | ||
| Salt River, AZ, Agricultural Improvement & Power District, “A”, 5%, 1/01/2038 | 8,000,000 | 8,949,514 | ||
| Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), “A-2”, 2.2%, 3/01/2028 (Put Date 6/03/2024) | 2,150,000 | 2,131,984 | ||
| $ 150,204,994 | ||||
| Arkansas - 0.5% | ||||
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028 | $ | 215,000 | $ 217,410 | |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033 | 435,000 | 440,855 | ||
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | 45,000 | 45,491 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047 | 905,000 | 1,013,532 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2026 | 4,465,000 | 4,933,333 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2027 | 4,690,000 | 5,265,456 | ||
17
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arkansas - continued | ||||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2028 | $ | 2,025,000 | $ 2,304,319 | |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2029 | 1,725,000 | 1,987,169 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2036 | 870,000 | 997,575 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2037 | 605,000 | 693,271 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2038 | 1,320,000 | 1,510,276 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2039 | 480,000 | 548,358 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2040 | 530,000 | 604,577 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 | 1,815,000 | 2,055,739 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-2”, 5%, 9/01/2044 (Put Date 9/01/2027) | 1,225,000 | 1,378,949 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3%, 7/01/2032 | 170,000 | 155,839 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.125%, 7/01/2036 | 470,000 | 422,343 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041 | 180,000 | 182,494 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052 | 775,000 | 728,626 | ||
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038 | 1,665,000 | 1,855,475 | ||
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035 | 435,000 | 462,626 | ||
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046 | 4,995,000 | 1,989,708 | ||
| Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | 1,520,000 | 1,623,720 | ||
| $ 31,417,141 | ||||
18
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - 10.6% | ||||
| San Diego County, CA, Regional Transportation Commission Sales Tax Rev., “A”, 5%, 10/01/2022 | $ | 8,335,000 | $ 8,499,044 | |
| Alameda, CA, Corridor Transportation Authority Senior Lien Rev., “A”, AGM, 5%, 10/01/2028 | 985,000 | 1,027,903 | ||
| California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, ETM, 5%, 6/01/2025 | 3,960,000 | 4,331,482 | ||
| California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, ETM, 5%, 6/01/2026 | 4,145,000 | 4,636,787 | ||
| California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | 8,605,000 | 8,073,720 | ||
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2032 | 140,000 | 159,613 | ||
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2035 | 190,000 | 200,832 | ||
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2037 | 305,000 | 321,155 | ||
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2038 | 130,000 | 136,635 | ||
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2039 | 165,000 | 173,076 | ||
| California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2046 (Prerefunded 11/15/2025) | 2,530,000 | 2,794,410 | ||
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Health System), “A”, 4%, 8/15/2048 | 20,390,000 | 21,692,756 | ||
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Health System), “A”, 5%, 8/15/2051 | 14,755,000 | 17,439,290 | ||
| California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033 | 5,034,493 | 5,332,649 | ||
| California Housing Finance Agency Municipal Certificates, “X”, 0.796%, 11/20/2035 (i) | 69,808,210 | 4,303,774 | ||
| California Housing Finance Agency Municipal Certificates, “X”, 0.764%, 8/20/2036 (i)(n) | 25,037,277 | 1,664,250 | ||
| California Infrastructure & Economic Development Bank Refunding Rev. (Los Angeles County Museum of Art Project), “A”, 1.2%, 12/01/2050 (Put Date 6/01/2028) | 7,940,000 | 7,104,100 | ||
| California Infrastructure & Economic Development Bank Refunding Rev. (Los Angeles County Museum of Art Project), “B”, FLR, 1.21% (MUNIPSA + 0.70%), 12/01/2050 (Put Date 6/01/2026) | 2,500,000 | 2,501,152 | ||
| California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail Project), “A”, 0.85%, 1/01/2050 (Put Date 1/26/2023) (n) | 9,000,000 | 8,952,524 | ||
| California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 595,000 | 793,383 | ||
19
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| California Municipal Finance Authority Rev. (Channing House Project), “B”, 5%, 5/15/2047 | $ | 1,500,000 | $ 1,635,978 | |
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 1,750,000 | 1,956,570 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036 | 1,510,000 | 1,670,863 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041 | 4,890,000 | 5,406,306 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 235,000 | 257,653 | ||
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 2,150,000 | 2,212,261 | ||
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n) | 1,925,000 | 1,830,790 | ||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1%, 10/01/2045 (Put Date 6/01/2022) | 11,335,000 | 11,328,598 | ||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 2.4%, 10/01/2044 (Put Date 10/01/2029) | 4,280,000 | 4,125,601 | ||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2033 | 290,000 | 304,673 | ||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2037 | 670,000 | 700,635 | ||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2038 | 390,000 | 406,839 | ||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040 | 230,000 | 239,142 | ||
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 2.5%, 11/01/2038 (Put Date 5/01/2024) | 3,795,000 | 3,806,427 | ||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2033 | 260,000 | 288,992 | ||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037 | 510,000 | 564,712 | ||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 510,000 | 558,109 | ||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2026 | 415,000 | 443,718 | ||
20
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2027 | $ | 400,000 | $ 431,972 | |
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2028 | 360,000 | 392,073 | ||
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 895,000 | 954,765 | ||
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n) | 2,025,000 | 1,953,935 | ||
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n) | 1,350,000 | 1,308,396 | ||
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n) | 2,055,000 | 1,993,803 | ||
| California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2029 | 5,000,000 | 5,891,877 | ||
| California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2030 | 9,000,000 | 10,719,447 | ||
| California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 2/01/2031 | 7,845,000 | 9,401,410 | ||
| California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 2/01/2032 | 8,055,000 | 9,784,881 | ||
| California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038 | 9,180,000 | 9,575,159 | ||
| California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033 | 9,250,000 | 9,829,387 | ||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2024 (n) | 560,000 | 579,679 | ||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2025 (n) | 585,000 | 611,837 | ||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 505,000 | 540,558 | ||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | 1,340,000 | 1,422,295 | ||
| California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 3.5%, 7/01/2034 | 795,000 | 825,679 | ||
| California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2034 | 1,000,000 | 1,139,144 | ||
| California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2035 | 1,475,000 | 1,678,787 | ||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3%, 11/01/2022 (n) | 440,000 | 442,373 | ||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3.5%, 11/01/2027 (n) | 3,930,000 | 4,082,673 | ||
21
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2032 (n) | $ | 485,000 | $ 534,708 | |
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n) | 955,000 | 1,036,526 | ||
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.125%, 11/01/2023 | 55,000 | 56,164 | ||
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033 | 190,000 | 197,386 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034 | 645,000 | 694,332 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 2,645,000 | 2,835,184 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 5,455,000 | 5,953,577 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2058 | 7,400,000 | 8,389,439 | ||
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5%, 7/01/2029 (n) | 620,000 | 624,873 | ||
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n) | 475,000 | 478,372 | ||
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | 1,795,000 | 1,769,256 | ||
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2052 (n) | 780,000 | 764,869 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n) | 9,155,000 | 7,661,365 | ||
| CMFA Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n) | 3,075,000 | 2,812,357 | ||
| Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2030 | 4,495,000 | 3,537,329 | ||
| Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2031 | 4,015,000 | 3,045,041 | ||
| Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033 | 2,785,000 | 1,962,539 | ||
| Foothill-De Anza, CA, Community College District, Capital Appreciation, NPFG, 0%, 8/01/2034 | 21,410,000 | 15,101,672 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2034 (Prerefunded 6/01/2025) | 3,000,000 | 3,276,601 | ||
22
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036 (Prerefunded 6/01/2022) | $ | 1,410,000 | $ 1,415,777 | |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5.25%, 6/01/2047 (Prerefunded 6/01/2022) | 160,000 | 161,099 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066 | 13,205,000 | 1,604,954 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 25,250,000 | 24,271,477 | ||
| Inland Valley, CA, Development Successor Agency Tax Allocation, “A”, AGM, 5%, 9/01/2044 | 2,620,000 | 2,772,037 | ||
| La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036 (Prerefunded 5/15/2022) | 640,000 | 649,350 | ||
| Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035 | 480,000 | 507,079 | ||
| Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034 | 480,000 | 488,474 | ||
| Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044 | 820,000 | 834,063 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2033 | 1,315,000 | 1,528,927 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2034 | 1,370,000 | 1,589,553 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2035 | 2,160,000 | 2,499,427 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2036 | 1,710,000 | 1,976,795 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2037 | 2,210,000 | 2,548,364 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2038 | 1,870,000 | 2,152,781 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2039 | 2,010,000 | 2,306,762 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2040 | 2,100,000 | 2,406,215 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2041 | 2,255,000 | 2,580,122 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2034 | 465,000 | 518,266 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2036 | 825,000 | 918,087 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2037 | 1,030,000 | 1,144,765 | ||
23
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5.25%, 5/15/2038 | $ | 1,770,000 | $ 1,990,513 | |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2044 | 3,605,000 | 3,962,886 | ||
| Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2038 | 4,040,000 | 4,438,879 | ||
| Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041 | 6,435,000 | 7,070,343 | ||
| Merced, CA, Union High School District, Capital Appreciation, “A”, AGM, 0%, 8/01/2030 | 580,000 | 454,561 | ||
| Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2041 | 6,500,000 | 6,900,869 | ||
| Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2046 | 2,000,000 | 2,118,039 | ||
| 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 | 1,860,000 | 2,065,642 | ||
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2027 | 1,645,000 | 1,440,444 | ||
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2029 | 3,240,000 | 2,662,903 | ||
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2030 | 4,110,000 | 3,266,371 | ||
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2024 | 350,000 | 333,369 | ||
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027 | 195,000 | 172,286 | ||
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027 | 90,000 | 79,517 | ||
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029 | 395,000 | 330,328 | ||
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029 | 280,000 | 234,156 | ||
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2030 | 225,000 | 182,527 | ||
| Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030 | 1,640,000 | 1,736,083 | ||
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2024 | 1,580,000 | 1,668,609 | ||
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2025 | 4,800,000 | 5,185,418 | ||
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2026 | 2,750,000 | 3,024,070 | ||
24
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2027 | $ | 2,750,000 | $ 3,068,869 | |
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2028 | 875,000 | 987,195 | ||
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, ETM, 5%, 5/01/2024 | 120,000 | 127,384 | ||
| Port of Oakland, CA, Rev., “P”, 5%, 5/01/2033 (Prerefunded 5/01/2022) | 10,815,000 | 10,847,899 | ||
| Riverside County, CA, Transportation Commission Sales Tax Rev. (Limited Tax), “A”, 2%, 6/01/2029 | 2,015,000 | 1,921,242 | ||
| Riverside County, CA, Transportation Commission Sales Tax Rev. (Limited Tax), “A”, 5.25%, 6/01/2039 (Prerefunded 6/01/2023) | 4,655,000 | 4,845,160 | ||
| Sacramento County, CA, Airport System Rev., “A”, 5%, 7/01/2041 | 10,000,000 | 11,018,471 | ||
| Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2041 | 6,000,000 | 6,570,512 | ||
| Sacramento County, CA, Sanitation Districts Financing Authority Rev. (Regional County Sanitation District), 5%, 12/01/2044 | 9,040,000 | 9,561,767 | ||
| Sacramento, CA, Transient Occupancy Tax Rev. (Convention Center Complex), “A”, 5%, 6/01/2033 | 115,000 | 129,899 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2024 (Prerefunded 7/01/2023) | 500,000 | 518,952 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2025 (Prerefunded 7/01/2023) | 1,500,000 | 1,556,856 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2041 | 1,665,000 | 1,730,714 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2046 | 1,905,000 | 1,954,918 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2046 | 2,380,000 | 2,679,180 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2051 | 2,380,000 | 2,661,767 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2056 | 2,615,000 | 2,666,030 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2056 | 4,495,000 | 5,012,852 | ||
| San Diego County, CA, Regional Transportation Commission Sales Tax Rev., “A”, 3%, 10/01/2022 | 8,335,000 | 8,417,481 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2028 | 6,000,000 | 6,018,212 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047 | 1,230,000 | 1,347,624 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2038 | 4,300,000 | 4,796,960 | ||
25
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2039 | $ | 4,900,000 | $ 5,459,147 | |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2040 | 2,285,000 | 2,542,473 | ||
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 340,000 | 363,583 | ||
| San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n) | 6,795,000 | 7,412,155 | ||
| San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n) | 8,590,000 | 9,212,473 | ||
| 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) | 12,210,000 | 6,316,962 | ||
| San Mateo County, CA, Community College District (Election of 2005), Capital Appreciation, “A”, NPFG, 0%, 9/01/2026 | 5,100,000 | 4,616,278 | ||
| San Mateo County, CA, Sequoia Union High School District General Obligation, 4%, 7/01/2043 | 9,000,000 | 9,342,281 | ||
| Santa Clara County, CA, Fremont Union High School District General Obligation, 4%, 8/01/2044 | 7,115,000 | 7,383,048 | ||
| State of California, AGM, 5.25%, 8/01/2032 | 9,160,000 | 11,443,664 | ||
| State of California, Various Purpose General Obligation, 5%, 12/01/2028 | 10,000,000 | 11,773,199 | ||
| State of California, Various Purpose General Obligation, 5%, 12/01/2029 | 2,250,000 | 2,696,194 | ||
| State of California, Various Purpose General Obligation, 5%, 12/01/2031 | 45,000 | 50,092 | ||
| State of California, Various Purpose General Obligation, 5%, 12/01/2032 | 1,750,000 | 1,945,059 | ||
| State of California, Various Purpose General Obligation, 5%, 12/01/2034 | 1,345,000 | 1,490,395 | ||
| State of California, Various Purpose General Obligation, 5%, 4/01/2045 | 9,730,000 | 11,136,268 | ||
| State of California, Various Purpose General Obligation Refunding, 5%, 4/01/2024 | 4,365,000 | 4,368,531 | ||
| State of California, Various Purpose General Obligation Refunding, 5%, 8/01/2029 | 5,000,000 | 5,603,132 | ||
| State of California, Various Purpose General Obligation Refunding, 5%, 12/01/2030 | 500,000 | 606,537 | ||
| State of California, Various Purpose General Obligation Refunding, 5%, 4/01/2031 | 3,180,000 | 3,853,661 | ||
| State of California, Various Purpose General Obligation Refunding, 5%, 9/01/2034 | 9,000,000 | 10,023,643 | ||
26
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| State of California, Various Purpose General Obligation Refunding, 5%, 9/01/2041 | $ | 22,040,000 | $ 26,335,583 | |
| State of California, Various Purpose General Obligation Refunding, 5%, 4/01/2042 | 7,830,000 | 8,806,115 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2045 | 950,000 | 1,098,262 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049 | 865,000 | 995,452 | ||
| University of California Regents, Limited Project Rev., “S”, 5%, 5/15/2029 | 4,000,000 | 4,712,322 | ||
| University of California Regents, Limited Project Rev., “S”, 5%, 5/15/2030 | 3,000,000 | 3,567,284 | ||
| University of California Regents, Limited Project Rev., “S”, 5%, 5/15/2031 | 3,000,000 | 3,617,885 | ||
| West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, “C”, AGM, 0%, 8/01/2029 | 3,440,000 | 2,766,680 | ||
| $ 634,338,611 | ||||
| Colorado - 4.0% | ||||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2027 | $ | 57,000 | $ 62,791 | |
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2028 | 92,000 | 106,457 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2028 | 55,000 | 60,569 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2029 | 92,000 | 108,046 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2029 | 55,000 | 60,561 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2030 | 96,000 | 112,597 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030 | 13,000 | 14,314 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2031 | 101,000 | 118,536 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2031 | 59,000 | 64,917 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2032 | 110,000 | 129,141 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2032 | 70,000 | 76,971 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2033 | 110,000 | 128,966 | ||
27
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Colorado - continued | ||||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2034 | $ | 125,000 | $ 146,391 | |
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2035 | 44,000 | 51,483 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 | 527,000 | 605,129 | ||
| Colorado Eagle County School District RE50J, Garfield Routt Counties, General Obligation, 5%, 12/01/2034 | 2,535,000 | 2,838,512 | ||
| Colorado Eagle County School District RE50J, Garfield Routt Counties, General Obligation, 5%, 12/01/2035 | 5,000,000 | 5,593,948 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031 | 1,725,000 | 1,819,018 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038 | 1,020,000 | 1,072,148 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2029 | 195,000 | 201,787 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2039 | 740,000 | 760,957 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2044 | 605,000 | 620,515 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037 | 545,000 | 548,427 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030 | 490,000 | 515,963 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034 | 495,000 | 520,040 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Pinnacle Charter School Building Corp.), 5%, 6/01/2029 | 910,000 | 934,556 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), “A”, 5%, 12/01/2038 | 1,335,000 | 1,497,270 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), “A”, 4%, 12/01/2048 | 3,440,000 | 3,573,501 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031 | 1,855,000 | 1,942,116 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2038 | 305,000 | 338,338 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2048 | 365,000 | 399,638 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2053 | 385,000 | 420,589 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2040 | 3,555,000 | 4,129,732 | ||
28
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Colorado - continued | ||||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2050 | $ | 18,125,000 | $ 20,747,813 | |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055 | 1,450,000 | 1,658,027 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2036 | 1,370,000 | 1,468,725 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2041 | 1,670,000 | 1,770,800 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2040 | 1,750,000 | 1,986,977 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2050 | 3,590,000 | 4,026,192 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055 | 5,295,000 | 5,916,667 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2035 | 530,000 | 609,272 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2040 | 785,000 | 894,379 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050 | 3,225,000 | 3,628,326 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2050 | 485,000 | 501,717 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2055 | 875,000 | 900,969 | ||
| Colorado Health Facilities Authority Rev. (Adventist System/Sunbelt Obligated Group), “A”, 5%, 11/15/2041 | 10,000,000 | 11,041,923 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2037 | 2,375,000 | 2,694,934 | ||
| Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023) | 1,195,000 | 1,248,088 | ||
| Colorado Health Facilities Authority Rev. (Sanford Health), “A”, 5%, 11/01/2039 | 9,400,000 | 10,682,006 | ||
29
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Colorado - continued | ||||
| Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2036 | $ | 1,185,000 | $ 1,267,745 | |
| Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2037 | 9,250,000 | 9,870,191 | ||
| Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044 | 4,620,000 | 4,826,158 | ||
| Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038 | 3,200,000 | 3,408,751 | ||
| Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043 | 4,685,000 | 4,954,686 | ||
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2032 | 1,015,000 | 1,192,327 | ||
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2033 | 1,000,000 | 1,171,208 | ||
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2034 | 1,040,000 | 1,215,707 | ||
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2035 | 760,000 | 814,858 | ||
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2037 | 450,000 | 481,364 | ||
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2038 | 350,000 | 374,071 | ||
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2039 | 350,000 | 373,483 | ||
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2040 | 300,000 | 319,404 | ||
| Colorado Housing & Finance Authority Rev., Single Family Mortgage Class I, “B-1”, GNMA, 4%, 11/01/2048 | 1,695,000 | 1,745,118 | ||
| Colorado Housing & Finance Authority Rev., Single Family Mortgage Class I, “C”, 4.75%, 5/01/2049 (u) | 4,270,000 | 4,489,169 | ||
| Colorado Housing & Finance Authority Rev., Single Family Mortgage Class III, “H”, 4.25%, 11/01/2049 | 5,385,000 | 5,606,887 | ||
| Colorado Housing & Finance Authority Rev., Single Family Mortgage, “B”, GNMA, 3%, 5/01/2051 | 10,410,000 | 10,463,358 | ||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 1/15/2030 | 235,000 | 265,796 | ||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 7/15/2030 | 165,000 | 187,517 | ||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 1/15/2031 | 285,000 | 325,149 | ||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 7/15/2031 | 235,000 | 267,792 | ||
30
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Colorado - continued | ||||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 1/15/2032 | $ | 380,000 | $ 432,369 | |
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 7/15/2032 | 380,000 | 431,986 | ||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 1/15/2033 | 355,000 | 372,330 | ||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2033 | 355,000 | 374,333 | ||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2034 | 710,000 | 743,092 | ||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2036 | 590,000 | 616,178 | ||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2038 | 425,000 | 442,442 | ||
| Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/2036 | 2,755,000 | 3,081,087 | ||
| Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/2040 | 10,000,000 | 11,151,358 | ||
| Colorado State University Board of Governors, System Enterprise Rev., “B”, 5%, 3/01/2025 | 3,000,000 | 3,250,123 | ||
| Colorado State University Board of Governors, System Enterprise Rev., “B”, 5%, 3/01/2041 (Prerefunded 3/01/2027) | 1,500,000 | 1,704,966 | ||
| Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2028 (Prerefunded 11/15/2022) | 1,930,000 | 1,972,544 | ||
| Denver, CO, City & County School District No. 1, 5%, 12/01/2033 | 5,000,000 | 6,006,114 | ||
| Denver, CO, City & County School District No. 1, 5%, 12/01/2034 | 8,750,000 | 10,460,044 | ||
| Denver, CO, City & County School District No. 1, 4%, 12/01/2035 | 3,750,000 | 4,157,155 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | 965,000 | 1,046,467 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 1,635,000 | 1,764,536 | ||
| Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2038 | 785,000 | 829,318 | ||
| Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 1,210,000 | 1,259,940 | ||
| E-470 Public Highway Authority Rev., CO, “A”, 5%, 9/01/2040 | 930,000 | 990,054 | ||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2030 | 1,470,000 | 1,626,796 | ||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2031 | 1,660,000 | 1,833,221 | ||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2032 | 1,755,000 | 1,935,703 | ||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2033 | 1,760,000 | 1,935,541 | ||
31
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Colorado - continued | ||||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2034 | $ | 1,445,000 | $ 1,583,816 | |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2035 | 1,630,000 | 1,785,096 | ||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | 5,280,000 | 5,644,812 | ||
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028 | 1,215,000 | 1,407,884 | ||
| State of Colorado (Building Excellent Schools Today), “S”, COP, 4%, 3/15/2046 | 15,440,000 | 16,415,706 | ||
| $ 238,226,489 | ||||
| Connecticut - 0.9% | ||||
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2025 | $ | 2,990,000 | $ 3,228,041 | |
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2043 | 4,230,000 | 4,476,162 | ||
| Connecticut Health & Educational Facilities Authority Rev. (McLean Issue), “B-2”, 2.75%, 1/01/2026 (n) | 310,000 | 308,791 | ||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 3.5%, 11/15/2045 | 820,000 | 831,879 | ||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, 4%, 11/15/2044 | 65,000 | 65,415 | ||
| Hamden, CT, General Obligation, BAM, 5%, 8/15/2028 | 810,000 | 932,393 | ||
| Hamden, CT, General Obligation, BAM, 5%, 8/15/2030 | 375,000 | 442,228 | ||
| Hamden, CT, General Obligation, BAM, 5%, 8/15/2032 | 75,000 | 88,357 | ||
| Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2028 | 4,290,000 | 4,805,701 | ||
| Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2029 | 2,375,000 | 2,650,634 | ||
| Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2030 | 2,355,000 | 2,617,494 | ||
| Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2031 | 2,015,000 | 2,234,064 | ||
| Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 9,200,000 | 9,430,915 | ||
| New Haven, CT, General Obligation, “A”, AGM, 5%, 8/15/2032 | 1,000,000 | 1,102,667 | ||
| State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 5/01/2033 | 5,505,000 | 6,517,924 | ||
| State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 5/01/2034 | 8,900,000 | 10,484,253 | ||
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2031 (n) | 145,000 | 144,242 | ||
32
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Connecticut - continued | ||||
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2036 (n) | $ | 230,000 | $ 225,647 | |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2041 (n) | 275,000 | 263,331 | ||
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2051 (n) | 795,000 | 733,395 | ||
| West Haven, CT, General Obligation , BAM, 4%, 3/15/2035 | 925,000 | 1,001,356 | ||
| West Haven, CT, General Obligation , BAM, 4%, 3/15/2040 | 750,000 | 800,660 | ||
| $ 53,385,549 | ||||
| Delaware - 0.0% | ||||
| Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 5%, 9/01/2036 | $ | 235,000 | $ 254,949 | |
| Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 5%, 9/01/2046 | 475,000 | 509,827 | ||
| $ 764,776 | ||||
| District of Columbia - 0.8% | ||||
| District of Columbia Rev. (Kipp D.C. Charter School), “A”, 6%, 7/01/2043 (Prerefunded 7/01/2023) | $ | 1,450,000 | $ 1,525,790 | |
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030 | 3,435,000 | 3,473,148 | ||
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035 | 4,505,000 | 4,555,915 | ||
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 910,000 | 920,285 | ||
| District of Columbia University Rev. (Georgetown University), 5%, 4/01/2035 | 3,000,000 | 3,334,532 | ||
| District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (Cascade Park Apartments II Project), 0.7%, 8/01/2042 (Put Date 8/01/2024) | 6,820,000 | 6,546,615 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2031 | 6,000,000 | 7,038,294 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2032 | 4,000,000 | 4,679,815 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2033 | 7,000,000 | 8,163,018 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2034 | 4,000,000 | 4,658,342 | ||
| $ 44,895,754 | ||||
33
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - 3.4% | ||||
| Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2035 | $ | 1,005,000 | $ 1,161,540 | |
| Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2036 | 1,705,000 | 1,968,690 | ||
| Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2037 | 2,225,000 | 2,568,240 | ||
| Arborwood Community Development District, FL, Capital Improvement Rev., “A-1”, 6.9%, 5/01/2036 | 20,000 | 20,048 | ||
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | 1,045,000 | 1,091,734 | ||
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 485,000 | 507,611 | ||
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034 | 1,405,000 | 1,472,753 | ||
| Broward County, FL, Airport System Rev., 5%, 10/01/2042 | 1,085,000 | 1,195,735 | ||
| Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2038 | 3,000,000 | 3,356,414 | ||
| Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2039 | 4,500,000 | 5,027,704 | ||
| Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2044 | 3,500,000 | 3,880,127 | ||
| Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 4.625%, 5/01/2028 | 100,000 | 102,930 | ||
| Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039 | 625,000 | 646,715 | ||
| Capital Trust Agency, FL, Rev. (Aero Miami FX LLC), “A”, 5.35%, 7/01/2029 | 7,525,000 | 7,544,770 | ||
| Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052 | 5,170,000 | 5,322,333 | ||
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.25%, 5/15/2035 (a)(d)(z) | 100,000 | 68,000 | ||
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035 (a)(d)(z) | 835,000 | 567,800 | ||
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(n) | 1,265,000 | 860,200 | ||
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z) | 180,000 | 122,400 | ||
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029 (Prerefunded 6/01/2025) | 1,350,000 | 1,469,274 | ||
34
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030 (Prerefunded 6/01/2025) | $ | 1,420,000 | $ 1,545,459 | |
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036 | 585,000 | 640,685 | ||
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046 (Prerefunded 6/01/2025) | 2,270,000 | 2,470,557 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 4%, 8/01/2030 | 105,000 | 108,668 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2040 | 155,000 | 169,238 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2055 | 485,000 | 520,534 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 3%, 7/01/2031 (n) | 100,000 | 94,409 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n) | 645,000 | 611,320 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “C”, 4%, 9/15/2030 (n) | 220,000 | 223,008 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “C”, 5%, 9/15/2040 (n) | 500,000 | 523,000 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “C”, 5%, 9/15/2050 (n) | 985,000 | 1,019,595 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2035 | 150,000 | 148,677 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2045 | 280,000 | 270,664 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | 395,000 | 364,436 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 7/01/2042 | 215,000 | 231,560 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 7/01/2051 | 195,000 | 207,704 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057 | 235,000 | 247,548 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n) | 305,000 | 311,094 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n) | 1,180,000 | 1,193,187 | ||
35
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Florida Development Finance Corp. Healthcare Facilities Rev. (UF Health Jacksonville Project), “A”, AGM, 4%, 2/01/2041 | $ | 1,800,000 | $ 1,890,112 | |
| Florida Development Finance Corp. Healthcare Facilities Rev. (UF Health Jacksonville Project), “A”, AGM, 4%, 2/01/2042 | 1,875,000 | 1,959,933 | ||
| Florida Development Finance Corp. Healthcare Facilities Rev. (UF Health Jacksonville Project), “A”, AGM, 4%, 2/01/2046 | 4,005,000 | 4,122,162 | ||
| Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2031 (n) | 395,000 | 428,133 | ||
| Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2035 (n) | 320,000 | 343,305 | ||
| Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 8,395,000 | 8,783,729 | ||
| Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “B-1”, 2.375%, 6/01/2027 (n) | 400,000 | 378,014 | ||
| Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “B-2”, 1.75%, 6/01/2026 (n) | 375,000 | 356,939 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2031 | 935,000 | 1,053,541 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2032 | 755,000 | 846,740 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2033 | 550,000 | 614,411 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2034 | 1,070,000 | 1,187,990 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2035 | 595,000 | 657,929 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2036 | 815,000 | 899,255 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2037 | 1,140,000 | 1,160,577 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2038 | 1,575,000 | 1,600,134 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2039 | 1,880,000 | 1,904,874 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2044 | 2,040,000 | 2,041,468 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n) | 550,000 | 557,949 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n) | 680,000 | 695,257 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | 1,230,000 | 1,264,218 | ||
36
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Florida Housing Finance Corp., Homeowner Mortgage Rev. (Special Program), “B”, 3%, 7/01/2045 | $ | 470,000 | $ 473,592 | |
| Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, 4%, 7/01/2049 (u) | 3,665,000 | 3,771,823 | ||
| Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3%, 1/01/2052 | 6,980,000 | 7,010,712 | ||
| Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3.5%, 7/01/2052 | 10,000,000 | 10,270,862 | ||
| Florida Housing Finance Corp., Homeowner Mortgage Rev., “2”, GNMA, 3%, 7/01/2052 | 8,245,000 | 8,276,803 | ||
| Florida Mid-Bay Bridge Authority Rev., “A”, 5%, 10/01/2035 | 3,250,000 | 3,495,284 | ||
| Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n) | 570,000 | 584,223 | ||
| Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/2034 (Prerefunded 11/15/2024) | 1,935,000 | 2,084,083 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.25%, 5/01/2025 | 30,000 | 30,539 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035 | 120,000 | 123,768 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045 | 185,000 | 189,104 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 | 605,000 | 640,910 | ||
| Lee County, FL, Airport Rev., “A”, 5%, 10/01/2025 | 3,180,000 | 3,435,917 | ||
| Lee County, FL, Airport Rev., “A”, 5%, 10/01/2026 | 9,340,000 | 10,260,561 | ||
| Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), 5%, 11/15/2039 | 2,000,000 | 2,125,420 | ||
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 5%, 10/01/2030 | 240,000 | 280,119 | ||
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 5%, 10/01/2031 | 995,000 | 1,156,057 | ||
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 5%, 10/01/2032 | 420,000 | 486,123 | ||
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 5%, 10/01/2033 | 1,300,000 | 1,502,312 | ||
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2034 | 760,000 | 806,349 | ||
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2035 | 760,000 | 805,503 | ||
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2036 | 945,000 | 1,000,552 | ||
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2037 | 945,000 | 999,983 | ||
37
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2038 | $ | 1,065,000 | $ 1,125,183 | |
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2039 | 795,000 | 835,594 | ||
| Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2041 | 710,000 | 744,076 | ||
| Miami-Dade County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045 | 6,205,000 | 6,409,944 | ||
| Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029 | 280,000 | 285,009 | ||
| Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2037 | 135,000 | 136,848 | ||
| Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037 | 230,000 | 233,149 | ||
| North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042 | 5,785,000 | 6,367,751 | ||
| Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2034 | 495,000 | 561,793 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2044 | 750,000 | 833,953 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049 | 1,040,000 | 1,149,191 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2035 | 550,000 | 334,042 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2036 | 660,000 | 383,714 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | 250,000 | 139,460 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2038 | 770,000 | 410,478 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2039 | 920,000 | 468,722 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2040 | 985,000 | 478,976 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2041 | 1,095,000 | 509,118 | ||
38
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | $ | 880,000 | $ 390,353 | |
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2049 | 9,785,000 | 10,052,233 | ||
| Palm Beach County, FL, Health Facilities Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “B”, 5%, 11/15/2042 | 890,000 | 999,446 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Sinai Residences of Boca Raton Project), “A”, 7.5%, 6/01/2049 | 430,000 | 442,896 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion), “B-2”, 2.625%, 6/01/2025 | 3,390,000 | 3,319,827 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2031 | 390,000 | 387,619 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2036 | 620,000 | 602,322 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2041 | 650,000 | 614,934 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056 | 1,265,000 | 1,193,195 | ||
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.3%, 5/01/2039 | 685,000 | 738,271 | ||
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 885,000 | 953,334 | ||
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040 | 200,000 | 201,344 | ||
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2051 | 1,615,000 | 1,555,411 | ||
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2056 | 2,725,000 | 2,569,444 | ||
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “B-2”, 1.45%, 1/01/2027 | 730,000 | 672,981 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2027 | 105,000 | 107,359 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2028 | 100,000 | 101,701 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2029 | 105,000 | 106,176 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2030 | 95,000 | 95,970 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2031 | 100,000 | 100,580 | ||
39
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2036 | $ | 475,000 | $ 468,729 | |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2041 | 360,000 | 344,806 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2046 | 360,000 | 335,853 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050 | 345,000 | 316,817 | ||
| Sterling Hill Community Development District, FL, Capital Improvement Rev., “B”, 5.5%, 11/01/2010 (d) | 52,267 | 31,360 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 245,000 | 256,275 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 225,000 | 235,119 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 485,000 | 507,416 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 1,455,000 | 1,521,515 | ||
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2034 | 1,430,000 | 931,912 | ||
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2035 | 785,000 | 490,223 | ||
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2036 | 1,210,000 | 723,582 | ||
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2037 | 570,000 | 325,924 | ||
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2038 | 785,000 | 428,152 | ||
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2039 | 785,000 | 408,206 | ||
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2040 | 1,070,000 | 530,319 | ||
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2041 | 475,000 | 225,015 | ||
40
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2042 | $ | 475,000 | $ 214,780 | |
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2038 | 310,000 | 324,540 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2039 | 310,000 | 324,044 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2040 | 475,000 | 542,149 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2045 | 1,665,000 | 1,714,897 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050 | 3,380,000 | 3,803,858 | ||
| $ 204,031,518 | ||||
| Georgia - 2.9% | ||||
| Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2035 | $ | 7,450,000 | $ 7,794,738 | |
| Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2037 | 4,000,000 | 4,178,457 | ||
| Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039 | 5,000,000 | 5,208,749 | ||
| Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2040 | 2,250,000 | 2,340,794 | ||
| Atlanta, GA, Airport Rev., “B”, 5%, 7/01/2044 | 9,800,000 | 10,845,749 | ||
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n) | 1,320,000 | 1,263,162 | ||
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2036 (n) | 1,155,000 | 1,208,804 | ||
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | 3,295,000 | 3,370,267 | ||
| Bainbridge, GA, Combined Utilities Rev., BAM, 4%, 12/01/2046 | 3,875,000 | 4,153,124 | ||
| Bainbridge, GA, Combined Utilities Rev., BAM, 4%, 12/01/2051 | 2,000,000 | 2,133,754 | ||
| Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044 | 855,000 | 891,258 | ||
| Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 2.25%, 10/01/2032 (Put Date 5/25/2023) | 5,115,000 | 5,103,597 | ||
| Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 1.5%, 1/01/2040 (Put Date 2/03/2025) | 5,045,000 | 4,940,707 | ||
41
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Georgia - continued | ||||
| Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030 | $ | 650,000 | $ 687,795 | |
| Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033 | 1,140,000 | 1,199,733 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2031 | 300,000 | 349,298 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2032 | 335,000 | 358,102 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2033 | 190,000 | 202,736 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2034 | 345,000 | 367,668 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2036 | 310,000 | 329,709 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2037 | 325,000 | 375,587 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2038 | 335,000 | 386,575 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039 | 300,000 | 317,774 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2040 | 205,000 | 235,878 | ||
| Coweta County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2044 | 9,425,000 | 10,756,129 | ||
| DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2028 | 5,285,000 | 5,302,348 | ||
| DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2029 | 1,415,000 | 1,419,645 | ||
| DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2030 | 4,345,000 | 4,359,262 | ||
| DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2041 | 3,910,000 | 3,950,251 | ||
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050 | 3,395,000 | 3,540,737 | ||
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4%, 12/01/2047 | 1,550,000 | 1,588,136 | ||
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A-1”, 4%, 6/01/2044 | 230,000 | 233,496 | ||
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026 | 845,000 | 947,447 | ||
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | 1,740,000 | 2,013,376 | ||
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | 1,865,000 | 2,027,076 | ||
42
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Georgia - continued | ||||
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “B”, FLR, 0.904% (67% of LIBOR - 1mo. + 0.75%), 4/01/2048 (Put Date 9/01/2023) | $ | 10,315,000 | $ 10,295,032 | |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 5/15/2031 | 5,760,000 | 6,367,367 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 4%, 8/01/2049 (Put Date 12/02/2024) | 6,390,000 | 6,667,683 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 3/01/2050 (Put Date 9/01/2026) | 20,295,000 | 21,167,328 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056 | 1,940,000 | 2,142,112 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063 | 1,945,000 | 2,136,070 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 4%, 1/01/2046 | 1,200,000 | 1,253,369 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 4%, 1/01/2046 | 750,000 | 783,355 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 5%, 1/01/2062 | 4,105,000 | 4,611,647 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 5%, 1/01/2062 | 2,700,000 | 3,029,303 | ||
| Georgia Municipal Electric Authority Power Rev., “GG”, 5%, 1/01/2026 | 3,065,000 | 3,133,094 | ||
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2035 | 305,000 | 321,387 | ||
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2036 | 335,000 | 352,657 | ||
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2037 | 230,000 | 241,942 | ||
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042 | 4,000,000 | 4,440,385 | ||
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2045 | 5,000,000 | 5,538,417 | ||
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054 (Prerefunded 2/15/2025) | 4,215,000 | 4,620,179 | ||
| Monroe County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Scherer Project), “A”, 1.5%, 1/01/2039 (Put Date 2/03/2025) | 3,750,000 | 3,671,468 | ||
| $ 175,154,713 | ||||
43
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Guam - 0.2% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | $ | 370,000 | $ 412,847 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 275,000 | 310,116 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 370,000 | 421,980 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 | 1,570,000 | 1,584,630 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 2,125,000 | 2,130,819 | ||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.839%, 10/01/2036 | 860,000 | 808,602 | ||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043 | 975,000 | 926,888 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 6,060,000 | 6,787,374 | ||
| $ 13,383,256 | ||||
| Hawaii - 0.0% | ||||
| Hawaii Harbor System Rev., “A”, 4%, 7/01/2033 | $ | 475,000 | $ 514,743 | |
| Hawaii Harbor System Rev., “A”, 4%, 7/01/2034 | 415,000 | 449,160 | ||
| Hawaii Harbor System Rev., “A”, 4%, 7/01/2035 | 295,000 | 318,933 | ||
| Hawaii Harbor System Rev., “A”, 4%, 7/01/2036 | 30,000 | 32,403 | ||
| $ 1,315,239 | ||||
| Idaho - 0.1% | ||||
| Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2038 | $ | 1,650,000 | $ 1,806,031 | |
| Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2039 | 1,645,000 | 1,794,695 | ||
| $ 3,600,726 | ||||
| Illinois - 9.2% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 9,190,000 | $ 9,039,823 | |
| Chicago, IL, Board of Education, 5%, 12/01/2042 | 4,045,000 | 4,109,956 | ||
| Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023 | 6,805,000 | 7,009,601 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2022 | 1,405,000 | 1,386,716 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2023 | 1,205,000 | 1,155,883 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2028 | 9,895,000 | 8,025,928 | ||
44
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2029 | $ | 3,290,000 | $ 2,569,346 | |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2030 | 1,430,000 | 1,073,948 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2022 | 3,410,000 | 3,365,624 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2023 | 14,590,000 | 13,995,296 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2026 | 3,405,000 | 2,969,989 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028 | 3,895,000 | 3,159,271 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033 | 270,000 | 290,800 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033 | 220,000 | 237,612 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2036 | 1,010,000 | 1,084,189 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2037 | 1,005,000 | 1,078,086 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2042 | 1,785,000 | 1,904,092 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 2,495,000 | 2,653,361 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 15,110,000 | 16,829,671 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025 | 2,505,000 | 2,758,616 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026 | 970,000 | 1,090,549 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027 | 2,455,000 | 2,811,152 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028 | 1,165,000 | 1,356,429 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029 | 775,000 | 913,361 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030 | 580,000 | 693,018 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031 | 1,550,000 | 1,876,409 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030 | 2,760,000 | 3,168,948 | ||
45
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031 | $ | 5,300,000 | $ 6,074,707 | |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032 | 4,540,000 | 5,196,171 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029 | 310,000 | 356,546 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2030 | 200,000 | 229,634 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2031 | 200,000 | 229,234 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2032 | 200,000 | 228,906 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2033 | 180,000 | 205,769 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2034 | 175,000 | 199,857 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035 | 130,000 | 148,347 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034 | 1,205,000 | 1,297,769 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036 | 3,245,000 | 3,488,445 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 3,675,000 | 3,901,779 | ||
| Chicago, IL, Capital Appreciation “A”, NPFG, 0%, 1/01/2027 | 1,490,000 | 1,290,175 | ||
| Chicago, IL, City Colleges of Chicago Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2026 | 9,690,000 | 8,679,925 | ||
| Chicago, IL, City Colleges of Chicago Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2027 | 1,820,000 | 1,575,919 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 745,000 | 791,177 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 3,885,000 | 4,175,492 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 2,660,000 | 2,888,217 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | 605,000 | 659,446 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | 7,090,000 | 7,786,186 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2031 | 625,000 | 686,421 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | 1,820,000 | 1,968,749 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2040 | 350,000 | 378,108 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2044 | 4,500,000 | 4,831,997 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | 6,995,000 | 7,711,387 | ||
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | 935,000 | 1,001,646 | ||
| Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031 | 300,000 | 331,447 | ||
46
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026 | $ | 2,400,000 | $ 2,106,425 | |
| Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, BAM, 5%, 6/15/2042 | 4,550,000 | 4,584,883 | ||
| Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056 | 5,110,000 | 1,133,462 | ||
| Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. (McCormick Place Expansion Project), NPFG, 5.5%, 6/15/2029 | 5,725,000 | 6,343,725 | ||
| Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2031 | 1,525,000 | 1,589,060 | ||
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032 | 945,000 | 967,821 | ||
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033 | 470,000 | 481,174 | ||
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043 | 1,890,000 | 1,936,269 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | 3,315,000 | 3,608,153 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030 | 2,735,000 | 2,922,365 | ||
| Chicago, IL, O'Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | 745,000 | 835,373 | ||
| Chicago, IL, O'Hare International Airport Rev., Special Facilities, 5%, 7/01/2038 | 1,850,000 | 2,042,074 | ||
| Chicago, IL, O'Hare International Airport Rev., Special Facilities, 5%, 7/01/2048 | 5,900,000 | 6,480,722 | ||
| Chicago, IL, Transit Authority Rev. (Section 5307 Urbanized Area Formula Funds), 5%, 6/01/2027 | 1,135,000 | 1,285,824 | ||
| Chicago, IL, Transit Authority Rev. (Section 5307 Urbanized Area Formula Funds), 5%, 6/01/2028 | 1,200,000 | 1,382,658 | ||
| Chicago, IL, Transit Authority Rev. (Section 5307 Urbanized Area Formula Funds), 5%, 6/01/2029 | 900,000 | 1,053,901 | ||
| Chicago, IL, Transit Authority Rev. (Section 5337 State of Good Repair Formula Funds), 5%, 6/01/2027 | 600,000 | 679,731 | ||
| Chicago, IL, Transit Authority Rev. (Section 5337 State of Good Repair Formula Funds), 5%, 6/01/2028 | 1,200,000 | 1,382,658 | ||
| Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045 | 1,840,000 | 2,069,110 | ||
| Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2055 | 1,695,000 | 1,885,174 | ||
47
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | $ | 9,665,000 | $ 10,569,001 | |
| Cook County, IL, General Obligation Refunding, “A”, 5%, 11/15/2032 | 1,120,000 | 1,310,326 | ||
| Cook County, IL, General Obligation Refunding, “A”, 5%, 11/15/2033 | 1,100,000 | 1,283,145 | ||
| Cook County, IL, General Obligation Refunding, “C”, AGM, 5%, 11/15/2025 | 3,000,000 | 3,063,793 | ||
| Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2030 | 840,000 | 996,621 | ||
| Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2031 | 1,050,000 | 1,242,094 | ||
| Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2032 | 615,000 | 723,633 | ||
| Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2035 | 780,000 | 911,088 | ||
| Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2036 | 660,000 | 767,373 | ||
| Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2037 | 805,000 | 931,575 | ||
| Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2038 | 1,095,000 | 1,266,094 | ||
| Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2039 | 1,400,000 | 1,495,079 | ||
| Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2040 | 1,285,000 | 1,370,127 | ||
| DuPage County, IL, Carol Stream Park District, “C”, BAM, 4%, 11/01/2027 | 200,000 | 216,501 | ||
| DuPage County, IL, Carol Stream Park District, “C”, BAM, 3%, 11/01/2032 | 1,250,000 | 1,262,884 | ||
| Illinois Finance Authority Rev. (Advocate Health Care Network), “A-1”, 4%, 11/01/2030 | 4,410,000 | 4,780,790 | ||
| Illinois Finance Authority Rev. (Advocate Health Care Network), “A-2”, 4%, 11/01/2030 | 4,410,000 | 4,780,085 | ||
| Illinois Finance Authority Rev. (Carle Foundation), “A”, 5%, 8/15/2032 | 2,960,000 | 3,527,425 | ||
| Illinois Finance Authority Rev. (Carle Foundation), “B”, 5%, 8/15/2053 (Put Date 8/15/2031) | 4,800,000 | 5,721,757 | ||
| Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 | 2,310,000 | 2,549,212 | ||
| Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 | 2,315,000 | 2,551,474 | ||
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023) | 275,000 | 283,870 | ||
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 | 1,905,000 | 1,933,439 | ||
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023) | 190,000 | 196,911 | ||
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 | 1,310,000 | 1,330,565 | ||
| Illinois Finance Authority Rev. (McKinley Foundation), “A”, 5.125%, 11/01/2055 (n) | 3,205,000 | 3,107,539 | ||
48
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Illinois Finance Authority Rev. (Mercy Health Corp.), 5%, 12/01/2046 | $ | 9,235,000 | $ 10,106,416 | |
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036 | 1,035,000 | 1,156,479 | ||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | 1,535,000 | 1,707,711 | ||
| Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043 | 6,315,000 | 6,621,876 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042 | 510,000 | 549,623 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047 | 1,040,000 | 1,114,101 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046 | 820,000 | 879,137 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049 | 795,000 | 850,670 | ||
| Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “A”, 5%, 3/01/2047 | 10,000,000 | 11,012,552 | ||
| Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2034 | 140,000 | 154,243 | ||
| Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2028 | 2,045,000 | 2,366,855 | ||
| Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2031 | 4,000,000 | 4,824,852 | ||
| Illinois Finance Authority Rev., Taxable (McKinley Foundation), “B”, 7%, 11/01/2037 (n) | 990,000 | 1,046,250 | ||
| Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2044 | 420,000 | 478,440 | ||
| Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2049 | 525,000 | 594,441 | ||
| Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2051 | 420,000 | 475,095 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033 | 560,000 | 475,706 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035 | 770,000 | 741,633 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2028 | 195,000 | 213,981 | ||
49
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 | $ | 490,000 | $ 527,379 | |
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2047 | 980,000 | 1,043,879 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2050 | 490,000 | 521,203 | ||
| Illinois Finance Authority, Water Facilities Refunding Rev. (American Water Capital Corp. Project), 2.45%, 10/01/2039 (Put Date 10/01/2029) | 7,000,000 | 6,973,656 | ||
| Illinois Finance Authority, Water Facilities Refunding Rev. (American Water Capital Corp. Project), 0.7%, 5/01/2040 (Put Date 9/01/2023) | 1,850,000 | 1,812,506 | ||
| Illinois Housing Development Authority Rev., “A”, 4.5%, 10/01/2048 | 5,155,000 | 5,404,013 | ||
| Illinois Housing Development Authority Rev., “A”, FHLMC, 3.87%, 11/15/2035 (z) | 7,967,205 | 8,202,258 | ||
| Illinois Housing Development Authority Rev., “A”, GNMA, 3%, 4/01/2051 | 3,565,000 | 3,583,134 | ||
| Illinois Housing Development Authority Rev., “B”, FHLMC, 3.87%, 11/15/2035 (z) | 3,249,208 | 3,345,068 | ||
| Illinois Housing Development Authority Rev., “B”, GNMA, 3%, 4/01/2051 | 17,185,000 | 17,267,589 | ||
| Illinois Housing Development Authority Rev., “C”, FHLMC, 3.87%, 11/15/2035 (z) | 3,242,283 | 3,337,939 | ||
| Illinois Housing Development Authority Rev., “D”, FHLMC, 3.87%, 11/15/2035 (z) | 2,958,577 | 3,045,863 | ||
| Illinois Housing Development Authority Rev., “E”, FHLMC, 3.87%, 11/15/2035 (z) | 2,036,058 | 2,096,127 | ||
| Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2029 | 120,000 | 134,831 | ||
| Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030 | 155,000 | 173,670 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 1,800,000 | 1,958,792 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 3,995,000 | 4,423,727 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 3,720,000 | 4,182,073 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 755,000 | 859,670 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 1,750,000 | 2,017,646 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2032 | 8,695,000 | 10,269,638 | ||
50
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2033 | $ | 11,305,000 | $ 13,445,458 | |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 1,635,000 | 1,854,181 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 2,185,000 | 2,494,260 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 1,050,000 | 1,095,168 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 615,000 | 640,527 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 1,050,000 | 1,112,572 | ||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., AGM, 5%, 6/15/2027 | 1,770,000 | 1,858,271 | ||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2028 | 815,000 | 933,590 | ||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029 | 1,020,000 | 1,186,325 | ||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2030 | 610,000 | 699,347 | ||
| Illinois Toll Highway Authority Rev., “A”, 5%, 12/01/2022 | 5,000,000 | 5,118,133 | ||
| Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2033 | 250,000 | 270,460 | ||
| Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2036 | 250,000 | 269,735 | ||
| Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2039 | 820,000 | 879,609 | ||
| Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2035 | 1,875,000 | 1,974,192 | ||
| Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2040 | 1,210,000 | 1,266,336 | ||
| Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2045 | 1,515,000 | 1,576,674 | ||
| Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2028 | 765,000 | 841,264 | ||
| Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2029 | 785,000 | 863,257 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2039 | 405,000 | 433,235 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2041 | 395,000 | 421,240 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2043 | 240,000 | 254,830 | ||
51
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2036 | $ | 620,000 | $ 661,682 | |
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2038 | 700,000 | 745,128 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2040 | 665,000 | 705,782 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2041 | 315,000 | 333,878 | ||
| Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 1,690,000 | 1,773,073 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | 1,390,000 | 1,461,836 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | 1,130,000 | 1,151,631 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | 1,125,000 | 1,142,481 | ||
| Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2028 | 750,000 | 809,959 | ||
| Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2029 | 400,000 | 434,062 | ||
| Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2031 | 950,000 | 1,037,683 | ||
| Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2034 | 900,000 | 971,447 | ||
| Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2036 | 650,000 | 701,115 | ||
| Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2038 | 1,000,000 | 1,074,736 | ||
| State of Illinois, “P“, ETM, 6.5%, 6/15/2022 | 700,000 | 706,661 | ||
| State of Illinois, General Obligation, 5%, 2/01/2025 | 2,600,000 | 2,780,410 | ||
| State of Illinois, General Obligation, 5%, 1/01/2028 | 425,000 | 426,463 | ||
| State of Illinois, General Obligation, 5%, 5/01/2028 | 870,000 | 921,811 | ||
| State of Illinois, General Obligation, 5.25%, 7/01/2028 | 2,530,000 | 2,649,427 | ||
| State of Illinois, General Obligation, 5%, 11/01/2028 | 2,005,000 | 2,182,347 | ||
| State of Illinois, General Obligation, 5%, 2/01/2029 | 2,180,000 | 2,382,607 | ||
| State of Illinois, General Obligation, 4.125%, 11/01/2031 | 1,720,000 | 1,790,050 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 1,660,000 | 1,876,350 | ||
| State of Illinois, General Obligation, 4.5%, 11/01/2039 | 1,895,000 | 1,965,492 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 1,545,000 | 1,757,365 | ||
| State of Illinois, General Obligation, AGM, 5%, 4/01/2024 | 5,000,000 | 5,180,175 | ||
| State of Illinois, General Obligation, AGM, 5%, 2/01/2027 | 1,465,000 | 1,551,206 | ||
| State of Illinois, General Obligation, AGM, 4%, 2/01/2030 | 720,000 | 753,814 | ||
| State of Illinois, General Obligation, NPFG, 6%, 11/01/2026 | 6,455,000 | 7,298,426 | ||
| State of Illinois, General Obligation, ”A“, 5%, 3/01/2024 | 2,000,000 | 2,100,599 | ||
| State of Illinois, General Obligation, ”A“, 5%, 3/01/2025 | 2,500,000 | 2,677,254 | ||
52
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| State of Illinois, General Obligation, ”A“, 5%, 3/01/2026 | $ | 2,500,000 | $ 2,717,672 | |
| State of Illinois, General Obligation, ”A“, 5%, 11/01/2027 | 9,820,000 | 10,821,148 | ||
| State of Illinois, General Obligation, ”A“, 5%, 11/01/2028 | 13,010,000 | 14,519,017 | ||
| State of Illinois, General Obligation, ”A“, 5%, 4/01/2036 | 1,705,000 | 1,760,949 | ||
| State of Illinois, General Obligation, ”B“, 5%, 3/01/2024 | 3,500,000 | 3,676,048 | ||
| State of Illinois, General Obligation, ”B“, 5%, 3/01/2025 | 4,000,000 | 4,283,606 | ||
| State of Illinois, General Obligation, ”B“, 5%, 3/01/2026 | 3,250,000 | 3,532,973 | ||
| State of Illinois, General Obligation, ”C“, 4%, 3/01/2024 | 6,185,000 | 6,381,282 | ||
| State of Illinois, General Obligation, ”C“, 4%, 3/01/2025 | 1,500,000 | 1,564,505 | ||
| State of Illinois, General Obligation, “A”, 5%, 12/01/2024 | 425,000 | 453,166 | ||
| University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2032 | 2,210,000 | 2,426,577 | ||
| University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2035 | 2,950,000 | 3,225,512 | ||
| University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2036 | 1,510,000 | 1,649,594 | ||
| University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2038 | 1,930,000 | 2,101,502 | ||
| University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2039 | 1,705,000 | 1,853,730 | ||
| University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2044 | 1,000,000 | 1,076,575 | ||
| Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), ”B“, BAM, 4%, 12/01/2029 | 675,000 | 738,317 | ||
| Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), ”B“, BAM, 4%, 12/01/2030 | 850,000 | 924,541 | ||
| Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), ”B“, BAM, 4%, 12/01/2032 | 1,180,000 | 1,275,671 | ||
| Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), ”B“, BAM, 4%, 12/01/2034 | 1,755,000 | 1,863,881 | ||
| Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), ”B“, BAM, 4%, 12/01/2036 | 2,000,000 | 2,119,779 | ||
| $ 552,874,474 | ||||
53
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Indiana - 1.4% | ||||
| Indiana Economic Development Finance Authority Rev. (Republic Services, Inc. Project), ”A“, 1.05%, 5/01/2034 (Put Date 6/01/2022) | $ | 17,000,000 | $ 16,993,875 | |
| Indiana Finance Authority Environmental Facilities Refunding Rev. (Indianapolis Power & Light Co.), ”B“, 0.95%, 12/01/2038 (Put Date 4/01/2026) | 2,870,000 | 2,640,643 | ||
| Indiana Finance Authority Rev. (BHI Senior Living), ”A“, 6%, 11/15/2041 (Prerefunded 11/15/2023) | 2,840,000 | 3,028,216 | ||
| Indiana Finance Authority Rev. (Marquette Project), ”A“, 5%, 3/01/2030 | 530,000 | 559,449 | ||
| Indiana Finance Authority Rev. (Marquette Project), ”A“, 5%, 3/01/2039 | 1,340,000 | 1,400,745 | ||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2035 (Prerefunded 7/01/2023) | 2,190,000 | 2,268,616 | ||
| Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2027 | 185,000 | 206,431 | ||
| Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2028 | 200,000 | 226,152 | ||
| Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2029 | 350,000 | 401,170 | ||
| Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2032 | 405,000 | 467,443 | ||
| Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 4%, 6/01/2033 | 225,000 | 240,806 | ||
| Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 4%, 6/01/2034 | 235,000 | 251,194 | ||
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2028 | 255,000 | 284,244 | ||
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2033 | 170,000 | 194,315 | ||
| Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 5,955,000 | 6,605,436 | ||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., ”A“, GNMA, 4%, 7/01/2048 | 2,320,000 | 2,392,649 | ||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., ”A“, GNMA, 3%, 7/01/2051 | 1,390,000 | 1,397,131 | ||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., ”B“, GNMA/FNMA/FHLMC, 3%, 7/01/2050 | 2,890,000 | 2,904,715 | ||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., ”B-1“, GNMA, 3.25%, 7/01/2049 | 2,235,000 | 2,261,640 | ||
| Indianapolis, IN, Local Public Improvement (Indianapolis Airport Authority Project), ”D“, 5%, 1/01/2027 | 11,000,000 | 12,170,115 | ||
| Indianapolis, IN, Local Public Improvement (Indianapolis Airport Authority Project), ”I“, 5%, 1/01/2028 | 1,995,000 | 2,125,649 | ||
54
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Indiana - continued | ||||
| Indianapolis, IN, Local Public Improvement, ”A“, 5%, 6/01/2027 | $ | 7,000,000 | $ 7,843,221 | |
| Indianapolis, IN, Water System First Lien Refunding Rev., ”A“, 5%, 10/01/2037 | 5,250,000 | 6,034,812 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032 | 625,000 | 715,472 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033 | 455,000 | 519,965 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035 | 565,000 | 642,622 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038 | 1,700,000 | 1,925,054 | ||
| Mount Vernon, IN, Environmental Improvement Rev. (Southern Indiana Gas and Electric Co. Project), 0.875%, 9/01/2055 (Put Date 9/01/2023) | 3,965,000 | 3,885,577 | ||
| St. Joseph County, IN, Educational Facilities Rev. (University of Notre Dame), 6.5%, 3/01/2026 | 1,000,000 | 1,166,721 | ||
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | 330,000 | 348,979 | ||
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 755,000 | 801,589 | ||
| Warrick County, IN, Environmental Improvement Rev. (Southern Indiana Gas And Electric Co.), 0.875%, 9/01/2055 (Put Date 9/01/2023) | 2,510,000 | 2,459,722 | ||
| $ 85,364,368 | ||||
| Iowa - 0.5% | ||||
| Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), ”A“, 5.25%, 2/15/2044 (Prerefunded 2/15/2023) | $ | 3,000,000 | $ 3,096,246 | |
| Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), ”C“, 5%, 2/15/2030 | 1,200,000 | 1,265,942 | ||
| Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), ”C“, 5%, 2/15/2031 | 2,230,000 | 2,351,702 | ||
| Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), ”C“, 5%, 2/15/2032 | 1,085,000 | 1,143,805 | ||
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), ”A“, 5%, 3/01/2033 | 775,000 | 814,756 | ||
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), ”A“, 5%, 3/01/2038 | 615,000 | 644,793 | ||
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), ”A“, 5%, 3/01/2048 | 1,125,000 | 1,169,055 | ||
| Iowa Finance Authority, Single Family Mortgage Rev., ”A“, FNMA, 4%, 7/01/2047 | 730,000 | 752,179 | ||
55
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Iowa - continued | ||||
| Iowa Finance Authority, Single Family Mortgage Rev., ”A“, GNMA, 3%, 1/01/2047 | $ | 3,985,000 | $ 4,005,467 | |
| Iowa Finance Authority, Single Family Mortgage Rev., ”B“, 3%, 7/01/2051 | 9,365,000 | 9,411,802 | ||
| Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | 1,965,000 | 1,911,060 | ||
| Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | 5,865,000 | 5,269,419 | ||
| $ 31,836,226 | ||||
| Kansas - 0.7% | ||||
| Coffeyville, KS, Electric Utility System Rev., ”B“, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 3,800,000 | $ 4,105,463 | |
| Coffeyville, KS, Electric Utility System Rev., ”B“, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 1,500,000 | 1,620,577 | ||
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 1,295,000 | 1,370,551 | ||
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 680,000 | 716,999 | ||
| Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2032 | 125,000 | 135,310 | ||
| Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2033 | 520,000 | 562,889 | ||
| Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2034 | 585,000 | 632,632 | ||
| Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2039 | 3,000,000 | 3,225,325 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2032 | 1,030,000 | 1,020,412 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2033 | 1,085,000 | 1,075,388 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2034 | 1,145,000 | 1,136,313 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2036 | 1,260,000 | 1,254,351 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2038 | 1,395,000 | 1,388,334 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2044 | 1,510,000 | 1,480,628 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2049 | 3,350,000 | 3,265,512 | ||
| Sedgwick County, KS, Unified School District No. 266 General Obligation, ”A“, 4%, 9/01/2031 | 1,145,000 | 1,244,899 | ||
| Sedgwick County, KS, Unified School District No. 266 General Obligation, ”A“, 4%, 9/01/2032 | 855,000 | 926,424 | ||
56
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Kansas - continued | ||||
| University of Kansas Hospital Authority, Health Facilities Rev. (University of Kansas Health System), ”A“, 5%, 9/01/2048 | $ | 13,460,000 | $ 15,313,033 | |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), ”I“, 5%, 5/15/2033 | 145,000 | 148,364 | ||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), ”I“, 5%, 5/15/2038 | 175,000 | 177,196 | ||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), ”I“, 4.625%, 5/15/2041 | 145,000 | 139,211 | ||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), ”I“, 5%, 5/15/2047 | 720,000 | 715,883 | ||
| Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 4.2%, 9/01/2027 | 540,000 | 541,471 | ||
| Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | 465,000 | 448,193 | ||
| $ 42,645,358 | ||||
| Kentucky - 1.8% | ||||
| Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032 | $ | 810,000 | $ 927,667 | |
| Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033 | 800,000 | 916,912 | ||
| Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034 | 910,000 | 1,041,989 | ||
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), ”B“, 4.45%, 1/01/2042 (n)(w) | 2,430,000 | 2,448,972 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), ”B“, 5%, 8/15/2037 | 590,000 | 659,430 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), ”B“, 5%, 8/15/2041 | 4,235,000 | 4,710,956 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), ”B“, 5%, 8/15/2046 | 2,685,000 | 2,985,340 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), ”A“, 5%, 6/01/2037 | 2,530,000 | 2,787,643 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), ”A“, 5%, 6/01/2041 | 1,655,000 | 1,812,364 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), ”A“, 5.25%, 6/01/2041 | 1,290,000 | 1,434,482 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), ”A“, 5%, 6/01/2045 | 2,070,000 | 2,250,278 | ||
| Kentucky Economic Development Finance Authority Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), ”A“, AGM, 5%, 12/01/2045 | 3,390,000 | 3,854,415 | ||
57
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Kentucky - continued | ||||
| Kentucky Economic Development Finance Authority Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), ”A“, AGM, 5%, 12/01/2047 | $ | 1,895,000 | $ 1,936,738 | |
| Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, ”B-1“, 5%, 6/01/2036 | 6,475,000 | 6,801,595 | ||
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2033 | 125,000 | 138,527 | ||
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2035 | 130,000 | 143,474 | ||
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2036 | 75,000 | 82,544 | ||
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2038 | 155,000 | 169,793 | ||
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2041 | 120,000 | 130,170 | ||
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2046 | 210,000 | 221,580 | ||
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2051 | 250,000 | 261,758 | ||
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2056 | 250,000 | 260,553 | ||
| Kentucky Turnpike Authority, Economic Development Road Rev. (Revitalization Projects), ”A“, 5%, 7/01/2032 (Prerefunded 7/01/2023) | 2,000,000 | 2,079,328 | ||
| Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 0.7%, 6/01/2040 (Put Date 9/01/2023) | 1,650,000 | 1,616,559 | ||
| Public Energy Authority of Kentucky, Gas Supply Rev., ”A-1“, 4%, 8/01/2052 (Put Date 8/01/2030) | 12,120,000 | 12,971,893 | ||
| Public Energy Authority of Kentucky, Gas Supply Rev., ”B“, 4%, 1/01/2049 (Put Date 1/01/2025) | 3,215,000 | 3,335,417 | ||
| Public Energy Authority of Kentucky, Gas Supply Rev., ”C“, 4%, 2/01/2050 (Put Date 2/01/2028) | 6,935,000 | 7,328,562 | ||
| Public Energy Authority of Kentucky, Gas Supply Rev., ”C-1“, 4%, 12/01/2049 (Put Date 6/01/2025) | 31,565,000 | 32,754,858 | ||
| Trimble, KY, Pollution Control Refunding Rev. (Louisville Gas & Electric Co. Project), ”A“, 1.3%, 9/01/2044 (Put Date 9/01/2027) | 12,500,000 | 11,442,838 | ||
| $ 107,506,635 | ||||
58
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Louisiana - 1.7% | ||||
| East Baton Rouge, LA, Sewerage Commission Multi-Modal Rev., ”A“, 1.3%, 2/01/2041 (Put Date 2/01/2028) | $ | 9,430,000 | $ 8,810,606 | |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), ”A“, 5.625%, 6/01/2045 | 4,825,000 | 4,833,568 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project), AGM, 5%, 10/01/2043 | 590,000 | 663,521 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project), AGM, 5%, 10/01/2048 | 2,555,000 | 2,857,989 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), ”A“, 6%, 11/15/2035 | 580,000 | 602,027 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), ”A“, 6.25%, 11/15/2045 | 2,240,000 | 2,315,686 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), ”A“, 5%, 7/01/2029 (n) | 480,000 | 479,098 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), ”A“, 5%, 7/01/2039 (n) | 1,200,000 | 1,140,024 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), ”A“, 5%, 7/01/2054 (n) | 1,925,000 | 1,727,036 | ||
| Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), ”A“, 1.65%, 9/01/2027 (Put Date 12/01/2023) | 5,020,000 | 4,985,329 | ||
| Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), ”A“, 1.65%, 9/01/2033 (Put Date 12/01/2023) | 4,075,000 | 4,046,856 | ||
| Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), ”A“, 1.65%, 9/01/2034 (Put Date 12/01/2023) | 3,140,000 | 3,118,314 | ||
| Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2034 | 565,000 | 640,509 | ||
| Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2035 | 1,475,000 | 1,668,978 | ||
| Louisiana Public Facilities Authority Refunding Rev. (Tulane University Project), ”A“, 5%, 4/01/2045 | 4,910,000 | 5,600,821 | ||
59
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Louisiana - continued | ||||
| Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046 | $ | 5,465,000 | $ 5,314,647 | |
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), ”A-1“, 5.375%, 1/01/2040 (n) | 4,035,000 | 4,263,354 | ||
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), ”A-1“, 5.5%, 1/01/2050 (n) | 2,765,000 | 2,903,289 | ||
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), ”A-1“, 5.1%, 1/01/2057 (n) | 9,290,000 | 9,455,720 | ||
| Louisiana Stadium & Exposition District Rev., 5%, 7/03/2023 | 5,850,000 | 5,971,979 | ||
| Louisiana Stadium & Exposition District Rev., ”A“, 5%, 7/01/2023 | 1,325,000 | 1,377,388 | ||
| Louisiana Stadium & Exposition District Rev., ”A“, 5%, 7/01/2024 | 1,270,000 | 1,320,373 | ||
| Louisiana Stadium & Exposition District Rev., ”A“, 5%, 7/01/2025 | 1,000,000 | 1,039,664 | ||
| New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), ”A“, AGM, 5%, 10/01/2043 | 745,000 | 857,722 | ||
| New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), ”A“, AGM, 5%, 10/01/2048 | 1,210,000 | 1,385,205 | ||
| New Orleans, LA, Regional Transit Authority Sale Tax Refunding Rev., ”A“, AGM, 5%, 1/01/2032 | 2,575,000 | 3,116,582 | ||
| New Orleans, LA, Regional Transit Authority Sale Tax Refunding Rev., ”A“, AGM, 5%, 1/01/2033 | 5,815,000 | 7,004,707 | ||
| New Orleans, LA, Regional Transit Authority Sale Tax Refunding Rev., ”A“, AGM, 5%, 1/01/2034 | 5,315,000 | 6,374,482 | ||
| New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025) | 800,000 | 882,425 | ||
| Shreveport, LA, Water & Sewer Rev., ”B“, AGM, 4%, 12/01/2044 | 1,000,000 | 1,057,518 | ||
| Shreveport, LA, Water & Sewer Rev., ”B“, AGM, 4%, 12/01/2049 | 1,250,000 | 1,312,228 | ||
| St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022) | 2,000,000 | 2,006,651 | ||
| $ 99,134,296 | ||||
| Maine - 0.4% | ||||
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), ”R-2“, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n) | $ | 1,140,000 | $ 1,197,700 | |
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), ”R-3“, 5.25%, 1/01/2025 (n) | 570,000 | 607,049 | ||
| Maine Finance Authority, Student Loan Rev., ”A-1“, AGM, 5%, 12/01/2028 | 500,000 | 565,112 | ||
60
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Maine - continued | ||||
| Maine Finance Authority, Student Loan Rev., ”A-1“, AGM, 5%, 12/01/2029 | $ | 500,000 | $ 569,619 | |
| Maine Finance Authority, Student Loan Rev., ”A-1“, AGM, 5%, 12/01/2030 | 500,000 | 573,907 | ||
| Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2036 | 1,475,000 | 1,599,913 | ||
| Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2037 | 1,200,000 | 1,298,701 | ||
| Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2038 | 1,250,000 | 1,348,816 | ||
| Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2039 | 1,550,000 | 1,667,613 | ||
| Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2040 | 2,200,000 | 2,360,042 | ||
| Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2045 | 3,015,000 | 3,184,750 | ||
| Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2050 | 5,375,000 | 5,655,282 | ||
| Maine Housing Authority Mortgage, ”C“, 4%, 11/15/2050 | 3,185,000 | 3,300,227 | ||
| Maine Housing Authority Mortgage, ”C-1“, 3.5%, 11/15/2044 | 1,085,000 | 1,098,004 | ||
| $ 25,026,735 | ||||
| Maryland - 1.7% | ||||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025 | $ | 1,430,000 | $ 1,446,346 | |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2026 | 480,000 | 487,116 | ||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2029 | 540,000 | 549,684 | ||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2033 | 1,075,000 | 1,092,450 | ||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2035 | 830,000 | 842,587 | ||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042 | 1,355,000 | 1,360,545 | ||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046 | 2,180,000 | 2,199,152 | ||
| Baltimore, MD, Project Rev. (Water Projects), ”A“, 4%, 7/01/2039 | 1,500,000 | 1,611,552 | ||
| Baltimore, MD, Special Obligation (East Baltimore Research Park Project), ”A“, 5%, 9/01/2038 | 1,565,000 | 1,655,195 | ||
| Baltimore, MD, Subordinate Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 5%, 7/01/2041 | 5,000,000 | 5,549,323 | ||
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 380,000 | 394,547 | ||
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 420,000 | 450,478 | ||
| Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), ”B“, 4.625%, 7/01/2043 (n) | 970,000 | 1,036,468 | ||
| Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.125%, 2/15/2034 (n) | 150,000 | 151,033 | ||
61
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Maryland - continued | ||||
| Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.375%, 2/15/2039 (n) | $ | 155,000 | $ 156,502 | |
| Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.5%, 2/15/2047 (n) | 1,105,000 | 1,111,181 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.5%, 9/01/2048 (u) | 7,335,000 | 7,710,636 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”B“, 4.5%, 9/01/2048 (u) | 5,955,000 | 6,250,740 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”C“, 4%, 9/01/2044 | 1,115,000 | 1,140,809 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, 3%, 9/01/2051 | 8,135,000 | 8,176,863 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”B“, 3%, 9/01/2051 | 8,735,000 | 8,776,573 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 5%, 9/01/2026 | 300,000 | 335,995 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 5%, 9/01/2027 | 455,000 | 518,472 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 5%, 9/01/2028 | 355,000 | 410,305 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”D“, 3.25%, 9/01/2050 | 9,840,000 | 9,974,304 | ||
| Maryland Department of Transportation Special Project Rev., ”B“, 4%, 8/01/2040 | 350,000 | 365,885 | ||
| Maryland Department of Transportation Special Project Rev., ”B“, 4%, 8/01/2041 | 1,400,000 | 1,461,354 | ||
| Maryland Department of Transportation Special Project Rev., ”B“, 5%, 8/01/2046 | 5,580,000 | 6,286,850 | ||
| Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2030 | 180,000 | 203,000 | ||
| Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2032 | 125,000 | 140,252 | ||
| Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2035 | 225,000 | 251,527 | ||
62
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Maryland - continued | ||||
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035 | $ | 695,000 | $ 766,511 | |
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 3.25%, 9/01/2030 (n) | 235,000 | 227,518 | ||
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2040 (n) | 830,000 | 825,159 | ||
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), ”C“, 4%, 6/01/2038 | 180,000 | 162,238 | ||
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), ”C“, 4%, 6/01/2048 | 550,000 | 458,941 | ||
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), ”C“, 4%, 6/01/2058 | 1,610,000 | 1,283,249 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036 | 730,000 | 813,141 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), ”A“, 5.5%, 1/01/2036 | 5,090,000 | 5,645,267 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2033 | 1,745,000 | 1,880,265 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2034 | 1,090,000 | 1,172,444 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2038 | 4,845,000 | 5,177,195 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health Issue), 5%, 8/15/2025 | 6,425,000 | 6,953,154 | ||
| Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.125%, 7/01/2039 (n) | 555,000 | 581,033 | ||
| Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 545,000 | 570,097 | ||
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), ”A-1“, 5%, 11/01/2037 | 185,000 | 191,817 | ||
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), ”B“, 5%, 11/01/2042 | 315,000 | 323,930 | ||
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), ”B“, 5%, 11/01/2047 | 330,000 | 337,554 | ||
| State of Maryland, ”B“, 4%, 8/01/2027 | 2,570,000 | 2,594,741 | ||
| $ 102,061,978 | ||||
63
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Massachusetts - 2.8% | ||||
| Commonwealth of Massachusetts Transportation Fund Rev. (Accelerated Bridge Program), ”A“, 5%, 6/01/2023 | $ | 2,645,000 | $ 2,745,809 | |
| Commonwealth of Massachusetts Transportation Fund Rev., ”A“, 5%, 6/01/2043 | 9,290,000 | 10,459,170 | ||
| Commonwealth of Massachusetts, ”A“, AAC, 5.5%, 8/01/2030 | 5,000,000 | 6,134,033 | ||
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”H“, 5%, 12/01/2026 | 10,000,000 | 11,329,749 | ||
| Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-2“, 5%, 7/01/2041 | 6,500,000 | 7,539,241 | ||
| Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-2“, 5%, 7/01/2042 | 2,250,000 | 2,605,556 | ||
| Massachusetts College Building Authority Project Rev., ”A“, 5%, 5/01/2031 (Prerefunded 5/01/2023) | 2,395,000 | 2,481,152 | ||
| Massachusetts Development Finance Agency Rev. (Atrius Health Issue), ”A“, 5%, 6/01/2039 | 945,000 | 1,068,802 | ||
| Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), ”2018 I-2“, 5%, 7/01/2053 | 8,670,000 | 9,761,542 | ||
| Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2031 | 1,130,000 | 1,311,506 | ||
| Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2032 | 1,145,000 | 1,327,018 | ||
| Massachusetts Development Finance Agency Rev. (CareGroup), ”J-1“, 5%, 7/01/2048 | 3,000,000 | 3,392,970 | ||
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2029 | 1,550,000 | 1,645,497 | ||
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2030 | 3,225,000 | 3,418,814 | ||
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2031 | 895,000 | 947,345 | ||
| Massachusetts Development Finance Agency Rev. (Emerson College), ”A“, 5.25%, 1/01/2042 | 250,000 | 273,152 | ||
| Massachusetts Development Finance Agency Rev. (Emmanuel College), ”A“, 5%, 10/01/2043 | 3,515,000 | 3,806,266 | ||
| Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046 | 790,000 | 813,820 | ||
| Massachusetts Development Finance Agency Rev. (Lahey Health System Obligated Group), ”F“, 5%, 8/15/2030 | 1,000,000 | 1,087,206 | ||
| Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”F“, 5.75%, 7/15/2043 | 460,000 | 474,205 | ||
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 110,000 | 117,036 | ||
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | 1,530,000 | 1,625,879 | ||
64
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Massachusetts - continued | ||||
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | $ | 2,960,000 | $ 3,144,727 | |
| Massachusetts Development Finance Agency Rev. (North Hill Communities), ”A“, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) (n) | 275,000 | 294,086 | ||
| Massachusetts Development Finance Agency Rev. (North Hill Communities), ”A“, 6.5%, 11/15/2043 (Prerefunded 11/15/2023) (n) | 435,000 | 466,550 | ||
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”S“, 5%, 7/01/2032 | 1,275,000 | 1,451,858 | ||
| Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2025 | 230,000 | 238,404 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033 | 605,000 | 660,515 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | 710,000 | 774,134 | ||
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”I“, 5%, 7/01/2036 | 1,440,000 | 1,594,390 | ||
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”K“, 5%, 7/01/2038 | 1,300,000 | 1,440,517 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce Inc.), ”C“, AGM, 5%, 10/01/2032 | 850,000 | 1,004,870 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce Inc.), ”C“, AGM, 5%, 10/01/2033 | 525,000 | 619,680 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 4%, 7/01/2044 | 2,240,000 | 2,332,790 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 5%, 7/01/2044 | 935,000 | 1,045,984 | ||
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology Issue), 5%, 10/01/2046 | 1,145,000 | 1,231,948 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 3%, 7/01/2035 | 1,875,000 | 1,890,500 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 2%, 7/01/2037 | 440,000 | 399,928 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 2.625%, 7/01/2036 | 805,000 | 761,369 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 4.125%, 7/01/2046 | 6,960,000 | 6,754,257 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 3.75%, 7/01/2047 | 9,170,000 | 8,490,855 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 4.7%, 7/01/2026 | 545,000 | 545,867 | ||
65
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Massachusetts - continued | ||||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 4.9%, 7/01/2028 | $ | 565,000 | $ 565,968 | |
| Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 3.5%, 7/01/2033 (u) | 6,230,000 | 6,114,273 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 3.5%, 7/01/2033 | 2,120,000 | 2,080,620 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”K“, 5.25%, 7/01/2029 | 1,040,000 | 1,048,111 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., ”K“, 3.625%, 7/01/2032 | 3,735,000 | 3,703,546 | ||
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 3%, 7/01/2051 | 1,850,000 | 1,462,376 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., ”221“, 3%, 12/01/2050 | 3,900,000 | 3,919,422 | ||
| Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2037 (Prerefunded 7/01/2022) | 470,000 | 474,448 | ||
| Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2037 | 3,915,000 | 4,415,203 | ||
| Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2038 | 4,915,000 | 5,535,491 | ||
| Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2039 | 7,975,000 | 8,969,787 | ||
| Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2035 | 500,000 | 559,922 | ||
| Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2036 | 1,000,000 | 1,117,550 | ||
| Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2037 | 1,435,000 | 1,602,517 | ||
| Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2038 | 180,000 | 200,742 | ||
| Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2029 | 4,215,000 | 5,091,008 | ||
| University of Massachusetts Building Authority Rev., ”2017-3“, 5%, 11/01/2036 | 8,895,000 | 10,072,534 | ||
| $ 166,442,515 | ||||
| Michigan - 1.8% | ||||
| Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), ”A“, AGM, 5%, 7/01/2043 | $ | 1,565,000 | $ 1,650,788 | |
| Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., ”A“, 5.25%, 7/01/2039 (Prerefunded 7/01/2022) | 5,920,000 | 5,981,040 | ||
| Downriver, MI, Utility Wastewater Authority, Sewer System Rev., AGM, 5%, 4/01/2036 | 505,000 | 580,122 | ||
| Downriver, MI, Utility Wastewater Authority, Sewer System Rev., AGM, 5%, 4/01/2038 | 460,000 | 527,381 | ||
66
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Michigan - continued | ||||
| Downriver, MI, Utility Wastewater Authority, Sewer System Rev., AGM, 5%, 4/01/2043 | $ | 815,000 | $ 922,220 | |
| Great Lakes Water Authority, Michigan Water Supply System Rev., ”B“, BAM, 5%, 7/01/2046 | 5,745,000 | 6,303,613 | ||
| Great Lakes Water Authority, Michigan Water Supply System Rev., ”D“, 5%, 7/01/2036 | 3,155,000 | 3,488,528 | ||
| Great Lakes Water Authority, Michigan Water Supply System Rev., ”D“, AGM, 5%, 7/01/2034 | 3,710,000 | 4,121,212 | ||
| Kent County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2046 | 950,000 | 1,085,894 | ||
| Kent County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051 | 1,255,000 | 1,428,129 | ||
| Michigan Building Authority Rev., ”I“, 4%, 10/15/2049 | 2,800,000 | 2,961,441 | ||
| Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), ”F“, 3.875%, 10/01/2023 | 685,000 | 693,869 | ||
| Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), ”F“, 4%, 10/01/2024 | 860,000 | 877,475 | ||
| Michigan Finance Authority Hospital Rev. (McLaren Health Care), ”D-1“, 1.2%, 10/15/2030 (Put Date 4/13/2028) | 2,545,000 | 2,302,312 | ||
| Michigan Finance Authority Hospital Rev. (McLaren Health Care), ”D-2“, 1.2%, 10/15/2038 (Put Date 4/13/2028) | 3,195,000 | 2,897,442 | ||
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2030 | 1,000,000 | 1,124,068 | ||
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2031 | 2,000,000 | 2,246,071 | ||
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 3,690,000 | 4,162,096 | ||
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), ”2“, 4%, 12/01/2036 | 5,265,000 | 5,528,294 | ||
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), ”A“, 5%, 12/01/2032 | 8,000,000 | 9,495,169 | ||
| 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 | 800,000 | 864,562 | ||
| 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 | 1,790,000 | 1,936,203 | ||
| 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 | 1,155,000 | 1,246,336 | ||
67
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Michigan - continued | ||||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | $ | 580,000 | $ 614,926 | |
| 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) | 450,000 | 454,369 | ||
| 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 | 800,000 | 864,042 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 485,000 | 511,695 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 240,000 | 253,911 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 570,000 | 602,782 | ||
| Michigan Finance Authority Tobacco Settlement Asset-Backed Rev. (2007 Sold Tobacco Receipts), ”B-1“, 5%, 6/01/2049 | 1,205,000 | 1,304,441 | ||
| Michigan Housing Development Authority, ”A“, 4%, 6/01/2046 | 585,000 | 596,746 | ||
| Michigan Strategic Fund Ltd. Obligation Rev. (I-75 Improvement Project), 5%, 6/30/2048 | 5,000,000 | 5,401,642 | ||
| 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) | 1,685,000 | 1,762,530 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”B“, 5%, 12/01/2044 | 1,000,000 | 1,068,504 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”B“, BAM, 5%, 12/01/2039 | 610,000 | 653,419 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”C“, 5%, 12/01/2039 | 470,000 | 497,455 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”C“, 5%, 12/01/2044 | 1,020,000 | 1,076,894 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”D“, AGM, 5%, 12/01/2040 | 7,105,000 | 7,766,101 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “A”, 5%, 12/01/2046 | 3,810,000 | 4,347,673 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2046 | 1,225,000 | 1,375,222 | ||
68
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Michigan - continued | ||||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031 | $ | 2,490,000 | $ 2,794,065 | |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032 | 2,580,000 | 2,885,971 | ||
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2030 | 980,000 | 1,167,041 | ||
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2031 | 1,200,000 | 1,425,642 | ||
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2032 | 1,850,000 | 2,190,058 | ||
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2034 | 3,500,000 | 4,128,288 | ||
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2036 | 1,000,000 | 1,176,390 | ||
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2037 | 1,100,000 | 1,289,259 | ||
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038 | 290,000 | 339,620 | ||
| $ 108,972,951 | ||||
| Minnesota - 1.0% | ||||
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), ”A“, 4%, 7/01/2031 | $ | 1,020,000 | $ 1,027,614 | |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), ”A“, 4%, 7/01/2036 | 980,000 | 969,458 | ||
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), ”A“, 4%, 7/01/2041 | 700,000 | 677,119 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), ”A“, 4.25%, 2/15/2043 | 2,275,000 | 2,442,810 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), ”A“, 5%, 2/15/2043 | 2,550,000 | 2,861,088 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), ”A“, 4.25%, 2/15/2048 | 2,280,000 | 2,434,107 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), ”A“, 5%, 2/15/2048 | 2,015,000 | 2,245,699 | ||
| Duluth, MN, Independent School District No. 709, ”A“, COP, 5%, 2/01/2025 | 240,000 | 258,732 | ||
| Duluth, MN, Independent School District No. 709, ”A“, COP, 4%, 3/01/2032 | 1,145,000 | 1,132,044 | ||
| Duluth, MN, Independent School District No. 709, ”A“, COP, 4.2%, 3/01/2034 | 305,000 | 303,576 | ||
| Duluth, MN, Independent School District No. 709, ”B“, COP, 5%, 2/01/2026 | 765,000 | 843,834 | ||
| Duluth, MN, Independent School District No. 709, ”B“, COP, 5%, 2/01/2028 | 225,000 | 256,233 | ||
| Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., ”C“, 5%, 1/01/2041 | 2,500,000 | 2,744,159 | ||
| Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., ”C“, 5%, 1/01/2046 | 3,000,000 | 3,273,946 | ||
69
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Minnesota - continued | ||||
| Minnesota Housing Finance Agency, Residential Housing, ”A“, 4%, 1/01/2041 | $ | 405,000 | $ 412,070 | |
| Minnesota Housing Finance Agency, Residential Housing, ”A“, 4.25%, 7/01/2049 (u) | 15,795,000 | 16,451,979 | ||
| Minnesota Housing Finance Agency, Residential Housing, ”B“, GNMA, 3%, 7/01/2051 | 6,920,000 | 6,955,286 | ||
| Minnesota Housing Finance Agency, Residential Housing, ”D“, 3%, 1/01/2052 | 7,065,000 | 7,099,700 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2037 (u) | 3,365,000 | 3,438,413 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 2,875,000 | 2,643,535 | ||
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), ”A“, 5.5%, 7/01/2052 (n) | 240,000 | 251,649 | ||
| $ 58,723,051 | ||||
| Mississippi - 0.9% | ||||
| Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 4/01/2022 | $ | 1,750,000 | $ 1,750,000 | |
| Mississippi Development Bank Special Obligation (Harrison County Coliseum), ”A“, 5.25%, 1/01/2034 | 2,455,000 | 2,986,014 | ||
| Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2025 | 400,000 | 436,683 | ||
| Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2026 | 1,000,000 | 1,113,294 | ||
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 495,000 | 529,396 | ||
| Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048 | 4,000,000 | 4,580,413 | ||
| Mississippi Home Corp., Single Family Mortgage Rev., ”A“, GNMA, 3%, 12/01/2050 | 1,585,000 | 1,593,132 | ||
| Mississippi Home Corp., Single Family Mortgage Rev., ”A“, GNMA/FNMA/FHLMC, 4%, 12/01/2044 | 1,300,000 | 1,340,469 | ||
| Mississippi Home Corp., Single Family Mortgage Rev., ”B“, GNMA, 3%, 6/01/2051 | 3,900,000 | 3,919,091 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), ”A“, 5%, 9/01/2022 | 1,445,000 | 1,465,673 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), ”A“, 5%, 9/01/2023 | 3,560,000 | 3,704,546 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), ”A“, 5%, 9/01/2046 | 1,905,000 | 2,100,687 | ||
70
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Mississippi - continued | ||||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), ”A“, 4%, 1/01/2036 | $ | 845,000 | $ 902,798 | |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), ”A“, 4%, 1/01/2037 | 760,000 | 810,956 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), ”A“, 4%, 1/01/2039 | 760,000 | 808,593 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), ”A“, 4%, 1/01/2040 | 425,000 | 450,928 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), ”IV“, 5%, 10/01/2033 | 350,000 | 406,649 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), ”IV“, 5%, 10/01/2035 | 1,200,000 | 1,386,987 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), ”IV“, 5%, 10/01/2039 | 850,000 | 977,730 | ||
| Mississippi State University, Educational Building Corp. Rev. (Mississippi State University Refunding and Improvements Project), 5.25%, 8/01/2038 (Prerefunded 8/01/2023) | 1,250,000 | 1,308,260 | ||
| State of Mississippi, ”B“, 5%, 12/01/2025 | 585,000 | 647,671 | ||
| State of Mississippi, ”B“, 5%, 12/01/2032 (Prerefunded 12/01/2026) | 2,500,000 | 2,831,246 | ||
| State of Mississippi, ”B“, 5%, 12/01/2033 (Prerefunded 12/01/2026) | 2,500,000 | 2,831,246 | ||
| State of Mississippi, ”B“, 5%, 12/01/2034 (Prerefunded 12/01/2026) | 5,000,000 | 5,662,492 | ||
| University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), ”A“, 5%, 3/01/2028 | 1,080,000 | 1,163,059 | ||
| West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028) | 5,750,000 | 6,626,283 | ||
| $ 52,334,296 | ||||
| Missouri - 1.5% | ||||
| Brentwood & Maplewood, MO, Hanley Road Corridor Transportation Development District, Transportation Sales Tax Refunding Rev., 1.625%, 10/01/2033 | $ | 630,000 | $ 622,175 | |
| Brentwood & Maplewood, MO, Hanley Road Corridor Transportation Development District, Transportation Sales Tax Refunding Rev., 2%, 10/01/2039 | 850,000 | 824,056 | ||
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), ”B“, AGM, 5%, 3/01/2055 | 5,675,000 | 6,230,574 | ||
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046 | 14,865,000 | 16,277,136 | ||
71
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Missouri - continued | ||||
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), ”B“, 5%, 2/01/2040 (n) | $ | 160,000 | $ 145,883 | |
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), ”B“, 5%, 2/01/2050 (n) | 275,000 | 242,334 | ||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2036 | 1,200,000 | 1,236,756 | ||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2037 | 380,000 | 390,562 | ||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2041 | 480,000 | 488,420 | ||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051 | 1,360,000 | 1,361,014 | ||
| Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039 (Prerefunded 10/01/2023) | 730,000 | 765,102 | ||
| Missouri Health & Educational Facilities Authority Rev. (BJC Health System), ”C“, 5%, 5/01/2052 (Put Date 5/01/2028) | 11,820,000 | 13,563,872 | ||
| Missouri Health & Educational Facilities Authority Rev. (Mercy Health), ”A“, 5%, 6/01/2030 | 5,000,000 | 5,771,801 | ||
| Missouri Health & Educational Facilities Authority Rev. (Mercy Health), ”A“, 5%, 6/01/2031 | 3,165,000 | 3,644,559 | ||
| Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), ”A“, 4%, 2/15/2044 | 2,300,000 | 2,386,808 | ||
| Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), ”A“, 4%, 2/15/2049 | 5,000,000 | 5,159,110 | ||
| Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), ”A“, 4%, 2/15/2054 | 4,550,000 | 4,682,657 | ||
| Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), ”A“, 5%, 6/01/2031 | 2,615,000 | 2,771,619 | ||
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), ”A“, FHLMC, 3%, 5/01/2052 | 5,840,000 | 5,869,246 | ||
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), ”A“, FNMA, 4.25%, 5/01/2049 | 4,150,000 | 4,313,393 | ||
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), ”A“, GNMA/FNMA/FHLMC, 3.75%, 5/01/2038 | 395,000 | 403,267 | ||
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), ”B“, FNMA, 4.75%, 5/01/2049 | 2,215,000 | 2,328,415 | ||
72
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Missouri - continued | ||||
| Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030 | $ | 320,000 | $ 306,774 | |
| Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035 | 220,000 | 202,875 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), ”A“, 5%, 8/15/2030 | 140,000 | 144,181 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), ”A“, 5%, 8/15/2035 | 95,000 | 97,117 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), ”A“, 5.125%, 8/15/2045 | 260,000 | 263,498 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), ”A“, 3.875%, 11/15/2029 | 200,000 | 183,859 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), ”A“, 4.375%, 11/15/2035 | 735,000 | 655,819 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), ”A“, 4.75%, 11/15/2047 | 2,290,000 | 1,992,061 | ||
| St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2040 | 840,000 | 973,522 | ||
| St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045 | 3,610,000 | 4,134,203 | ||
| $ 88,432,668 | ||||
| Montana - 0.1% | ||||
| Montana Board of Housing Single Family Mortgage, ”B“, 4%, 12/01/2050 | $ | 4,365,000 | $ 4,531,756 | |
| Montana Board of Housing Single Family Mortgage, ”B“, 3%, 12/01/2051 | 1,200,000 | 1,205,726 | ||
| Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), ”A“, 4%, 6/01/2049 | 740,000 | 761,028 | ||
| Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), ”A-2“, 3%, 12/01/2043 | 475,000 | 477,796 | ||
| $ 6,976,306 | ||||
| Nebraska - 0.3% | ||||
| Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), ”A“, 5%, 9/01/2034 | $ | 850,000 | $ 990,131 | |
| Nebraska Investment Finance Authority, Single Family Housing Rev., ”A“, 4%, 9/01/2044 | 600,000 | 611,871 | ||
| Nebraska Investment Finance Authority, Single Family Housing Rev., ”A“, GNMA, 3%, 9/01/2045 | 3,625,000 | 3,643,278 | ||
| Nebraska Investment Finance Authority, Single Family Housing Rev., ”C“, 4%, 9/01/2048 (u) | 3,360,000 | 3,466,581 | ||
73
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Nebraska - continued | ||||
| Nebraska Public Power District Rev., ”A“, 5%, 1/01/2027 | $ | 485,000 | $ 549,084 | |
| Nebraska Public Power District Rev., ”A“, 5%, 1/01/2030 | 570,000 | 678,587 | ||
| Nebraska Public Power District Rev., ”A“, 5%, 1/01/2031 | 1,455,000 | 1,758,236 | ||
| Nebraska Public Power District Rev., ”A“, 5%, 1/01/2032 | 1,550,000 | 1,865,125 | ||
| Nebraska Public Power District Rev., ”A“, 5%, 1/01/2033 | 500,000 | 600,113 | ||
| Nebraska Public Power District Rev., ”B“, 5%, 1/01/2029 | 1,015,000 | 1,189,796 | ||
| Nebraska Public Power District Rev., ”B“, 5%, 1/01/2030 | 970,000 | 1,154,788 | ||
| Nebraska Public Power District Rev., ”B“, 5%, 1/01/2031 | 750,000 | 906,307 | ||
| Nebraska Public Power District Rev., ”B“, 5%, 1/01/2032 | 800,000 | 962,645 | ||
| Nebraska Public Power District Rev., ”B“, 5%, 1/01/2033 | 785,000 | 942,178 | ||
| $ 19,318,720 | ||||
| Nevada - 0.4% | ||||
| Clark County, NV, School District General Obligation, ”A“, AGM, 4%, 6/15/2037 | $ | 900,000 | $ 970,942 | |
| Clark County, NV, School District General Obligation, ”A“, AGM, 4%, 6/15/2039 | 1,975,000 | 2,124,149 | ||
| Clark County, NV, School District General Obligation, ”A“, AGM, 4%, 6/15/2040 | 130,000 | 139,608 | ||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), ”A“, 4.5%, 12/15/2029 (n) | 140,000 | 145,055 | ||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), ”A“, 5%, 12/15/2035 (n) | 630,000 | 663,816 | ||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), ”A“, 5%, 12/15/2038 (n) | 705,000 | 739,842 | ||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), ”A“, 5.125%, 12/15/2045 (n) | 760,000 | 791,989 | ||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), ”A“, 5%, 12/15/2048 (n) | 2,745,000 | 2,845,958 | ||
| Director of the State of Nevada, Department of Business and Industry, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 0.28%, 12/01/2026 (Put Date 6/01/2022) (n) | 3,100,000 | 3,095,075 | ||
| Nevada Housing Division, Single Family Mortgage Rev., ”A“, GNMA, 3%, 4/01/2051 | 3,155,000 | 3,170,185 | ||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), ”B“, AGM, 5%, 6/01/2033 | 90,000 | 100,778 | ||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), ”B“, AGM, 5%, 6/01/2038 | 115,000 | 128,170 | ||
74
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Nevada - continued | ||||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), ”B“, AGM, 4%, 6/01/2048 | $ | 460,000 | $ 475,906 | |
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), ”B“, AGM, 4.125%, 6/01/2058 | 570,000 | 592,775 | ||
| Sparks, NV, Tourism Improvement District No. 1 Rev. (Legends at Sparks Marina), ”A“, 2.5%, 6/15/2024 (n) | 525,000 | 521,213 | ||
| Washoe County, NV, Water Facilities Rev. (Sierra Pacific Power Projects), ”F“, VRDN, 2.05%, 3/01/2036 (Put Date 4/15/2022) | 10,250,000 | 10,252,718 | ||
| $ 26,758,179 | ||||
| New Hampshire - 0.3% | ||||
| National Finance Authority, New Hampshire Resource Recovery Refunding Rev., ”B“, 3.75%, 7/01/2045 (Put Date 7/02/2040) (n) | $ | 2,910,000 | $ 2,805,315 | |
| National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2041 | 1,050,000 | 1,065,461 | ||
| National Finance Authority, New Hampshire Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A-3“, 1%, 4/01/2024 (Put Date 6/01/2022) | 1,415,000 | 1,414,201 | ||
| National Finance Authority, New Hampshire, Municipal Certificates, ”A“, 4.125%, 1/20/2034 | 8,653,804 | 9,239,231 | ||
| New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031 | 1,600,000 | 1,771,659 | ||
| New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036 | 1,595,000 | 1,765,462 | ||
| $ 18,061,329 | ||||
| New Jersey - 5.8% | ||||
| Atlantic City, NJ, Board of Education, 4%, 4/01/2029 | $ | 200,000 | $ 218,500 | |
| Atlantic City, NJ, Board of Education, 4%, 4/01/2030 | 165,000 | 179,097 | ||
| Atlantic City, NJ, Board of Education, 4%, 4/01/2031 | 160,000 | 172,641 | ||
| Atlantic City, NJ, Board of Education, 4%, 4/01/2032 | 285,000 | 306,163 | ||
| Atlantic City, NJ, Board of Education, 4%, 4/01/2034 | 280,000 | 299,059 | ||
| Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), ”A“, AGM, 5%, 7/01/2033 | 155,000 | 183,241 | ||
| Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), ”A“, AGM, 5%, 7/01/2035 | 155,000 | 182,779 | ||
| Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), ”A“, AGM, 4%, 7/01/2038 | 255,000 | 274,082 | ||
| Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), ”A“, AGM, 4%, 7/01/2039 | 215,000 | 230,699 | ||
| Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), ”A“, AGM, 4%, 7/01/2040 | 310,000 | 332,084 | ||
75
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Jersey - continued | ||||
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”A“, BAM, 5%, 3/01/2032 | $ | 4,925,000 | $ 5,536,240 | |
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”A“, BAM, 5%, 3/01/2037 | 4,400,000 | 4,924,110 | ||
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”A“, BAM, 5%, 3/01/2042 | 600,000 | 668,225 | ||
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”B“, AGM, 5%, 3/01/2032 | 1,665,000 | 1,871,643 | ||
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”B“, AGM, 5%, 3/01/2037 | 1,670,000 | 1,868,924 | ||
| Jersey City, NJ, Redevelopment Agency Rev. (Bayfront Redevelopment Project), 4%, 12/15/2031 | 8,500,000 | 9,501,788 | ||
| New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026) | 355,000 | 394,922 | ||
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2029 | 555,000 | 586,112 | ||
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2030 | 850,000 | 896,549 | ||
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2031 | 555,000 | 584,935 | ||
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2032 | 555,000 | 584,587 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 470,000 | 494,640 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | 470,000 | 490,411 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 1,415,000 | 1,479,302 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039 | 870,000 | 908,865 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042 | 435,000 | 453,840 | ||
| New Jersey Economic Development Authority Rev. (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), AGM, 5%, 6/01/2037 | 1,970,000 | 2,208,758 | ||
| New Jersey Economic Development Authority Rev. (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), AGM, 5%, 6/01/2042 | 2,190,000 | 2,450,882 | ||
76
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Jersey - continued | ||||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), ”A“, 5%, 1/01/2030 | $ | 1,095,000 | $ 1,125,967 | |
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), ”A“, 5%, 1/01/2035 | 1,570,000 | 1,609,059 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 3/01/2027 (Prerefunded 3/01/2023) | 3,940,000 | 4,057,686 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 3/01/2027 | 195,000 | 199,810 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 1,115,000 | 1,269,818 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 590,000 | 670,090 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 1,030,000 | 1,073,854 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 995,000 | 1,034,133 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”DDD“, 5%, 6/15/2034 | 610,000 | 665,461 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”DDD“, 5%, 6/15/2035 | 510,000 | 556,084 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), ”DDD“, 5%, 6/15/2042 | 2,855,000 | 3,093,292 | ||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, 3.125%, 7/01/2029 | 850,000 | 851,217 | ||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, 3.125%, 7/01/2031 (u) | 8,400,000 | 8,409,484 | ||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, 5%, 7/01/2033 | 485,000 | 530,221 | ||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, BAM, 5%, 7/01/2027 | 1,105,000 | 1,244,586 | ||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, BAM, 5%, 7/01/2028 | 9,240,000 | 10,351,771 | ||
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029 | 3,650,000 | 3,714,132 | ||
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), ”A“, 5.625%, 11/15/2030 | 4,050,000 | 4,282,209 | ||
| New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), ”C“, 5%, 6/15/2042 | 3,385,000 | 3,692,316 | ||
| New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), ”E“, 0.85%, 12/01/2025 | 1,965,000 | 1,807,320 | ||
77
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Jersey - continued | ||||
| New Jersey Economic Development Authority, Water Facilities Rev. (Middlesex Water Co.), 5%, 8/01/2059 | $ | 1,595,000 | $ 1,770,348 | |
| New Jersey Educational Facilities Authority Rev. (Ramapo College Project), ”A“, 5%, 7/01/2030 (w) | 750,000 | 890,342 | ||
| New Jersey Educational Facilities Authority Rev. (Ramapo College Project), ”A“, 5%, 7/01/2031 (w) | 750,000 | 902,038 | ||
| New Jersey Educational Facilities Authority Rev. (Ramapo College Project), ”A“, 5%, 7/01/2032 (w) | 1,000,000 | 1,215,615 | ||
| New Jersey Educational Facilities Authority Rev. (Ramapo College Project), ”A“, 5%, 7/01/2033 (w) | 450,000 | 540,999 | ||
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), ”A“, AGM, 5%, 7/01/2046 | 5,485,000 | 5,891,536 | ||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2031 | 2,105,000 | 2,330,662 | ||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2032 | 2,100,000 | 2,323,107 | ||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2033 | 1,775,000 | 1,959,682 | ||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2034 | 1,785,000 | 1,966,738 | ||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2035 | 1,575,000 | 1,731,010 | ||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2036 | 1,835,000 | 2,014,644 | ||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2037 | 3,040,000 | 3,336,200 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.25%, 12/01/2039 | 5,690,000 | 5,678,495 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2028 | 400,000 | 454,689 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2029 | 550,000 | 631,862 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2028 | 1,450,000 | 1,648,248 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2029 | 1,415,000 | 1,625,609 | ||
78
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Jersey - continued | ||||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | $ | 7,865,000 | $ 7,871,100 | |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 2.5%, 12/01/2040 | 2,145,000 | 2,015,651 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | 885,000 | 737,922 | ||
| New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., ”C“, 4.75%, 10/01/2050 (u) | 7,670,000 | 8,107,707 | ||
| New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., ”E“, 3.5%, 4/01/2051 (u) | 10,215,000 | 10,460,248 | ||
| New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., ”H“, 3%, 10/01/2052 | 10,605,000 | 10,633,470 | ||
| New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2032 | 3,000,000 | 3,328,955 | ||
| New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2033 | 3,000,000 | 3,324,799 | ||
| New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2034 | 3,000,000 | 3,322,242 | ||
| New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2035 | 2,950,000 | 3,261,981 | ||
| New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2038 (w) | 1,680,000 | 1,737,119 | ||
| New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2039 (w) | 3,430,000 | 3,540,028 | ||
| New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2041 (w) | 2,825,000 | 2,890,667 | ||
| New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2042 (w) | 2,820,000 | 2,879,473 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2029 (w) | 3,385,000 | 3,834,429 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2030 (w) | 3,070,000 | 3,503,754 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2031 (w) | 4,855,000 | 5,588,011 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2032 (w) | 3,385,000 | 3,920,481 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2033 (w) | 4,480,000 | 5,171,163 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2034 (w) | 4,235,000 | 4,863,802 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035 | 1,065,000 | 1,202,794 | ||
79
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Jersey - continued | ||||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035 (w) | $ | 4,090,000 | $ 4,681,494 | |
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2036 | 1,420,000 | 1,598,267 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2036 (w) | 4,235,000 | 4,837,338 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2037 | 1,420,000 | 1,596,533 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2037 (w) | 2,115,000 | 2,410,792 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 4%, 6/15/2038 | 1,420,000 | 1,470,237 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2038 | 1,520,000 | 1,704,264 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2039 | 1,420,000 | 1,589,080 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2040 | 1,065,000 | 1,188,824 | ||
| New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045 | 2,895,000 | 3,196,916 | ||
| New Jersey Transportation Trust Fund Authority, ”B“, AAC, 5.5%, 9/01/2026 | 3,525,000 | 3,966,158 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A“, 5%, 6/15/2029 | 3,420,000 | 3,784,590 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A“, 5%, 6/15/2031 | 2,275,000 | 2,513,132 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027 | 3,985,000 | 4,414,813 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”A“, 0%, 12/15/2037 | 25,000,000 | 13,906,335 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AAC, 0%, 12/15/2028 | 12,120,000 | 9,843,130 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AAC, 0%, 12/15/2035 | 3,725,000 | 2,287,388 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AAC, 0%, 12/15/2036 | 9,720,000 | 5,714,458 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AGM, 0%, 12/15/2029 | 15,690,000 | 12,384,980 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AGM, 0%, 12/15/2032 | 3,345,000 | 2,351,720 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, NPFG, 0%, 12/15/2027 | 6,900,000 | 5,810,541 | ||
80
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Jersey - continued | ||||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, NPFG, 0%, 12/15/2031 | $ | 5,000,000 | $ 3,627,825 | |
| Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2032 | 196,000 | 234,562 | ||
| Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2033 | 239,000 | 285,500 | ||
| Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 4%, 7/15/2034 | 377,000 | 413,041 | ||
| Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 4%, 7/15/2036 | 368,000 | 400,391 | ||
| Newark, NJ, General Obligation Refunding, ”A“, AGM, 5%, 10/01/2024 | 750,000 | 798,283 | ||
| Newark, NJ, General Obligation Refunding, ”A“, AGM, 5%, 10/01/2026 | 925,000 | 1,025,681 | ||
| Newark, NJ, General Obligation Refunding, ”A“, AGM, 5%, 10/01/2028 | 570,000 | 651,233 | ||
| Newark, NJ, General Obligation Refunding, ”B“, AGM, 5%, 10/01/2023 | 1,000,000 | 1,042,654 | ||
| Newark, NJ, General Obligation Refunding, ”B“, AGM, 5%, 10/01/2025 | 500,000 | 543,552 | ||
| South Jersey, NJ, Transportation Authority System Rev., ”A“, AGM, 5%, 11/01/2031 | 1,290,000 | 1,506,141 | ||
| South Jersey, NJ, Transportation Authority System Rev., ”A“, AGM, 5%, 11/01/2032 | 2,530,000 | 2,943,574 | ||
| South Jersey, NJ, Transportation Authority System Rev., ”A“, AGM, 5%, 11/01/2033 | 725,000 | 840,729 | ||
| State of New Jersey, COVID-19 General Obligation, ”A“, 4%, 6/01/2023 | 2,965,000 | 3,032,081 | ||
| State of New Jersey, COVID-19 General Obligation, ”A“, 5%, 6/01/2024 | 1,480,000 | 1,567,352 | ||
| State of New Jersey, COVID-19 General Obligation, ”A“, 5%, 6/01/2027 | 8,510,000 | 9,561,422 | ||
| State of New Jersey, COVID-19 General Obligation, ”A“, 4%, 6/01/2030 | 5,930,000 | 6,449,708 | ||
| State of New Jersey, COVID-19 General Obligation, ”A“, 4%, 6/01/2031 | 1,855,000 | 2,023,675 | ||
| $ 345,827,602 | ||||
81
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Mexico - 0.2% | ||||
| Albuquerque, NM, Bernalillo County Water Utility Authority (Joint Water and Sewer System Improvement Rev.), 5%, 7/01/2033 | $ | 2,300,000 | $ 2,603,387 | |
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040 | 520,000 | 551,359 | ||
| New Mexico Educational Assistance Foundation, Taxable, ”B-1“, 2.106%, 9/01/2051 | 5,810,000 | 5,607,320 | ||
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, ”A-1“, FNMA, 4%, 1/01/2049 | 1,135,000 | 1,172,618 | ||
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, ”C“, FNMA, 4%, 1/01/2049 | 2,315,000 | 2,388,951 | ||
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2034 | 270,000 | 289,697 | ||
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2039 | 205,000 | 218,733 | ||
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2044 | 215,000 | 227,506 | ||
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2049 | 565,000 | 595,364 | ||
| $ 13,654,935 | ||||
| New York - 7.5% | ||||
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2031 | $ | 925,000 | $ 1,077,001 | |
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2032 | 1,000,000 | 1,162,604 | ||
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2033 | 1,050,000 | 1,218,580 | ||
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2034 | 1,000,000 | 1,075,987 | ||
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2036 | 1,800,000 | 1,687,495 | ||
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2037 | 1,500,000 | 1,398,677 | ||
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2038 | 1,250,000 | 1,338,822 | ||
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2039 | 1,350,000 | 1,443,770 | ||
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 6,925,000 | 7,409,955 | ||
| Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), ”A“, 4%, 11/01/2032 | 480,000 | 490,643 | ||
| New York Dormitory Authority Rev. (Cornell University), ”D“, 5%, 7/01/2035 | 590,000 | 750,306 | ||
82
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - continued | ||||
| New York Dormitory Authority Rev. (Rochester Institute of Technology), ”A“, 5%, 7/01/2032 | $ | 520,000 | $ 602,291 | |
| New York Dormitory Authority Rev. (Rochester Institute of Technology), ”A“, 5%, 7/01/2036 | 1,115,000 | 1,285,801 | ||
| New York Dormitory Authority Rev. (Rochester Institute of Technology), ”A“, 5%, 7/01/2040 | 1,265,000 | 1,451,868 | ||
| New York Dormitory Authority Rev. (St. John's University), ”A“, 5%, 7/01/2027 | 175,000 | 197,438 | ||
| New York Dormitory Authority Rev. (St. John's University), ”A“, 5%, 7/01/2028 | 165,000 | 188,734 | ||
| New York Dormitory Authority Rev. (St. John's University), ”A“, 4%, 7/01/2029 | 425,000 | 463,994 | ||
| New York Dormitory Authority Rev. (St. John's University), ”A“, 4%, 7/01/2030 | 850,000 | 932,788 | ||
| New York Dormitory Authority Rev. (St. John's University), ”A“, 4%, 7/01/2031 | 1,000,000 | 1,102,597 | ||
| New York Dormitory Authority Rev. (St. John's University), ”A“, 4%, 7/01/2032 | 1,100,000 | 1,198,483 | ||
| New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2033 (n) | 100,000 | 111,714 | ||
| New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 200,000 | 222,906 | ||
| New York Dormitory Authority Rev., State Personal Income Tax, ”A“, 5%, 12/15/2025 | 5,000,000 | 5,124,928 | ||
| New York Dormitory Authority Rev., State Personal Income Tax, ”E“, 4%, 3/15/2045 | 19,000,000 | 19,993,863 | ||
| New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, 9/01/2050 (Put Date 9/02/2025) (n) | 580,000 | 579,617 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n) | 16,940,000 | 17,732,907 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”2“, 5.375%, 11/15/2040 (n) | 3,190,000 | 3,386,435 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., ”213“, 3%, 4/01/2050 (u) | 28,145,000 | 28,258,939 | ||
| New York Municipal Water Finance Authority, Water & Sewer System Second General Resolution Rev., ”EE“, 5%, 6/15/2045 | 10,000,000 | 11,710,568 | ||
| New York State Thruway Authority, Personal Income Rev., ”A-1“, 4%, 3/15/2046 | 18,380,000 | 19,380,241 | ||
83
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - continued | ||||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026 | $ | 1,490,000 | $ 1,502,907 | |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | 700,000 | 673,405 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031 | 765,000 | 771,627 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.25%, 8/01/2031 | 1,535,000 | 1,670,746 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036 | 2,400,000 | 2,715,864 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 8,135,000 | 8,901,731 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032 | 2,330,000 | 2,543,216 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2035 | 5,585,000 | 6,247,805 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | 1,315,000 | 1,342,958 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040 | 2,305,000 | 2,541,449 | ||
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), 2.25%, 8/01/2026 | 1,160,000 | 1,118,545 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2030 | 355,000 | 396,867 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2034 | 640,000 | 715,315 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2035 | 315,000 | 351,722 | ||
84
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - continued | ||||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2036 | $ | 45,000 | $ 50,086 | |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2037 | 510,000 | 568,240 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 4%, 12/01/2038 | 210,000 | 213,631 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 4%, 12/01/2039 | 505,000 | 513,291 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2029 | 570,000 | 639,812 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2030 | 475,000 | 539,020 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2031 | 520,000 | 587,553 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2033 | 1,515,000 | 1,703,808 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2034 | 1,395,000 | 1,561,383 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2035 | 520,000 | 581,860 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2036 | 945,000 | 1,053,308 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2037 | 1,135,000 | 1,264,612 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2038 | 270,000 | 300,151 | ||
| New York Urban Development Corp., State Personal Income Tax Rev. (General Purpose), ”C“, 4%, 3/15/2042 | 10,000,000 | 10,510,757 | ||
| New York Urban Development Corp., State Personal Income Tax Rev. (General Purpose), ”C“, 4%, 3/15/2049 | 10,200,000 | 10,612,185 | ||
85
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - continued | ||||
| New York Urban Development Corp., State Personal Income Tax Rev., ”A“, 4%, 3/15/2039 | $ | 6,000,000 | $ 6,341,180 | |
| New York Urban Development Corp., State Personal Income Tax Rev., ”C“, 5%, 3/15/2034 | 1,455,000 | 1,643,951 | ||
| New York, NY, ”B-1“, 5%, 12/01/2041 | 3,500,000 | 3,858,761 | ||
| New York, NY, General Obligation, ”F-1“, 5%, 3/01/2037 | 4,500,000 | 5,275,009 | ||
| New York, NY, General Obligation, ”F-1“, 5%, 3/01/2039 | 4,500,000 | 5,235,023 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), ”E“, 3.5%, 2/15/2048 | 2,053,767 | 2,044,208 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), ”F“, 4.5%, 2/15/2048 | 28,847,667 | 28,862,472 | ||
| New York, NY, Housing Finance Agency Affordable Housing Rev., ”L-2“, 0.75%, 11/01/2025 | 1,800,000 | 1,687,129 | ||
| New York, NY, Industrial Development Agency Pilot Refunding Rev. (Yankee Stadium Project), ”A“, AGM, 4%, 3/01/2045 | 890,000 | 947,083 | ||
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 2,495,000 | 2,509,996 | ||
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., ”CC-1“, 5%, 6/15/2046 | 7,000,000 | 7,700,872 | ||
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., ”CC-1“, 5%, 6/15/2048 | 5,150,000 | 5,776,515 | ||
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., ”DD“, 5%, 6/15/2031 | 3,800,000 | 4,605,765 | ||
| New York, NY, Transitional Finance Authority Building Aid Rev., ”S-3“, 5%, 7/15/2043 | 1,025,000 | 1,164,524 | ||
| New York, NY, Transitional Finance Authority Future Tax Secured Rev., ”A-4“, 4%, 11/01/2038 | 3,285,000 | 3,484,802 | ||
| New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”A“, 4%, 11/01/2034 | 1,000,000 | 1,065,250 | ||
| New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”A“, 4%, 11/01/2035 | 1,000,000 | 1,064,148 | ||
| New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”C“, 4%, 2/01/2041 | 17,670,000 | 18,630,207 | ||
| New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”E-1“, 5%, 2/01/2035 | 1,165,000 | 1,367,070 | ||
| New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”E-1“, 5%, 2/01/2036 | 815,000 | 954,049 | ||
| New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”E-1“, 5%, 2/01/2037 | 4,360,000 | 5,089,795 | ||
| New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2036 | 2,000,000 | 2,127,279 | ||
| New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2037 | 2,280,000 | 2,422,542 | ||
86
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - continued | ||||
| New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2038 | $ | 2,800,000 | $ 2,970,303 | |
| New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2039 | 3,500,000 | 3,707,005 | ||
| New York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), ”A“, 4%, 12/01/2035 | 245,000 | 264,297 | ||
| New York, NY, Trust for Cultural Resources Refunding Rev. (Lincoln Center for the Performing Arts, Inc.), ”A“, 5%, 12/01/2031 | 330,000 | 395,999 | ||
| New York, NY, Trust for Cultural Resources Refunding Rev. (Lincoln Center for the Performing Arts, Inc.), ”A“, 5%, 12/01/2032 | 1,090,000 | 1,303,770 | ||
| New York, NY, Trust for Cultural Resources Refunding Rev. (Lincoln Center for the Performing Arts, Inc.), ”A“, 4%, 12/01/2034 | 910,000 | 989,933 | ||
| Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052 | 2,070,000 | 1,913,099 | ||
| Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2052 | 1,540,000 | 1,558,654 | ||
| Port Authority of NY & NJ (214th Series), 4%, 9/01/2037 | 2,220,000 | 2,318,126 | ||
| Port Authority of NY & NJ (214th Series), 4%, 9/01/2039 | 920,000 | 957,366 | ||
| Port Authority of NY & NJ (214th Series), 4%, 9/01/2043 | 1,485,000 | 1,535,639 | ||
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2045 | 1,430,000 | 1,465,805 | ||
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2050 | 3,570,000 | 3,642,447 | ||
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 11,455,000 | 11,650,489 | ||
| Port Authority of NY & NJ (223th Series), 5%, 7/15/2033 | 900,000 | 1,042,948 | ||
| Port Authority of NY & NJ (223th Series), 4%, 7/15/2034 | 1,030,000 | 1,087,910 | ||
| Port Authority of NY & NJ (223th Series), 4%, 7/15/2035 | 1,050,000 | 1,103,422 | ||
| Port Authority of NY & NJ (223th Series), 4%, 7/15/2036 | 645,000 | 675,007 | ||
| Port Authority of NY & NJ (223th Series), 4%, 7/15/2037 | 1,405,000 | 1,466,812 | ||
| Port Authority of NY & NJ (223th Series), 4%, 7/15/2038 | 2,805,000 | 2,921,163 | ||
| Port Authority of NY & NJ (223th Series), 4%, 7/15/2039 | 1,870,000 | 1,944,161 | ||
| Port Authority of NY & NJ (223th Series), 4%, 7/15/2040 | 820,000 | 851,109 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2030 | 860,000 | 1,006,338 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2032 | 570,000 | 664,581 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2033 | 680,000 | 790,266 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2034 | 1,120,000 | 1,297,866 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2035 | 1,035,000 | 1,196,183 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2036 | 1,080,000 | 1,245,843 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2037 | 1,520,000 | 1,751,074 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2038 | 2,995,000 | 3,436,495 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2039 | 2,220,000 | 2,542,975 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2040 | 2,170,000 | 2,481,604 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2041 | 1,775,000 | 2,028,440 | ||
| Port Authority of NY & NJ, Taxable (182nd Series), 5.31%, 8/01/2046 | 2,125,000 | 2,229,338 | ||
87
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - continued | ||||
| Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, ”B-1“, 4%, 6/01/2050 | $ | 880,000 | $ 891,821 | |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2028 | 1,670,000 | 1,535,029 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2029 | 2,435,000 | 2,197,627 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2030 | 1,870,000 | 1,655,594 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2031 | 2,315,000 | 2,014,023 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2032 | 4,280,000 | 3,666,253 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2033 | 3,775,000 | 3,175,801 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2034 | 3,380,000 | 2,804,915 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2035 | 4,510,000 | 3,708,347 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2036 | 1,470,000 | 1,191,936 | ||
| Tobacco Settlement Asset Securitization Corp., NY, ”A“, 5%, 6/01/2034 | 950,000 | 1,038,639 | ||
| Tobacco Settlement Asset Securitization Corp., NY, ”A“, 5%, 6/01/2035 | 480,000 | 524,168 | ||
| Tobacco Settlement Asset Securitization Corp., NY, ”A“, 5%, 6/01/2041 | 2,710,000 | 2,936,124 | ||
| Triborough Bridge & Tunnel Authority Rev., NY, ”A“, 5%, 11/01/2025 | 12,095,000 | 13,310,806 | ||
| Triborough Bridge & Tunnel Authority Rev., NY, ”A“, FLR, 0.568% (67% of SOFR - 1 day + 0.38%), 1/01/2032 (Put Date 2/01/2024) | 2,508,367 | 2,506,745 | ||
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”A-2“, 5%, 5/15/2051 | 14,800,000 | 16,941,943 | ||
| Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax, ”B-1“, 4%, 5/15/2056 | 10,830,000 | 11,372,024 | ||
| Yonkers, NY, General Obligation, ”C“, AGM, 5%, 3/15/2034 | 1,500,000 | 1,792,539 | ||
| Yonkers, NY, General Obligation, ”C“, AGM, 5%, 3/15/2035 | 1,590,000 | 1,883,876 | ||
| Yonkers, NY, School Serial Bonds, ”D“, AGM, 5%, 3/15/2035 | 1,220,000 | 1,445,490 | ||
| $ 452,061,603 | ||||
88
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| North Carolina - 1.3% | ||||
| Durham, SC, Multi-Family Housing Authority Rev. (JJ Henderson Senior Apartment Project), 0.3%, 6/01/2024 (Put Date 6/01/2023) | $ | 1,905,000 | $ 1,862,922 | |
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2029 | 525,000 | 599,669 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2030 | 560,000 | 644,674 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2031 | 1,000,000 | 1,161,982 | ||
| North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 4%, 5/01/2032 | 1,000,000 | 1,071,158 | ||
| North Carolina Housing Finance Agency, Home Ownership Rev., ”44“, 4%, 7/01/2050 | 1,495,000 | 1,550,383 | ||
| North Carolina Housing Finance Agency, Home Ownership Rev., ”46-A“, GNMA, 3%, 7/01/2051 | 14,135,000 | 14,205,753 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2029 | 275,000 | 277,307 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2036 | 790,000 | 763,751 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2041 | 465,000 | 437,286 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2051 | 5,300,000 | 4,731,915 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”C“, 4%, 3/01/2036 | 585,000 | 565,562 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”C“, 4%, 3/01/2042 | 220,000 | 204,258 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025 | 170,000 | 176,067 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030 | 260,000 | 267,101 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 285,000 | 291,423 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), ”A“, 5%, 10/01/2040 | 915,000 | 1,025,847 | ||
89
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| North Carolina - continued | ||||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), ”A“, 5%, 10/01/2045 | $ | 875,000 | $ 973,907 | |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), ”A“, 5%, 10/01/2050 | 560,000 | 620,295 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), ”A“, 4%, 11/01/2052 | 3,130,000 | 3,231,674 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (United Church Homes and Services), ”C“, 5%, 9/01/2041 (Prerefunded 9/01/2023) | 370,000 | 396,945 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), ”A“, 5%, 9/01/2037 (Prerefunded 9/01/2024) | 100,000 | 106,652 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), ”C“, 5%, 9/01/2046 (Prerefunded 9/01/2023) | 1,350,000 | 1,448,312 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2042 | 610,000 | 659,438 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2047 | 1,195,000 | 1,285,528 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2051 | 2,440,000 | 2,620,857 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2054 | 975,000 | 1,045,743 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031 | 1,600,000 | 1,792,316 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036 | 11,650,000 | 13,405,132 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2049 | 1,780,000 | 2,047,531 | ||
| Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2027 | 1,400,000 | 1,558,101 | ||
| Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2028 | 1,875,000 | 2,116,539 | ||
| Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2029 | 1,490,000 | 1,700,891 | ||
| Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2030 | 1,250,000 | 1,442,897 | ||
| Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2031 | 1,350,000 | 1,555,706 | ||
| Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2032 | 1,000,000 | 1,148,304 | ||
| Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2033 | 1,000,000 | 1,144,771 | ||
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027 | 1,510,000 | 1,670,505 | ||
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2031 | 1,250,000 | 1,344,156 | ||
90
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| North Carolina - continued | ||||
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2033 | $ | 1,375,000 | $ 1,468,193 | |
| University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046 | 5,065,000 | 5,572,300 | ||
| $ 80,193,751 | ||||
| North Dakota - 0.7% | ||||
| North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”A“, 4%, 1/01/2051 (u) | $ | 11,365,000 | $ 11,785,724 | |
| North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”A“, 3%, 1/01/2052 | 9,510,000 | 9,557,456 | ||
| North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”D“, 4.25%, 1/01/2049 (u) | 5,165,000 | 5,359,925 | ||
| North Dakota State Board of Higher Education, Housing and Auxiliary Facilities Rev. (University of North Dakota), ”A“, AGM, 4%, 4/01/2039 | 2,340,000 | 2,536,454 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2034 | 3,895,000 | 4,330,031 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2038 | 3,620,000 | 4,010,543 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2048 | 200,000 | 218,282 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2053 | 1,485,000 | 1,613,578 | ||
| $ 39,411,993 | ||||
| Ohio - 2.6% | ||||
| Akron, Bath, & Copley, OH, Joint Township Hospital District, Hospital Improvement Rev. (Children's Hospital Medical Center of Akron), 5%, 11/15/2038 | $ | 3,005,000 | $ 3,103,388 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2031 | 1,800,000 | 2,040,137 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2034 | 900,000 | 1,015,680 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2035 | 450,000 | 506,951 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | 1,400,000 | 1,574,633 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 4%, 6/01/2039 | 450,000 | 468,266 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055 | 22,550,000 | 23,467,724 | ||
91
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Ohio - continued | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | $ | 62,655,000 | $ 9,319,443 | |
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | 4,065,000 | 4,308,970 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 10,245,000 | 11,372,403 | ||
| Cuyahoga County, OH, Port Authority Tax Increment Financing Rev. (Flats East Bank Project), ”A“, 4%, 12/01/2055 (n) | 840,000 | 771,584 | ||
| Cuyahoga County, OH, Port Authority Tax Increment Financing Rev. (Flats East Bank Project), ”B“, 4.5%, 12/01/2055 (n) | 480,000 | 456,819 | ||
| Cuyahoga, OH, Metropolitan Housing Authority General Rev. (2045 Initiative Project), 2%, 12/01/2031 | 2,925,000 | 2,682,463 | ||
| Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), ”A“, 4%, 5/15/2047 | 4,140,000 | 4,400,544 | ||
| Lancaster, PA, Port Authority Gas Supply Rev., ”A“, 5%, 8/01/2049 (Put Date 2/01/2025) | 5,250,000 | 5,615,403 | ||
| Lucas County, OH, Hospital Rev. (Promedica Healthcare), ”A“, 5.25%, 11/15/2048 | 485,000 | 544,921 | ||
| Miami County, OH, Hospital Facilities Rev. (Kettering Health), ”A“, 5%, 8/01/2049 | 9,845,000 | 11,047,026 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), ”A“, 4%, 8/01/2041 | 3,140,000 | 3,378,831 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), ”A“, 4%, 8/01/2047 | 1,740,000 | 1,839,674 | ||
| Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 4%, 8/01/2041 | 345,000 | 363,184 | ||
| Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), ”A“, 5%, 11/15/2034 | 1,000,000 | 1,142,734 | ||
| Northeast Ohio Medical University, General Receipts, ”A“, 4%, 12/01/2035 | 140,000 | 146,232 | ||
| Northeast Ohio Medical University, General Receipts, ”A“, 4%, 12/01/2045 | 105,000 | 107,340 | ||
| Ohio Air Quality Development Authority, Air Quality Rev. (American Electric Power Co.), ”B“, 2.6%, 6/01/2041 (Put Date 10/01/2029) | 4,615,000 | 4,623,233 | ||
| Ohio Air Quality Development Authority, Air Quality Rev. (American Electric Power Co.), ”C“, 2.1%, 12/01/2027 (Put Date 10/01/2024) | 8,400,000 | 8,314,178 | ||
| Ohio Air Quality Development Authority, Air Quality Rev. (American Electric Power Co.), ”C“, 2.1%, 4/01/2028 (Put Date 10/01/2024) | 3,925,000 | 3,884,899 | ||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n) | 8,140,000 | 8,511,336 | ||
92
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Ohio - continued | ||||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n) | $ | 250,000 | $ 253,571 | |
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n) | 330,000 | 338,080 | ||
| Ohio Higher Educational Facility Commission Rev. (Franciscan University of Steubenville), 5%, 11/01/2041 | 3,000,000 | 3,305,076 | ||
| Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2035 | 1,130,000 | 1,309,410 | ||
| Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2038 | 1,075,000 | 1,242,493 | ||
| Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2039 | 1,135,000 | 1,309,880 | ||
| Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2042 | 1,950,000 | 2,240,189 | ||
| Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), ”A“, 4.5%, 9/01/2048 (u) | 3,295,000 | 3,444,451 | ||
| Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), ”A“, 4.5%, 9/01/2049 (u) | 6,725,000 | 7,042,324 | ||
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2034 | 865,000 | 989,997 | ||
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2036 | 635,000 | 669,256 | ||
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2038 | 620,000 | 652,596 | ||
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2040 | 590,000 | 619,069 | ||
| Ohio State University, Special Purpose Rev., ”A“, 5%, 6/01/2038 (u) | 3,355,000 | 3,469,894 | ||
| Ohio State University, Special Purpose Rev., ”A“, 5%, 6/01/2043 (u) | 8,150,000 | 8,425,292 | ||
| Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035 | 7,740,000 | 8,259,345 | ||
| $ 158,578,919 | ||||
| Oklahoma - 0.4% | ||||
| Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028 | $ | 155,000 | $ 150,169 | |
| Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 2,360,000 | 2,591,392 | ||
| Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042 | 1,495,000 | 1,528,524 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5%, 8/15/2029 | 150,000 | 162,480 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5%, 8/15/2033 | 810,000 | 866,090 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5%, 8/15/2038 | 1,135,000 | 1,211,061 | ||
93
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Oklahoma - continued | ||||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.25%, 8/15/2043 | $ | 395,000 | $ 426,311 | |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.25%, 8/15/2048 | 1,140,000 | 1,222,991 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.5%, 8/15/2052 | 9,880,000 | 10,706,276 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.5%, 8/15/2057 | 1,630,000 | 1,766,319 | ||
| Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), ”A“, 4.75%, 9/01/2048 | 1,940,000 | 2,045,731 | ||
| Tulsa, OK, Airport Improvement Trust Rev., ”A“, 5%, 6/01/2045 (Prerefunded 6/01/2024) | 755,000 | 798,905 | ||
| $ 23,476,249 | ||||
| Oregon - 0.9% | ||||
| Clackamas County, OR, Hospital Facility Authority Senior Living Rev. (Rose Villa Project), ”B-2“, 2.75%, 11/15/2025 (n) | $ | 950,000 | $ 950,076 | |
| Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 2.4%, 8/01/2025 (Put Date 5/02/2022) | 1,275,000 | 1,275,295 | ||
| Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 2.4%, 7/01/2038 (Put Date 5/02/2022) | 1,730,000 | 1,730,415 | ||
| Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), ”A“, 5%, 8/15/2045 | 2,140,000 | 2,427,965 | ||
| Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), ”A“, 4%, 8/15/2050 | 1,510,000 | 1,560,690 | ||
| Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), ”A“, 5%, 8/15/2050 | 1,425,000 | 1,613,828 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), ”B“, 1.2%, 6/01/2028 | 795,000 | 704,693 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), ”B-2“, 0.95%, 6/01/2027 | 2,045,000 | 1,846,012 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev., Taxable (Terwilliger Plaza - Parkview Project), ”C“, 1.25%, 6/01/2026 | 985,000 | 926,274 | ||
| Oregon Facilities Authority Rev. (Legacy Health), ”A“, 5%, 6/01/2046 | 10,100,000 | 11,040,523 | ||
| Oregon Facilities Authority Rev. (Samaritan Health Services Project), ”A“, 5%, 10/01/2040 | 750,000 | 857,070 | ||
| Oregon Health & Sciences University Rev., ”B“, 5%, 7/01/2034 | 7,500,000 | 8,334,505 | ||
| Oregon Housing & Community Services Department Mortgage Rev. (Single-Family Mortgage Program), ”D“, 4.75%, 1/01/2050 (u) | 6,380,000 | 6,688,403 | ||
| Port of Portland, OR, International Airport Rev., ”24B“, 5%, 7/01/2042 | 1,340,000 | 1,477,386 | ||
94
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Oregon - continued | ||||
| Washington Clackamas & Yamhill Counties, OR, Sherwood School District No. 88J, General Obligation, ”B“, 5%, 6/15/2030 | $ | 4,000,000 | $ 4,566,230 | |
| Washington Clackamas & Yamhill Counties, OR, Sherwood School District No. 88J, General Obligation, ”B“, 5%, 6/15/2033 | 1,750,000 | 1,983,890 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”A“, 5%, 11/15/2036 | 730,000 | 752,446 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”A“, 5%, 11/15/2046 | 1,115,000 | 1,125,955 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”A“, 5%, 11/15/2051 | 525,000 | 526,957 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”A“, 5%, 11/15/2056 | 3,150,000 | 3,139,534 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”B-1“, 2.5%, 11/15/2028 | 885,000 | 848,831 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”B-2“, 2.125%, 11/15/2027 | 350,000 | 336,212 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”B-3“, 1.75%, 11/15/2026 | 705,000 | 677,012 | ||
| $ 55,390,202 | ||||
| Pennsylvania - 6.6% | ||||
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), ”A“, 4%, 4/01/2044 | $ | 6,590,000 | $ 6,883,136 | |
| Allentown, PA, City School District Rev., ”C“, BAM, 4%, 2/01/2035 | 1,150,000 | 1,250,279 | ||
| Allentown, PA, City School District Rev., ”C“, BAM, 4%, 2/01/2036 | 1,100,000 | 1,194,909 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 | 985,000 | 1,105,777 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2028 (n) | 250,000 | 275,350 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n) | 135,000 | 147,210 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | 330,000 | 356,211 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2027 (n) | 2,000,000 | 2,188,801 | ||
| Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2035 | 500,000 | 547,803 | ||
| Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2036 | 1,075,000 | 1,176,859 | ||
| Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2037 | 500,000 | 541,852 | ||
95
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2038 | $ | 500,000 | $ 541,128 | |
| Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2041 | 2,500,000 | 2,695,383 | ||
| Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2051 | 1,500,000 | 1,590,939 | ||
| Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2055 | 1,595,000 | 1,689,693 | ||
| Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2035 | 2,280,000 | 2,441,087 | ||
| Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2036 | 855,000 | 914,627 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | 1,125,000 | 1,201,277 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2029 | 3,955,000 | 4,191,339 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2030 | 2,025,000 | 2,137,602 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2037 | 940,000 | 978,820 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047 | 1,460,000 | 1,495,597 | ||
| Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), ”A“, 5%, 11/01/2044 | 7,670,000 | 7,678,245 | ||
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), ”B“, 5%, 2/01/2040 (Put Date 2/01/2030) | 4,200,000 | 4,442,896 | ||
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), ”B-1“, 5%, 2/01/2040 (Put Date 2/01/2025) | 9,885,000 | 10,205,606 | ||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | 550,000 | 615,062 | ||
| Berks County, PA, Reading School District, BAM, 4%, 4/01/2044 | 945,000 | 1,011,996 | ||
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | 895,000 | 952,414 | ||
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050 | 4,485,000 | 4,744,959 | ||
| Cambria County, PA, General Obligation, ”B“, AGM, 4%, 8/01/2032 | 225,000 | 241,035 | ||
| Cambria County, PA, General Obligation, ”B“, AGM, 4%, 8/01/2033 | 270,000 | 288,270 | ||
| Cambria County, PA, General Obligation, ”B“, AGM, 4%, 8/01/2034 | 335,000 | 355,272 | ||
| Cambria County, PA, General Obligation, ”B“, AGM, 4%, 8/01/2035 | 325,000 | 344,336 | ||
| Cambria County, PA, General Obligation, ”B“, AGM, 4%, 8/01/2036 | 170,000 | 179,941 | ||
| Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), ”A“, 4.75%, 12/15/2037 | 1,115,000 | 1,182,724 | ||
96
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), ”A“, 5%, 12/15/2047 | $ | 530,000 | $ 565,356 | |
| Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), ”A“, 5%, 12/15/2051 | 645,000 | 686,675 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 1,475,000 | 1,654,091 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 1,260,000 | 1,409,589 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 630,000 | 703,743 | ||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2023 | 470,000 | 480,209 | ||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 (Prerefunded 1/01/2025) | 310,000 | 325,844 | ||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 (Prerefunded 1/01/2025) | 1,065,000 | 1,119,433 | ||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 | 780,000 | 800,768 | ||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 (Prerefunded 1/01/2025) | 30,000 | 32,329 | ||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 (Prerefunded 1/01/2025) | 140,000 | 150,867 | ||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 | 175,000 | 184,232 | ||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ETM, 5%, 1/01/2023 | 120,000 | 123,056 | ||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ETM, 5%, 1/01/2023 | 325,000 | 333,400 | ||
| Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2029 | 1,440,000 | 1,498,962 | ||
| Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048 | 505,000 | 535,303 | ||
| Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2030 | 850,000 | 923,789 | ||
| Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2031 | 500,000 | 542,560 | ||
| Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2032 | 500,000 | 539,133 | ||
| Delaware County, PA, Upper Darby School District, General Obligation, ”A“, BAM, 4%, 4/01/2046 | 600,000 | 635,745 | ||
| Delaware County, PA, Upper Darby School District, General Obligation, ”A“, BAM, 4%, 4/01/2051 | 2,345,000 | 2,459,585 | ||
97
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | $ | 7,315,000 | $ 6,937,882 | |
| Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045 | 585,000 | 594,681 | ||
| Doylestown, PA, Hospital Rev., ”A“, 5%, 7/01/2049 | 590,000 | 640,083 | ||
| 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) | 365,000 | 399,236 | ||
| 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) | 470,000 | 514,085 | ||
| 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) | 485,000 | 517,503 | ||
| 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) | 265,000 | 282,760 | ||
| Erie, PA, City School District General Obligation, ”A“, AGM, 5%, 4/01/2034 | 820,000 | 939,054 | ||
| Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), ”A“, 4%, 7/01/2049 | 7,950,000 | 8,308,492 | ||
| Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, ”B“, 0%, 12/01/2036 | 12,095,000 | 7,203,901 | ||
| Lehigh County, PA, Water & Sewer Authority Rev., ”A“, 5%, 12/01/2043 | 4,445,000 | 4,651,264 | ||
| Lehigh County, PA, Water & Sewer Authority Rev., ”A“, 5%, 12/01/2043 (Prerefunded 12/01/2023) | 5,165,000 | 5,428,052 | ||
| Luzerne County, PA, ”A“, AGM, 5%, 12/15/2023 | 675,000 | 708,769 | ||
| Luzerne County, PA, ”A“, AGM, 5%, 12/15/2024 | 690,000 | 737,327 | ||
| Luzerne County, PA, ”A“, AGM, 5%, 12/15/2026 | 630,000 | 700,912 | ||
| Luzerne County, PA, ”A“, AGM, 5%, 11/15/2029 | 5,835,000 | 6,399,573 | ||
| Luzerne County, PA, ”A“, AGM, 5%, 12/15/2029 | 1,570,000 | 1,793,358 | ||
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | 940,000 | 1,061,690 | ||
| Lycoming County, PA, College Rev. (Pennsylvania College of Technology), ”A“, BAM, 5%, 7/01/2030 | 2,000,000 | 2,346,675 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2031 | 680,000 | 787,362 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2032 | 2,625,000 | 2,999,082 | ||
98
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2033 | $ | 2,000,000 | $ 2,282,107 | |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 1,970,000 | 2,054,825 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049 | 1,880,000 | 1,936,573 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2051 | 3,785,000 | 3,885,171 | ||
| Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), ”C“, 5%, 11/15/2045 | 1,380,000 | 1,542,833 | ||
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 2,385,000 | 2,453,584 | ||
| Montour County, PA, Geisinger Authority Health System Rev., ”A“, 4%, 4/01/2039 | 3,320,000 | 3,495,108 | ||
| Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2032 | 450,000 | 496,284 | ||
| Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2033 | 600,000 | 660,694 | ||
| Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2044 | 1,310,000 | 1,416,074 | ||
| Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049 | 800,000 | 860,877 | ||
| Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2026 | 1,110,000 | 1,162,856 | ||
| Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2027 | 760,000 | 799,860 | ||
| Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2028 | 795,000 | 837,791 | ||
| Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2031 | 210,000 | 221,755 | ||
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), ”B-2“, 0.3%, 4/01/2049 (Put Date 7/15/2022) | 1,860,000 | 1,854,514 | ||
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 0.86%, 6/01/2041 (Put Date 6/03/2024) | 5,800,000 | 5,773,442 | ||
99
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 2.15%, 7/01/2041 (Put Date 7/01/2024) | $ | 8,000,000 | $ 7,921,958 | |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 0.58%, 8/01/2037 (Put Date 8/01/2024) | 2,020,000 | 1,928,508 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., ”A“, 5%, 6/01/2030 | 250,000 | 286,696 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., ”A“, 2.625%, 6/01/2042 | 1,495,000 | 1,363,401 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), ”A“, AGM, 4%, 5/01/2040 | 1,310,000 | 1,406,534 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), ”A“, 5%, 3/01/2038 | 1,000,000 | 1,129,677 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), ”A“, 5%, 3/01/2039 | 250,000 | 282,056 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services, Inc. Housing Project), 5%, 10/01/2044 (Prerefunded 10/01/2022) | 3,915,000 | 3,987,368 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”128A“, 4.75%, 4/01/2033 (u) | 4,470,000 | 4,670,328 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135A“, 3%, 10/01/2051 | 9,865,000 | 9,914,553 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 4/01/2028 | 2,350,000 | 2,648,189 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 4/01/2029 | 2,400,000 | 2,741,784 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 10/01/2029 | 2,410,000 | 2,770,423 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 4/01/2030 | 2,420,000 | 2,788,927 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 10/01/2030 | 1,400,000 | 1,622,549 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134A”, 3%, 10/01/2049 | 14,430,000 | 14,501,876 | ||
| Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 5%, 6/15/2030 (w) | 610,000 | 723,653 | ||
| Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2031 (w) | 910,000 | 1,002,385 | ||
100
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2032 (w) | $ | 600,000 | $ 659,382 | |
| Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2033 (w) | 640,000 | 697,695 | ||
| Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2034 (w) | 645,000 | 700,295 | ||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), ”A“, AGM, 5%, 6/01/2030 | 2,000,000 | 2,229,149 | ||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), ”A“, AGM, 5%, 6/01/2032 | 7,820,000 | 8,683,160 | ||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), ”A“, AGM, 5%, 6/01/2033 | 22,255,000 | 24,690,776 | ||
| Pennsylvania Turnpike Commission Rev., ”A“, 5%, 12/01/2044 | 2,220,000 | 2,557,983 | ||
| Philadelphia, PA, ”B“, 5%, 2/01/2032 | 5,250,000 | 6,070,680 | ||
| Philadelphia, PA, ”B“, 5%, 2/01/2035 | 3,850,000 | 4,437,435 | ||
| Philadelphia, PA, Airport Refunding Rev., ”B“, 5%, 7/01/2047 | 5,000,000 | 5,418,368 | ||
| Philadelphia, PA, Airport Rev., ”B“, 5%, 7/01/2033 | 4,215,000 | 4,630,950 | ||
| Philadelphia, PA, Airport Rev., ”B“, 5%, 7/01/2034 | 250,000 | 274,445 | ||
| Philadelphia, PA, Airport Rev., ”B“, 5%, 7/01/2042 | 11,175,000 | 12,182,021 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”A“, 5.625%, 8/01/2036 | 315,000 | 332,947 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”A“, 5.75%, 8/01/2046 | 1,030,000 | 1,080,017 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”A“, 5.375%, 8/01/2051 | 1,530,000 | 1,637,818 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”B“, 6%, 8/01/2051 | 1,180,000 | 1,246,402 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), ”A-1“, 6.75%, 6/15/2033 | 150,000 | 157,120 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), ”A-1“, 7%, 6/15/2043 | 355,000 | 371,426 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), ”A“, 5%, 9/01/2035 | 1,040,000 | 1,156,914 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), ”A“, 5%, 9/01/2042 | 10,810,000 | 12,004,144 | ||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”I“, 5%, 12/01/2037 | 2,080,000 | 2,271,661 | ||
101
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”I“, 5%, 12/01/2058 | $ | 8,300,000 | $ 8,938,624 | |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”III“, 5.25%, 12/01/2047 (n) | 350,000 | 351,121 | ||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”III“, 5.5%, 12/01/2058 (n) | 505,000 | 508,663 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ”A“, 5%, 7/01/2037 | 565,000 | 564,359 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ”A“, 5%, 7/01/2042 | 1,940,000 | 1,901,140 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ”A“, 5%, 7/01/2049 | 1,685,000 | 1,607,756 | ||
| Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), ”15“, 5%, 8/01/2042 | 9,075,000 | 10,084,764 | ||
| Philadelphia, PA, Gas Works Rev., ”14“, AGM, 5%, 10/01/2033 | 2,910,000 | 3,238,535 | ||
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, 5%, 7/01/2035 (w) | 1,745,000 | 2,026,178 | ||
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, 5%, 7/01/2036 (w) | 2,495,000 | 2,891,480 | ||
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, 5%, 7/01/2037 (w) | 2,580,000 | 2,987,088 | ||
| Philadelphia, PA, Redevelopment Authority Refunding Rev. (Neighborhood Transformation Initiative), BAM, 5%, 4/15/2024 | 1,900,000 | 1,915,153 | ||
| Philadelphia, PA, School District General Obligation, ”F“, 5%, 9/01/2038 | 255,000 | 281,074 | ||
| Philadelphia, PA, School District, ”A“, 5%, 9/01/2033 | 310,000 | 354,513 | ||
| Philadelphia, PA, School District, ”A“, 5%, 9/01/2035 | 1,160,000 | 1,324,183 | ||
| Philadelphia, PA, School District, ”A“, 4%, 9/01/2036 | 1,565,000 | 1,679,808 | ||
| Philadelphia, PA, School District, ”A“, 5%, 9/01/2036 | 385,000 | 439,151 | ||
| Philadelphia, PA, School District, ”A“, 4%, 9/01/2037 | 1,240,000 | 1,333,605 | ||
| Philadelphia, PA, School District, ”A“, 5%, 9/01/2037 | 385,000 | 438,926 | ||
| Philadelphia, PA, School District, ”A“, 4%, 9/01/2038 | 1,775,000 | 1,906,296 | ||
| Philadelphia, PA, School District, ”A“, 5%, 9/01/2038 | 385,000 | 438,391 | ||
| Philadelphia, PA, School District, ”A“, 4%, 9/01/2039 | 1,000,000 | 1,072,467 | ||
102
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Philadelphia, PA, School District, ”B“, 5%, 9/01/2043 | $ | 1,160,000 | $ 1,312,103 | |
| Philadelphia, PA, School District, ”F“, 5%, 9/01/2037 | 1,020,000 | 1,126,090 | ||
| Philadelphia, PA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2045 | 6,500,000 | 7,494,228 | ||
| Pittsburgh, PA, Water & Sewer Authority Rev., ”A“, AGM, 5%, 9/01/2032 | 750,000 | 917,555 | ||
| Pittsburgh, PA, Water & Sewer Authority Rev., ”A“, AGM, 5%, 9/01/2033 | 565,000 | 701,510 | ||
| Pittsburgh, PA, Water & Sewer Authority Rev., ”A“, AGM, 4%, 9/01/2035 | 285,000 | 310,151 | ||
| Pittsburgh, PA, Water & Sewer Authority Rev., ”A“, AGM, 5%, 9/01/2044 | 1,875,000 | 2,172,480 | ||
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044 | 1,920,000 | 2,014,254 | ||
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046 | 2,945,000 | 3,078,087 | ||
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048 | 2,015,000 | 2,105,080 | ||
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023 | 65,000 | 65,424 | ||
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | 80,000 | 83,271 | ||
| Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2041 | 595,000 | 645,282 | ||
| Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2043 | 630,000 | 673,559 | ||
| Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2046 | 1,075,000 | 1,147,142 | ||
| Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2051 | 1,510,000 | 1,601,141 | ||
| West Shore, PA, Area Authority Rev. (Messiah Village Project), ”A“, 5%, 7/01/2030 | 445,000 | 468,194 | ||
| West Shore, PA, Area Authority Rev. (Messiah Village Project), ”A“, 5%, 7/01/2035 | 435,000 | 454,402 | ||
| Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), ”A“, 4%, 7/01/2025 | 350,000 | 369,750 | ||
| Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), ”A“, 5%, 7/01/2027 | 570,000 | 644,887 | ||
| $ 398,028,711 | ||||
103
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Puerto Rico - 2.9% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”A“, NPFG, 4.75%, 7/01/2038 | $ | 5,860,000 | $ 6,027,339 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032 | 5,005,000 | 5,039,829 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NPFG, 5%, 7/01/2029 | 365,000 | 373,232 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”M“, AGM, 5%, 7/01/2032 | 660,000 | 664,799 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2030 | 5,350,000 | 5,435,173 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031 | 1,980,000 | 2,009,636 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, ”A“, NPFG, 5%, 7/01/2038 | 570,000 | 586,277 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 954,567 | 871,038 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 2,388,095 | 1,379,129 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 2,072,533 | 2,122,826 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 2,066,722 | 2,180,490 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 2,048,004 | 2,236,199 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 2,014,778 | 2,246,874 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 4,499,937 | 5,125,433 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 1,855,691 | 1,811,552 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 1,668,019 | 1,609,632 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 1,431,601 | 1,374,572 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 1,946,429 | 1,848,388 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 2,024,259 | 1,904,197 | ||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 10,160,000 | 9,702,800 | ||
| Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 1,535,000 | 1,465,925 | ||
104
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Puerto Rico - continued | ||||
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | $ | 850,000 | $ 816,000 | |
| Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 405,000 | 388,800 | ||
| Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 3,815,000 | 3,662,400 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 425,000 | 405,875 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 3,990,000 | 3,810,450 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 6,450,000 | 6,159,750 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.625%, 7/01/2023 | 445,000 | 449,755 | ||
| Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.65%, 7/01/2024 | 1,915,000 | 1,935,463 | ||
| Puerto Rico Electric Power Authority Rev., ”NN“, NPFG, 5.25%, 7/01/2022 | 1,505,000 | 1,508,413 | ||
| Puerto Rico Electric Power Authority Rev., ”NN“, NPFG, 4.75%, 7/01/2033 | 225,000 | 231,425 | ||
| Puerto Rico Electric Power Authority Rev., ”PP“, NPFG, 5%, 7/01/2022 | 905,000 | 923,784 | ||
| Puerto Rico Electric Power Authority Rev., ”PP“, NPFG, 5%, 7/01/2024 | 160,000 | 163,321 | ||
| Puerto Rico Electric Power Authority Rev., ”PP“, NPFG, 5%, 7/01/2025 | 210,000 | 214,359 | ||
| Puerto Rico Electric Power Authority Rev., ”RR“, AGM, 5%, 7/01/2028 | 110,000 | 111,965 | ||
| Puerto Rico Electric Power Authority Rev., ”RR“, NPFG, 5%, 7/01/2022 | 555,000 | 566,520 | ||
| Puerto Rico Electric Power Authority Rev., ”SS“, AGM, 4.375%, 7/01/2030 | 230,000 | 232,737 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 1,955,000 | 1,867,025 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 1,705,000 | 1,628,275 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 345,000 | 329,475 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 5,215,000 | 4,980,325 | ||
| Puerto Rico Electric Power Authority Rev., ”TT“, NPFG, 5%, 7/01/2024 | 970,000 | 990,133 | ||
105
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Puerto Rico - continued | ||||
| Puerto Rico Electric Power Authority Rev., ”TT“, NPFG, 5%, 7/01/2026 | $ | 35,000 | $ 35,726 | |
| Puerto Rico Electric Power Authority Rev., ”UU“, AGM, 5%, 7/01/2022 | 360,000 | 366,432 | ||
| Puerto Rico Electric Power Authority Rev., ”UU“, AGM, 4.25%, 7/01/2027 | 1,385,000 | 1,399,830 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2025 | 280,000 | 287,719 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2026 | 840,000 | 865,293 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2029 | 2,295,000 | 2,366,237 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030 | 3,085,000 | 3,150,169 | ||
| Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 465,000 | 478,544 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 360,000 | 346,050 | ||
| Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 815,000 | 782,400 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 2,450,000 | 2,339,750 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 2,730,000 | 2,620,800 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 955,000 | 916,800 | ||
| Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 2,950,000 | 2,832,000 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 2,380,000 | 2,320,500 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | 1,800,000 | 1,845,000 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 2,805,000 | 2,829,011 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022 | 600,000 | 600,000 | ||
106
Portfolio of
Investments – 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%, 3/01/2026 | $ | 125,000 | $ 125,607 | |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027 | 2,205,000 | 2,236,343 | ||
| 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 | 690,000 | 693,316 | ||
| 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 | 735,000 | 746,150 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036 | 820,000 | 823,985 | ||
| 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 | 545,000 | 554,185 | ||
| Puerto Rico Municipal Finance Agency, ”A“, AGM, 5%, 8/01/2027 | 190,000 | 192,608 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.5%, 7/01/2034 | 395,000 | 412,853 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 974,000 | 1,020,187 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 13,541,000 | 14,396,786 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 9,821,000 | 10,159,570 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053 | 132,000 | 136,935 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 1,824,000 | 1,917,617 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 141,000 | 132,174 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 1,554,000 | 1,329,806 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 293,000 | 233,576 | ||
107
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Puerto Rico - continued | ||||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | $ | 14,021,000 | $ 10,378,061 | |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 13,721,000 | 9,361,590 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 9,798,000 | 2,994,222 | ||
| University of Puerto Rico Rev., ”P“, NPFG, 5%, 6/01/2025 | 350,000 | 357,265 | ||
| $ 171,976,687 | ||||
| Rhode Island - 0.3% | ||||
| Providence, RI, ”A“, 5%, 1/15/2025 (Prerefunded 1/15/2023) | $ | 1,345,000 | $ 1,382,109 | |
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2028 | 350,000 | 404,015 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2029 | 375,000 | 438,764 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2030 | 380,000 | 449,669 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2031 | 400,000 | 478,914 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2032 | 425,000 | 506,288 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2033 | 440,000 | 522,461 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2034 | 460,000 | 545,476 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2035 | 500,000 | 592,252 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2036 | 525,000 | 621,162 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 4%, 11/01/2037 | 665,000 | 716,436 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 4%, 11/01/2038 | 700,000 | 752,821 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 4%, 11/01/2039 | 855,000 | 917,918 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 4%, 11/01/2040 | 900,000 | 964,581 | ||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 4%, 11/01/2041 | 175,000 | 187,270 | ||
| Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 5%, 12/01/2028 | 875,000 | 994,062 | ||
| Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 5%, 12/01/2029 | 700,000 | 805,228 | ||
108
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Rhode Island - continued | ||||
| Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 5%, 12/01/2030 | $ | 650,000 | $ 754,667 | |
| Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 2.25%, 12/01/2039 | 2,485,000 | 2,288,057 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2022 | 700,000 | 716,071 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.5%, 12/01/2034 | 1,260,000 | 1,254,030 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | 3,875,000 | 3,751,137 | ||
| $ 20,043,388 | ||||
| South Carolina - 1.6% | ||||
| Lexington County, SC, Health Services District, Inc., Hospital Refunding Rev., 5%, 11/01/2028 | $ | 650,000 | $ 735,895 | |
| North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), ”A“, 5%, 10/01/2040 | 3,880,000 | 4,305,936 | ||
| Richland County, SC, Environmental Improvement Rev. (International Paper), ”A“, 3.875%, 4/01/2023 | 5,750,000 | 5,861,721 | ||
| Rock Hill, SC, Combined Utility System Rev., ”A“, 4%, 1/01/2049 | 4,350,000 | 4,552,809 | ||
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), ”A“, 4%, 6/01/2036 (n) | 480,000 | 471,823 | ||
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), ”A“, 4%, 6/01/2046 (n) | 420,000 | 394,545 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047 | 8,425,000 | 9,360,570 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), ”A“, 5%, 5/01/2048 | 6,685,000 | 7,404,943 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (St. Joseph's/Candler Health System, Inc.), ”C“, 5%, 7/01/2032 | 5,000,000 | 5,773,407 | ||
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047 | 1,580,000 | 1,645,044 | ||
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2052 | 1,210,000 | 1,258,150 | ||
| South Carolina Ports Authority Rev., 5.25%, 7/01/2050 (Prerefunded 7/01/2025) | 3,075,000 | 3,362,092 | ||
| South Carolina Ports Authority Rev., ”B“, 4%, 7/01/2035 | 3,405,000 | 3,571,525 | ||
| South Carolina Ports Authority Rev., ”B“, 4%, 7/01/2037 | 5,290,000 | 5,532,955 | ||
| South Carolina Ports Authority Rev., ”B“, 4%, 7/01/2039 | 5,235,000 | 5,453,561 | ||
109
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| South Carolina - continued | ||||
| South Carolina Ports Authority Rev., ”B“, 5%, 7/01/2044 | $ | 8,000,000 | $ 8,848,250 | |
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 2.641%, 12/01/2026 | 7,990,000 | 7,559,748 | ||
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 2.771%, 12/01/2027 | 3,700,000 | 3,483,576 | ||
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 2.923%, 12/01/2028 | 2,750,000 | 2,584,674 | ||
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 2.993%, 12/01/2029 | 1,800,000 | 1,681,822 | ||
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 3.043%, 12/01/2030 | 575,000 | 535,170 | ||
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 3.593%, 12/01/2039 | 4,150,000 | 3,892,097 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 5%, 4/15/2048 | 4,620,000 | 5,160,138 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, AGM, 4%, 4/15/2045 | 1,080,000 | 1,159,244 | ||
| $ 94,589,695 | ||||
| South Dakota - 0.3% | ||||
| South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., ”B“, 5%, 6/01/2024 (Prerefunded 6/01/2023) | $ | 1,000,000 | $ 1,037,960 | |
| South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., ”B“, 5%, 6/01/2025 (Prerefunded 6/01/2023) | 1,000,000 | 1,037,960 | ||
| South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., ”B“, 5%, 6/01/2026 (Prerefunded 6/01/2023) | 1,400,000 | 1,453,145 | ||
| South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable , 0.961%, 6/01/2024 | 1,995,000 | 1,913,013 | ||
| South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable , 1.245%, 6/01/2025 | 3,500,000 | 3,283,748 | ||
| South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable , 1.495%, 6/01/2026 | 2,500,000 | 2,303,165 | ||
| South Dakota Housing Development Authority, Homeownership Mortgage, ”B“, 4.5%, 11/01/2048 (u) | 6,760,000 | 7,066,236 | ||
| $ 18,095,227 | ||||
| Tennessee - 2.1% | ||||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), ”A“, 5.25%, 1/01/2045 (Prerefunded 1/01/2023) | $ | 9,810,000 | $ 10,077,859 | |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), ”A-2“, 5%, 8/01/2049 | 330,000 | 367,489 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), ”A“, 5%, 1/01/2042 | 7,000,000 | 7,620,625 | ||
110
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Tennessee - continued | ||||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | $ | 790,000 | $ 874,977 | |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 2,805,000 | 3,087,064 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2030 | 7,250,000 | 8,282,794 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2040 | 9,465,000 | 10,609,186 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2031 | 250,000 | 291,057 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2032 | 1,155,000 | 1,337,280 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2033 | 1,750,000 | 2,016,383 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2034 | 3,695,000 | 4,245,352 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2035 | 3,880,000 | 4,439,302 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2036 | 4,075,000 | 4,657,705 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2037 | 4,280,000 | 4,883,981 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2038 | 4,495,000 | 5,120,854 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2039 | 4,715,000 | 5,362,697 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2040 | 1,955,000 | 2,219,986 | ||
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), ”A“, 5%, 7/01/2035 | 2,685,000 | 2,943,809 | ||
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034 | 170,000 | 184,634 | ||
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., ”B“, 5%, 7/01/2035 | 1,700,000 | 1,921,851 | ||
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., ”B“, 5%, 7/01/2054 | 10,000,000 | 11,044,544 | ||
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2032 | 565,000 | 412,145 | ||
111
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Tennessee - continued | ||||
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2033 | $ | 800,000 | $ 561,388 | |
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2034 | 480,000 | 323,921 | ||
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2035 | 620,000 | 401,984 | ||
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2036 | 600,000 | 373,543 | ||
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2037 | 720,000 | 430,407 | ||
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2038 | 600,000 | 343,753 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | 1,665,000 | 1,690,301 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2023 | 2,385,000 | 2,488,034 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2026 | 2,805,000 | 3,090,103 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 7/01/2028 (w) | 2,005,000 | 2,285,866 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 1/01/2029 (w) | 1,080,000 | 1,234,871 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 7/01/2029 (w) | 1,880,000 | 2,164,265 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 1/01/2030 (w) | 2,185,000 | 2,520,078 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 7/01/2030 (w) | 2,215,000 | 2,571,645 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 1/01/2031 (w) | 1,045,000 | 1,214,179 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 7/01/2031 (w) | 2,355,000 | 2,749,844 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 3.75%, 7/01/2039 | 1,025,000 | 1,034,353 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4%, 1/01/2043 | 1,695,000 | 1,747,263 | ||
112
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Tennessee - continued | ||||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”2-C“, 4%, 1/01/2045 | $ | 510,000 | $ 520,811 | |
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”3“, 4.25%, 7/01/2049 | 2,005,000 | 2,081,509 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., ”4“, 4.5%, 7/01/2049 (u) | 6,160,000 | 6,438,689 | ||
| $ 128,268,381 | ||||
| Texas - 4.8% | ||||
| Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2057 (w) | $ | 5,590,000 | $ 6,339,088 | |
| Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2028 | 650,000 | 745,739 | ||
| Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2029 | 600,000 | 697,750 | ||
| Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2030 | 850,000 | 990,802 | ||
| Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2031 | 630,000 | 734,007 | ||
| Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2032 | 625,000 | 727,557 | ||
| Arlington, TX, Senior Lien Special Tax Rev., ”A“, AGM, 5%, 2/15/2037 | 1,200,000 | 1,367,451 | ||
| Arlington, TX, Senior Lien Special Tax Rev., ”A“, AGM, 5%, 2/15/2038 | 980,000 | 1,115,490 | ||
| Arlington, TX, Senior Lien Special Tax Rev., ”A“, AGM, 5%, 2/15/2043 | 5,100,000 | 5,763,470 | ||
| Austin, TX, Airport System Rev., ”B“, 5%, 11/15/2041 | 1,070,000 | 1,173,817 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2029 | 715,000 | 762,296 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2031 | 1,055,000 | 1,120,291 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2034 | 200,000 | 203,256 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2026 | 490,000 | 503,517 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2028 | 315,000 | 324,039 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2030 | 460,000 | 470,101 | ||
| Austin, TX, Water & Wastewater System Rev., 5%, 11/15/2027 | 3,000,000 | 3,067,714 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., ”1A“, 2.35%, 4/01/2040 | 120,000 | 119,827 | ||
113
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., ”1A“, 3%, 4/01/2040 | $ | 900,000 | $ 750,782 | |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, ”1A“, 3.414%, 4/01/2040 | 255,000 | 256,493 | ||
| Capital Area, TX, Housing Finance Corp., Multi-Family Housing Rev. (Grand Ave. Flats), 0.29%, 8/01/2039 (Put Date 8/01/2024) | 4,180,000 | 3,964,879 | ||
| Central Texas Regional Mobility Authority Subordinate Lien Rev., ”C“, 5%, 1/01/2027 | 13,975,000 | 15,131,761 | ||
| Clear Creek, TX, Independent School District Variable Rate Unlimited Tax School Building, ”B“, 0.28%, 2/15/2038 (Put Date 8/15/2024) | 1,850,000 | 1,756,396 | ||
| College of the Mainland, TX, General Obligation, 4%, 8/15/2044 | 2,240,000 | 2,441,237 | ||
| Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), ”A“, 2.5%, 10/01/2031 | 430,000 | 381,008 | ||
| Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), ”A“, 4%, 10/01/2050 | 910,000 | 886,948 | ||
| Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), ”B“, 3.5%, 10/01/2031 (n) | 355,000 | 318,857 | ||
| Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), ”B“, 5%, 10/01/2050 (n) | 680,000 | 664,600 | ||
| Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), ”C“, 4%, 10/01/2041 | 290,000 | 307,982 | ||
| Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), ”C“, 4%, 10/01/2046 | 335,000 | 349,181 | ||
| Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), ”C“, 4%, 10/01/2050 | 240,000 | 249,375 | ||
| Dallas, TX, Dallas Area Rapid Transit Rev., ”B“, 4%, 12/01/2051 | 2,875,000 | 3,083,727 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2029 | 250,000 | 291,446 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2030 | 200,000 | 236,483 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2031 | 330,000 | 395,621 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2032 | 330,000 | 368,179 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2033 | 295,000 | 328,483 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2034 | 280,000 | 311,336 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2035 | 250,000 | 277,628 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2036 | 290,000 | 321,491 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2038 | 490,000 | 540,798 | ||
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2022 | 400,000 | 405,241 | ||
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2023 | 850,000 | 878,044 | ||
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2025 | 430,000 | 459,069 | ||
114
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2026 | $ | 650,000 | $ 703,301 | |
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2027 | 1,000,000 | 1,090,912 | ||
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2028 | 1,075,000 | 1,178,525 | ||
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2029 | 700,000 | 772,503 | ||
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2030 | 800,000 | 889,269 | ||
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2031 | 1,100,000 | 1,221,422 | ||
| El Paso, TX, Independent School District, Maintenance Tax Notes, 2%, 2/01/2040 (Put Date 8/01/2023) | 1,720,000 | 1,724,543 | ||
| Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2031 | 200,000 | 219,720 | ||
| Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2032 | 225,000 | 245,965 | ||
| Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2033 | 255,000 | 278,239 | ||
| Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2034 | 405,000 | 441,300 | ||
| Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2035 | 520,000 | 565,927 | ||
| Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2036 | 340,000 | 369,638 | ||
| Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2038 | 585,000 | 634,351 | ||
| Greater Texas Cultural Education Facilities Finance Corp. Lease Rev. (Epicenter Multipurpose Facilities Project), ”A“, 5%, 3/01/2031 | 500,000 | 596,343 | ||
| Greater Texas Cultural Education Facilities Finance Corp. Lease Rev. (Epicenter Multipurpose Facilities Project), ”A“, 5%, 3/01/2032 | 750,000 | 892,273 | ||
| Greater Texas Cultural Education Facilities Finance Corp. Lease Rev. (Epicenter Multipurpose Facilities Project), ”A“, 5%, 3/01/2033 | 800,000 | 949,938 | ||
| Harlandale, TX, Independent School District, Variable Rate Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024) | 4,310,000 | 4,322,855 | ||
| Harlingen, TX, Economic Development Corp., Sales Tax Refunding Rev. (Cameron County), ”A“, BAM, 4%, 2/15/2030 | 1,170,000 | 1,247,606 | ||
| Harlingen, TX, Economic Development Corp., Sales Tax Refunding Rev. (Cameron County), ”A“, BAM, 4%, 2/15/2031 | 1,525,000 | 1,617,823 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), ”A“, 4%, 10/01/2035 | 1,575,000 | 1,697,562 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), ”A“, 4%, 10/01/2036 | 2,790,000 | 3,000,429 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), ”A“, 4%, 10/01/2037 | 3,775,000 | 4,057,641 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), ”A“, 4%, 10/01/2038 | 3,150,000 | 3,381,021 | ||
| Harris County-Houston, TX, Sports Authority Rev., ”C“, 5%, 11/15/2032 | 225,000 | 239,326 | ||
115
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Harris County-Houston, TX, Sports Authority Rev., ”C“, 5%, 11/15/2033 | $ | 545,000 | $ 579,540 | |
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, ”A“, AGM, 0%, 11/15/2041 | 900,000 | 392,831 | ||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, ”A“, AGM, 0%, 11/15/2046 | 2,250,000 | 746,737 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | 1,565,000 | 1,609,568 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029 | 100,000 | 103,969 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), ”A“, 5%, 7/01/2027 | 665,000 | 723,646 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), ”B-1“, 5%, 7/15/2030 | 2,760,000 | 2,905,710 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), ”B-2“, 5%, 7/15/2027 | 905,000 | 985,172 | ||
| Houston, TX, Airport System Rev., Subordinate Lien, ”A“, 5%, 7/01/2031 (Prerefunded 7/01/2022) | 2,310,000 | 2,331,860 | ||
| Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 3.375%, 10/01/2037 | 240,000 | 240,129 | ||
| Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 800,000 | 790,489 | ||
| Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), ”A“, 5%, 10/15/2044 | 1,565,000 | 1,706,555 | ||
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2035 | 150,000 | 166,980 | ||
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2037 | 215,000 | 238,244 | ||
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2038 | 240,000 | 265,584 | ||
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2043 | 435,000 | 476,911 | ||
| Lubbock, TX, Electric Light and Power System Rev., 5%, 4/15/2032 | 1,500,000 | 1,761,371 | ||
| Lubbock, TX, Electric Light and Power System Rev., 5%, 4/15/2033 | 1,775,000 | 2,077,834 | ||
| Lubbock, TX, Electric Light and Power System Rev., 4%, 4/15/2034 | 1,725,000 | 1,890,171 | ||
| Matagorda County, TX, Navigation District 1, Pollution Control Refunding Rev. (Central Power & Light Co. Project), 0.9%, 5/01/2030 (Put Date 9/01/2023) | 2,640,000 | 2,596,298 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2038 | 490,000 | 552,802 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2048 | 1,595,000 | 1,793,503 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058 | 1,780,000 | 1,995,642 | ||
116
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2032 (w) | $ | 420,000 | $ 402,706 | |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2037 (w) | 570,000 | 528,880 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2042 (w) | 900,000 | 810,163 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2047 (w) | 1,475,000 | 1,287,781 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4.25%, 1/01/2057 (w) | 3,155,000 | 2,664,516 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 5%, 1/01/2057 (w) | 2,100,000 | 2,072,700 | ||
| 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) | 355,000 | 385,909 | ||
| 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) | 355,000 | 385,909 | ||
| 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) | 895,000 | 972,925 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Collegiate Housing Island Campus LLC - Texas A&M University - Corpus Christi Island Campus Project), ”A“, 5%, 4/01/2029 (Prerefunded 4/01/2027) | 235,000 | 265,795 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Texas A&M University Project), ”A“, AGM, 5%, 4/01/2046 | 1,585,000 | 1,670,933 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), 5%, 6/15/2033 | 45,000 | 45,217 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), 5%, 6/15/2038 | 115,000 | 115,526 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), 5%, 6/15/2048 | 345,000 | 346,445 | ||
117
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), ”A“, 5%, 6/15/2032 (Prerefunded 6/15/2022) | $ | 155,000 | $ 156,204 | |
| Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), ”A“, 5%, 6/15/2037 (Prerefunded 6/15/2022) | 175,000 | 176,359 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), ”A“, 5%, 6/15/2042 (Prerefunded 6/15/2022) | 215,000 | 216,670 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), ”A“, 5.25%, 6/15/2048 (Prerefunded 6/15/2022) | 300,000 | 302,477 | ||
| Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2028 | 175,000 | 199,820 | ||
| Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2029 | 385,000 | 446,123 | ||
| Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2030 | 360,000 | 423,141 | ||
| Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2031 | 375,000 | 439,368 | ||
| Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2033 | 700,000 | 766,909 | ||
| Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2035 | 625,000 | 681,222 | ||
| Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2037 | 800,000 | 868,397 | ||
| Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2038 | 400,000 | 433,259 | ||
| Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2039 | 300,000 | 324,465 | ||
| Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2040 | 350,000 | 377,994 | ||
| Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2041 | 350,000 | 377,246 | ||
| Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), ”B“, 4.1%, 1/01/2028 (n) | 18,750,000 | 17,037,174 | ||
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n) | 3,195,000 | 3,069,978 | ||
| Port Beaumont, TX, Navigation District Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), ”B“, 6%, 1/01/2025 (n) | 9,425,000 | 9,593,169 | ||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 4,380,000 | 4,794,015 | ||
| San Antonio, TX, Airport System Rev., ”A“, 5%, 7/01/2029 | 420,000 | 480,427 | ||
| San Antonio, TX, Airport System Rev., ”A“, 5%, 7/01/2030 | 520,000 | 592,122 | ||
| San Antonio, TX, Airport System Rev., ”A“, 5%, 7/01/2031 | 420,000 | 476,174 | ||
| San Antonio, TX, Airport System Rev., ”A“, 5%, 7/01/2032 | 420,000 | 475,496 | ||
| San Antonio, TX, Electric & Gas Systems Rev., 5%, 2/01/2031 | 6,000,000 | 6,604,389 | ||
| San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., ”A“, 5%, 7/01/2028 | 635,000 | 715,386 | ||
| San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., ”A“, 5%, 7/01/2029 | 625,000 | 713,161 | ||
| San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., ”A“, 5%, 7/01/2030 | 520,000 | 590,302 | ||
| San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., ”A“, 5%, 7/01/2031 | 375,000 | 423,589 | ||
118
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., ”A“, 5%, 7/01/2032 | $ | 465,000 | $ 524,181 | |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030 | 1,160,000 | 1,229,867 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 1,385,000 | 1,456,341 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040 | 1,505,000 | 1,574,706 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 | 9,356,076 | 9,246,507 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), ”A-1“, 5%, 10/01/2044 | 785,000 | 815,333 | ||
| Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2031 | 225,000 | 243,572 | ||
| Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2033 | 200,000 | 215,324 | ||
| Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2034 | 250,000 | 268,627 | ||
| Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2037 | 200,000 | 214,301 | ||
| Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2038 | 170,000 | 181,872 | ||
| Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2041 | 200,000 | 213,475 | ||
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., ”A“, 4.75%, 1/01/2049 (u) | 11,895,000 | 12,510,628 | ||
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., ”A“, GNMA, 3.5%, 7/01/2052 | 7,500,000 | 7,706,057 | ||
| Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., ”A“, 4.75%, 3/01/2049 (u) | 2,700,000 | 2,840,521 | ||
| Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., ”A“, GNMA, 3%, 3/01/2052 | 13,855,000 | 13,912,263 | ||
| Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2030 | 5,140,000 | 5,755,942 | ||
| Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2031 | 4,675,000 | 5,273,558 | ||
| Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2032 | 4,670,000 | 5,303,366 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segment 3C Project), 5%, 6/30/2058 | 12,920,000 | 14,175,133 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 1,495,000 | 1,599,448 | ||
119
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | $ | 1,195,000 | $ 1,273,841 | |
| Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5%, 5/01/2028 | 1,000,000 | 1,087,882 | ||
| Texas State University, Financing System Rev., ”A“, 5%, 3/15/2032 | 5,000,000 | 5,605,325 | ||
| Texas Transportation Commission, State Highway 249 System Rev., ”A“, 5%, 8/01/2057 | 4,100,000 | 4,411,603 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2037 | 455,000 | 243,343 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2038 | 335,000 | 169,885 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2039 | 375,000 | 180,377 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2040 | 375,000 | 170,610 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2041 | 745,000 | 320,871 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2042 | 1,025,000 | 417,745 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2043 | 840,000 | 324,331 | ||
| University of Texas, System Rev., ”J“, 5%, 8/15/2028 | 5,000,000 | 5,607,887 | ||
| $ 289,638,398 | ||||
| Utah - 0.6% | ||||
| Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), ”A“, 5%, 4/15/2039 | $ | 290,000 | $ 326,410 | |
| Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), ”A“, 5%, 4/15/2044 | 260,000 | 290,489 | ||
| Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), ”A“, 5%, 4/15/2049 | 1,840,000 | 2,044,044 | ||
| Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2037 | 1,000,000 | 1,073,634 | ||
| Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2042 | 3,495,000 | 3,720,931 | ||
| Utah County, UT, Hospital Rev. (IHC Health Services, Inc.), ”A“, 5%, 5/15/2043 | 5,000,000 | 5,823,458 | ||
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”G“, GNMA, 4.5%, 7/21/2049 | 1,056,641 | 1,078,971 | ||
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”H“, GNMA, 4.5%, 8/21/2049 | 579,556 | 591,803 | ||
120
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Utah - continued | ||||
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”I“, 2.5%, 8/21/2051 | $ | 3,786,266 | $ 3,667,988 | |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”I“, GNMA, 4%, 9/21/2049 | 1,103,458 | 1,119,411 | ||
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”J“, GNMA, 2.5%, 9/21/2051 | 14,620,191 | 14,163,475 | ||
| Utah Housing Corp., Tax-Exempt Mortgage-Backed Securities, ”G“, GNMA, 3.5%, 2/21/2050 | 1,552,334 | 1,567,078 | ||
| $ 35,467,692 | ||||
| Vermont - 0.4% | ||||
| Burlington, VT, Airport Rev., ”A“, 5%, 7/01/2022 | $ | 85,000 | $ 85,798 | |
| Burlington, VT, Airport Rev., ”A“, 4%, 7/01/2028 | 2,020,000 | 2,026,188 | ||
| Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%, 4/01/2036 (Put Date 4/03/2028) (n) | 1,035,000 | 1,117,248 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3.625%, 6/15/2029 | 325,000 | 327,988 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”A“, 5%, 6/15/2029 | 500,000 | 561,906 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3.75%, 6/15/2030 | 345,000 | 348,348 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”A“, 5%, 6/15/2031 | 565,000 | 642,807 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”A“, 4%, 6/15/2033 | 325,000 | 328,760 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”A“, 4%, 6/15/2034 | 345,000 | 348,700 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3%, 6/15/2035 | 8,540,000 | 7,855,110 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3.375%, 6/15/2036 | 4,675,000 | 4,561,008 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”A“, 2.375%, 6/15/2039 | 1,425,000 | 1,301,118 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”B“, 4.375%, 6/15/2046 | 765,000 | 720,528 | ||
| Vermont Student Assistance Corp., Education Loan Rev., ”B“, 4%, 6/15/2047 | 1,260,000 | 1,133,939 | ||
| $ 21,359,446 | ||||
121
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Virginia - 0.7% | ||||
| Amelia County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027 | $ | 865,000 | $ 807,485 | |
| Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027 | 405,000 | 378,071 | ||
| Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 2.4%, 8/01/2027 (Put Date 5/02/2022) | 1,275,000 | 1,275,276 | ||
| Commonwealth of Virginia, University Health System General Rev., ”A“, 4%, 7/01/2040 | 13,150,000 | 13,962,187 | ||
| Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 (Prerefunded 3/01/2023) | 2,100,000 | 2,204,150 | ||
| Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2035 | 3,905,000 | 4,479,248 | ||
| Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2037 | 3,990,000 | 4,570,331 | ||
| Gloucester County, VA, Industrial Development Authority Rev. (Waste Management Disposal Services of Virginia, Inc.), ”A“, 2.4%, 9/01/2038 (Put Date 5/02/2022) | 1,090,000 | 1,090,236 | ||
| Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), RIBS, ETM, AGM, 11.004%, 8/23/2027 (p) | 2,900,000 | 3,512,636 | ||
| King George County, VA, Industrial Development Authority Solid Waste Disposal Rev. (King George Landfill, Inc. Project), ”A“, 2.5%, 6/01/2023 (Put Date 6/01/2023) | 1,455,000 | 1,458,579 | ||
| Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), ”B“, 0.75%, 11/01/2035 (Put Date 9/02/2025) | 4,160,000 | 3,924,355 | ||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4%, 9/01/2023 (n) | 10,000 | 10,011 | ||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2028 (n) | 145,000 | 146,172 | ||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | 270,000 | 277,332 | ||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | 980,000 | 980,523 | ||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | 230,000 | 235,674 | ||
| Sussex County, VA, Industrial Development Authority Solid Waste Disposal Rev. (Atlantic Waste Disposal, Inc. Project), ”A“, 2.4%, 6/01/2028 (Put Date 5/02/2022) | 1,275,000 | 1,275,276 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2030 (n) | 800,000 | 830,070 | ||
122
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Virginia - continued | ||||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n) | $ | 715,000 | $ 739,017 | |
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2027 | 375,000 | 410,282 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2028 | 400,000 | 440,839 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2029 | 400,000 | 444,731 | ||
| Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 625,000 | 671,514 | ||
| Virginia Small Business Financing Authority Rev., Solid Waste Disposal (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n) | 185,000 | 187,432 | ||
| West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), ”A“, 6.375%, 3/01/2019 (a)(d) | 529,028 | 53 | ||
| $ 44,311,480 | ||||
| Washington - 2.1% | ||||
| Central Puget Sound, WA, Regional Transit Authority Sales Tax & Motor Vehicle Excise Tax Rev., ”S-1“, 5%, 11/01/2041 | $ | 13,000,000 | $ 14,466,897 | |
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | 1,885,000 | 2,044,051 | ||
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | 2,410,000 | 2,601,098 | ||
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | 4,630,000 | 4,931,767 | ||
| Seattle, WA, Housing Authority Rev. (Northgate Plaza Project), 1%, 6/01/2026 | 5,360,000 | 5,084,969 | ||
| Seattle, WA, Port Intermediate Lien Rev., 5%, 4/01/2037 | 10,000,000 | 11,278,741 | ||
| Seattle, WA, Port Intermediate Lien Rev., ”C“, 5%, 8/01/2024 | 6,350,000 | 6,752,900 | ||
| Seattle, WA, Port Intermediate Lien Rev., ”C“, 5%, 8/01/2025 | 3,175,000 | 3,454,250 | ||
| Seattle, WA, Port Intermediate Lien Rev., ”C“, 5%, 8/01/2026 | 4,020,000 | 4,459,179 | ||
| Seattle, WA, Port Rev., 4%, 4/01/2044 | 1,600,000 | 1,676,678 | ||
| Seattle, WA, Port Rev., ”B“, 5%, 8/01/2024 | 3,000,000 | 3,033,130 | ||
| Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2045 | 5,140,000 | 5,863,438 | ||
| Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2050 | 2,500,000 | 2,842,718 | ||
| Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2055 | 6,360,000 | 7,199,136 | ||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2027 | 500,000 | 558,839 | ||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035 | 1,875,000 | 2,070,413 | ||
123
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Washington - continued | ||||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037 | $ | 1,710,000 | $ 1,886,097 | |
| Washington Motor Vehicle Fuel Tax, ”E“, 5%, 2/01/2037 | 12,000,000 | 12,599,756 | ||
| Washington Motor Vehicle Fuel Tax, ”E“, 5%, 2/01/2039 | 7,985,000 | 8,379,686 | ||
| Washington State Housing Finance Commission, Municipal Certificates, ”A“, 3.5%, 12/01/2035 | 16,199,389 | 16,004,153 | ||
| Washington State Housing Finance Commission, Single Family Rev., ”1N“, GNMA, 3%, 12/01/2049 | 6,995,000 | 7,030,062 | ||
| $ 124,217,958 | ||||
| West Virginia - 0.5% | ||||
| Monongalia County, WV, Board of Education, 5%, 5/01/2029 (Prerefunded 5/01/2022) | $ | 1,445,000 | $ 1,449,451 | |
| Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic Opportunity Development District), ”A“, 4.125%, 6/01/2043 (n) | 1,390,000 | 1,405,271 | ||
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheel Power Co. - Mitchell Project), ”A“, 3%, 6/01/2037 (Put Date 6/18/2027) (w) | 4,585,000 | 4,588,906 | ||
| West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), ”A“, 0.625%, 12/01/2038 (Put Date 12/15/2025) | 3,335,000 | 3,127,616 | ||
| West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), ”A“, 1%, 1/01/2041 (Put Date 9/01/2025) | 3,140,000 | 2,997,715 | ||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2038 | 840,000 | 958,404 | ||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2039 | 250,000 | 284,850 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), ”A“, 4%, 6/01/2051 | 7,000,000 | 7,334,650 | ||
| West Virginia Housing Development Fund, ”A“, FHA, 3.45%, 11/01/2033 | 640,000 | 655,300 | ||
| West Virginia Housing Development Fund, ”A“, FHA, 3.75%, 11/01/2038 | 605,000 | 622,934 | ||
| West Virginia Water Development Authority Rev. (Loan Program II), ”A-II“, 5%, 11/01/2033 | 675,000 | 757,705 | ||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2031 | 425,000 | 476,742 | ||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2032 | 275,000 | 307,697 | ||
124
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| West Virginia - continued | ||||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2033 | $ | 540,000 | $ 602,570 | |
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2035 | 655,000 | 725,607 | ||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2041 | 595,000 | 651,001 | ||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2046 | 600,000 | 649,587 | ||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2051 | 435,000 | 469,249 | ||
| $ 28,065,255 | ||||
| Wisconsin - 2.2% | ||||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2032 | $ | 650,000 | $ 455,176 | |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2033 | 995,000 | 675,277 | ||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2034 | 950,000 | 619,297 | ||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2035 | 1,420,000 | 888,558 | ||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2036 | 1,460,000 | 875,872 | ||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2037 | 2,370,000 | 1,365,901 | ||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2038 | 2,570,000 | 1,417,932 | ||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2039 | 2,795,000 | 1,474,779 | ||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2040 | 1,205,000 | 607,499 | ||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2031 | 490,000 | 350,679 | ||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2032 | 665,000 | 457,612 | ||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2033 | 640,000 | 423,310 | ||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2034 | 595,000 | 377,526 | ||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2035 | 760,000 | 464,359 | ||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2036 | 735,000 | 434,614 | ||
125
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2037 | $ | 740,000 | $ 419,958 | |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2038 | 760,000 | 412,491 | ||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2039 | 710,000 | 368,177 | ||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2040 | 175,000 | 86,622 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2030 | 115,000 | 135,057 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2031 | 130,000 | 152,373 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2032 | 150,000 | 175,532 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2033 | 160,000 | 186,980 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2034 | 150,000 | 175,100 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2035 | 190,000 | 221,594 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”A“, AGM, 4%, 2/15/2036 | 1,200,000 | 1,300,600 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”A“, AGM, 4%, 2/15/2037 | 1,100,000 | 1,190,812 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”C“, 5%, 2/15/2047 | 805,000 | 882,815 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2037 | 695,000 | 667,962 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2047 | 1,235,000 | 1,110,938 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2057 | 1,900,000 | 1,647,039 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), ”A“, 5%, 7/01/2038 | 385,000 | 423,412 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), ”A“, 5%, 7/01/2044 | 450,000 | 492,428 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), ”A“, 5%, 7/01/2049 | 1,875,000 | 2,043,914 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”A“, 5%, 11/01/2039 | 815,000 | 853,671 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”A“, 5%, 11/01/2046 | 1,045,000 | 1,080,223 | ||
126
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”A“, 5%, 11/01/2054 | $ | 8,180,000 | $ 8,408,070 | |
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”B-3“, 2.25%, 11/01/2026 | 1,735,000 | 1,739,600 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), ”A“, 5%, 9/15/2040 (Prerefunded 9/15/2023) | 465,000 | 486,166 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), ”A“, 5%, 9/15/2045 (Prerefunded 9/15/2023) | 630,000 | 658,677 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), ”A“, 5%, 9/15/2050 (Prerefunded 9/15/2023) | 2,560,000 | 2,676,528 | ||
| Wisconsin Housing & Economic Development Authority Home Ownership, ”A“, 3%, 3/01/2052 | 4,035,000 | 4,054,514 | ||
| Wisconsin Housing & Economic Development Authority Home Ownership, ”D“, 4%, 3/01/2047 (u) | 3,950,000 | 4,077,071 | ||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”B“, 5%, 7/01/2022 | 150,000 | 150,442 | ||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”B“, 5.25%, 7/01/2028 | 1,260,000 | 1,266,999 | ||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”B“, 5%, 7/01/2042 | 1,815,000 | 1,823,000 | ||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”C“, 5%, 7/01/2042 | 1,630,000 | 1,637,742 | ||
| Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2039 | 200,000 | 219,526 | ||
| Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2049 | 615,000 | 666,521 | ||
| Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2053 | 420,000 | 453,716 | ||
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n) | 120,000 | 126,062 | ||
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n) | 120,000 | 126,633 | ||
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), ”B-2“, 2.25%, 6/01/2027 (n) | 1,460,000 | 1,378,489 | ||
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), ”C“, 2.75%, 6/01/2026 (n) | 1,185,000 | 1,144,143 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), ”A“, 4%, 1/01/2045 | 650,000 | 682,817 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), ”A“, 5%, 9/01/2025 (n) | 75,000 | 77,589 | ||
127
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), ”A“, 5%, 9/01/2030 (n) | $ | 165,000 | $ 170,625 | |
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), ”A“, 5%, 9/01/2038 (n) | 220,000 | 225,860 | ||
| Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2042 | 655,000 | 708,152 | ||
| Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047 | 605,000 | 651,514 | ||
| Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2036 (n) | 1,875,000 | 1,775,861 | ||
| Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2041 (n) | 1,705,000 | 1,571,250 | ||
| 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) | 3,150,000 | 2,719,633 | ||
| Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2056 (n) | 1,675,000 | 1,421,130 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 10,885,000 | 10,572,808 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 5,195,000 | 5,126,014 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 190,000 | 187,776 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 5,595,000 | 5,661,802 | ||
| Wisconsin Public Finance Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), ”A“, 5%, 11/15/2041 | 1,010,000 | 1,135,884 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), ”A“, 4%, 10/01/2041 | 240,000 | 246,493 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), ”A“, 4%, 10/01/2046 | 325,000 | 330,917 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), ”A“, 4%, 10/01/2051 | 925,000 | 935,942 | ||
128
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Public Finance Authority Rev. (Celanese Corp.), ”B“, 5%, 12/01/2025 | $ | 620,000 | $ 677,026 | |
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2037 (n) | 995,000 | 1,033,767 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2042 (n) | 1,005,000 | 1,041,827 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2047 (n) | 2,395,000 | 2,478,333 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2052 (n) | 200,000 | 206,590 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 5.125%, 11/15/2029 (n) | 490,000 | 505,867 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 5.5%, 11/15/2034 (n) | 455,000 | 471,644 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 5.75%, 11/15/2044 (n) | 375,000 | 388,195 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 6%, 11/15/2049 (n) | 740,000 | 769,635 | ||
| Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), ”A“, 4.5%, 6/01/2056 (n) | 6,940,000 | 6,011,173 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 5%, 7/01/2044 | 375,000 | 418,091 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 4%, 7/01/2045 | 805,000 | 839,923 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 4%, 7/01/2050 | 695,000 | 722,115 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 5%, 7/01/2054 | 485,000 | 536,397 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 4%, 7/01/2055 | 785,000 | 813,151 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 5%, 7/01/2058 | 560,000 | 618,676 | ||
129
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), 5%, 7/01/2036 | $ | 500,000 | $ 549,054 | |
| Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2048 | 6,000,000 | 6,495,356 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2053 | 3,570,000 | 3,847,470 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2058 | 5,000,000 | 5,388,613 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), ”A-1“, 4%, 7/01/2041 (n) | 335,000 | 336,528 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), ”A-1“, 4%, 7/01/2051 (n) | 1,665,000 | 1,622,840 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), ”A-1“, 4%, 7/01/2061 (n) | 2,940,000 | 2,773,200 | ||
| Wisconsin Public Finance Authority Student Housing Rev., Taxable (University of Hawai'i Foundation Project), ”A-2“, 4.85%, 7/01/2031 (n) | 335,000 | 317,408 | ||
| Wisconsin Public Finance Authority Student Housing Rev., Taxable (University of Hawai'i Foundation Project), ”A-2“, 5.35%, 7/01/2040 (n) | 1,425,000 | 1,334,322 | ||
| $ 130,409,256 | ||||
| Wyoming - 0.2% | ||||
| Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2031 | $ | 235,000 | $ 259,599 | |
| Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2032 | 140,000 | 154,389 | ||
| Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2033 | 235,000 | 258,643 | ||
| Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2035 | 220,000 | 241,499 | ||
| Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2037 | 200,000 | 219,085 | ||
| Wyoming Community Development Authority, Housing Rev., 4%, 12/01/2050 (u) | 7,685,000 | 7,973,928 | ||
| Wyoming Community Development Authority, Housing Rev., GNMA, 3.5%, 6/01/2052 (w) | 5,250,000 | 5,392,138 | ||
| $ 14,499,281 | ||||
| Total Municipal Bonds (Identified Cost, $6,000,461,585) | $ 5,913,504,541 | |||
130
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – 0.4% | ||||
| Consumer Services – 0.4% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 7,980,000 | $ 6,942,036 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | 6,065,000 | 5,042,543 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n) | 851,000 | 665,833 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | 2,473,000 | 1,821,648 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 22,438,020 | 6,644,368 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, ”A“, NPFG, 0%, 2/15/2045 (n) | 466,115 | 129,002 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, ”B“, NPFG, 0%, 2/15/2033 (n) | 3,715,000 | 2,133,876 | ||
| Total Bonds (Identified Cost, $24,842,277) | $ 23,379,306 | |||
| Trust Units - 0.3% | ||||
| Puerto Rico - 0.3% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 7,120,000 | $ 7,080,641 | ||
| PRIFA Class 61 Trust, Class 2023-2005C (taxable), 5.5%, 7/01/2023 | 3,810,000 | 3,807,140 | ||
| PRIFA Class 61 Trust, Class 2024-2005C (taxable), 5.5%, 7/01/2024 | 7,335,000 | 7,325,143 | ||
| PRIFA Class 61 Trust, Class 2025-2005C (taxable), 5.5%, 7/01/2025 | 705,000 | 703,630 | ||
| PRIFA Class 61 Trust, Class 2028-2005C (taxable), 5.5%, 7/01/2028 | 755,000 | 752,178 | ||
| Total Trust Units (Identified Cost, $19,877,149) | $ 19,668,732 | |||
| Other Municipal Bonds – 0.3% | ||||
| Multi-Family Housing Revenue – 0.3% | ||||
| Freddie Mac, 2.625%, 6/15/2035 (n) | $ | 17,310,000 | $ 16,475,688 | |
| FRETE 2021-ML12 Trust, ”X-US“, FHLMC, 1.22%, 1/25/2041 (i)(n) | 16,082,889 | 1,930,432 | ||
| Total Other Municipal Bonds (Identified Cost, $19,804,248) | $ 18,406,120 | |||
| Contingent Value Instruments - 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $5,287,119) | $ 9,265,661 | $ 4,980,293 | ||
131
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) - 2.0% | ||||
| Money Market Funds – 2.0% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $117,248,652) | 117,250,011 | $ 117,250,011 | ||
| Other Assets, Less Liabilities - (1.6)% | (96,175,646) | |||
| Net Assets - 100.0% | $6,001,013,357 | |||
| (a) | Non-income producing security. |
| (d) | In default. |
| (h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $117,250,011 and $5,979,938,992, respectively. |
| (i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $373,807,803, representing 6.2% of net assets. |
| (p) | Primary market inverse floater. |
| (u) | Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (w) | When-issued security. |
| (z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
| Restricted Securities | Acquisition
Date |
Cost | Value |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 6.25%, 5/15/2035 | 6/30/15 | $100,000 | $68,000 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 7.75%, 5/15/2035 | 11/15/17 | 902,506 | 567,800 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 6.5%, 5/15/2049 | 6/30/15 | 180,000 | 122,400 |
| Illinois Housing Development Authority Rev., ”A“, FHLMC, 3.87%, 11/15/2035 | 2/04/21 | 9,455,232 | 8,202,258 |
| Illinois Housing Development Authority Rev., ”B“, FHLMC, 3.87%, 11/15/2035 | 2/04/21 | 3,856,059 | 3,345,068 |
132
Portfolio of
Investments – continued
| Restricted Securities - continued | Acquisition
Date |
Cost | Value |
| Illinois Housing Development Authority Rev., ”C“, FHLMC, 3.87%, 11/15/2035 | 2/04/21 | $3,847,841 | $3,337,939 |
| Illinois Housing Development Authority Rev., ”D“, FHLMC, 3.87%, 11/15/2035 | 2/04/21 | 3,511,148 | 3,045,863 |
| Illinois Housing Development Authority Rev., ”E“, FHLMC, 3.87%, 11/15/2035 | 2/04/21 | 2,416,331 | 2,096,127 |
| Total Restricted Securities | $20,785,455 | ||
| % of Net assets | 0.3% |
| 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 |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| LIBOR | London Interbank Offered Rate |
| MUNIPSA | SIFMA Municipal Swap Index |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| RIBS | Residual Interest Bonds |
| SOFR | Secured Overnight Financing Rate |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate. |
See Notes to Financial Statements
133
Financial Statements
Statement of Assets and Liabilities
At 3/31/22
This statement represents your fund’s balance sheet,
which details the assets and liabilities comprising the total value of the fund.
| Assets | |
| Investments in unaffiliated issuers, at value (identified cost, $6,070,272,378) | $5,979,938,992 |
| Investments in affiliated issuers, at value (identified cost, $117,248,652) | 117,250,011 |
| Receivables for | |
| When-issued investments sold | 3,640,788 |
| Investments sold | 17,034,651 |
| Fund shares sold | 65,722,003 |
| Interest | 63,226,455 |
| Other assets | 12,324 |
| Total assets | $6,246,825,224 |
| Liabilities | |
| Payable to custodian | $2,616 |
| Payables for | |
| Distributions | 1,124,162 |
| Investments purchased | 419,723 |
| Fund shares reacquired | 31,147,966 |
| When-issued investments purchased | 114,914,625 |
| Interest expense and fees | 248,232 |
| Payable to the holders of the floating rate certificates | 96,282,875 |
| Payable to affiliates | |
| Investment adviser | 113,755 |
| Administrative services fee | 3,196 |
| Shareholder servicing costs | 1,178,390 |
| Distribution and service fees | 50,985 |
| Payable for independent Trustees' compensation | 1,786 |
| Accrued expenses and other liabilities | 323,556 |
| Total liabilities | $245,811,867 |
| Net assets | $6,001,013,357 |
| Net assets consist of | |
| Paid-in capital | $6,106,900,156 |
| Total distributable earnings (loss) | (105,886,799) |
| Net assets | $6,001,013,357 |
| Shares of beneficial interest outstanding | 702,693,463 |
134
Statement of Assets and
Liabilities – continued
| Net assets | Shares
outstanding |
Net
asset value per share (a) | |
| Class A | $3,370,745,435 | 394,569,777 | $8.54 |
| Class B | 2,789,935 | 326,089 | 8.56 |
| Class C | 90,334,044 | 10,537,536 | 8.57 |
| Class I | 1,498,235,612 | 175,534,518 | 8.54 |
| Class R6 | 702,294,096 | 82,344,614 | 8.53 |
| Class A1 | 336,544,942 | 39,372,831 | 8.55 |
| Class B1 | 69,293 | 8,098 | 8.56 |
| (a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Classes A and A1, for which the maximum offering prices per share were $8.92 [100 / 95.75 x $8.54] and $8.93 [100 / 95.75 x $8.55], respectively. On sales of $100,000 or more, the maximum offering prices of Class A and Class A1 shares are reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, Class C, Class A1, and Class B1 shares. Redemption price per share was equal to the net asset value per share for Classes I and R6. |
See Notes to Financial Statements
135
Financial Statements
Statement of Operations
Year ended 3/31/22
This statement describes how much your fund earned in
investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
| Net investment income (loss) | |
| Income | |
| Interest | $176,171,991 |
| Other | 750,161 |
| Dividends from affiliated issuers | 90,814 |
| Total investment income | $177,012,966 |
| Expenses | |
| Management fee | $22,235,083 |
| Distribution and service fees | 9,688,787 |
| Shareholder servicing costs | 4,135,123 |
| Administrative services fee | 569,421 |
| Independent Trustees' compensation | 87,713 |
| Custodian fee | 406,819 |
| Shareholder communications | 137,359 |
| Audit and tax fees | 67,905 |
| Legal fees | 83,650 |
| Interest expense and fees | 736,417 |
| Miscellaneous | 452,617 |
| Total expenses | $38,600,894 |
| Fees paid indirectly | (175) |
| Reduction of expenses by investment adviser and distributor | (826,080) |
| Net expenses | $37,774,639 |
| Net investment income (loss) | $139,238,327 |
| Realized and unrealized gain (loss) | |
| Realized gain (loss) (identified cost basis) | |
| Unaffiliated issuers | $14,185,696 |
| Change in unrealized appreciation or depreciation | |
| Unaffiliated issuers | $(412,752,135) |
| Net realized and unrealized gain (loss) | $(398,566,439) |
| Change in net assets from operations | $(259,328,112) |
See Notes to Financial
Statements
136
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in
net assets resulting from operations, any distributions, and any shareholder transactions.
| Year ended | ||
| 3/31/22 | 3/31/21 | |
| Change in net assets | ||
| From operations | ||
| Net investment income (loss) | $139,238,327 | $138,702,422 |
| Net realized gain (loss) | 14,185,696 | 8,168,725 |
| Net unrealized gain (loss) | (412,752,135) | 220,486,637 |
| Change in net assets from operations | $(259,328,112) | $367,357,784 |
| Total distributions to shareholders | $(137,973,519) | $(137,129,893) |
| Change in net assets from fund share transactions | $736,479,314 | $825,458,111 |
| Total change in net assets | $339,177,683 | $1,055,686,002 |
| Net assets | ||
| At beginning of period | 5,661,835,674 | 4,606,149,672 |
| At end of period | $6,001,013,357 | $5,661,835,674 |
See Notes to Financial
Statements
137
Financial
Statements
Financial Highlights
The financial highlights table is intended to help you
understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Class A | Year ended | ||||
| 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 | |
| Net asset value, beginning of period | $9.09 | $8.68 | $8.77 | $8.63 | $8.64 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.20 | $0.23 | $0.26 | $0.32 | $0.31 |
| Net realized and unrealized gain (loss) | (0.55) | 0.41 | (0.09) | 0.11 | (0.02) |
| Total from investment operations | $(0.35) | $0.64 | $0.17 | $0.43 | $0.29 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.23) | $(0.26) | $(0.29) | $(0.30) |
| Net asset value, end of period (x) | $8.54 | $9.09 | $8.68 | $8.77 | $8.63 |
| Total return (%) (r)(s)(t)(x) | (4.01) | 7.43 | 1.88 | 5.14 | 3.35 |
| Ratios
(%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.73 | 0.74 | 0.78 | 0.77 | 0.77 |
| Expenses after expense reductions (f) | 0.71 | 0.73 | 0.77 | 0.75 | 0.73 |
| Net investment income (loss) | 2.16 | 2.57 | 2.89 | 3.74 | 3.49 |
| Portfolio turnover | 14 | 24 | 23 | 19 | 21 |
| Net assets at end of period (000 omitted) | $3,370,745 | $3,166,883 | $2,386,528 | $1,683,822 | $1,418,893 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.70 | 0.72 | 0.73 | 0.73 | 0.72 |
See Notes to Financial
Statements
138
Financial
Highlights – continued
| Class B | Year ended | ||||
| 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 | |
| Net asset value, beginning of period | $9.10 | $8.69 | $8.78 | $8.65 | $8.66 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.13 | $0.17 | $0.20 | $0.26 | $0.24 |
| Net realized and unrealized gain (loss) | (0.54) | 0.40 | (0.10) | 0.10 | (0.02) |
| Total from investment operations | $(0.41) | $0.57 | $0.10 | $0.36 | $0.22 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.13) | $(0.16) | $(0.19) | $(0.23) | $(0.23) |
| Net asset value, end of period (x) | $8.56 | $9.10 | $8.69 | $8.78 | $8.65 |
| Total return (%) (r)(s)(t)(x) | (4.61) | 6.63 | 1.14 | 4.23 | 2.58 |
| Ratios
(%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.48 | 1.49 | 1.53 | 1.52 | 1.52 |
| Expenses after expense reductions (f) | 1.46 | 1.48 | 1.52 | 1.50 | 1.48 |
| Net investment income (loss) | 1.42 | 1.87 | 2.19 | 2.99 | 2.75 |
| Portfolio turnover | 14 | 24 | 23 | 19 | 21 |
| Net assets at end of period (000 omitted) | $2,790 | $4,777 | $7,843 | $12,579 | $18,135 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.45 | 1.46 | 1.48 | 1.48 | 1.48 |
See Notes to Financial
Statements
139
Financial
Highlights – continued
| Class C | Year ended | ||||
| 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 | |
| Net asset value, beginning of period | $9.12 | $8.71 | $8.80 | $8.66 | $8.67 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.13 | $0.17 | $0.19 | $0.26 | $0.24 |
| Net realized and unrealized gain (loss) | (0.55) | 0.40 | (0.09) | 0.11 | (0.02) |
| Total from investment operations | $(0.42) | $0.57 | $0.10 | $0.37 | $0.22 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.13) | $(0.16) | $(0.19) | $(0.23) | $(0.23) |
| Net asset value, end of period (x) | $8.57 | $9.12 | $8.71 | $8.80 | $8.66 |
| Total return (%) (r)(s)(t)(x) | (4.71) | 6.62 | 1.13 | 4.35 | 2.58 |
| Ratios
(%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.48 | 1.49 | 1.53 | 1.52 | 1.52 |
| Expenses after expense reductions (f) | 1.46 | 1.48 | 1.52 | 1.50 | 1.49 |
| Net investment income (loss) | 1.42 | 1.86 | 2.16 | 2.99 | 2.74 |
| Portfolio turnover | 14 | 24 | 23 | 19 | 21 |
| Net assets at end of period (000 omitted) | $90,334 | $113,569 | $155,843 | $151,636 | $181,793 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.45 | 1.46 | 1.48 | 1.48 | 1.48 |
See Notes to Financial
Statements
140
Financial
Highlights – continued
| Class I | Year ended | ||||
| 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 | |
| Net asset value, beginning of period | $9.08 | $8.67 | $8.76 | $8.63 | $8.63 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.22 | $0.25 | $0.28 | $0.34 | $0.33 |
| Net realized and unrealized gain (loss) | (0.54) | 0.41 | (0.09) | 0.10 | (0.01) |
| Total from investment operations | $(0.32) | $0.66 | $0.19 | $0.44 | $0.32 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.22) | $(0.25) | $(0.28) | $(0.31) | $(0.32) |
| Net asset value, end of period (x) | $8.54 | $9.08 | $8.67 | $8.76 | $8.63 |
| Total return (%) (r)(s)(t)(x) | (3.66) | 7.70 | 2.13 | 5.27 | 3.73 |
| Ratios
(%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.48 | 0.49 | 0.53 | 0.52 | 0.52 |
| Expenses after expense reductions (f) | 0.46 | 0.48 | 0.52 | 0.51 | 0.49 |
| Net investment income (loss) | 2.41 | 2.82 | 3.15 | 3.99 | 3.74 |
| Portfolio turnover | 14 | 24 | 23 | 19 | 21 |
| Net assets at end of period (000 omitted) | $1,498,236 | $1,389,505 | $1,042,592 | $870,855 | $672,870 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.45 | 0.47 | 0.48 | 0.48 | 0.48 |
See Notes to Financial
Statements
141
Financial
Highlights – continued
| Class R6 | Year ended | ||||
| 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18(i) | |
| Net asset value, beginning of period | $9.08 | $8.67 | $8.76 | $8.62 | $8.77 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.23 | $0.26 | $0.29 | $0.35 | $0.22 |
| Net realized and unrealized gain (loss) | (0.56) | 0.41 | (0.09) | 0.11 | (0.15) |
| Total from investment operations | $(0.33) | $0.67 | $0.20 | $0.46 | $0.07 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.22) | $(0.26) | $(0.29) | $(0.32) | $(0.22) |
| Net asset value, end of period (x) | $8.53 | $9.08 | $8.67 | $8.76 | $8.62 |
| Total return (%) (r)(s)(t)(x) | (3.71) | 7.78 | 2.21 | 5.48 | 0.75(n) |
| Ratios
(%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.41 | 0.42 | 0.46 | 0.45 | 0.42(a) |
| Expenses after expense reductions (f) | 0.39 | 0.41 | 0.45 | 0.43 | 0.41(a) |
| Net investment income (loss) | 2.48 | 2.90 | 3.22 | 4.06 | 3.77(a) |
| Portfolio turnover | 14 | 24 | 23 | 19 | 21 |
| Net assets at end of period (000 omitted) | $702,294 | $605,320 | $591,947 | $491,400 | $492,474 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.38 | 0.39 | 0.41 | 0.41 | 0.40(a) |
See Notes to Financial
Statements
142
Financial
Highlights – continued
| Class A1 | Year ended | ||||
| 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 | |
| Net asset value, beginning of period | $9.10 | $8.69 | $8.78 | $8.64 | $8.65 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.22 | $0.25 | $0.28 | $0.34 | $0.33 |
| Net realized and unrealized gain (loss) | (0.55) | 0.41 | (0.09) | 0.12 | (0.02) |
| Total from investment operations | $(0.33) | $0.66 | $0.19 | $0.46 | $0.31 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.22) | $(0.25) | $(0.28) | $(0.32) | $(0.32) |
| Net asset value, end of period (x) | $8.55 | $9.10 | $8.69 | $8.78 | $8.64 |
| Total return (%) (r)(s)(t)(x) | (3.76) | 7.70 | 2.14 | 5.40 | 3.61 |
| Ratios
(%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 0.48 | 0.49 | 0.53 | 0.52 | 0.52 |
| Expenses after expense reductions (f) | 0.46 | 0.48 | 0.52 | 0.51 | 0.49 |
| Net investment income (loss) | 2.42 | 2.85 | 3.18 | 3.99 | 3.75 |
| Portfolio turnover | 14 | 24 | 23 | 19 | 21 |
| Net assets at end of period (000 omitted) | $336,545 | $381,748 | $421,338 | $454,350 | $476,864 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.45 | 0.47 | 0.48 | 0.48 | 0.48 |
See Notes to Financial
Statements
143
Financial
Highlights – continued
| Class B1 | Year ended | ||||
| 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19
|
3/31/18 | |
| Net asset value, beginning of period | $9.10 | $8.69 | $8.78 | $8.65 | $8.66 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d) | $0.15 | $0.19 | $0.22 | $0.28 | $0.26 |
| Net realized and unrealized gain (loss) | (0.54) | 0.40 | (0.09) | 0.10 | (0.02) |
| Total from investment operations | $(0.39) | $0.59 | $0.13 | $0.38 | $0.24 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.15) | $(0.18) | $(0.22) | $(0.25) | $(0.25) |
| Net asset value, end of period (x) | $8.56 | $9.10 | $8.69 | $8.78 | $8.65 |
| Total return (%) (r)(s)(t)(x) | (4.38) | 6.90 | 1.38 | 4.49 | 2.83 |
| Ratios
(%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (f) | 1.48 | 1.49 | 1.53 | 1.52 | 1.52 |
| Expenses after expense reductions (f) | 1.21 | 1.23 | 1.27 | 1.25 | 1.24 |
| Net investment income (loss) | 1.62 | 2.12 | 2.45 | 3.24 | 2.99 |
| Portfolio turnover | 14 | 24 | 23 | 19 | 21 |
| Net assets at end of period (000 omitted) | $69 | $34 | $58 | $91 | $114 |
| Supplemental Ratios (%): | |||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.20 | 1.21 | 1.23 | 1.23 | 1.23 |
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
| (l) | Interest expense and fees include payments made to the holders of the floating rate certificates. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
144
Notes to Financial
Statements
(1) Business and Organization
MFS Municipal Income Fund (the fund) is a diversified series of
MFS Municipal Series Trust which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
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.
(2) Significant Accounting Policies
General — The preparation
of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these
financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the
ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the
sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may
be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes
or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of
which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. If the Internal Revenue Service
determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the fund could be taxable to
shareholders.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives
Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the
applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is
145
Notes to Financial
Statements - continued
subject. Balance sheet offsetting disclosures, to the extent applicable to the
fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
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. Open-end investment companies are generally valued at net asset value per
share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation.
In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.
The Board of Trustees has delegated primary responsibility for
determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market
quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and
procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from
third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the
investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the
exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the
type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value
of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset
value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines
its net asset value per share.
Various inputs are used in
determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an
investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety
requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted
prices for similar
146
Notes to Financial
Statements - continued
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 March 31, 2022 in valuing the fund's assets and liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $— | $5,956,559,686 | $— | $5,956,559,686 |
| U.S. Corporate Bonds | — | 23,379,306 | — | 23,379,306 |
| Mutual Funds | 117,250,011 | — | — | 117,250,011 |
| Total | $117,250,011 | $5,979,938,992 | $— | $6,097,189,003 |
For further information regarding
security characteristics, see the Portfolio of Investments.
Inverse Floaters — The
fund invests in municipal inverse floating rate securities which are structured by the issuer (known as primary market inverse floating rate securities) or by the fund utilizing the fund's municipal bonds which have already been issued (known as
self-deposited secondary market inverse floating rate securities) to have variable rates of interest which typically move in the opposite direction of short-term interest rates. A self-deposited secondary market inverse floating rate security is
created when the fund transfers a fixed rate municipal bond to a special purpose trust (“the trust”), and causes the trust to (a) issue floating rate certificates to third parties, in an amount equal to a fraction of the par amount of
the deposited bonds (these certificates usually pay tax-exempt interest at short-term interest rates that typically reset weekly; and the certificate holders typically, on seven days notice, have the option to tender their certificates to the trust
or another party for redemption at par plus accrued interest), and (b) issue inverse floating rate certificates (sometimes referred to as “inverse floaters”) which are held by the fund. Such self-deposited inverse floaters held by the
fund are accounted for as secured borrowings, with the municipal bonds reflected in the investments of the fund and amounts owed to the holders of the floating rate certificates under the provisions of the trust, which amounts are paid solely from
the assets of the trust, reflected as liabilities of the fund in the Statement of Assets and Liabilities under the caption, “Payable to the holders of the floating rate certificates”. The carrying value of the fund’s payable to the
holders of the floating rate certificates as reported in the fund’s Statement of Assets and Liabilities approximates its fair value. The value of the payable to the holders of the floating rate certificates as of the reporting date is
considered level 2 under the fair value hierarchy disclosure. At March 31, 2022, the fund’s payable to the holders of the floating rate certificates was $96,282,875 and the weighted average interest rate on the settled floating rate
certificates issued by the trust was 0.55%. For the year ended March 31, 2022, the average payable to the holders of the settled floating rate certificates was $104,549,786 at a weighted average interest rate of 0.14%. Interest expense and fees
include interest payments made to the holders of certain floating rate certificates and associated fees, both of which are made from trust assets. Interest expense and fees are recorded as incurred. For the year ended March 31, 2022, interest
expense and fees related to self-deposited inverse floaters amounted to $716,583 and are included in “Interest expense and fees” in the Statement of Operations. Primary market inverse floaters held by the fund are not accounted for as
secured borrowings.
147
Notes to Financial
Statements - continued
Indemnifications — Under
the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters
into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet
occurred.
Investment Transactions and Income — Investment transactions are recorded on the trade date. Some securities may be purchased or sold on an extended settlement basis, which means that the receipt or delivery
of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period.
Interest income is recorded on the accrual basis. All premium and discount is
amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the
security on such date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than
the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
The fund may receive proceeds from litigation settlements. Any
proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund.
Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
The fund may purchase or sell securities on a when-issued or
delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the normal settlement period. The price of such security and the
date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place.
When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed
delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of
Assets and Liabilities. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due
to political, economic or other factors. At the time that it enters into a when-issued or delayed delivery transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.
Legal fees and other related expenses incurred to preserve and
protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring,
148
Notes to Financial
Statements - continued
incurred to protect or enhance the value of high-yield debt securities, are
reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs
incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
Fees Paid Indirectly —
The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the year ended March 31, 2022, is shown as a reduction of
total expenses in the Statement of Operations.
Tax
Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt
income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period.
Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend
date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted
for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in
different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to defaulted bonds and
amortization and accretion of debt securities.
The tax
character of distributions declared to shareholders for the last two fiscal years is as follows:
| Year
ended 3/31/22 |
Year
ended 3/31/21 | |
| Ordinary income (including any short-term capital gains) | $2,139,324 | $2,956,859 |
| Tax-exempt income | 135,834,195 | 134,173,034 |
| Total distributions | $137,973,519 | $137,129,893 |
149
Notes to Financial
Statements - continued
The federal tax cost and the tax basis components of
distributable earnings were as follows:
| As of 3/31/22 | |
| Cost of investments | $6,092,461,324 |
| Gross appreciation | 125,865,593 |
| Gross depreciation | (217,420,789) |
| Net unrealized appreciation (depreciation) | $ (91,555,196) |
| Undistributed ordinary income | 1,636,980 |
| Undistributed tax-exempt income | 28,389,089 |
| Capital loss carryforwards | (32,132,275) |
| Other temporary differences | (12,225,397) |
| Total distributable earnings (loss) | $ (105,886,799) |
As of March 31, 2022, the fund had capital loss carryforwards
available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
| Short-Term | $(32,132,275) |
Multiple Classes of Shares of
Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income and common expenses are allocated to shareholders based on
the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per
share dividend rates are generally due to differences in separate class expenses. Class B, Class B1, and Class C shares will convert to Class A shares approximately eight years after purchase. The fund’s distributions declared to shareholders
as reported in the Statements of Changes in Net Assets are presented by class as follows:
| Year
ended 3/31/22 |
Year
ended 3/31/21 | |
| Class A | $73,518,048 | $73,701,042 |
| Class B | 53,152 | 110,563 |
| Class C | 1,476,425 | 2,529,854 |
| Class I | 36,821,521 | 34,216,338 |
| Class R6 | 17,161,799 | 15,392,100 |
| Class A1 | 8,941,490 | 11,179,079 |
| Class B1 | 1,084 | 917 |
| Total | $137,973,519 | $137,129,893 |
150
Notes to Financial
Statements - continued
(3) Transactions with Affiliates
Investment Adviser — The
fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid
monthly at the following annual rates based on the fund's average daily net assets:
| Up to $1.3 billion | 0.40% |
| In excess of $1.3 billion and up to $2 billion | 0.37% |
| In excess of $2 billion and up to $5 billion | 0.35% |
| In excess of $5 billion and up to $10 billion | 0.34% |
| In excess of $10 billion | 0.33% |
MFS has agreed in writing to reduce
its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. Effective March 1, 2022, MFS has also agreed in writing to waive at least 0.01% of its management fee as
part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until July 31, 2023. For the year ended March 31, 2022, this
management fee reduction amounted to $824,909, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended March 31, 2022 was equivalent to an annual effective rate of 0.35% of
the fund's average daily net assets.
The investment
adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses (including interest expense and
fees associated with investments in inverse floating rate instruments), such that total fund operating expenses do not exceed the following rates annually of each class’s average daily net assets:
| Classes | ||||||
| A | B | C | I | R6 | A1 | B1 |
| 0.73% | 1.48% | 1.48% | 0.48% | 0.42% | 0.48% | 1.23% |
This written agreement will continue
until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2022. For the year ended March 31, 2022, the fund’s actual operating expenses did not exceed the limit and therefore, the investment
adviser did not pay any portion of the fund’s expenses related to this agreement.
Distributor — MFS Fund
Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $90,919 and $988 for the year ended March 31, 2022, as its portion of the initial sales charge on sales of Class A and Class A1 shares of the fund,
respectively.
The Board of Trustees has adopted a
distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund's distribution plan provides that the fund will pay
MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee
paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.
151
Notes to Financial
Statements - continued
Distribution Plan Fee Table:
| Distribution
Fee Rate (d) |
Service
Fee Rate (d) |
Total
Distribution Plan (d) |
Annual
Effective Rate (e) |
Distribution
and Service Fee | |
| Class A | — | 0.25% | 0.25% | 0.25% | $ 8,593,485 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 37,875 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 1,056,752 |
| Class B1 | 0.75% | 0.25% | 1.00% | 0.75% | 675 |
| Total Distribution and Service Fees | $9,688,787 |
| (d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
| (e) | The annual effective rates represent actual fees incurred under the distribution plan for the year ended March 31, 2022 based on each class's average daily net assets. MFD has agreed in writing to reduce the Class B1 service fee rate to 0.00% for all Class B1 shares. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2022. For the year ended March 31, 2022, this reduction amounted to $169 and is included in the reduction of total expenses in the Statement of Operations. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the year ended March 31, 2022, this rebate amounted to $989 and $13 for Class A and Class C, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Certain
Class A and Class A1 shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B and Class B1 shares are subject to a CDSC in the event of a shareholder redemption
within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended March 31, 2022, were as
follows:
| Amount | |
| Class A | $190,681 |
| Class B | 6,419 |
| Class C | 15,276 |
| Class A1 | — |
| Class B1 | — |
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the
fund as determined periodically under the supervision of the fund's Board of Trustees. For the year ended March 31, 2022, the fee was $225,245, which equated to 0.0037% annually of the fund's average daily net assets. MFSC also receives
reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing
152
Notes to Financial
Statements - continued
costs which may be paid to affiliated and unaffiliated service providers.
Class R6 shares do not incur sub-accounting fees. For the year ended March 31, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $3,909,878.
Administrator — MFS
provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is
charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the year ended March 31, 2022 was equivalent to an annual effective rate of 0.0092% of the fund's average daily net
assets.
Trustees’ and Officers’
Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The fund does not pay compensation
directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD,
and MFSC.
Prior to December 31, 2001, the fund had
an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan covers
only certain of those former independent Trustees who retired on or before December 31, 2001. The DB plan resulted in a pension expense of $1,760 and is included in “Independent Trustees’ compensation” in the Statement of
Operations for the year ended March 31, 2022. The liability for deferred retirement benefits payable to those former independent Trustees under the DB plan amounted to $1,772 at March 31, 2022, and is included in “Payable for independent
Trustees’ compensation” in the Statement of Assets and Liabilities.
Other — The fund invests
in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and
operating costs.
On June 18, 2021, MFS purchased
5,394 shares of Class B1 for an aggregate amount of $50,000. On June 18, 2021, MFS redeemed 6,458 shares of Class R6 for an aggregate amount of $59,669.
At March 31, 2022, MFS held approximately 67% of the
outstanding shares of Class B1.
(4) Portfolio
Securities
For the year ended March 31, 2022, purchases
and sales of investments, other than short-term obligations, aggregated $1,531,777,533 and $852,328,663, respectively.
153
Notes to Financial
Statements - continued
(5) Shares of Beneficial Interest
The fund's Declaration of Trust permits the Trustees to issue
an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
| Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||
| Shares | Amount | Shares | Amount | ||
| Shares sold | |||||
| Class A | 203,133,254 | $1,835,461,184 | 163,511,074 | $1,449,898,229 | |
| Class B | 840 | 7,720 | 64,740 | 584,142 | |
| Class C | 1,184,388 | 10,886,943 | 2,048,091 | 18,244,795 | |
| Class I | 61,675,344 | 562,581,338 | 67,870,480 | 605,302,854 | |
| Class R6 | 29,510,794 | 268,353,838 | 25,691,923 | 229,019,554 | |
| Class A1 | 185,947 | 1,704,126 | 243,978 | 2,158,367 | |
| Class B1 | 5,394 | 49,999 | — | — | |
| 295,695,961 | $2,679,045,148 | 259,430,286 | $2,305,207,941 | ||
| Shares
issued to shareholders in reinvestment of distributions |
|||||
| Class A | 7,891,374 | $71,768,268 | 8,014,052 | $71,605,245 | |
| Class B | 5,359 | 48,959 | 11,593 | 103,187 | |
| Class C | 145,096 | 1,326,234 | 254,306 | 2,271,909 | |
| Class I | 3,011,695 | 27,373,155 | 2,753,753 | 24,593,964 | |
| Class R6 | 1,843,579 | 16,730,145 | 1,694,359 | 15,086,281 | |
| Class A1 | 854,441 | 7,783,143 | 1,076,580 | 9,606,905 | |
| Class B1 | 119 | 1,084 | 102 | 906 | |
| 13,751,663 | $125,030,988 | 13,804,745 | $123,268,397 | ||
| Shares reacquired | |||||
| Class A | (164,813,169) | $(1,481,389,621) | (98,070,170) | $(869,788,795) | |
| Class B | (204,846) | (1,879,284) | (453,749) | (4,038,228) | |
| Class C | (3,241,223) | (29,635,973) | (7,743,118) | (69,691,992) | |
| Class I | (42,132,919) | (380,723,316) | (37,848,226) | (336,537,260) | |
| Class R6 | (15,706,950) | (140,738,693) | (28,991,570) | (252,854,317) | |
| Class A1 | (3,636,820) | (33,219,842) | (7,859,719) | (70,080,445) | |
| Class B1 | (1,108) | (10,093) | (3,057) | (27,190) | |
| (229,737,035) | $(2,067,596,822) | (180,969,609) | $(1,603,018,227) | ||
154
Notes to Financial
Statements - continued
| Year
ended 3/31/22 |
Year
ended 3/31/21 | ||||
| Shares | Amount | Shares | Amount | ||
| Net change | |||||
| Class A | 46,211,459 | $425,839,831 | 73,454,956 | $651,714,679 | |
| Class B | (198,647) | (1,822,605) | (377,416) | (3,350,899) | |
| Class C | (1,911,739) | (17,422,796) | (5,440,721) | (49,175,288) | |
| Class I | 22,554,120 | 209,231,177 | 32,776,007 | 293,359,558 | |
| Class R6 | 15,647,423 | 144,345,290 | (1,605,288) | (8,748,482) | |
| Class A1 | (2,596,432) | (23,732,573) | (6,539,161) | (58,315,173) | |
| Class B1 | 4,405 | 40,990 | (2,955) | (26,284) | |
| 79,710,589 | $736,479,314 | 92,265,422 | $825,458,111 | ||
Effective June 1, 2019, purchases of
the fund’s Class B and Class B1 shares are closed to new and existing investors subject to certain exceptions. Please see the fund’s prospectus for details.
(6) Line of Credit
The fund and certain other funds managed by MFS participate in
a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for
temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of Daily Simple SOFR plus 0.10%, the Federal Funds Effective Rate, and the Overnight Bank Funding Rate, plus an agreed
upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, the fund and other funds managed by MFS have established unsecured uncommitted
borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended March 31, 2022, the
fund’s commitment fee and interest expense were $19,575 and $0, respectively, and are included in “Interest expense and fees” in the Statement of Operations.
(7) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund
owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| Affiliated Issuers | Beginning
Value |
Purchases | Sales
Proceeds |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation or Depreciation |
Ending
Value |
| MFS Institutional Money Market Portfolio | $144,969,899 | $1,271,065,613 | $1,298,785,501 | $— | $— | $117,250,011 |
155
Notes to Financial
Statements - continued
| Affiliated Issuers | Dividend
Income |
Capital
Gain Distributions |
| MFS Institutional Money Market Portfolio | $90,814 | $— |
(8) LIBOR Transition
Certain of the fund's investments, including investments in
certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate (“LIBOR”). In 2017, the regulatory authority
that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar
LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that
currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as
borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference
Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned
discontinuation of the more commonly used U.S. dollar LIBOR settings.
(9) 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.
156
Report of Independent
Registered Public Accounting Firm
To the Board of
Trustees of MFS Municipal Series Trust and the Shareholders of MFS Municipal Income Fund:
Opinion on the Financial Statements and Financial
Highlights
We have audited the accompanying statement of
assets and liabilities of MFS Municipal Income Fund (the “Fund”), including the portfolio of investments, as of March 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each
of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material
respects, the financial position of the Fund as of March 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of
the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the
responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The
Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements and financial highlights.
157
Report of Independent
Registered Public Accounting Firm – continued
Our procedures included confirmation of securities owned as of March 31, 2022,
by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 13, 2022
May 13, 2022
We have served as the auditor of one or more of the MFS
investment companies since 1924.
158
Trustees and
Officers — Identification and Background
The Trustees and Officers of the Trust, as of May 1, 2022, are
listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal
Occupations During the Past Five Years |
Other
Directorships During the Past Five Years (j) | |||||
| INTERESTED TRUSTEES | ||||||||||
| Michael
W. Roberge (k) (age 55) |
Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | |||||
| INDEPENDENT TRUSTEES | ||||||||||
| John
P. Kavanaugh (age 67) |
Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
| Steven
E. Buller (age 70) |
Trustee | February 2014 | 136 | Private investor | N/A | |||||
| John
A. Caroselli (age 67) |
Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
| Maureen
R. Goldfarb (age 67) |
Trustee | January 2009 | 136 | Private investor | N/A | |||||
| Peter
D. Jones (age 66) |
Trustee | January 2019 | 136 | Private investor | N/A | |||||
| James
W. Kilman, Jr. (age 61) |
Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
159
Trustees and Officers -
continued
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal
Occupations During the Past Five Years |
Other
Directorships During the Past Five Years (j) | |||||
| Clarence
Otis, Jr. (age 66) |
Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
| Maryanne
L. Roepke (age 66) |
Trustee | May 2014 | 136 | Private investor | N/A | |||||
| Laurie
J. Thomsen (age 64) |
Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
| Name, Age | Position(s)
Held with Fund |
Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal
Occupations During the Past Five Years | ||||
| OFFICERS | ||||||||
| Christopher
R. Bohane (k) (age 48) |
Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel | ||||
| Kino
Clark (k) (age 53) |
Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
| John
W. Clark, Jr. (k) (age 55) |
Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head - Treasurer's Office (until February 2017) | ||||
| David
L. DiLorenzo (k) (age 53) |
President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
| Heidi
W. Hardin (k) (age 54) |
Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (until January 2017) | ||||
| Brian
E. Langenfeld (k) (age 49) |
Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Senior Counsel |
160
Trustees and Officers -
continued
| Name, Age | Position(s)
Held with Fund |
Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal
Occupations During the Past Five Years | ||||
| Rosa
E. Licea-Mailloux(k) (age 45) |
Chief Compliance Officer | March 2022 | 136 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018) | ||||
| Amanda
S. Mooradian (k) (age 43) |
Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
| Susan
A. Pereira (k) (age 51) |
Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
| Kasey
L. Phillips (k) (age 51) |
Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
| Matthew
A. Stowe (k) (age 47) |
Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
| James
O. Yost (k) (age 61) |
Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
| (h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
| (j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
| (k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has
been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. Mr. Roberge became a Trustee of the Funds on January 1,
2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019. The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed
161
Trustees and Officers -
continued
terms. Under the terms of the Board's retirement policy, an Independent
Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on
the Board).
Messrs. Buller, Kilman and Otis and Ms.
Roepke are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold
comparable officer positions with certain affiliates of MFS.
The Statement of Additional Information for a Fund includes
further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
| Investment Adviser | Custodian |
| Massachusetts
Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 |
JPMorgan
Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
| Distributor | Independent Registered Public Accounting Firm |
| MFS Fund
Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 |
Deloitte
& Touche LLP 200 Berkeley Street Boston, MA 02116 |
| Portfolio Manager(s) | |
| Jason
Kosty Megan Poplowski Geoffrey Schechter |
162
Statement Regarding
Liquidity Risk Management Program
The fund has adopted
and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The fund’s Board of Trustees (the “Board”) has designated MFS as the
administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of the fund. Liquidity risk is the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution
of remaining investors' interests.
MFS provided a written
report to the Board for consideration at its March 2022 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2021 to December 31, 2021 (the
“Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage the fund’s liquidity
risk. MFS also reported that there were no liquidity events that impacted the fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its
objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in the fund may be subject, can be found in the prospectus.
163
Proxy
Voting Policies and Information
MFS votes proxies on
behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s
Web site at http://www.sec.gov.
Information regarding how the fund voted proxies relating to
portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. A
shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the
“Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about the
fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at
mfs.com/openendfunds by choosing the fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an
investment adviser, administrator, distributor, shareholder servicing agent, 529 program manager (if applicable), and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended
beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either
directly or on behalf of the fund.
Under the
Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of
Massachusetts.
Federal Tax Information (unaudited)
The
fund will notify shareholders of amounts for use in preparing 2022 income tax forms in January 2023. The following information is provided pursuant to provisions of the Internal Revenue Code.
Of the dividends paid from net investment income during the
fiscal year, 98.45% is designated as exempt interest dividends for federal income tax purposes. If the fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item for purposes of
computing a shareholder’s alternative minimum tax.
164
Federal Tax Information (unaudited) - continued
The fund intends to pass through the maximum amount allowable
as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
165
rev. 3/16
| FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| • Social Security number and account balances | |
| • Account transactions and transaction history | |
| • Checking account information and wire transfer instructions | |
| When you are no longer our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
| Reasons
we can share your personal information |
Does MFS share? | Can
you limit this sharing? |
| For
our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes | No |
| For
our marketing purposes – to offer our products and services to you |
No | We don't share |
| For
joint marketing with other financial companies |
No | We don't share |
| For
our affiliates' everyday business purposes – information about your transactions and experiences |
No | We don't share |
| For
our affiliates' everyday business purposes – information about your creditworthiness |
No | We don't share |
| For nonaffiliates to market to you | No | We don't share |
| Questions? | Call 800-225-2606 or go to mfs.com. |
166
Page 2
| Who we are | |
| Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
| What we do | |
| How
does MFS protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
| How
does MFS collect my personal information? |
We collect your personal information, for example, when you |
| • open an account or provide account information | |
| • direct us to buy securities or direct us to sell your securities | |
| • make a wire transfer | |
| We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
| Why can't I limit all sharing? | Federal law gives you the right to limit only |
| • sharing for affiliates' everyday business purposes – information about your creditworthiness | |
| • affiliates from using your information to market to you | |
| • sharing for nonaffiliates to market to you | |
| State laws and individual companies may give you additional rights to limit sharing. | |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share with nonaffiliates so they can market to you. | |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| • MFS doesn't jointly market. | |
| Other important information |
| If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
167
Annual Report
March 31, 2022
MFS® Municipal
Intermediate Fund
Intermediate Fund
MIU-ANN
MFS® Municipal
Intermediate Fund
Intermediate Fund
CONTENTS
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back cover |
The
report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED • MAY LOSE VALUE
• NO BANK GUARANTEE
LETTER FROM THE CHAIR AND
CEO
Dear Shareholders:
As a result of Russia’s invasion of Ukraine, the danger
of wider geopolitical conflict has risen to a level not seen in decades, and this comes as sanctions aimed at countering Russia’s actions are exacerbating already mounting inflation. Consequently, at a time when global growth faces multiple
headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The US Federal Reserve recently raised rates for the first time since 2018 and indicated that it is likely to
tighten policy much more over the coming year. Meanwhile, the unsettled geopolitical backdrop and tighter financial conditions have led to increased volatility.
There are, however, encouraging signs for
the markets. The number of coronavirus cases outside of Asia remains well below prior peaks, unemployment is low, and there are signs that some global supply chain bottlenecks are beginning to ease, though lockdowns in China and disruptions stemming
from Russia's invasion of Ukraine could hamper these advances. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment
environment.
It is important to have a deep understanding
of company fundamentals during times of market transition, and we have built our global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating the increasing complexity of global markets and economies. Guided by our commitment to long-term
investing, we tune out the noise and try to uncover what we believe are the best, most durable investment opportunities in the market. Our unique global investment platform combines collective expertise, long-term discipline, and thoughtful risk
management to create sustainable value for investors over time.
Respectfully,
Michael W.
Roberge
Chair and Chief Executive Officer
MFS Investment Management
May 13, 2022
The opinions expressed in this letter are subject to change
and may not be relied upon for investment advice. No forecasts can be guaranteed.
1
Portfolio Composition
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
2
Portfolio Composition -
continued
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
| (o) | Less than 0.1%. |
Cash & Cash Equivalents includes
any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and
liabilities.
Percentages are based on net assets as of
March 31, 2022.
The portfolio is actively managed and
current holdings may be different.
3
Management Review
Summary of Results
For the period May 18, 2021 to March 31, 2022, Class A shares
of the MFS Municipal Intermediate Fund (fund) provided a total return of -4.62%, at net asset value. This compares with a return of -4.81% for the fund’s benchmark, the Bloomberg Municipal 1-15 Year Index.
Market Environment
Near the end of the period, just as the Omicron wave of the
pandemic appeared to be receding in much of the world, markets experienced a geopolitical shock as Russia launched a full-scale invasion of neighboring Ukraine. Given Europe's heavy reliance on imported oil and gas from Russia, European markets were
among the hardest hit. Energy prices spiked in the wake of the invasion, adding to already multi-decade high levels of inflation, and non-energy commodities rose sharply as well. Both the equity and fixed income markets experienced significant
upticks in volatility, though markets recovered their footing as the period came to an end.
The ripple effects from the Russian invasion further
complicated the mission central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers will find themselves in the difficult position of trying to
restrain inflation without tipping economies into recession. However, despite the challenging macroeconomic environment, policymakers remain focused on corralling inflation, though investors expect varying degrees of action from the central banks
with the US Federal Reserve (the “Fed”) expected to be the most hawkish developed market central bank and the European Central Bank less so, given the direct economic ripple effects on Europe stemming from the invasion.
Against an environment of rising labor and raw materials
prices, higher interest rates and waning fiscal and monetary stimulus, investor anxiety increased over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that some supply chain bottlenecks may be
easing, low levels of unemployment across developed markets and loosening of coronavirus restrictions outside of China are supportive factors for the macroeconomic backdrop.
The credit health of municipal issuers continued to demonstrate
strength, underpinned by above-trend growth in the US economy over the reporting period. Income, sales, and property tax grew during the year, and disbursements from federal fiscal stimulus packages bolstered liquidity. The supply/demand backdrop
worked against municipal assets, however, during the final three months of the reporting period. Accelerating rates of inflation and the Fed’s hawkish stance increased interest rate volatility and pushed the US Treasury and tax-exempt curves
higher while dragging municipal returns lower. Negative returns and fear of higher rates spurred investor outflows. Municipal funds and exchange traded funds reported net redemptions for 12 consecutive weeks at the end of the reporting period. The
repricing of municipal assets improved the Municipal/US Treasury ratio, an indicator of the value of municipals relative to Treasuries. At period end, the ratio reflected a more attractive proposition for municipals with 5-, 10-, and 30-year ratios
moving from 48%, 70%, and 81% to 83%, 96%, and 106%, respectively. The valuation picture remained mixed, however, because yields of higher-yielding issuers continued to offer little premium over yields of
4
Management Review -
continued
investment-grade issuers. A positive for long-term investors in municipal
bonds, AAA tax-exempt yields ended the first quarter at their highest absolute levels since April 2019, excluding a brief period at the beginning of the pandemic in March 2020.
Factors Affecting Performance
Relative to the Bloomberg Municipal 1-15 Year Index, security
selection was a contributor to the fund’s performance. From a sector perspective, bond selection within both the health care and housing sectors benefited relative returns. From a quality perspective, selection within “BBB”,
“AA” and “A” rated(r) bonds supported relative results.
The fund's asset allocation decisions also strengthened
relative performance, led by its out-of-benchmark allocation to both non-rated and “BB” rated securities. In addition, the fund's yield curve(y) positioning further benefited the fund’s relative returns.
Conversely, the fund's longer duration(d) stance hurt relative
returns as interest rates generally rose over the reporting period.
Respectfully,
Portfolio Manager(s)
Jason Kosty, Megan Poplowski, and Geoffrey Schechter
Note to Shareholders: Effective March 1, 2022, Megan Poplowski
was added as a Portfolio Manager of the fund.
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value. |
| (r) | Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated. |
| (y) | A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates. |
The views expressed in this report are those of the portfolio
manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other
conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not
recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
5
Performance Summary THROUGH
3/31/22
The following chart illustrates a representative
class of the fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of
dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect
sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no
guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect
the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
Growth of a Hypothetical $10,000 Investment (t)
6
Performance Summary -
continued
Total Returns through 3/31/22
Average annual without sales charge
| Share Class | Class inception date | Life (t) |
| A | 5/18/21 | (4.62)% |
| C | 5/18/21 | (5.32)% |
| I | 5/18/21 | (4.53)% |
| R6 | 5/18/21 | (4.49)% |
Comparative benchmark(s)
| Bloomberg Municipal 1-15 Year Index (f) | (4.81)% |
Average annual with sales
charge
| A
With Initial Sales Charge (4.25%) |
(8.68)% |
| C
With CDSC (1% for 12 months) (v) |
(6.26)% |
CDSC – Contingent Deferred
Sales Charge.
Class I and R6 shares do not have a sales
charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
Benchmark Definition(s)
Bloomberg Municipal 1-15 Year Index(a) - a market capitalization-weighted index that measures the performance of the intermediate-term (1 to 15 years) tax-exempt bond market.
It is not possible to invest directly in an index.
| (a) | Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. |
Notes to Performance Summary
Average annual total return represents the average annual
change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated
period end date.
Performance results reflect any
applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
7
Performance Summary -
continued
Performance results do not include adjustments made for
financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
From time to time the fund may receive proceeds from litigation
settlements, without which performance would be lower.
8
Expense Table
Fund expenses borne by the shareholders during the period,
October 1, 2021 through March 31, 2022
October 1, 2021 through March 31, 2022
As a
shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and
other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the
beginning of the period and held for the entire period October 1, 2021 through March 31, 2022.
Actual Expenses
The first line for each share class in the following table
provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000
(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during
this period.
Hypothetical Example for Comparison
Purposes
The second line for each share class in the
following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual
return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other
funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to
highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
9
Expense Table -
continued
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 10/01/21 |
Ending
Account Value 3/31/22 |
Expenses
Paid During Period (p) 10/01/21-3/31/22 | |
| A | Actual | 0.70% | $1,000.00 | $952.37 | $3.41 |
| Hypothetical (h) | 0.70% | $1,000.00 | $1,021.44 | $3.53 | |
| C | Actual | 1.45% | $1,000.00 | $947.70 | $7.04 |
| Hypothetical (h) | 1.45% | $1,000.00 | $1,017.70 | $7.29 | |
| I | Actual | 0.45% | $1,000.00 | $952.56 | $2.19 |
| Hypothetical (h) | 0.45% | $1,000.00 | $1,022.69 | $2.27 | |
| R6 | Actual | 0.36% | $1,000.00 | $952.82 | $1.75 |
| Hypothetical (h) | 0.36% | $1,000.00 | $1,023.14 | $1.82 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
10
Portfolio of
Investments
3/31/22
The Portfolio of Investments is a complete list of all
securities owned by your fund. It is categorized by jurisdiction.
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - 92.0% | ||||
| Alabama - 1.1% | ||||
| Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 495,000 | $ 539,075 | |
| Mobile County, AL, Board of School Commissioners Special Tax School Warrants, 5%, 3/01/2030 | 240,000 | 278,723 | ||
| $ 817,798 | ||||
| Alaska - 0.3% | ||||
| Alaska Municipal Bond Bank, General Obligation, Refunding, Series “1”, 5%, 12/01/2027 | $ | 200,000 | $ 227,172 | |
| Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, “B1”, 0.5%, 6/01/2031 | 5,000 | 4,967 | ||
| $ 232,139 | ||||
| Arizona - 0.8% | ||||
| Arizona Industrial Development Authority Education Rev. (Greathearts Arizona Projects), “A”, 5%, 7/01/2026 | $ | 125,000 | $ 137,418 | |
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033 | 5,000 | 4,247 | ||
| Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 0.875%, 6/01/2043 (Put Date 10/01/2026) | 15,000 | 13,815 | ||
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2026 | 245,000 | 256,004 | ||
| Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), 1.3%, 6/01/2027 (Put Date 6/01/2027) | 200,000 | 184,860 | ||
| $ 596,344 | ||||
| Arkansas - 0.6% | ||||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027 | $ | 125,000 | $ 128,310 | |
| Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 5%, 12/01/2025 | 150,000 | 165,455 | ||
| Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 5%, 12/01/2026 | 140,000 | 157,686 | ||
| $ 451,451 | ||||
11
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - 1.8% | ||||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2032 | $ | 125,000 | $ 131,680 | |
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n) | 20,000 | 19,404 | ||
| California Statewide Communities Development Authority Rev. (Adventist Health System West), “A”, 4.125%, 3/01/2034 | 90,000 | 95,290 | ||
| California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 5%, 10/01/2027 | 90,000 | 97,376 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 130,000 | 139,347 | ||
| California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments Phase IV-A CHF Irvine LLC), 5%, 5/15/2030 | 80,000 | 89,096 | ||
| Los Angeles, CA, Department of Airports Rev., “F”, 5%, 5/15/2033 | 580,000 | 655,748 | ||
| Sacramento, CA, Transient Occupancy Tax Rev. (Convention Center Complex), “A”, 5%, 6/01/2033 | 115,000 | 129,899 | ||
| $ 1,357,840 | ||||
| Colorado - 0.8% | ||||
| Adams, Morgan, & Weld Counties, CO, Groundwater Management Subdistrict of the Central Water Conservancy District, BAM, 5%, 12/01/2028 | $ | 200,000 | $ 234,110 | |
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026 | 125,000 | 128,807 | ||
| Colorado Mountain College, COP, 5%, 12/01/2027 | 200,000 | 227,172 | ||
| $ 590,089 | ||||
| Connecticut - 0.7% | ||||
| Connecticut Higher Education Supplemental Loan Authority, “B”, 5%, 11/15/2024 | $ | 250,000 | $ 267,327 | |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, GNMA, 4%, 11/15/2047 | 260,000 | 266,881 | ||
| $ 534,208 | ||||
| District of Columbia - 1.2% | ||||
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n) | $ | 250,000 | $ 260,116 | |
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 100,000 | 101,130 | ||
| District of Columbia, Housing Finance Agency, Multi-Family Development Program, “B-2”, 0.5%, 3/01/2027 (Put Date 10/01/2024) | 260,000 | 247,541 | ||
| Metropolitan Washington, D.C., Airport Authority System Rev., “A”, 5%, 10/01/2027 | 250,000 | 279,942 | ||
| $ 888,729 | ||||
12
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - 3.2% | ||||
| Florida Atlantic University Finance Corp., Capital Improvement Rev. (Student Housing Project), “B”, 5%, 7/01/2029 | $ | 75,000 | $ 87,017 | |
| Florida Development Finance Corp. Educational Facilities Rev., Taxable (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “B”, 3%, 7/01/2022 (n) | 100,000 | 99,604 | ||
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., “A”, 5%, 10/01/2031 | 500,000 | 586,072 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2026 | 300,000 | 305,630 | ||
| Pasco County, FL, School Board Refunding, Certificate of Participation, “A”, 5%, 8/01/2026 | 150,000 | 165,996 | ||
| Pasco County, FL, School Board Refunding, Certificate of Participation, “A”, 5%, 8/01/2027 | 150,000 | 168,987 | ||
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040 | 100,000 | 100,672 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2026 | 190,000 | 194,820 | ||
| Volusia County, FL, School Board Master Lease Program, “A”, 5%, 8/01/2030 | 200,000 | 237,713 | ||
| Wildwood, FL, Utility Dependent District Utility Rev. (South Sumter Utility Project), BAM, 5%, 10/01/2028 | 400,000 | 460,098 | ||
| $ 2,406,609 | ||||
| Georgia - 1.7% | ||||
| Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2036 | $ | 75,000 | $ 85,912 | |
| Carroll County, GA, Water Authority, Water & Sewerage Refunding and Improvement Rev., “A”, 4%, 7/01/2027 | 200,000 | 218,216 | ||
| Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2025 | 225,000 | 237,833 | ||
| Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2026 | 175,000 | 187,227 | ||
| Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2027 | 125,000 | 135,274 | ||
| Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2028 | 150,000 | 163,833 | ||
| Savannah, GA, Economic Development Authority Refunding Rev., Taxable (Savannah State University Projects), “C”, 0.8%, 6/15/2023 | 225,000 | 220,992 | ||
| $ 1,249,287 | ||||
| Guam - 2.7% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2028 | $ | 100,000 | $ 110,458 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | 5,000 | 5,579 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 5,638 | ||
13
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Guam - continued | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | $ | 5,000 | $ 5,702 | |
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 | 30,000 | 30,280 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 35,000 | 35,096 | ||
| Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 270,000 | 291,007 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | 105,000 | 114,819 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 60,000 | 65,570 | ||
| Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 175,000 | 189,450 | ||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.489%, 10/01/2031 | 55,000 | 51,292 | ||
| Guam International Airport Authority Taxable Rev., Taxable (A.B. Won Pat Airport), “A”, 2.699%, 10/01/2026 | 25,000 | 23,622 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 65,000 | 70,571 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 110,000 | 120,930 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 135,000 | 148,401 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 380,000 | 416,654 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 300,000 | 323,684 | ||
| $ 2,008,753 | ||||
| Idaho - 0.1% | ||||
| Idaho Housing and Finance Association Multi-Family Housing Rev. (Sunset Landing Apartments Project ), “A”, 0.7%, 7/01/2024 | $ | 60,000 | $ 58,030 | |
| Illinois - 5.8% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 245,000 | $ 240,996 | |
| Chicago, IL, Board of Education, “A”, NPFG, 5.5%, 12/01/2026 | 70,000 | 76,161 | ||
| Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 45,000 | 48,157 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 145,000 | 153,987 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 40,000 | 42,991 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 45,000 | 48,861 | ||
| Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031 | 100,000 | 110,482 | ||
| Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “B”, 5%, 12/15/2028 | 205,000 | 206,572 | ||
| Chicago, IL, Midway Airport Rev., “A”, 5%, 1/01/2026 | 135,000 | 146,206 | ||
| Chicago, IL, Transit Authority Capital Grant Receipts Refunding Rev. (Federal Transit Administration Section 5337 State of Good Repair Formula Funds), 5%, 6/01/2026 | 200,000 | 222,292 | ||
| East Moline, IL, General Obligation, Taxable, BAM, 1.665%, 1/15/2025 | 250,000 | 239,738 | ||
14
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Franklin Park, IL, General Obligation Refunding Debt Certificates, “A”, BAM, 4%, 10/01/2026 | $ | 300,000 | $ 323,274 | |
| Illinois Finance Authority Rev. (OSF Healthcare System), “A”, 4.125%, 11/15/2037 | 70,000 | 73,136 | ||
| Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), “B”, 3.25%, 5/15/2027 | 100,000 | 96,846 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033 | 5,000 | 4,247 | ||
| Illinois Finance Authority, Health Facilities Rev. (Unitypoint Health), “D”, 5%, 2/15/2025 | 100,000 | 108,162 | ||
| Illinois Highway Authority, Toll Rev., “A”, 5%, 1/01/2040 | 110,000 | 118,770 | ||
| Illinois Housing Development Authority Rev., “B”, GNMA, 3%, 4/01/2051 | 245,000 | 246,177 | ||
| Illinois Regional Transportation Authority, General Obligation Refunding Rev., “A”, NPFG, 6%, 7/01/2029 | 150,000 | 177,312 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 40,000 | 43,529 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 80,000 | 88,585 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 75,000 | 84,316 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 20,000 | 22,773 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 35,000 | 40,353 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 35,000 | 39,692 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 50,000 | 57,077 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 50,000 | 52,980 | ||
| Northern Illinois Municipal Power Agency Project, Refunding Rev. (Prairie State Project), “A”, 4%, 12/01/2033 | 105,000 | 112,093 | ||
| Southern Illinois University Housing and Auxiliary Facilities System Refunding Rev., “A”, 5%, 4/01/2032 | 200,000 | 233,512 | ||
| State of Illinois, General Obligation, 5%, 2/01/2029 | 165,000 | 180,335 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 150,000 | 169,550 | ||
| State of Illinois, General Obligation Refunding, AGM, 4%, 2/01/2031 | 100,000 | 104,424 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 120,000 | 135,610 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 175,000 | 199,018 | ||
| State of Illinois, Sales Tax Rev., “A”, 5%, 6/15/2027 | 125,000 | 136,729 | ||
| $ 4,384,943 | ||||
| Indiana - 3.3% | ||||
| Ball St. University, IN, Board of Trustees, Student Fee Bonds, “T”, 5%, 7/01/2027 | $ | 200,000 | $ 227,759 | |
| Beech Grove, IN, Central Schools Building Corp., “A”, 3%, 7/15/2026 | 100,000 | 102,684 | ||
| Beech Grove, IN, Central Schools Building Corp., “B”, 2%, 7/15/2025 | 100,000 | 98,627 | ||
| Indiana Finance Authority Taxable Refunding Rev., Taxable (BHI Senior Living), “B”, 2.45%, 11/15/2025 | 30,000 | 28,241 | ||
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026 | 200,000 | 217,766 | ||
15
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Indiana - continued | ||||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 3%, 7/01/2050 | $ | 10,000 | $ 10,051 | |
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “C-1”, GNMA, 5%, 1/01/2028 | 225,000 | 257,198 | ||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “C-1”, GNMA, 5%, 7/01/2028 | 100,000 | 115,258 | ||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “C-1”, GNMA, 5%, 1/01/2029 | 220,000 | 253,277 | ||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “C-1”, GNMA, 5%, 7/01/2029 | 220,000 | 254,462 | ||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “C-1”, GNMA, 5%, 1/01/2030 | 225,000 | 260,259 | ||
| Jefferson County, IN, Jail Building Corp., Lease Rental Rev., BAM, 4%, 1/15/2027 | 200,000 | 214,534 | ||
| Lawrence County, IN, Mitchell High School Building Corp., 3%, 1/15/2026 | 200,000 | 205,585 | ||
| Terre Haute, IN, Sanitary District Refunding Rev., BAM, 3%, 7/01/2023 | 125,000 | 126,686 | ||
| Terre Haute, IN, Sanitary District Refunding Rev., BAM, 4%, 7/01/2027 | 100,000 | 107,361 | ||
| $ 2,479,748 | ||||
| Iowa - 0.6% | ||||
| Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 4%, 7/01/2047 | $ | 290,000 | $ 297,541 | |
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | 45,000 | 43,765 | ||
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 115,000 | 103,322 | ||
| $ 444,628 | ||||
| Kansas - 0.4% | ||||
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2025 | $ | 125,000 | $ 128,622 | |
| Sedgwick County, KS, Unified School District No. 268, General Obligation Refunding, “B”, 3%, 9/01/2028 | 150,000 | 154,995 | ||
| $ 283,617 | ||||
| Kentucky - 2.3% | ||||
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 3.7%, 1/01/2032 (n)(w) | $ | 105,000 | $ 105,537 | |
| Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “A-1”, 5%, 6/01/2031 | 500,000 | 579,811 | ||
| Kentucky State University Certificates of Participation, BAM, 5%, 11/01/2024 | 10,000 | 10,694 | ||
| Kentucky State University Certificates of Participation, BAM, 5%, 11/01/2028 | 200,000 | 230,997 | ||
16
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Kentucky - continued | ||||
| Public Energy Authority of Kentucky, Gas Supply Rev., “A-1”, 4%, 8/01/2052 (Put Date 8/01/2030) | $ | 750,000 | $ 802,716 | |
| $ 1,729,755 | ||||
| Louisiana - 1.9% | ||||
| Jefferson Parish, LA, Consolidated Sewerage District 1 Rev., BAM, 4%, 2/01/2033 (w) | $ | 1,000,000 | $ 1,095,717 | |
| Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2025 | 200,000 | 214,573 | ||
| Louisiana Stadium & Exposition District Rev., 4%, 7/03/2023 | 100,000 | 101,809 | ||
| $ 1,412,099 | ||||
| Maryland - 2.3% | ||||
| Chestertown, MD, Economic Development Rev., Taxable (Washington College Project), “B”, 1.47%, 3/01/2023 | $ | 525,000 | $ 518,464 | |
| Chestertown, MD, Economic Development Rev., Taxable (Washington College Project), “B”, 1.78%, 3/01/2024 | 550,000 | 531,951 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 260,000 | 270,679 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 135,000 | 156,490 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 250,000 | 281,269 | ||
| $ 1,758,853 | ||||
| Massachusetts - 1.7% | ||||
| Massachusetts Development Finance Agency Rev. (Lahey Health System), “F”, 5%, 8/15/2040 | $ | 970,000 | $ 1,042,198 | |
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026 | 100,000 | 102,905 | ||
| Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 4%, 7/01/2036 | 90,000 | 94,620 | ||
| Massachusetts Development Finance Agency Rev. (Williams College), “N”, 0.45%, 7/01/2041 (Put Date 7/01/2025) | 45,000 | 41,636 | ||
| $ 1,281,359 | ||||
17
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Michigan - 1.6% | ||||
| Lake Superior State University Board of Trustees Rev., AGM, 4%, 11/15/2028 | $ | 200,000 | $ 215,562 | |
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), “B”, 5%, 12/01/2043 (Put Date 12/01/2028) | 560,000 | 640,059 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 30,000 | 31,807 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 35,000 | 36,927 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 20,000 | 21,159 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 45,000 | 47,588 | ||
| Michigan Housing Development Authority, Rental Housing Rev., “A”, 0.55%, 4/01/2025 | 110,000 | 104,995 | ||
| 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 | 104,601 | ||
| $ 1,202,698 | ||||
| Minnesota - 0.7% | ||||
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026 | $ | 125,000 | $ 124,110 | |
| Minnesota Higher Educational Facilities Authority Rev. (St. John's University), 4%, 10/01/2029 | 150,000 | 163,409 | ||
| Minnesota Housing Finance Agency, Residential Housing, “D”, 3%, 1/01/2052 | 240,000 | 241,179 | ||
| $ 528,698 | ||||
| Mississippi - 0.2% | ||||
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | $ | 65,000 | $ 69,517 | |
| Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051 | 100,000 | 100,489 | ||
| $ 170,006 | ||||
18
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Missouri - 0.7% | ||||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026 | $ | 150,000 | $ 161,042 | |
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026 | 125,000 | 123,297 | ||
| St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2028 | 200,000 | 213,580 | ||
| $ 497,919 | ||||
| Nevada - 0.3% | ||||
| Clark County, NV, Airport System Rev., “B”, 5%, 7/01/2026 | $ | 200,000 | $ 219,531 | |
| New Hampshire - 0.2% | ||||
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5%, 4/01/2027 | $ | 105,000 | $ 116,400 | |
| New Jersey - 3.0% | ||||
| Atlantic City, NJ, 5%, 12/01/2024 | $ | 85,000 | $ 86,319 | |
| Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2027 | 210,000 | 227,137 | ||
| Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2028 | 275,000 | 298,828 | ||
| Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2029 | 250,000 | 273,643 | ||
| New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “PP”, 4%, 6/15/2030 (Prerefunded 6/15/2024) | 115,000 | 120,109 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 95,000 | 104,449 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 220,000 | 244,925 | ||
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 100,000 | 107,412 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 200,000 | 221,571 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 65,000 | 72,364 | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 70,000 | 76,803 | ||
| Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2028 | 54,000 | 62,042 | ||
| Perth Amboy, NJ, General Improvement Refunding, “A”, BAM, 3%, 3/15/2027 | 200,000 | 206,885 | ||
| State of New Jersey, General Obligation, 4%, 6/01/2036 | 145,000 | 154,027 | ||
| $ 2,256,514 | ||||
19
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - 4.2% | ||||
| Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), “B”, 5%, 7/01/2028 | $ | 80,000 | $ 89,640 | |
| New York Mortgage Agency Rev., “243”, 5%, 10/01/2026 | 295,000 | 323,028 | ||
| New York State Housing Finance Agency Affordable Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027) | 950,000 | 941,512 | ||
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), 2.25%, 8/01/2026 | 5,000 | 4,821 | ||
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), “A”, 5%, 12/01/2032 | 270,000 | 300,873 | ||
| Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B-1”, 4%, 6/01/2050 | 15,000 | 15,202 | ||
| Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Taxable, “A-1”, 1.015%, 6/01/2024 | 500,000 | 483,879 | ||
| Troy, NY, Capital Resource Corp. Refunding Rev. (Rensselaer Polytechnic Institute Project), 5%, 9/01/2027 | 125,000 | 140,808 | ||
| Yonkers, NY, General Obligation, “C”, AGM, 5%, 3/15/2030 | 750,000 | 878,435 | ||
| $ 3,178,198 | ||||
| North Carolina - 1.4% | ||||
| Charlotte-Mecklenberg, NC, Hospital Authority Rev. (Atrium Health Obligated Group), “A”, 5%, 1/15/2028 | $ | 75,000 | $ 76,920 | |
| North Carolina Housing Finance Agency, Home Ownership Rev. “48”, 5%, 1/01/2030 (w) | 750,000 | 867,186 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2028 | 125,000 | 133,139 | ||
| $ 1,077,245 | ||||
| Ohio - 0.8% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 70,000 | $ 78,732 | |
| Cleveland State University, OH, General Receipts “A”, 5%, 6/01/2029 | 125,000 | 137,184 | ||
| Cuyahoga Falls, OH, School District Improvement Rev., BAM, 4%, 12/01/2029 | 75,000 | 82,124 | ||
| Triway, OH, Local School District Board of Education, BAM, 4%, 12/01/2027 | 200,000 | 217,097 | ||
| Warrensville Heights, OH, City School District, BAM, 4%, 11/01/2029 | 80,000 | 83,012 | ||
| $ 598,149 | ||||
| Oklahoma - 0.2% | ||||
| Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037 | $ | 130,000 | $ 134,178 | |
20
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Oregon - 1.1% | ||||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B”, 1.2%, 6/01/2028 | $ | 5,000 | $ 4,432 | |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 10,000 | 9,027 | ||
| Oregon Health & Sciences University Rev., “B”, 3.375%, 7/01/2039 | 115,000 | 119,044 | ||
| Port Portland, OR, International Airport Rev., 5%, 7/01/2032 | 500,000 | 590,071 | ||
| Port Portland, OR, International Airport Rev., “B”, 5%, 7/01/2028 | 105,000 | 118,742 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-3”, 1.75%, 11/15/2026 | 5,000 | 4,802 | ||
| $ 846,118 | ||||
| Pennsylvania - 5.8% | ||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026 | $ | 10,000 | $ 10,783 | |
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | 65,000 | 69,407 | ||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | 25,000 | 27,957 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030 | 455,000 | 445,198 | ||
| Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%, 12/15/2037 | 80,000 | 84,859 | ||
| Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 1.1% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 795,000 | 754,015 | ||
| Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045 | 10,000 | 10,165 | ||
| East Bethlehem, PA, Municipal Authority Sewer Rev., 1%, 12/01/2024 | 150,000 | 141,601 | ||
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2023 | 125,000 | 130,460 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2028 | 150,000 | 161,333 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4%, 3/15/2034 | 85,000 | 89,433 | ||
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 0.86%, 6/01/2041 (Put Date 6/03/2024) | 90,000 | 89,588 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027 | 200,000 | 222,249 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 10,000 | 9,120 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051 | 330,000 | 331,658 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2027 | 200,000 | 223,845 | ||
21
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | $ | 665,000 | $ 737,783 | |
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2032 | 75,000 | 83,505 | ||
| Schuylkill County, PA, Municipal Authority Water & Sewer Rev., BAM, 4%, 6/15/2024 | 260,000 | 271,536 | ||
| Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026 | 500,000 | 517,242 | ||
| $ 4,411,737 | ||||
| Puerto Rico - 4.2% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | $ | 15,000 | $ 15,338 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 665,000 | 687,219 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 45,000 | 45,674 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 19,906 | 18,164 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 49,801 | 28,760 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 43,220 | 44,269 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 43,099 | 45,471 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 42,709 | 46,634 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 42,016 | 46,856 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 40,810 | 46,483 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 38,698 | 37,778 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 34,785 | 33,567 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 29,854 | 28,665 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 40,591 | 38,546 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 42,214 | 39,710 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 260,000 | 248,300 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 40,000 | 38,200 | ||
22
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Puerto Rico - continued | ||||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | $ | 20,000 | $ 19,200 | |
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,600 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 90,000 | 86,400 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 100,000 | 95,500 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 165,000 | 157,575 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 40,000 | 38,200 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 9,550 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 130,000 | 124,150 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 10,000 | 10,291 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,613 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 14,400 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 65,000 | 62,075 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 70,000 | 67,200 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 20,000 | 19,200 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 60,000 | 57,600 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 50,000 | 48,750 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 23,000 | 24,091 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 164,000 | 174,365 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 76,000 | 78,674 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 1,037 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 39,000 | 41,002 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 3,000 | 2,812 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 41,000 | 35,085 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 7,000 | 5,580 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 597,000 | 441,887 | ||
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 15,000 | 15,311 | ||
| $ 3,186,532 | ||||
23
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Rhode Island - 1.2% | ||||
| Rhode Island Health and Educational Building Corp., Higher Education Facility Refunding Rev., (Providence College), “B”, 5%, 11/01/2027 | $ | 250,000 | $ 284,573 | |
| Rhode Island Housing and Mortgage Finance Corp., “76-A”, 5%, 10/01/2029 | 550,000 | 639,523 | ||
| $ 924,096 | ||||
| South Carolina - 1.3% | ||||
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | $ | 335,000 | $ 353,520 | |
| South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2028 | 125,000 | 134,804 | ||
| South Carolina Ports Authority Rev., 5%, 7/01/2025 | 135,000 | 145,983 | ||
| University of South Carolina, Special Higher Education Rev. (Moore School of Business Project), “A”, 5%, 5/01/2033 | 260,000 | 317,310 | ||
| $ 951,617 | ||||
| South Dakota - 0.1% | ||||
| South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable , 0.961%, 6/01/2024 | $ | 65,000 | $ 62,329 | |
| Tennessee - 19.5% | ||||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5%, 10/01/2044 | $ | 1,000,000 | $ 1,067,809 | |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035 | 500,000 | 527,646 | ||
| Franklin County, TN, Health & Educational Facilities Board Rev. (University of the South), 5%, 9/01/2030 | 375,000 | 380,520 | ||
| Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041 | 415,000 | 429,244 | ||
| Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), ETM, 4%, 4/01/2041 (Prerefunded 4/01/2025) | 10,000 | 10,537 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 750,000 | 825,418 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036 | 1,000,000 | 1,095,292 | ||
| Memphis, TN, General Improvement, “B”, 5%, 4/01/2031 | 1,000,000 | 1,054,001 | ||
| Memphis, TN, General Improvement, “B”, 5%, 4/01/2034 | 1,025,000 | 1,080,351 | ||
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 4.75%, 7/01/2027 | 300,000 | 274,278 | ||
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 5.5%, 7/01/2037 | 100,000 | 84,320 | ||
24
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Tennessee - continued | ||||
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), “A”, 5%, 10/01/2041 | $ | 1,000,000 | $ 1,064,582 | |
| Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Rev., Public Improvement, “A”, 5%, 8/01/2023 | 1,205,000 | 1,252,220 | ||
| Metropolitan Nashville Airport Authority, Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026 | 465,000 | 460,522 | ||
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2035 | 1,100,000 | 1,176,691 | ||
| Nashville, TN, Metropolitan Development and Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n) | 500,000 | 532,656 | ||
| Shelby County, TN, Health, Educational & Housing Facility Board Rev. (Methodist Healthcare), “A”, 5%, 5/01/2035 | 1,500,000 | 1,682,279 | ||
| Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049 | 550,000 | 568,970 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | 115,000 | 116,747 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2023 | 110,000 | 114,752 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2027 | 80,000 | 87,835 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050 | 100,000 | 104,007 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., “4”, 4%, 7/01/2043 | 740,000 | 757,443 | ||
| $ 14,748,120 | ||||
| Texas - 6.4% | ||||
| Arlington, TX, Higher Education Finance Corp., Education Rev. (Uplift Education), “A”, 4%, 12/01/2026 | $ | 100,000 | $ 107,623 | |
| Brazoria County, TX, Municipal Utility District No. 28, AGM, 3%, 9/01/2026 | 285,000 | 293,395 | ||
| Brownsville, TX, 5%, 2/15/2030 | 200,000 | 234,923 | ||
| Central Texas Regional Mobility Authority Subordinate Lien Rev., “D”, 5%, 1/01/2024 | 100,000 | 104,777 | ||
| Central Texas Regional Mobility Authority Subordinate Lien Rev., “D”, 5%, 1/01/2025 | 100,000 | 107,016 | ||
| Central Texas Regional Mobility Authority Subordinate Lien Rev., “D”, 5%, 1/01/2026 | 150,000 | 163,850 | ||
| Clear Brook City, TX, Municipal Utility District, AGM, 4%, 2/01/2027 | 250,000 | 266,889 | ||
| Collin and Hunt Counties, TX, Magnolia Pointe Municipal Utility District No. 1, AGM, 4%, 9/01/2028 | 125,000 | 132,267 | ||
| Dallas and Fort Worth, TX, International Airport Rev., “A”, 5.25%, 11/01/2030 | 85,000 | 88,703 | ||
| Dowdell, TX, Public Utility District, “A”, BAM, 2%, 9/01/2026 | 200,000 | 198,382 | ||
| Eagle Pass, TX, AGM, 5%, 3/01/2028 | 255,000 | 293,041 | ||
25
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| El Paso County, TX, Hospital District Rev., 5%, 8/15/2033 | $ | 100,000 | $ 103,869 | |
| Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2030 | 250,000 | 273,637 | ||
| Fort Bend County, TX, Municipal Utility District No. 23, BAM, 3%, 9/01/2026 | 200,000 | 206,826 | ||
| Harlandale, TX, Independent School District, Variable Rate Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024) | 80,000 | 80,239 | ||
| Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2025 | 200,000 | 203,765 | ||
| Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Tax and Special Refunding Rev., 4%, 9/01/2027 | 60,000 | 64,854 | ||
| McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, 3%, 8/15/2035 | 500,000 | 507,024 | ||
| McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, 3%, 8/15/2036 | 500,000 | 506,043 | ||
| North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | 130,000 | 130,847 | ||
| Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2028 | 200,000 | 228,365 | ||
| Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n) | 200,000 | 181,730 | ||
| Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 5%, 8/01/2028 | 150,000 | 171,517 | ||
| Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), “A”, 4%, 12/01/2033 | 75,000 | 79,692 | ||
| Texas Public Finance Authority, Financing System Refunding Rev. (Texas Southern University), “A”, BAM, 5%, 5/01/2026 | 125,000 | 136,290 | ||
| $ 4,865,564 | ||||
| U.S. Virgin Islands - 0.3% | ||||
| Virgin Islands Tobacco Settlement Financing Corp., 5%, 5/15/2031 | $ | 220,000 | $ 220,378 | |
| Utah - 0.4% | ||||
| Mapleton City, UT, Municipal Energy Sales Tax & Telecommunications Fee Rev., 3%, 6/15/2025 | $ | 200,000 | $ 203,513 | |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, 2.5%, 8/21/2051 | 15,721 | 15,230 | ||
| Utah Infrastructure Agency Telecommunications & Franchise Tax Rev. (Pleasant Grove City Project), 2%, 10/15/2025 | 125,000 | 122,562 | ||
| $ 341,305 | ||||
26
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Virginia - 1.0% | ||||
| Virginia Beach, VA, Development Authority Residential Care Facility Refunding Rev. (Westminster-Canterbury on Chesapeake Bay), 5%, 9/01/2029 | $ | 95,000 | $ 103,262 | |
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 165,000 | 166,640 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 320,000 | 322,702 | ||
| Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 180,000 | 193,396 | ||
| $ 786,000 | ||||
| Washington - 0.4% | ||||
| Port Tacoma, WA, Refunding Rev., “A”, 5%, 12/01/2028 | $ | 125,000 | $ 142,990 | |
| Seattle, WA, Housing Authority Rev. (Lam Bow Apartments Project), 4%, 6/01/2027 | 185,000 | 198,570 | ||
| $ 341,560 | ||||
| West Virginia - 0.7% | ||||
| Parkersburg, WV, Waterworks & Sewerage System Refunding Rev., “A”, BAM, 3%, 8/01/2025 | $ | 200,000 | $ 205,104 | |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheel Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027) (w) | 330,000 | 330,281 | ||
| $ 535,385 | ||||
| Wisconsin - 3.0% | ||||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2024 | $ | 205,000 | $ 212,699 | |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2027 | 290,000 | 304,024 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2028 | 195,000 | 203,789 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2029 | 310,000 | 321,315 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030 | 400,000 | 398,399 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Saint John's Communities, Inc. Project), 4%, 9/15/2027 (Prerefunded 9/15/2023) | 150,000 | 154,695 | ||
| Wisconsin Housing & Economic Development Authority Home Ownership, “A”, 3%, 3/01/2052 | 85,000 | 85,411 | ||
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B-2”, 2.25%, 6/01/2027 (n) | 30,000 | 28,325 | ||
27
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), “C”, 2.75%, 6/01/2026 (n) | $ | 25,000 | $ 24,138 | |
| Wisconsin Public Finance Authority Hospital Rev., Taxable (UNC Health Southeastern), “B”, 1.143%, 2/01/2024 | 125,000 | 120,464 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 105,000 | 101,988 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2030 | 270,000 | 288,228 | ||
| $ 2,243,475 | ||||
| Total Municipal Bonds (Identified Cost, $70,835,746) | $ 69,410,031 | |||
| Trust Units - 1.2% | ||||
| Puerto Rico - 1.2% | ||||
| CCDA Class 60 Trust (taxable), 5%, 7/01/2031 | 230,000 | $ 228,729 | ||
| PRIFA Class 61 Trust, Class 2024-2005C (taxable), 5.5%, 7/01/2024 | 260,000 | 259,651 | ||
| PRIFA Class 61 Trust, Class 2025-2005C (taxable), 5.5%, 7/01/2025 | 25,000 | 24,951 | ||
| PRIFA Class 61 Trust, Class 2026-2005C (taxable), 5.5%, 7/01/2026 | 415,000 | 413,945 | ||
| Total Trust Units (Identified Cost, $937,254) | $ 927,276 | |||
| Bonds – 0.3% | ||||
| Consumer Services – 0.3% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 149,000 | $ 129,619 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 346,533 | 102,616 | ||
| Total Bonds (Identified Cost, $255,707) | $ 232,235 | |||
| Contingent Value Instruments - 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $110,258) | $ 193,227 | $ 103,859 | ||
28
Portfolio of
Investments – continued
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) - 5.8% | ||||
| Money Market Funds – 5.8% | ||||
| MFS Institutional Money Market Portfolio, 0.21% (v) (Identified Cost, $4,342,611) | 4,342,611 | $ 4,342,611 | ||
| Other Assets, Less Liabilities - 0.6% | 449,078 | |||
| Net Assets - 100.0% | $75,465,090 | |||
| (a) | Non-income producing security. |
| (d) | In default. |
| (h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $4,342,611 and $70,673,401, respectively. |
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $1,585,733, representing 2.1% of net assets. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (w) | When-issued security. |
| The following abbreviations are used in this report and are defined: | |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| GNMA | Government National Mortgage Assn. |
| LIBOR | London Interbank Offered Rate |
| NPFG | National Public Finance Guarantee Corp. |
See
Notes to Financial Statements
29
Financial Statements
Statement of Assets and Liabilities
At 3/31/22
This statement represents your fund’s balance sheet,
which details the assets and liabilities comprising the total value of the fund.
| Assets | |
| Investments in unaffiliated issuers, at value (identified cost, $72,138,965) | $70,673,401 |
| Investments in affiliated issuers, at value (identified cost, $4,342,611) | 4,342,611 |
| Receivables for | |
| Investments sold | 2,894,453 |
| Fund shares sold | 250,024 |
| Interest | 735,947 |
| Receivable from investment adviser | 48,188 |
| Other assets | 594 |
| Total assets | $78,945,218 |
| Liabilities | |
| Payable to custodian | $47 |
| Payables for | |
| Distributions | 6,956 |
| Investments purchased | 913,481 |
| Fund shares reacquired | 41,752 |
| When-issued investments purchased | 2,405,993 |
| Payable to affiliates | |
| Administrative services fee | 114 |
| Shareholder servicing costs | 16,625 |
| Distribution and service fees | 753 |
| Payable for independent Trustees' compensation | 13 |
| Accrued expenses and other liabilities | 94,394 |
| Total liabilities | $3,480,128 |
| Net assets | $75,465,090 |
| Net assets consist of | |
| Paid-in capital | $77,877,621 |
| Total distributable earnings (loss) | (2,412,531) |
| Net assets | $75,465,090 |
| Shares of beneficial interest outstanding | 8,023,034 |
30
Statement of Assets and
Liabilities – continued
| Net assets | Shares
outstanding |
Net
asset value per share (a) | |
| Class A | $54,967,455 | 5,842,299 | $9.41 |
| Class C | 73,771 | 7,854 | 9.39 |
| Class I | 20,040,501 | 2,132,082 | 9.40 |
| Class R6 | 383,363 | 40,799 | 9.40 |
| (a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $9.83 [100 / 95.75 x $9.41]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I and R6. |
See Notes to Financial Statements
31
Financial Statements
Statement of Operations
Year ended 3/31/22 (c)
This statement describes how much your fund earned in
investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
| Net investment income (loss) | |
| Income | |
| Interest | $1,040,949 |
| Other | 15,605 |
| Dividends | 3,461 |
| Dividends from affiliated issuers | 1,773 |
| Total investment income | $1,061,788 |
| Expenses | |
| Management fee | $189,510 |
| Distribution and service fees | 76,532 |
| Shareholder servicing costs | 33,892 |
| Administrative services fee | 17,263 |
| Independent Trustees' compensation | 2,360 |
| Custodian fee | 18,981 |
| Shareholder communications | 5,891 |
| Audit and tax fees | 41,711 |
| Legal fees | 22,210 |
| Registration fees | 50,028 |
| Miscellaneous | 25,073 |
| Total expenses | $483,451 |
| Reduction of expenses by investment adviser and distributor | (172,485) |
| Net expenses | $310,966 |
| Net investment income (loss) | $750,822 |
| Realized and unrealized gain (loss) | |
| Realized gain (loss) (identified cost basis) | |
| Unaffiliated issuers | $1,168,752 |
| Change in unrealized appreciation or depreciation | |
| Unaffiliated issuers | $(5,799,283) |
| Net realized and unrealized gain (loss) | $(4,630,531) |
| Change in net assets from operations | $(3,879,709) |
| (c) For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. | |
See Notes to Financial Statements
32
Financial Statements
Statement of Changes in Net Assets
This statement describes the increases and/or decreases in net
assets resulting from operations, any distributions, and any shareholder transactions.
| Year ended | |
| 3/31/22 (c) | |
| Change in net assets | |
| From operations | |
| Net investment income (loss) | $750,822 |
| Net realized gain (loss) | 1,168,752 |
| Net unrealized gain (loss) | (5,799,283) |
| Change in net assets from operations | $(3,879,709) |
| Total distributions to shareholders | $(1,148,936) |
| Change in net assets from fund share transactions | $80,493,735 |
| Total change in net assets | $75,465,090 |
| Net assets | |
| At beginning of period | — |
| At end of period | $75,465,090 |
| (c) | For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. |
See Notes to Financial Statements
33
Financial
Statements
Financial Highlights
The financial highlights table is intended to help you
understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Class A | Year ended |
| 3/31/22(c) | |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d) | $0.13 |
| Net realized and unrealized gain (loss) | (0.59) |
| Total from investment operations | $(0.46) |
| Less distributions declared to shareholders | |
| From net investment income | $(0.08) |
| From net realized gain | (0.05) |
| Total distributions declared to shareholders | $(0.13) |
| Net asset value, end of period (x) | $9.41 |
| Total return (%) (r)(s)(t)(x) | (4.62)(n) |
| Ratios
(%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f) | 0.97(a) |
| Expenses after expense reductions (f) | 0.70(a) |
| Net investment income (loss) | 1.46(a) |
| Portfolio turnover | 165(n) |
| Net assets at end of period (000 omitted) | $54,967 |
See Notes to Financial
Statements
34
Financial
Highlights – continued
| Class C | Year ended |
| 3/31/22(c) | |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d) | $0.03 |
| Net realized and unrealized gain (loss) | (0.56) |
| Total from investment operations | $(0.53) |
| Less distributions declared to shareholders | |
| From net investment income | $(0.03) |
| From net realized gain | (0.05) |
| Total distributions declared to shareholders | $(0.08) |
| Net asset value, end of period (x) | $9.39 |
| Total return (%) (r)(s)(t)(x) | (5.32)(n) |
| Ratios
(%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f) | 1.82(a) |
| Expenses after expense reductions (f) | 1.43(a) |
| Net investment income (loss) | 0.36(a) |
| Portfolio turnover | 165(n) |
| Net assets at end of period (000 omitted) | $74 |
| Class I | Year ended |
| 3/31/22(c) | |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d) | $0.15 |
| Net realized and unrealized gain (loss) | (0.60) |
| Total from investment operations | $(0.45) |
| Less distributions declared to shareholders | |
| From net investment income | $(0.10) |
| From net realized gain | (0.05) |
| Total distributions declared to shareholders | $(0.15) |
| Net asset value, end of period (x) | $9.40 |
| Total return (%) (r)(s)(t)(x) | (4.53)(n) |
| Ratios
(%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f) | 0.72(a) |
| Expenses after expense reductions (f) | 0.45(a) |
| Net investment income (loss) | 1.70(a) |
| Portfolio turnover | 165(n) |
| Net assets at end of period (000 omitted) | $20,041 |
See Notes to Financial
Statements
35
Financial
Highlights – continued
| Class R6 | Year ended |
| 3/31/22(c) | |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d) | $0.08 |
| Net realized and unrealized gain (loss) | (0.52) |
| Total from investment operations | $(0.44) |
| Less distributions declared to shareholders | |
| From net investment income | $(0.11) |
| From net realized gain | (0.05) |
| Total distributions declared to shareholders | $(0.16) |
| Net asset value, end of period (x) | $9.40 |
| Total return (%) (r)(s)(t)(x) | (4.49)(n) |
| Ratios
(%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f) | 0.85(a) |
| Expenses after expense reductions (f) | 0.37(a) |
| Net investment income (loss) | 0.93(a) |
| Portfolio turnover | 165(n) |
| Net assets at end of period (000 omitted) | $383 |
| (a) | Annualized. |
| (c) | For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
36
Notes to Financial
Statements
(1) Business and Organization
MFS Municipal Intermediate Fund (the fund) is a diversified
series of MFS Municipal Series Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The fund commenced
investment operations on May 18, 2021.
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.
(2) Significant Accounting Policies
General — The preparation
of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these
financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the
ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the
sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may
be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes
or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of
which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. If the Internal Revenue Service
determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the fund could be taxable to
shareholders.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives
Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the
applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the
37
Notes to Financial
Statements - continued
particular jurisdiction to which a specific master netting agreement
counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial
instruments and transactions.
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. Open-end investment companies are generally valued at
net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market
data.
The Board of Trustees has delegated primary
responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that
reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation
policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information
from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which
the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the
exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the
type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value
of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset
value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines
its net asset value per share.
Various inputs are used in
determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an
investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety
requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other
38
Notes to Financial
Statements - continued
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 March 31, 2022 in valuing the fund's assets and liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $— | $70,441,166 | $— | $70,441,166 |
| U.S. Corporate Bonds | — | 232,235 | — | 232,235 |
| Mutual Funds | 4,342,611 | — | — | 4,342,611 |
| Total | $4,342,611 | $70,673,401 | $— | $75,016,012 |
For further information regarding
security characteristics, see the Portfolio of Investments.
Indemnifications — Under
the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters
into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet
occurred.
Investment Transactions and Income — Investment transactions are recorded on the trade date. Some securities may be purchased or sold on an extended settlement basis, which means that the receipt or delivery
of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period.
Interest income is recorded on the accrual basis. All premium and discount is
amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an
amount equal to the value of the security on such date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
The fund may receive proceeds from litigation settlements. Any
proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund.
Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
The fund may purchase or sell securities on a when-issued or
delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the normal settlement period. The price of such security and the
date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place.
When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed
delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased in the Statement of Assets and
39
Notes to Financial
Statements - continued
Liabilities. Losses may arise due to changes in the value of the underlying
securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors. At the time that it enters into a when-issued
or delayed delivery transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.
Legal fees and other related expenses incurred to preserve and
protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of
high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as
realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
Fees Paid Indirectly —
The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. For the period ended March 31, 2022, custody fees were not reduced.
Tax Matters and Distributions
— The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized
capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the
fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend
date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted
for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in
different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to defaulted bonds.
The tax character of distributions declared to shareholders for
the last fiscal year is as follows:
| Year
ended 3/31/22 (c) | |
| Ordinary income (including any short-term capital gains) | $8,090 |
| Tax-exempt income | 705,827 |
| Long-term capital gains | 435,019 |
| Total distributions | $1,148,936 |
40
Notes to Financial
Statements - continued
| (c) | For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. |
The federal tax cost and the tax basis components of
distributable earnings were as follows:
| As of 3/31/22 | |
| Cost of investments | $76,615,725 |
| Gross appreciation | 1,016,701 |
| Gross depreciation | (2,616,414) |
| Net unrealized appreciation (depreciation) | $ (1,599,713) |
| Undistributed ordinary income | 15,072 |
| Undistributed tax-exempt income | 171,014 |
| Undistributed long-term capital gain | 66,605 |
| Capital loss carryforwards | (961,484) |
| Other temporary differences | (104,025) |
| Total distributable earnings (loss) | $ (2,412,531) |
As of March 31, 2022, the fund had capital loss carryforwards
available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
| Short-Term | $(961,484) |
The availability of $961,484 of the
capital loss carryforwards, which were acquired on October 1, 2021 in connection with the MFS Tennessee Municipal Bond Fund merger, may be limited in a given year.
Multiple Classes of Shares of Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income and common expenses are allocated to shareholders based on the value of settled shares
outstanding of each class. The fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are
generally due to differences in separate class expenses. Class C shares will convert to Class A shares approximately eight years after purchase. The fund’s distributions declared to shareholders as reported in the Statement of Changes in Net
Assets are presented by class as follows:
| Year
ended 3/31/22(c) | |
| Class A | $736,479 |
| Class C | 619 |
| Class I | 298,274 |
| Class R6 | 113,564 |
| Total | $1,148,936 |
| (c) | For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. |
41
Notes to Financial
Statements - continued
(3) Transactions with Affiliates
Investment Adviser — The
fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid
monthly at the following annual rates based on the fund's average daily net assets:
| Up to $1 billion | 0.35% |
| In excess of $1 billion and up to $2.5 billion | 0.325% |
| In excess of $2.5 billion | 0.30% |
MFS has agreed in writing to reduce
its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. Effective March 1, 2022, MFS has also agreed in writing to waive at least 0.01% of its management fee as
part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until July 31, 2023. For the period ended March 31, 2022,
this management fee reduction amounted to $7,434, which is included in the reduction of total expenses in the Statement of Operations.
The management fee incurred for the period ended March 31, 2022 was equivalent
to an annual effective rate of 0.34% of the fund's average daily net assets.
The investment adviser has agreed in writing to pay a portion
of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses, such that total fund operating expenses do not exceed the following rates
annually of each class’s average daily net assets:
| Classes | |||
| A | C | I | R6 |
| 0.70% | 1.45% | 0.45% | 0.38% |
This written agreement will continue
until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2022. For the period ended March 31, 2022, this reduction amounted to $165,048, which is included in the reduction of total expenses in
the Statement of Operations.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $62 for the period ended March 31, 2022, as its portion of the initial sales charge on sales of Class A shares of the
fund.
The Board of Trustees has adopted a
distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund's distribution plan provides that the fund will pay
MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee
paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.
42
Notes to Financial
Statements - continued
Distribution Plan Fee Table:
| Distribution
Fee Rate (d) |
Service
Fee Rate (d) |
Total
Distribution Plan (d) |
Annual
Effective Rate (e) |
Distribution
and Service Fee | |
| Class A | — | 0.25% | 0.25% | 0.25% | $ 75,996 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 536 |
| Total Distribution and Service Fees | $76,532 |
| (d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
| (e) | The annual effective rates represent actual fees incurred under the distribution plan for the period ended March 31, 2022 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the period ended March 31, 2022, this rebate amounted to $3 for Class A and is included in the reduction of total expenses in the Statement of Operations. |
Certain Class A shares are subject to a contingent deferred
sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to
MFD and during the period ended March 31, 2022, were as follows:
| Amount | |
| Class A | $4,403 |
| Class C | — |
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the
fund as determined periodically under the supervision of the fund's Board of Trustees. For the period ended March 31, 2022, the fee was $1,710, which equated to 0.0032% annually of the fund's average daily net assets. MFSC also receives
reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the period ended
March 31, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $32,182.
Administrator — MFS
provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is
charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the period ended March 31, 2022 was equivalent to an annual effective rate of 0.0319% of the fund's average daily
net assets.
Trustees’ and Officers’
Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The fund does not pay
43
Notes to Financial
Statements - continued
compensation directly to Trustees or officers of the fund who are also
officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.
Other — The fund invests
in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and
operating costs.
On May 18, 2021, MFS purchased
the following shares as an initial investment in the fund:
| Class | Shares | Amount |
| Class A | 20,000 | $200,000 |
| Class C | 5,000 | $50,000 |
| Class I | 5,000 | $50,000 |
| Class R6 | 2,470,000 | $24,700,000 |
During the period, MFS redeemed the
following fund shares:
| Class | Date | Shares | Amount |
| Class A | 12/02/21 | 15,000 | $150,000 |
| Class R6 | 11/02/21 | 802,407 | $8,000,000 |
| Class R6 | 11/05/21 | 501,002 | $5,000,000 |
| Class R6 | 11/17/21 | 911,824 | $9,100,000 |
| Class R6 | 12/02/21 | 266,150 | $2,661,500 |
At March 31, 2022, MFS held
approximately 64% of the outstanding shares of Class C.
(4) Portfolio Securities
For the period ended March 31, 2022, purchases and sales of
investments, other than short-term obligations, were as follows:
| Purchases | Sales | |
| U.S. Government securities | $15,260,568 | $15,282,443 |
| Non-U.S. Government securities | 75,774,750 | 75,307,099 |
Purchases exclude the value of
securities acquired in connection with the MFS Tennessee Municipal Bond Fund merger. (See Note 9.)
44
Notes to Financial
Statements - continued
(5) Shares of Beneficial Interest
The fund's Declaration of Trust permits the Trustees to issue
an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
| Year
ended 3/31/22 (c) | ||
| Shares | Amount | |
| Shares sold | ||
| Class A | 90,933 | $887,477 |
| Class C | 7,805 | 78,000 |
| Class I | 304,947 | 3,004,964 |
| Class R6 | 2,470,129 | 24,701,293 |
| 2,873,814 | $28,671,734 | |
| Shares
issued in connection with acquisition of MFS Tennessee Municipal Bond Fund |
||
| Class A | 6,689,484 | $66,961,734 |
| Class I | 2,514,310 | 25,143,101 |
| Class R6 | 82,906 | 829,885 |
| 9,286,700 | $92,934,720 | |
| Shares
issued to shareholders in reinvestment of distributions |
||
| Class A | 68,156 | $671,892 |
| Class C | 63 | 619 |
| Class I | 29,711 | 292,402 |
| Class R6 | 11,341 | 113,564 |
| 109,271 | $1,078,477 | |
| Shares reacquired | ||
| Class A | (1,006,274) | $(9,943,602) |
| Class C | (14) | (142) |
| Class I | (716,886) | (7,066,014) |
| Class R6 | (2,523,577) | (25,181,438) |
| (4,246,751) | $(42,191,196) | |
| Net change | ||
| Class A | 5,842,299 | $58,577,501 |
| Class C | 7,854 | 78,477 |
| Class I | 2,132,082 | 21,374,453 |
| Class R6 | 40,799 | 463,304 |
| 8,023,034 | $80,493,735 | |
| (c) | For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. |
45
Notes to Financial
Statements - continued
(6) Line of Credit
The fund and certain other funds managed by MFS participate in
a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for
temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of Daily Simple SOFR plus 0.10%, the Federal Funds Effective Rate, and the Overnight Bank Funding Rate, plus an agreed
upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, the fund and other funds managed by MFS have established unsecured uncommitted
borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the period ended March 31, 2022, the
fund’s commitment fee and interest expense were $13 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.
(7) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund
owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| Affiliated Issuers | Beginning
Value |
Purchases | Sales
Proceeds |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation or Depreciation |
Ending
Value |
| MFS Institutional Money Market Portfolio | $— | $85,570,469 | $81,227,858 | $— | $— | $4,342,611 |
| Affiliated Issuers | Dividend
Income |
Capital
Gain Distributions |
| MFS Institutional Money Market Portfolio | $1,773 | $— |
(8) LIBOR Transition
Certain of the fund's investments, including investments in
certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate (“LIBOR”). In 2017, the regulatory authority
that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar
LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that
currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as
borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic
46
Notes to Financial
Statements - continued
848 – Reference Rate Reform (Topic 848). The guidance in Topic 848
permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR
settings.
(9) Acquisitions
At close of business on October 1, 2021, the fund with net
assets of approximately $25,706,956, acquired all of the assets and liabilities of MFS Tennessee Municipal Bond Fund, a series of MFS Municipal Series Trust. The purpose of the transaction was to provide shareholders of MFS Tennessee Municipal Bond
Fund the opportunity to participate in a larger combined portfolio with a similar investment objective and similar investment policies and strategies . The acquisition was accomplished by a tax-free exchange of approximately 9,286,700 shares of the
fund (valued at approximately $92,934,720) for all of the assets and liabilities of MFS Tennessee Municipal Bond Fund. MFS Tennessee Municipal Bond Fund then distributed the shares of the fund that MFS Tennessee Municipal Bond Fund received from the
fund to its shareholders. MFS Tennessee Municipal Bond Fund’s investments on that date were valued at approximately $100,999,446 with a cost basis of approximately $96,665,727. For financial reporting purposes, assets received and shares
issued by the fund were recorded at fair value; however, the cost basis of the investments received from MFS Tennessee Municipal Bond Fund were carried forward to align ongoing reporting of the fund's realized and unrealized gains and losses with
amounts distributable to shareholders for tax purposes. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and
earnings of MFS Tennessee Municipal Bond Fund that have been included in the fund's Statement of Operations since October 1, 2021.
Assuming the acquisition had been completed on May 18, 2021
(the fund's commencement of operations), the fund's pro forma results of operations for the period ended March 31, 2022 are as follows:
| Net investment income | $1,610,982 |
| Net
realized and unrealized gain (loss) on investments and foreign currency |
(4,835,545) |
| Change in net assets from operations | $(3,224,563) |
(10) 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.
47
Report of Independent
Registered Public Accounting Firm
To the Board of
Trustees of MFS Municipal Series Trust and the Shareholders of MFS Municipal Intermediate Fund:
Opinion on the Financial Statements and Financial
Highlights
We have audited the accompanying statement of
assets and liabilities of MFS Municipal Intermediate Fund (the “Fund”), including the portfolio of investments, as of March 31, 2022, and the related statement of operations, the statement of changes in net assets, and the financial
highlights for the period from May 18, 2021 (the commencement of the Fund’s operations) through March 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects,
the financial position of the Fund as of March 31, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the period from May 18, 2021 (the commencement of the Fund’s operations) through March
31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the
responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The
Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of
material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements and financial highlights.
48
Report of Independent
Registered Public Accounting Firm – continued
Our procedures included confirmation of securities owned as of March 31, 2022,
by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 13, 2022
May 13, 2022
We have served as the auditor of one or more of the MFS
investment companies since 1924.
49
Trustees and
Officers — Identification and Background
The Trustees and Officers of the Trust, as of May 1, 2022, are
listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal
Occupations During the Past Five Years |
Other
Directorships During the Past Five Years (j) | |||||
| INTERESTED TRUSTEES | ||||||||||
| Michael
W. Roberge (k) (age 55) |
Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | |||||
| INDEPENDENT TRUSTEES | ||||||||||
| John
P. Kavanaugh (age 67) |
Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
| Steven
E. Buller (age 70) |
Trustee | February 2014 | 136 | Private investor | N/A | |||||
| John
A. Caroselli (age 67) |
Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
| Maureen
R. Goldfarb (age 67) |
Trustee | January 2009 | 136 | Private investor | N/A | |||||
| Peter
D. Jones (age 66) |
Trustee | January 2019 | 136 | Private investor | N/A | |||||
| James
W. Kilman, Jr. (age 61) |
Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
50
Trustees and Officers -
continued
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal
Occupations During the Past Five Years |
Other
Directorships During the Past Five Years (j) | |||||
| Clarence
Otis, Jr. (age 66) |
Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
| Maryanne
L. Roepke (age 66) |
Trustee | May 2014 | 136 | Private investor | N/A | |||||
| Laurie
J. Thomsen (age 64) |
Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
| Name, Age | Position(s)
Held with Fund |
Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal
Occupations During the Past Five Years | ||||
| OFFICERS | ||||||||
| Christopher
R. Bohane (k) (age 48) |
Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel | ||||
| Kino
Clark (k) (age 53) |
Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
| John
W. Clark, Jr. (k) (age 55) |
Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head - Treasurer's Office (until February 2017) | ||||
| David
L. DiLorenzo (k) (age 53) |
President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
| Heidi
W. Hardin (k) (age 54) |
Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (until January 2017) | ||||
| Brian
E. Langenfeld (k) (age 49) |
Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Senior Counsel |
51
Trustees and Officers -
continued
| Name, Age | Position(s)
Held with Fund |
Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal
Occupations During the Past Five Years | ||||
| Rosa
E. Licea-Mailloux(k) (age 45) |
Chief Compliance Officer | March 2022 | 136 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018) | ||||
| Amanda
S. Mooradian (k) (age 43) |
Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
| Susan
A. Pereira (k) (age 51) |
Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
| Kasey
L. Phillips (k) (age 51) |
Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
| Matthew
A. Stowe (k) (age 47) |
Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
| James
O. Yost (k) (age 61) |
Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
| (h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
| (j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
| (k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has
been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. Mr. Roberge became a Trustee of the Funds on January 1,
2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019. The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed
52
Trustees and Officers -
continued
terms. Under the terms of the Board's retirement policy, an Independent
Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on
the Board).
Messrs. Buller, Kilman and Otis and Ms.
Roepke are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold
comparable officer positions with certain affiliates of MFS.
The Statement of Additional Information for a Fund includes
further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
| Investment Adviser | Custodian |
| Massachusetts
Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 |
JPMorgan
Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
| Distributor | Independent Registered Public Accounting Firm |
| MFS Fund
Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 |
Deloitte
& Touche LLP 200 Berkeley Street Boston, MA 02116 |
| Portfolio Manager(s) | |
| Jason
Kosty Megan Poplowski Geoffrey Schechter |
53
Statement Regarding
Liquidity Risk Management Program
The fund has adopted
and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The fund’s Board of Trustees (the “Board”) has designated MFS as the
administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of the fund. Liquidity risk is the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution
of remaining investors' interests.
MFS provided a written
report to the Board for consideration at its March 2022 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period since the fund's inception on May 18, 2021 to
December 31, 2021 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage the
fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted the fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its
objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in the fund may be subject, can be found in the prospectus.
54
Proxy
Voting Policies and Information
MFS votes proxies on
behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s
Web site at http://www.sec.gov.
Information regarding how the fund voted proxies relating to
portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. A
shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the
“Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about the
fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at
mfs.com/openendfunds by choosing the fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an
investment adviser, administrator, distributor, shareholder servicing agent, 529 program manager (if applicable), and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended
beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either
directly or on behalf of the fund.
Under the
Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of
Massachusetts.
Federal Tax Information (unaudited)
The
fund will notify shareholders of amounts for use in preparing 2022 income tax forms in January 2023. The following information is provided pursuant to provisions of the Internal Revenue Code.
The fund designates $479,000 as capital gain dividends paid
during the fiscal year.
Of the dividends paid from net
investment income during the fiscal year, 98.87% is designated as exempt interest dividends for federal income tax purposes. If the fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference
item for purposes of computing a shareholder’s alternative minimum tax.
55
Federal Tax Information (unaudited) - continued
The fund intends to pass through the maximum amount allowable
as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
56
rev. 3/16
| FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| • Social Security number and account balances | |
| • Account transactions and transaction history | |
| • Checking account information and wire transfer instructions | |
| When you are no longer our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
| Reasons
we can share your personal information |
Does MFS share? | Can
you limit this sharing? |
| For
our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes | No |
| For
our marketing purposes – to offer our products and services to you |
No | We don't share |
| For
joint marketing with other financial companies |
No | We don't share |
| For
our affiliates' everyday business purposes – information about your transactions and experiences |
No | We don't share |
| For
our affiliates' everyday business purposes – information about your creditworthiness |
No | We don't share |
| For nonaffiliates to market to you | No | We don't share |
| Questions? | Call 800-225-2606 or go to mfs.com. |
57
Page 2
| Who we are | |
| Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
| What we do | |
| How
does MFS protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
| How
does MFS collect my personal information? |
We collect your personal information, for example, when you |
| • open an account or provide account information | |
| • direct us to buy securities or direct us to sell your securities | |
| • make a wire transfer | |
| We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
| Why can't I limit all sharing? | Federal law gives you the right to limit only |
| • sharing for affiliates' everyday business purposes – information about your creditworthiness | |
| • affiliates from using your information to market to you | |
| • sharing for nonaffiliates to market to you | |
| State laws and individual companies may give you additional rights to limit sharing. | |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share with nonaffiliates so they can market to you. | |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| • MFS doesn't jointly market. | |
| Other important information |
| If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
58
1(b):
Not applicable.
| ITEM 2. | CODE OF ETHICS. |
The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant’s principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
A copy of the current Code of Ethics is filed as an exhibit to this Form N-CSR.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Messrs. Steven E. Buller, James Kilman, and Clarence Otis, Jr. and Ms. Maryanne L. Roepke, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of “audit committee financial expert” as such term is defined in Form N-CSR. In addition, Messrs. Buller, Kilman, and Otis and Ms. Roepke are “independent” members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Items 4(a) through 4(d) and 4(g):
The Board of Trustees has appointed Deloitte & Touche LLP (“Deloitte”) to serve as independent accountants to a series of the Registrant (each a “Fund” and collectively the “Funds”). The tables below set forth the audit fees billed to each Fund as well as fees for non-audit services provided to each Fund and/or to the Fund’s investment adviser, Massachusetts Financial Services Company (“MFS”), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund (“MFS Related Entities”).
For the fiscal years ended March 31, 2022 and 2021, audit fees billed to each Fund by Deloitte were as follows:
| Audit Fees | ||||||||
| 2022 | 2021 | |||||||
| Fees billed by Deloitte: |
||||||||
| MFS Alabama Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS Arkansas Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS California Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS Georgia Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS Maryland Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS Massachusetts Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS Mississippi Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS Municipal Income Fund |
58,664 | 55,699 | ||||||
| MFS Municipal Intermediate Fund** |
30,800 | N/A | ** | |||||
| MFS New York Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS North Carolina Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS Pennsylvania Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS South Carolina Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS Tennessee Municipal Bond Fund+ |
0 | 49,459 | ||||||
| MFS Virginia Municipal Bond Fund |
52,087 | 49,459 | ||||||
| MFS West Virginia Municipal Bond Fund |
52,087 | 49,459 | ||||||
|
|
|
|
|
|||||
| Total |
766,595 | 748,125 | ||||||
For the fiscal years ended March 31, 2022 and 2021, fees billed by Deloitte for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:
| Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Fees billed by Deloitte: |
||||||||||||||||||||||||
| To MFS Alabama Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS Arkansas Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS California Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS Georgia Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS Maryland Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS Massachusetts Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS Mississippi Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS Municipal Income Fund |
0 | 0 | 7,135 | 7,040 | 0 | 0 | ||||||||||||||||||
| To MFS Municipal Intermediate Fund** |
3,000 | N/A | ** | 6,900 | N/A | ** | 0 | N/A | ** | |||||||||||||||
| To MFS New York Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS North Carolina Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS Pennsylvania Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS South Carolina Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS Tennessee Municipal Bond Fund+ |
3,000 | 0 | 5,300 | 6,724 | 0 | 0 | ||||||||||||||||||
| To MFS Virginia Municipal Bond Fund |
0 | 0 | 7,065 | 6,974 | 0 | 0 | ||||||||||||||||||
| To MFS West Virginia Municipal Bond Fund |
0 | 0 | 7,065 | 6,724 | 0 | 0 | ||||||||||||||||||
| Total fees billed by Deloitte to above Funds: |
6,000 | 0 | 111,180 | 101,426 | 0 | 0 | ||||||||||||||||||
| Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Fees billed by Deloitte: |
||||||||||||||||||||||||
| To MFS and MFS Related Entities of MFS Alabama Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS Arkansas Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS California Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS Georgia Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS Maryland Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS Massachusetts Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS Mississippi Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS Municipal Income Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS Municipal Intermediate Fund*** |
0 | N/A | ** | 0 | N/A | ** | 5,390 | N/A | ** | |||||||||||||||
| To MFS and MFS Related Entities of MFS New York Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS North Carolina Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS Pennsylvania Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS South Carolina Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS Tennessee Municipal Bond Fund*+ |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS Virginia Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| To MFS and MFS Related Entities of MFS West Virginia Municipal Bond Fund* |
0 | 0 | 0 | 0 | 5,390 | 5,390 | ||||||||||||||||||
| Aggregate fees for non-audit services |
||||||||
| 2022 | 2021 | |||||||
| Fees billed by Deloitte: |
||||||||
| To MFS Alabama Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS Arkansas Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS California Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS Georgia Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS Maryland Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS Massachusetts Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS Mississippi Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS Municipal Income Fund, MFS and MFS Related Entities# |
12,525 | 556,180 | ||||||
| To MFS Municipal Intermediate Fund, MFS and MFS Related Entities#** |
15,290 | N/A | ** | |||||
| To MFS New York Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS North Carolina Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS Pennsylvania Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS South Carolina Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| To MFS Tennessee Municipal Bond Fund, MFS and MFS Related Entities#+ |
13,690 | 555,864 | ||||||
| To MFS Virginia Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 556,114 | ||||||
| To MFS West Virginia Municipal Bond Fund, MFS and MFS Related Entities# |
12,455 | 555,864 | ||||||
| ** | MFS Municipal Intermediate Fund commenced investment operations on May 18, 2021. |
| + | MFS Tennessee Municipal Bond Fund was reorganized into the MFS Municipal Intermediate Fund, a series of MFS Municipal Series Trust, as of October 2021. |
| * | This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Funds (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex). |
| # | This amount reflects the aggregate fees billed by Deloitte, as the case may be, for non-audit services rendered to the Funds and for non-audit services rendered to MFS and the MFS Related Entities. |
| 1 | The fees included under “Audit-Related Fees” are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ‘‘Audit Fees,’’ including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews. |
| 2 | The fees included under “Tax Fees” are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis. |
| 3 | The fees included under “All Other Fees” are fees for products and services provided by Deloitte other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees”. |
Item 4(e)(1):
Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:
To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 in each period between regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.
Item 4(e)(2):
None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
Item 4(f):
Not applicable.
Item 4(h):
The Registrant’s Audit Committee has considered whether the provision by a Registrant’s independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant’s principal auditors.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to the Registrant.
| ITEM 6. | INVESTMENTS |
A schedule of investments of each series of the Registrant is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to the Registrant.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
| (b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
| ITEM 13. | EXHIBITS. |
| (a) | File the exhibits listed below as part of this form. Letter or number the exhibits in the sequence indicated. |
| (1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Code of Ethics attached hereto as EX-99.COE. |
| (2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT. |
| (3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
| (4) | Change in the registrant’s independent public accountant. Not applicable. |
| (b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: Attached hereto as EX-99.906CERT. |
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS MUNICIPAL SERIES TRUST
| By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
| David L. DiLorenzo, President |
Date: May 13, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
| David L. DiLorenzo, President (Principal Executive Officer) |
Date: May 13, 2022
| By (Signature and Title)* | /S/ JAMES O. YOST | |
| James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: May 13, 2022
| * | Print name and title of each signing officer under his or her signature. |
