N-CSRS 1 f23539d1.htm MFS SERIES TRUST MST NCSRS MFS SERIES TRUST MST NCSRS

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: September 30, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.

Item 1(a):


Semiannual Report
September 30, 2022
MFS® Municipal Series Trust
For the states of:
Alabama, Arkansas, California, Georgia, Maryland, and Massachusetts
MSTA-SEM
MFS® Municipal Series Trust
For the states of: Alabama, Arkansas, California, Georgia, Maryland, and Massachusetts
CONTENTS
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:
Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. 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 U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility in fixed income and currency markets has picked up, with fiscal policy missteps in the United Kingdom leading to a crisis of market confidence that ultimately resulted in the ousting of Prime Minister Liz Truss. That episode could forewarn other governments to avoid policy overreach.
There are, however, encouraging signs for the markets. The latest wave of COVID-19 cases appears to be receding in Asia, and cases outside Asia, while numerous, appear to be causing fewer serious illnesses. Meanwhile, unemployment is low and global supply chain bottlenecks are easing, though lingering coronavirus restrictions 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 unique global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.
Respectfully,
Michael W. Roberge
Chair and Chief Executive Officer
MFS Investment Management
November 14, 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 
MFS Alabama Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Universities - Colleges 19.0%
Water & Sewer Utility Revenue 14.4%
General Obligations - General Purpose 12.9%
Healthcare Revenue - Hospitals 12.3%
Sales & Excise Tax Revenue 10.0%
Composition including fixed income credit quality (a)(i)
AAA 2.6%
AA 37.7%
A 43.6%
BBB 5.7%
BB 1.0%
B 0.6%
CC 0.1%
D 0.6%
Not Rated 7.2%
Cash & Cash Equivalents 0.9%
Portfolio facts
Average Duration (d) 9.1
Average Effective Maturity (m) 15.4 yrs.
Jurisdiction (i)
Alabama 81.8%
Puerto Rico 5.5%
California 1.4%
Illinois 1.2%
New Jersey 1.1%
New York 0.8%
Guam 0.8%
South Carolina 0.7%
Texas 0.7%
North Carolina 0.6%
Arkansas 0.6%
Colorado 0.6%
Tennessee 0.5%
Pennsylvania 0.5%
Virginia 0.5%
Massachusetts 0.4%
Maryland 0.3%
New Hampshire 0.3%
Connecticut 0.2%
Wisconsin 0.1%
Iowa 0.1%
Michigan 0.1%
Indiana 0.1%
Ohio 0.1%
U.S. Virgin Islands 0.1%
Minnesota (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
2
Portfolio Composition - continued
MFS Arkansas Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Universities - Colleges 16.6%
Sales & Excise Tax Revenue 16.5%
Water & Sewer Utility Revenue 12.5%
Healthcare Revenue - Hospitals 11.4%
General Obligations - Schools 8.5%
Composition including fixed income credit quality (a)(i)
AAA 0.5%
AA 50.7%
A 24.7%
BBB 8.5%
BB 1.9%
D 0.6%
Not Rated 9.1%
Cash & Cash Equivalents 4.0%
Portfolio facts
Average Duration (d) 8
Average Effective Maturity (m) 15.4 yrs.
Jurisdiction (i)
Arkansas 72.6%
Puerto Rico 4.7%
New Jersey 2.9%
Illinois 2.3%
Massachusetts 1.9%
Texas 1.4%
Guam 1.2%
California 1.2%
Pennsylvania 0.8%
Washington DC 0.8%
Connecticut 0.8%
New York 0.7%
Maryland 0.7%
Ohio 0.6%
Colorado 0.6%
North Carolina 0.5%
Virginia 0.5%
Michigan 0.4%
Iowa 0.4%
Wisconsin 0.3%
South Carolina 0.3%
New Hampshire 0.3%
Indiana 0.1%
U.S. Virgin Islands (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
3
Portfolio Composition - continued
MFS California Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
General Obligations - Schools 15.2%
Healthcare Revenue - Hospitals 13.4%
Airport Revenue 7.8%
Tax Assessment 7.7%
State & Local Agencies 5.9%
Composition including fixed income credit quality (a)(i)
AAA 1.2%
AA 32.2%
A 27.1%
BBB 17.8%
BB 2.7%
B 0.3%
D 0.6%
Not Rated 16.5%
Cash & Cash Equivalents 1.6%
Portfolio facts
Average Duration (d) 9.9
Average Effective Maturity (m) 18.3 yrs.
Jurisdiction (i)
California 90.1%
Puerto Rico 5.1%
Illinois 0.6%
Guam 0.6%
Pennsylvania 0.5%
Wisconsin 0.3%
New Jersey 0.3%
New Hampshire 0.3%
Virginia 0.3%
Texas 0.1%
Ohio 0.1%
Minnesota 0.1%
U.S. Virgin Islands (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
4
Portfolio Composition - continued
MFS Georgia Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Universities - Colleges 20.9%
Healthcare Revenue - Hospitals 13.7%
Utilities - Municipal Owned 9.2%
Water & Sewer Utility Revenue 8.7%
General Obligations - Schools 7.7%
Composition including fixed income credit quality (a)(i)
AAA 5.2%
AA 41.5%
A 35.5%
BBB 8.3%
BB 1.0%
CC 0.1%
D 0.7%
Not Rated 7.3%
Cash & Cash Equivalents 0.4%
Portfolio facts
Average Duration (d) 9.1
Average Effective Maturity (m) 16.1 yrs.
Jurisdiction (i)
Georgia 76.9%
Puerto Rico 5.3%
New York 2.5%
California 1.8%
Massachusetts 1.7%
Illinois 1.5%
New Jersey 1.5%
South Carolina 1.1%
Virginia 1.0%
Texas 0.8%
Guam 0.8%
Arkansas 0.6%
North Carolina 0.6%
Pennsylvania 0.6%
Connecticut 0.5%
Ohio 0.4%
Iowa 0.4%
Maryland 0.3%
New Hampshire 0.3%
Wisconsin 0.3%
Washington DC 0.2%
Michigan 0.2%
Indiana 0.1%
Colorado 0.1%
Minnesota 0.1%
U.S. Virgin Islands (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
5
Portfolio Composition - continued
MFS Maryland Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
General Obligations - General Purpose 22.9%
Healthcare Revenue - Hospitals 15.1%
State & Local Agencies 5.7%
Multi-family Housing 5.6%
Universities - Colleges 5.0%
Composition including fixed income credit quality (a)(i)
AAA 23.2%
AA 24.1%
A 18.7%
BBB 10.3%
BB 0.8%
B 0.2%
CCC 0.1%
D 0.5%
Not Rated 9.6%
Cash & Cash Equivalents 12.5%
Portfolio facts
Average Duration (d) 7.0
Average Effective Maturity (m) 14.0 yrs.
Jurisdiction (i)
Maryland 70.0%
Puerto Rico 3.7%
New York 2.3%
Washington DC 2.2%
Illinois 1.8%
California 1.5%
New Jersey 0.7%
Guam 0.6%
Georgia 0.6%
Tennessee 0.5%
Pennsylvania 0.5%
Colorado 0.5%
South Carolina 0.4%
Texas 0.4%
Virginia 0.3%
Iowa 0.3%
Massachusetts 0.3%
New Hampshire 0.2%
Connecticut 0.2%
Indiana 0.2%
Wisconsin 0.1%
Michigan 0.1%
Ohio 0.1%
Mississippi (o) 0.0%
U.S. Virgin Islands (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
6
Portfolio Composition - continued
MFS Massachusetts Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Universities - Colleges 18.9%
General Obligations - General Purpose 16.3%
Healthcare Revenue - Hospitals 14.3%
Airport Revenue 6.7%
Sales & Excise Tax Revenue 5.6%
Composition including fixed income credit quality (a)(i)
AAA 4.7%
AA 43.9%
A 17.4%
BBB 15.2%
BB 1.7%
CC 0.1%
D 0.6%
Not Rated 8.1%
Cash & Cash Equivalents 8.3%
Portfolio facts
Average Duration (d) 8.4
Average Effective Maturity (m) 16.1 yrs.
Jurisdiction (i)
Massachusetts 79.2%
Puerto Rico 4.1%
California 2.0%
Illinois 1.0%
New Jersey 1.0%
New York 0.7%
Texas 0.6%
Connecticut 0.6%
Guam 0.5%
Colorado 0.4%
Pennsylvania 0.3%
Maryland 0.3%
New Hampshire 0.3%
Wisconsin 0.3%
Virginia 0.2%
Washington DC 0.1%
Ohio 0.1%
Minnesota (o) 0.0%
U.S. Virgin Islands (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
7
Expense Tables 
Fund expenses borne by the shareholders during the period, April 1, 2022 through September 30, 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 April 1, 2022 through September 30, 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
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.90% $1,000.00 $909.72 $4.31
Hypothetical (h) 0.90% $1,000.00 $1,020.56 $4.56
B Actual 1.65% $1,000.00 $905.37 $7.88
Hypothetical (h) 1.65% $1,000.00 $1,016.80 $8.34
I Actual 0.65% $1,000.00 $910.21 $3.11
Hypothetical (h) 0.65% $1,000.00 $1,021.81 $3.29
R6 Actual 0.57% $1,000.00 $910.57 $2.73
Hypothetical (h) 0.57% $1,000.00 $1,022.21 $2.89
(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 183/365 (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.
8
Expense Tables - continued
MFS ARKANSAS MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.70% $1,000.00 $916.55 $3.36
Hypothetical (h) 0.70% $1,000.00 $1,021.56 $3.55
B Actual 1.45% $1,000.00 $913.21 $6.95
Hypothetical (h) 1.45% $1,000.00 $1,017.80 $7.33
I Actual 0.60% $1,000.00 $917.37 $2.88
Hypothetical (h) 0.60% $1,000.00 $1,022.06 $3.04
R6 Actual 0.52% $1,000.00 $917.70 $2.50
Hypothetical (h) 0.52% $1,000.00 $1,022.46 $2.64
MFS CALIFORNIA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.71% $1,000.00 $907.40 $3.39
Hypothetical (h) 0.71% $1,000.00 $1,021.51 $3.60
B Actual 1.46% $1,000.00 $904.01 $6.97
Hypothetical (h) 1.46% $1,000.00 $1,017.75 $7.38
C Actual 1.61% $1,000.00 $905.21 $7.69
Hypothetical (h) 1.61% $1,000.00 $1,017.00 $8.14
I Actual 0.60% $1,000.00 $907.67 $2.87
Hypothetical (h) 0.60% $1,000.00 $1,022.06 $3.04
R6 Actual 0.52% $1,000.00 $909.05 $2.49
Hypothetical (h) 0.52% $1,000.00 $1,022.46 $2.64
(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 183/365 (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.
9
Expense Tables - continued
MFS GEORGIA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.90% $1,000.00 $914.81 $4.32
Hypothetical (h) 0.90% $1,000.00 $1,020.56 $4.56
B Actual 1.65% $1,000.00 $912.58 $7.91
Hypothetical (h) 1.65% $1,000.00 $1,016.80 $8.34
I Actual 0.65% $1,000.00 $916.71 $3.12
Hypothetical (h) 0.65% $1,000.00 $1,021.81 $3.29
R6 Actual 0.60% $1,000.00 $917.06 $2.88
Hypothetical (h) 0.60% $1,000.00 $1,022.06 $3.04
MFS MARYLAND MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.83% $1,000.00 $919.30 $3.99
Hypothetical (h) 0.83% $1,000.00 $1,020.91 $4.20
B Actual 1.58% $1,000.00 $915.88 $7.59
Hypothetical (h) 1.58% $1,000.00 $1,017.15 $7.99
I Actual 0.58% $1,000.00 $920.09 $2.79
Hypothetical (h) 0.58% $1,000.00 $1,022.16 $2.94
R6 Actual 0.51% $1,000.00 $920.42 $2.46
Hypothetical (h) 0.51% $1,000.00 $1,022.51 $2.59
MFS MASSACHUSETTS MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.84% $1,000.00 $915.19 $4.03
Hypothetical (h) 0.84% $1,000.00 $1,020.86 $4.26
B Actual 1.59% $1,000.00 $911.99 $7.62
Hypothetical (h) 1.59% $1,000.00 $1,017.10 $8.04
I Actual 0.59% $1,000.00 $916.66 $2.83
Hypothetical (h) 0.59% $1,000.00 $1,022.11 $2.99
R6 Actual 0.52% $1,000.00 $917.03 $2.50
Hypothetical (h) 0.52% $1,000.00 $1,022.46 $2.64
(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 183/365 (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
For the MFS Massachusetts Municipal Bond Fund, changes to the fund’s fee arrangements occurred during the six month period. Had these fee changes been in effect throughout the entire six month period, the annualized expense ratios, the actual expenses paid during the period, and the hypothetical expenses paid during the period would have been approximately 0.82%, $3.94, and $4.15 for Class A, 1.57%, $7.53, and $7.94 for Class B, 0.57%, $2.74, and $2.89 for Class I, and 0.50%, $2.40,
10
Expense Tables - continued
and $2.54 for Class R6, respectively. For further information about the fund’s fee arrangements and changes to those fee arrangements, please see Note 3 in the Notes to Financial Statements.
11
Portfolio of Investments 
9/30/22 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS Alabama Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.7%
Airport Revenue – 0.7%
Birmingham, AL, Airport Authority Rev., 5%, 7/01/2033    $ 325,000 $346,130
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044      70,000 70,098
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047      55,000 47,822
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053      50,000 42,477
        $506,527
General Obligations - General Purpose – 12.7%
Birmingham, AL, General Obligation Warrants, “B”, 5%, 12/01/2043    $ 245,000 $251,510
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      160,000 140,392
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      40,000 40,375
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040      15,000 15,039
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      110,000 110,288
City of Arab, AL, General Obligation Warrants, “A”, AGM, 3%, 12/01/2046      1,120,000 798,570
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      10,511 9,661
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      40,508 22,328
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      381,489 383,197
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      35,057 35,396
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      34,739 35,460
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      34,176 34,955
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      115,194 117,441
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      31,477 27,681
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      57,199 48,896
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      24,283 19,926
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      33,016 25,768
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      121,336 90,820
Fort Payne, AL, General Obligation Warrants, “A”, AGM, 5%, 5/01/2047      750,000 764,682
Fultondale, AL, General Obligation Warrants, “A”, AGM, 4%, 3/01/2040      1,000,000 909,192
Gardendale, AL, General Obligation Warrants, “B”, 4%, 5/01/2040      300,000 270,668
Gardendale, AL, General Obligation Warrants, “B”, 4%, 5/01/2041      400,000 358,878
Jasper, AL, General Obligation Warrants, 5%, 11/01/2030      275,000 300,080
Jasper, AL, General Obligation Warrants, 5%, 3/01/2032 (Prerefunded 3/01/2024)      500,000 512,721
Mobile County, AL, General Obligation Improvement Warrants, 5%, 2/01/2038      250,000 264,457
Mobile County, AL, General Obligation Improvement Warrants, 5%, 2/01/2039      250,000 264,050
Mobile County, AL, General Obligation Warrants, 5%, 8/01/2036      500,000 525,442
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2033      420,000 395,557
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2034      655,000 607,459
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2035      250,000 230,485
State of Illinois, General Obligation, 5.5%, 5/01/2039      120,000 122,150
Trussville, AL, General Obligation Warrants, “A”, 4%, 8/01/2041      750,000 673,382
Vestavia Hills, AL, General Obligation Warrants, 4%, 8/01/2038      1,000,000 939,154
        $9,346,060
General Obligations - Schools – 5.9%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047    $ 255,000 $200,707
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040      445,000 407,239
Huntsville, AL, School Warrants, “C”, 5%, 11/01/2029 (Prerefunded 11/01/2023)      200,000 203,927
Huntsville, AL, School Warrants, “C”, 5%, 11/01/2030 (Prerefunded 11/01/2023)      1,000,000 1,019,634
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048      625,000 438,064
Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, 4%, 3/01/2039      1,000,000 917,296
Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, “B”, BAM, 4.125%, 3/01/2047      1,000,000 898,753
12
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046    $ 270,000 $234,506
        $4,320,126
Healthcare Revenue - Hospitals – 12.1%
Alabama DCH Health Care Authority, “A”, 4%, 6/01/2046    $ 1,000,000 $847,582
Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033      500,000 506,440
Alabama Special Care Facilities Financing Authority Rev. (Ascension Health), “C”, 5%, 11/15/2046      500,000 499,686
Alabama Special Care Facilities Financing Authority Rev. (Daughters of Charity), ETM, AAC, 5%, 11/01/2025      270,000 286,537
Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children's Hospital), 5%, 6/01/2031      750,000 773,761
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044      40,000 33,185
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049      15,000 12,009
East Alabama Health Care Authority, Health Care Facilities Rev., “A”, 4%, 9/01/2048      500,000 419,929
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      430,000 372,418
Huntsville, AL, Health Care Authority, “B”, 5%, 6/01/2035      500,000 517,493
Huntsville, AL, Health Care Authority, “B”, 5%, 6/01/2036      500,000 516,678
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030      360,000 365,162
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2040      1,000,000 881,339
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046      50,000 49,488
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049      520,000 439,003
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043      425,000 367,892
UAB Medicine Finance Authority Rev., “B”, 5%, 9/01/2035      1,000,000 1,029,906
UAB Medicine Finance Authority Rev., “B2”, 5%, 9/01/2041      1,000,000 1,013,975
        $8,932,483
Healthcare Revenue - Long Term Care – 1.5%
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045    $ 250,000 $218,038
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 4%, 12/01/2038      1,000,000 915,305
        $1,133,343
Industrial Revenue - Environmental Services – 0.4%
Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Waste Disposal Authority Rev. (Cherokee Industrial Landfill Project), “A”, 6%, 5/01/2040 (n)   $ 300,000 $284,403
Industrial Revenue - Other – 0.6%
Mobile County, AL, Limited Obligation Warrants (Gomesa Project), 4%, 11/01/2045 (n)   $ 500,000 $367,892
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)     100,000 80,508
        $448,400
Miscellaneous Revenue - Other – 0.7%
Alabama Stadium Trace Village Improvement District Development Incentive Anticipation, 3.625%, 3/01/2036    $ 245,000 $183,857
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023)      65,000 65,710
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      35,000 35,910
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     260,000 232,462
        $517,939
Multi-Family Housing Revenue – 0.8%
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 223,255 $203,282
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045      585,000 372,480
        $575,762
Port Revenue – 1.4%
Alabama Port Authority Docks Facilities Refunding Rev., “A”, AGM, 5%, 10/01/2035    $ 1,000,000 $1,030,498
Sales & Excise Tax Revenue – 10.0%
Cherokee County, AL, Board of Education Special Tax School Warrants (Sales Tax), 5%, 12/01/2048    $ 1,000,000 $1,026,059
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044      820,000 265,271
13
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Elmore County, AL, Board of Education School Tax Warrants, 4%, 8/01/2038    $ 745,000 $685,332
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029      5,000 4,992
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      5,000 4,985
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      5,000 4,951
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      60,000 48,415
Jefferson County, AL, Board of Education, 4%, 2/01/2042      805,000 716,901
Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., “A”, 5.25%, 9/01/2052      750,000 752,045
Jefferson County, AL, Limited Obligation Refunding Warrants, 5%, 9/15/2033      500,000 527,946
Jefferson County, AL, Limited Obligation Refunding Warrants, 4%, 9/15/2042      1,000,000 888,985
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      16,000 14,217
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      57,000 48,682
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      650,000 573,822
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      109,000 94,151
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      58,000 50,099
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      25,000 21,027
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      26,000 20,725
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      4,000 2,876
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      247,000 157,062
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      237,000 133,195
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      1,837,000 414,139
Tuscaloosa, AL, Board of Education, School Tax Warrants, 5%, 2/01/2037 (Prerefunded 2/01/2027)      750,000 803,914
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     100,000 86,145
        $7,345,936
Single Family Housing - State – 0.2%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047    $ 155,000 $153,754
State & Local Agencies – 2.3%
Alabama Public Health Care Authority Lease Rev. (Department of Public Health Facilities), 5%, 9/01/2030    $ 280,000 $290,706
Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), “A”, AGM, 5%, 7/01/2030      210,000 210,278
Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043      315,000 287,847
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2030 (Prerefunded 6/01/2023)      35,000 35,432
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028)      75,000 81,319
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047      155,000 161,123
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026)      10,000 10,588
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034      5,000 4,604
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035      10,000 9,127
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041      10,000 8,620
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026      75,000 77,508
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042      185,000 161,377
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033      350,000 359,711
        $1,698,240
Student Loan Revenue – 0.6%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039    $ 5,000 $4,537
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044      90,000 67,013
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038      40,000 31,180
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041      415,000 355,265
        $457,995
Tax - Other – 5.8%
Alabama Public School & College Authority Rev., “B”, 5%, 6/01/2025 (Prerefunded 6/01/2023)    $ 800,000 $809,413
Birmingham-Jefferson, AL, Civic Center Authority, “A”, 4%, 7/01/2043      750,000 672,215
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043      500,000 507,128
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2035      55,000 52,194
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036      30,000 28,325
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046      85,000 77,587
14
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax - Other – continued
Lauderdale County, AL, Agriculture Center Authority Special Tax Rev., 5%, 7/01/2049 (Prerefunded 7/01/2024)    $ 1,000,000 $1,029,387
Tuscaloosa, AL, Board of Education, School Tax Warrants, 5%, 8/01/2036 (Prerefunded 8/01/2026)      1,000,000 1,060,643
        $4,236,892
Tobacco – 0.5%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 55,000 $56,280
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066      1,195,000 104,497
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      260,000 225,480
        $386,257
Toll Roads – 0.2%
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041    $ 250,000 $180,569
Transportation - Special Tax – 4.9%
Alabama Federal Aid Highway Finance Authority Special Obligation, “A”, 5%, 9/01/2035 (Prerefunded 9/01/2026)    $ 500,000 $532,811
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032      125,000 125,819
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029      330,000 328,318
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031      240,000 234,201
Jefferson County, AL, Transportation Infrastructure Bank, Limited Obligation Rev., “B”, AGM, 5%, 8/15/2035      1,000,000 1,051,809
Jefferson County, AL, Transportation Infrastructure Bank, Limited Obligation Rev., “B”, AGM, 5%, 8/15/2036      1,000,000 1,047,583
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045      50,000 49,450
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027      105,000 109,779
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039      45,000 44,766
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044      50,000 49,477
        $3,574,013
Universities - Colleges – 18.8%
Alabama Community College System Board of Trustees Rev., AGM, 4%, 9/01/2038    $ 1,000,000 $920,359
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2044      300,000 272,868
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2049      1,000,000 888,373
Alabama Community College System Board of Trustees Rev. (Snead State Community College), BAM, 4%, 9/01/2038      680,000 654,751
Auburn University, General Fee Rev., “A”, 5%, 6/01/2025      1,270,000 1,321,580
Auburn University, General Fee Rev., “A”, 5%, 6/01/2048      1,500,000 1,550,670
Homewood, AL, Educational Building Authority Facilities Rev. (Samford University), “A”, 5%, 12/01/2034      500,000 513,951
Jacksonville State University, AL, Tuition and Fee Rev., 4%, 12/01/2040      750,000 650,465
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, 5%, 7/01/2036      580,000 592,924
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051      345,000 273,410
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033      65,000 64,496
Troy University, Facilities Rev., “A”, BAM, 5%, 11/01/2028      500,000 517,351
University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2035      755,000 802,029
University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2036      475,000 503,979
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039      1,000,000 1,053,443
University of North Alabama, General Fee Rev., “C”, BAM, 4%, 11/01/2038      500,000 481,583
University of South Alabama, Facilities Rev., BAM, 5%, 10/01/2036      500,000 514,723
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049      750,000 756,272
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2036      355,000 332,012
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2038      500,000 458,904
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2040      770,000 694,417
        $13,818,560
Utilities - Municipal Owned – 1.1%
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)   $ 5,000 $3,700
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     70,000 51,800
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     115,000 85,100
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     180,000 133,650
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     30,000 22,275
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     15,000 11,100
15
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)   $ 5,000 $3,713
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     65,000 48,262
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023      10,000 9,949
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024      50,000 49,345
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030      15,000 14,999
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     40,000 29,600
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     30,000 22,275
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     5,000 3,713
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     95,000 70,537
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027      70,000 68,796
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      15,000 14,602
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     5,000 3,719
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     15,000 11,137
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     40,000 29,600
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     50,000 37,125
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     15,000 11,138
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     55,000 40,837
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     40,000 30,100
        $807,072
Utilities - Other – 2.2%
Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 1), “A”, 4%, 10/01/2028    $ 750,000 $716,616
Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031)      1,000,000 927,561
        $1,644,177
Water & Sewer Utility Revenue – 14.3%
Auburn, AL, Waterworks Board Water Rev., 5%, 9/01/2036 (Prerefunded 9/01/2025)    $ 1,000,000 $1,041,891
Birmingham, AL, Waterworks Board Water Rev., 5%, 1/01/2036 (Prerefunded 1/01/2028)      750,000 809,845
Birmingham, AL, Waterworks Board Water Rev., “A”, 5%, 1/01/2030 (Prerefunded 1/01/2025)      500,000 519,181
Birmingham, AL, Waterworks Board Water Rev., “A”, 5%, 1/01/2031 (Prerefunded 1/01/2027)      500,000 535,317
Cullman, AL, Utilities Board Water Rev., “A”, AGM, 5%, 9/01/2035      1,000,000 1,021,634
Gadsden, AL, Waterworks and Sewer Rev., AGM, 4%, 6/01/2033      1,000,000 975,501
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036      45,000 45,839
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      120,000 120,910
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029      45,000 45,714
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035      45,000 45,470
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      95,000 95,075
Jefferson County, AL, Senior Lien Sewer Rev., Current Interest Warrants, “A”, AGM, 5%, 10/01/2044      750,000 772,460
Limestone County, AL, Water & Sewer Authority Rev., 5%, 12/01/2045      1,000,000 1,037,833
Madison City, AL, Water & Wastewater Board Rev., 3%, 12/01/2050      1,000,000 699,649
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 15,277
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 20,292
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 10,171
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 20,323
Orange Beach, AL, Water Sewer & Fire Protection Authority Water Rev., 4%, 5/15/2047      1,000,000 871,589
Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2044      700,000 407,130
Scottsboro, AL, Board of Waterworks, Sewer & Gas Rev., “B”, BAM, 4%, 8/01/2039      350,000 320,665
Warrior River, AL, Water Authority Rev., BAM, 4%, 8/01/2039      1,180,000 1,081,098
        $10,512,864
Total Municipal Bonds (Identified Cost, $80,159,876)   $71,911,870
16
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 136,000 $115,746
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     196,833 47,851
Total Bonds (Identified Cost, $196,030)   $163,597
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, $90,859)     $157,170 $78,585
Investment Companies (h) – 0.9%
Money Market Funds – 0.9%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $663,665)     663,660 $663,727
Other Assets, Less Liabilities – 1.1%   839,990
Net Assets – 100.0% $73,657,769
See Portfolio Footnotes and Notes to Financial Statements
17
Portfolio of Investments (unaudited) – continued
MFS Arkansas Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 94.4%
Airport Revenue – 1.3%
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044    $ 235,000 $235,330
Massachusetts Port Authority Rev., “E”, 5%, 7/01/2051      1,225,000 1,224,063
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      95,000 95,283
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      105,000 106,526
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      80,000 80,181
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      125,000 124,501
        $1,865,884
General Obligations - General Purpose – 2.7%
Arkansas Higher Education, 4%, 6/01/2029    $ 2,000,000 $2,022,396
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      375,000 329,044
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037      70,000 70,183
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      80,000 80,749
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040      30,000 30,079
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      225,000 225,590
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      20,032 18,412
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      77,204 42,554
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      33,333 33,482
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      66,814 67,460
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      66,209 67,584
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      65,135 66,620
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      63,265 64,499
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      59,992 52,757
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      111,025 94,908
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      46,282 37,978
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      62,925 49,111
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      216,442 162,007
State of Illinois, General Obligation, 5.5%, 5/01/2039      120,000 122,150
State of Illinois, General Obligation, 5.75%, 5/01/2045      115,000 117,506
State of Illinois, General Obligation, “A”, 5%, 3/01/2031      295,000 301,384
        $4,056,453
General Obligations - Schools – 8.4%
Benton County, AR, Bentonville School District No. 6 Construction Refunding, “B”, 4%, 6/01/2037    $ 1,500,000 $1,452,118
Benton County, AR, Bentonville School District No. 6 Construction Refunding, “B”, 4%, 6/01/2047      1,000,000 915,127
Benton County, AR, Bentonville School District No. 6 Construction, “G”, 2.25%, 6/01/2046      1,000,000 598,708
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036      40,000 41,693
Crittenden County, AR, Community College District, 4.6%, 2/01/2035      285,000 285,162
Crittenden County, AR, Community College District, 4.7%, 2/01/2040      625,000 625,296
Crittenden County, AR, Earle Special School District Refunding and Construction, 4%, 2/01/2048      2,060,000 1,817,341
Fort Smith, AR, School District No. 100 Construction, “B”, 2.75%, 2/01/2045      1,370,000 944,478
Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2041      1,100,000 933,236
Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2042      1,000,000 831,871
Johnson County, AR, Clarksville School District No. 17 Refunding, 0.5%, 12/01/2024      350,000 319,317
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048      755,000 529,181
North Little Rock, AR, School District No. 1, 2%, 2/01/2027      2,000,000 1,828,845
North Little Rock, AR, School District No. 1, 2%, 2/01/2038      865,000 578,494
Saline County, AR, Benton School District No. 8 Construction, 5%, 2/01/2025      300,000 311,094
Saline County, AR, Benton School District No. 8 Construction, 4%, 2/01/2028      350,000 360,551
        $12,372,512
Healthcare Revenue - Hospitals – 11.3%
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047    $ 2,000,000 $1,966,909
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), “A”, 5%, 12/01/2029      1,000,000 1,025,023
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2034      740,000 744,701
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044      1,000,000 936,093
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041      750,000 617,804
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052      1,250,000 904,542
18
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038    $ 1,900,000 $1,908,098
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 4%, 2/01/2042      990,000 817,842
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2033      1,645,000 1,656,129
Batesville, AK, Public Facilities Board, Hospital Rev. (White River Health System, Inc.), 5%, 6/01/2027      500,000 514,600
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044      90,000 74,666
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049      30,000 24,017
Conway, AR, Hospital Rev. (Conway Regional Medical Center), “A”, 4%, 8/01/2038      1,000,000 852,668
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045      20,000 14,060
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      810,000 701,532
Montgomery County, MD, Rev. (Trinity Health Credit Group), 5%, 12/01/2045      300,000 299,912
Pulaski County, AR, Public Facilities Board, Healthcare Rev., 5.5%, 7/01/2043 (Prerefunded 7/01/2023)      750,000 762,012
Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040      2,820,000 2,846,048
        $16,666,656
Industrial Revenue - Other – 0.3%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)   $ 170,000 $110,995
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)     390,000 284,392
        $395,387
Industrial Revenue - Paper – 0.1%
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044    $ 100,000 $102,794
Miscellaneous Revenue - Other – 4.3%
Arkansas Development Finance Authority, Public Safety Charges Rev. (Division of Emergency Management Project), 4%, 6/01/2031    $ 1,070,000 $1,092,562
Arkansas Development Finance Authority, Public Safety Charges Rev. (Division of Emergency Management Project), 4%, 6/01/2045      2,955,000 2,762,928
Fayetteville, AR, Hotel, Motel and Restaurant Rev., BAM, 5%, 11/01/2034      2,000,000 2,066,891
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      60,000 61,561
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     375,000 335,281
        $6,319,223
Multi-Family Housing Revenue – 0.3%
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 439,524 $400,203
Sales & Excise Tax Revenue – 16.3%
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2034    $ 1,000,000 $841,592
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2035      1,000,000 827,537
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2036      785,000 639,146
Cabot, AR, Sales & Use Tax Refunding and Improvements, 5%, 6/01/2026 (Prerefunded 6/01/2023)      700,000 708,236
Cabot, AR, Sales & Use Tax Refunding and Improvements, 5%, 6/01/2027 (Prerefunded 6/01/2023)      1,300,000 1,315,295
Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 4%, 12/01/2029      250,000 256,041
Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 4%, 12/01/2030      100,000 101,775
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044      1,585,000 512,749
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2030      850,000 855,619
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035      1,150,000 1,153,514
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2032      350,000 301,632
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2033      370,000 313,025
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2034      380,000 316,406
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2036      400,000 323,505
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029      10,000 9,984
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      10,000 9,970
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      10,000 9,903
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      110,000 88,760
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031      415,000 408,551
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029      1,000,000 1,118,024
Mississippi County, AR, 4%, 6/01/2036      650,000 639,055
Mississippi County, AR, 4%, 6/01/2038      1,095,000 1,030,586
Mountain View, AK, Sales and Use Tax Rev., BAM, 4%, 11/01/2027      335,000 343,458
19
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2031    $ 335,000 $300,742
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2032      395,000 345,895
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2033      405,000 347,459
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2034      415,000 352,734
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2035      425,000 353,531
Phillips County, AR, Sales & Use Tax, BAM, 3.75%, 9/01/2038      1,170,000 1,075,788
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      36,000 31,989
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      122,000 104,196
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      2,108,000 1,860,947
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      235,000 202,987
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      120,000 103,653
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      2,000 1,647
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      62,000 52,147
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      5,000 4,620
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      66,000 52,609
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      12,000 8,628
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      593,000 377,075
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      568,000 319,218
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      2,189,000 493,495
Rogers, AR, Sales & Use Tax Rev., “B”, 5%, 11/01/2036      2,000,000 2,090,358
Springdale, AR, Sales & Use Tax Rev., 5%, 11/01/2028 (Prerefunded 11/01/2022)      1,000,000 1,001,406
Springdale, AR, Sales & Use Tax Rev., BAM, 4%, 4/01/2031      1,000,000 1,009,245
Springdale, AR, Sales & Use Tax Rev., BAM, 5%, 4/01/2037      1,000,000 1,022,349
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     280,000 241,206
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     200,000 179,090
        $24,057,377
Secondary Schools – 0.6%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039    $ 750,000 $696,489
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2039 (n)     250,000 239,882
        $936,371
Single Family Housing - State – 0.5%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, GNMA, 4%, 11/15/2047    $ 350,000 $347,137
Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 4%, 7/01/2047      380,000 376,970
        $724,107
State & Local Agencies – 5.1%
Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034    $ 2,605,000 $2,608,582
Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043      840,000 767,591
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037      1,315,000 1,154,970
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028)      200,000 216,852
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047      385,000 400,210
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026      150,000 155,016
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039      345,000 343,237
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2044      580,000 573,929
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044      2,360,000 791,538
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042      525,000 457,962
        $7,469,887
Student Loan Revenue – 0.1%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039    $ 15,000 $13,612
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044      185,000 137,749
        $151,361
20
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax - Other – 3.8%
Fayetteville, AR, Liberty Improvement Bonds, 4%, 1/01/2037    $ 2,000,000 $1,898,216
Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034      3,000,000 3,084,052
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051      890,000 618,372
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      100,000 83,938
        $5,684,578
Tax Assessment – 0.0%
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029    $ 15,000 $14,373
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      13,000 12,898
        $27,271
Tobacco – 2.7%
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2027    $ 2,470,000 $2,037,477
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2028      500,000 394,672
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036      105,000 107,444
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048      185,000 150,798
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055      750,000 630,009
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066      2,310,000 201,999
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      510,000 442,287
        $3,964,686
Toll Roads – 1.1%
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “A”, AGM, 4%, 10/01/2052    $ 1,000,000 $860,080
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038      230,000 235,524
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043      180,000 183,684
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041      500,000 361,138
        $1,640,426
Transportation - Special Tax – 2.6%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029    $ 20,000 $19,877
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031      715,000 697,724
New Jersey Economic Development Authority Rev. (NJ Transit Transportation Project), 4%, 11/01/2044      1,015,000 861,095
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045      95,000 93,955
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050      65,000 64,261
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027      310,000 324,109
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039      125,000 124,349
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 4%, 6/15/2044      1,775,000 1,507,698
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044      125,000 123,691
        $3,816,759
Universities - Colleges – 16.3%
Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031    $ 2,500,000 $2,508,376
Arkansas State University, Student Fee Rev. (Jonesboro Campus), “C”, AGM, 4.5%, 3/01/2027      545,000 545,425
Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2030      410,000 445,258
Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2031      430,000 462,864
Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2032      450,000 482,613
Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2033      475,000 506,710
Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 4%, 12/01/2035      410,000 393,352
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 5%, 12/01/2047      1,000,000 1,033,437
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 4%, 12/01/2052      1,000,000 851,130
Connecticut Health & Educational Facilities Authority Rev. (Connecticut College Issue), “M”, 3%, 7/01/2047      1,120,000 737,355
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051      620,000 491,345
Northern Illinois University, Auxiliary Facilities System Rev., BAM, 4%, 10/01/2034      500,000 463,756
Northern Illinois University, Auxiliary Facilities System Rev., BAM, 4%, 10/01/2035      500,000 460,380
21
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Northern Illinois University, Auxiliary Facilities System Rev., BAM, 4%, 10/01/2038    $ 650,000 $584,691
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 60,048
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042      65,000 65,129
Pulaski, AR, Student Tuition & Fee Rev. (Technical College), BAM, 5%, 9/01/2030      1,000,000 1,034,327
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      340,000 341,275
University of Arkansas Auxiliary Enterprises Rev., 5%, 12/01/2029 (Prerefunded 12/01/2022)      605,000 606,891
University of Arkansas Facilities Rev. (Fayetteville Campus), 5%, 11/01/2047      1,500,000 1,537,251
University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2032 (Prerefunded 5/01/2024)      1,000,000 1,028,303
University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2043      1,500,000 1,550,521
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2023      520,000 530,376
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 10/01/2025      780,000 791,430
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2025      2,000,000 2,032,044
University of Arkansas Facilities Rev. (UAMS Campus), “A”, 5%, 12/01/2045      955,000 991,534
University of Arkansas Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2040      500,000 524,373
University of Arkansas Facilities Rev. (UAMS Northwest Campus), “A”, 5%, 4/01/2047      2,000,000 2,066,061
University of Central Arkansas Student Fee Rev., “A”, AGM, 5%, 11/01/2038      500,000 516,376
University of Central Arkansas Student Fee Rev., “A”, AGM, 4%, 11/01/2048      550,000 466,168
        $24,108,799
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 $1,118,980
Utilities - Municipal Owned – 3.6%
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2030    $ 1,000,000 $1,042,172
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2035      1,000,000 1,039,923
Conway, AR, Electric Improvement Rev., “A”, 4%, 12/01/2043      1,915,000 1,714,411
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     15,000 11,100
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     155,000 114,700
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     260,000 192,400
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     410,000 304,425
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     65,000 48,262
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     30,000 22,200
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     15,000 11,138
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     145,000 107,662
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 5%, 7/01/2023      135,000 137,355
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     60,000 44,400
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     70,000 51,975
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     210,000 155,925
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      15,000 14,602
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     10,000 7,438
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     25,000 18,563
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     95,000 70,300
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     110,000 81,675
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     35,000 25,988
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     95,000 70,537
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     80,000 60,200
        $5,354,776
Water & Sewer Utility Revenue – 12.3%
Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4%, 10/01/2052    $ 500,000 $436,039
Conway, AR, Wastewater Improvement Rev., “A”, 4%, 10/01/2039      525,000 483,212
Fort Smith, AR, Water and Sewer and Construction Rev., 5%, 10/01/2035      3,850,000 4,023,213
Fort Smith, AR, Water and Sewer Refunding Construction Rev., 5%, 10/01/2031      500,000 529,172
Fort Smith, AR, Water and Sewer Refunding Rev., BAM, 5%, 10/01/2028      1,370,000 1,445,358
Fort Smith, AR, Water and Sewer Rev., 4.5%, 10/01/2022      455,000 455,000
22
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Fort Smith, AR, Water and Sewer Rev., BAM, 3%, 10/01/2029    $ 325,000 $304,184
Fort Smith, AR, Water and Sewer Rev., BAM, 5%, 10/01/2029      1,000,000 1,053,862
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036      85,000 86,584
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      500,000 503,791
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029      245,000 248,889
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035      245,000 247,557
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      200,000 200,158
Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2047      1,000,000 673,379
Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2050      1,000,000 652,630
Hot Springs, AR, Wastewater Rev., “C”, BAM, 4.5%, 12/01/2052      2,000,000 1,924,942
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2035      1,125,000 1,111,799
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2039      1,000,000 930,891
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2041      500,000 453,587
Hot Springs, AR, Waterworks Rev., BAM, 3.75%, 10/01/2043      1,750,000 1,505,691
Malvern, AR, Water and Sewer Refunding and Construction Rev., BAM, 3.7%, 8/01/2043      750,000 624,613
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 50,925
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 65,950
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 30,514
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 76,210
        $18,118,150
Total Municipal Bonds (Identified Cost, $154,188,083)   $139,352,640
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 245,000 $208,513
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     492,082 119,627
Total Bonds (Identified Cost, $401,718)   $328,140
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, $173,167)     $299,548 $149,774
Investment Companies (h) – 1.2%
Money Market Funds – 1.2%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $1,735,753)     1,735,769 $1,735,942
Other Assets, Less Liabilities – 4.1%   6,034,166
Net Assets – 100.0% $147,600,662
See Portfolio Footnotes and Notes to Financial Statements
23
Portfolio of Investments (unaudited) – continued
MFS California Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 96.8%
Airport Revenue – 7.7%
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2043    $ 2,190,000 $2,130,542
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5%, 6/01/2042      1,000,000 1,003,786
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5.25%, 6/01/2047      1,500,000 1,517,206
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “H”, 4%, 5/15/2047      3,000,000 2,571,268
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038      1,935,000 1,955,184
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2037      1,305,000 1,325,462
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038      1,305,000 1,322,039
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2038      2,000,000 2,023,061
Sacramento County, CA, Airport System Rev., “C”, 5%, 7/01/2039      1,000,000 1,007,117
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2038      1,000,000 1,011,525
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2039      1,000,000 1,008,179
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2042      665,000 664,176
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047      665,000 664,275
San Diego County, CA, Regional Airport Authority Rev., “C”, 5%, 7/01/2031      1,030,000 1,077,613
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044      7,605,000 7,595,139
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046      3,000,000 2,998,143
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2039      3,420,000 3,447,503
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2035      1,000,000 1,012,261
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047      2,000,000 1,997,895
        $36,332,374
General Obligations - General Purpose – 3.4%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 1,080,000 $947,648
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025      810,000 824,205
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027      255,000 259,776
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      73,327 67,397
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      282,606 155,771
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      3,121,992 3,135,969
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      244,575 246,940
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      242,360 247,393
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      238,428 243,863
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      497,583 507,287
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      219,601 193,117
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      383,721 328,017
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      169,415 139,019
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      230,339 179,770
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      765,550 573,015
Marin County, CA, Healthcare District (Election of 2013), “A”, 4%, 8/01/2047      3,000,000 2,647,758
State of California, Various Purpose General Obligation, 5%, 4/01/2045      2,000,000 2,107,310
State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2037      2,200,000 2,163,931
State of Illinois, General Obligation, 5.5%, 5/01/2039      440,000 447,883
State of Illinois, General Obligation, 5.75%, 5/01/2045      410,000 418,933
        $15,835,002
General Obligations - Schools – 15.1%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029    $ 4,335,000 $3,365,392
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040      2,785,000 2,548,676
Dublin, CA, Unified School District (Election of 2016), “B”, 4%, 8/01/2043      1,945,000 1,762,170
Folsom Cordova, CA, Unified School District (Election of 2012), “A”, 5%, 10/01/2038 (Prerefunded 10/01/2023)      2,465,000 2,510,786
Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031      2,120,000 1,463,103
Imperial County, CA, Community College District Rev., BAM, 4%, 8/01/2040      465,000 423,064
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034      500,000 300,004
Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033      1,260,000 747,065
Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% to 8/01/2045      1,590,000 1,118,096
Los Angeles County, CA, Inglewood Unified School District, Taxable (Election of 2020), “A”, AGM, 4%, 8/01/2040      2,070,000 1,872,381
Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049      875,000 774,764
Los Angeles, CA, Paramount Unified School District, General Obligation, “C”, BAM, 3%, 8/01/2045      1,750,000 1,245,146
24
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2039 (Prerefunded 2/15/2027)    $ 2,000,000 $2,069,108
Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2040 (Prerefunded 2/15/2027)      1,000,000 1,034,554
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047      2,595,000 2,325,296
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032      1,570,000 1,039,083
Modesto, CA, Elementary School District General Obligation, “B”, 3%, 8/01/2046      170,000 120,625
Modesto, CA, Elementary School District General Obligation, “B”, 3%, 8/01/2050      105,000 71,973
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046      1,570,000 1,363,611
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033      500,000 308,887
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028      1,440,000 1,164,860
Mount Diablo, CA, Unified School District (Election of 2010), Convertible Capital Appreciation, “A”, AGM, 5.5% to 8/01/2019, 6% to 8/01/2030      3,000,000 3,185,731
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 4,205,678
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029      3,385,000 2,592,919
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028      830,000 869,472
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030      830,000 864,784
Oakland, CA, Unified School District Rev. (Election of 2012), “A”, 4%, 8/01/2035      1,000,000 1,006,436
Orange County, CA, Garden Grove Unified School District, 4%, 8/01/2046      3,000,000 2,690,149
Oxnard, CA, School District (Ventura County), “A”, BAM, 5%, 8/01/2045      2,590,000 2,662,218
Oxnard, CA, Union High School District, General Obligation, “C”, 4%, 8/01/2038      400,000 386,461
Oxnard, CA, Union High School District, General Obligation, “C”, 4%, 8/01/2039      1,045,000 1,004,436
Oxnard, CA, Union High School District, General Obligation, “C”, 4%, 8/01/2040      1,000,000 945,314
Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2033      500,000 528,092
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 1,475,695
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 1,163,418
Placer & Sacramento Counties, CA, Roseville Joint Union High School District (School Facilities Improvement District No. 1), 4%, 8/01/2046      1,515,000 1,359,447
Pomona, CA, Unified School District, General Obligation, “F”, BAM, 3%, 8/01/2048      90,000 62,869
San Bernardino, CA, City Unified School District, “A”, AGM, 5%, 8/01/2023      600,000 608,818
San Diego, CA, Community College District (Election of 2002), 6%, 8/01/2033 (Prerefunded 8/01/2027)      2,000,000 2,248,193
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “G”, 0%, 7/01/2034 (Prerefunded 1/01/2024)      1,235,000 677,191
San Diego, CA, Unified School District (Election of 2012), “I”, 4%, 7/01/2047      2,145,000 1,979,205
San Luis Obispo, CA, Lucia Mar Unified School District, General Obligation, “D”, 4%, 8/01/2049      2,235,000 1,996,962
Santa Barbara and San Luis Obispo Counties, CA, Santa Maria-Bonita School District, 4%, 8/01/2042      1,000,000 911,224
Santa Barbara and San Luis Obispo Counties, CA, Santa Maria-Bonita School District, 4%, 8/01/2044      1,250,000 1,124,164
South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049      2,480,000 2,189,274
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046      2,775,000 781,984
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047      3,035,000 809,999
Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043      2,000,000 1,803,534
West Contra Costa County, CA, Unified School District (Election 2020), General Obligation, “A-1”, AGM, 3%, 8/01/2046      3,365,000 2,528,785
Yolo County, CA, Davis Joint Unified School District, General Obligation, BAM, 3%, 8/01/2043      1,250,000 913,669
        $71,204,765
Healthcare Revenue - Hospitals – 13.2%
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042    $ 2,550,000 $2,509,052
California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037      1,000,000 1,028,479
California Health Facilities Financing Authority Rev. (Marshall Medical Center), 5%, 11/01/2033      750,000 775,431
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2038      1,000,000 1,019,519
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2048      3,500,000 3,484,882
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5%, 11/15/2046 (Prerefunded 11/15/2026)      1,300,000 1,386,787
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5%, 11/15/2046      1,880,000 1,880,996
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2036 (n)     175,000 172,148
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2046 (n)     750,000 705,476
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036      1,275,000 1,291,124
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037      850,000 859,146
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042      425,000 421,366
25
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2042    $ 2,000,000 $1,970,406
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2047      1,000,000 968,581
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047      1,685,000 1,353,701
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028      205,000 207,220
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029      165,000 166,642
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030      85,000 85,707
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035      315,000 315,318
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044      415,000 395,801
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047      1,500,000 1,467,770
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047      2,545,000 2,499,600
California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), “A”, 4%, 7/15/2051      2,000,000 1,723,150
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2042      4,000,000 3,995,211
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2039      1,600,000 1,431,004
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2040      650,000 576,631
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2045      2,000,000 1,753,411
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2053      1,000,000 993,095
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057      2,000,000 1,979,024
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)     200,000 182,240
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054      1,650,000 1,659,064
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n)     1,000,000 924,978
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036      635,000 640,460
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037      455,000 457,707
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038      430,000 431,833
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046      1,925,000 1,900,062
California Statewide Communities Development Authority, Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038      1,500,000 1,497,254
Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049      70,000 57,977
Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047      2,000,000 2,018,901
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2023      260,000 260,613
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2024      235,000 235,664
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2025      290,000 290,067
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026      300,000 299,813
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028      665,000 697,290
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029      635,000 667,056
University of California Regents, Medical Center Pooled Rev., “P”, 5%, 5/15/2047      5,000,000 5,194,244
University of California Regents, Medical Center Pooled Rev., “P”, 4%, 5/15/2053      5,000,000 4,300,644
Upland, CA (San Antonio Regional Hospital), COP, 4%, 1/01/2042      1,000,000 830,008
Upland, CA (San Antonio Regional Hospital), COP, 5%, 1/01/2047      1,000,000 968,898
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2031      325,000 335,054
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2042      1,000,000 912,014
        $62,178,519
Healthcare Revenue - Long Term Care – 3.8%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035    $ 1,270,000 $1,224,938
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2034      700,000 728,822
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039      1,000,000 1,035,259
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2040      650,000 656,787
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2050      1,000,000 993,033
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2055      1,000,000 986,624
California Municipal Finance Authority Rev. (Channing House Project), “B”, 5%, 5/15/2047      2,000,000 2,070,869
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2046 (n)     1,250,000 1,041,680
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)     775,000 695,720
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n)     1,405,000 1,209,377
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2039      500,000 438,393
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2040      500,000 434,376
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2041      1,000,000 862,320
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2046      1,000,000 833,072
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 4%, 4/01/2042      735,000 645,025
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 5%, 4/01/2047      1,835,000 1,849,133
26
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2038    $ 435,000 $404,376
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2039      430,000 394,900
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2040      435,000 396,049
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043      980,000 877,352
        $17,778,105
Industrial Revenue - Environmental Services – 1.0%
California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “B”, 2.35%, 7/01/2051 (Put Date 1/17/2023)    $ 2,000,000 $1,994,072
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 2,660,606
        $4,654,678
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)   $ 500,000 $402,543
Miscellaneous Revenue - Other – 1.0%
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2034    $ 830,000 $840,666
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2035      830,000 840,404
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031      1,335,000 1,355,437
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      205,000 210,332
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 1,517,116
        $4,763,955
Multi-Family Housing Revenue – 4.8%
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)   $ 2,200,000 $1,714,873
California Community Housing Agency, Essential Housing Rev. (Aster), “A-2”, 4%, 2/01/2043 (n)     3,000,000 2,287,411
California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n)     3,000,000 1,873,278
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033      2,869,848 2,729,826
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)     4,000,000 3,498,624
California Statewide Communities Development Authority, Essential Housing Rev. (City of Orange Portfolio), “B”, 4%, 3/01/2057 (n)     2,000,000 1,315,825
California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n)     3,000,000 2,224,217
CMFA Special Finance Agency VIII Rev. (Elan Huntington Beach), “A-2”, 4%, 8/01/2047 (n)     3,000,000 2,250,000
CMFA Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), “A-1”, 3.25%, 2/01/2057 (n)     2,000,000 1,304,302
CMFA Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)     3,000,000 2,334,947
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036      1,356,904 1,235,512
        $22,768,815
Parking – 0.3%
Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047    $ 1,625,000 $1,494,577
Port Revenue – 0.4%
Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, AGM, 5%, 10/01/2036    $ 1,710,000 $1,749,851
Sales & Excise Tax Revenue – 2.6%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029    $ 40,000 $39,938
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      30,000 29,910
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      40,000 39,610
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      390,000 314,696
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      114,000 101,297
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      382,000 326,252
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      4,615,000 4,074,133
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      730,000 630,555
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      385,000 332,553
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      9,000 7,410
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      186,000 156,442
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      11,000 10,163
27
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027    $ 171,000 $136,306
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      31,000 22,289
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      1,566,000 995,784
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      1,524,000 856,492
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      13,175,000 2,970,214
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     960,000 826,993
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     555,000 496,975
        $12,368,012
Secondary Schools – 4.8%
California Infrastructure & Economic Development Bank, 4%, 11/01/2050    $ 500,000 $415,998
California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), “B”, 5%, 11/01/2039      300,000 307,806
California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), “B”, 5%, 11/01/2044      350,000 356,228
California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026)      1,000,000 866,790
California Infrastructure & Economic Development Bank, Senior National Charter School Rev., “B”, 4.125%, 11/01/2052      3,075,000 2,593,952
California Municipal Finance Authority Rev. (Partnerships to Uplift Communities Project), “A”, 5%, 8/01/2032      825,000 775,437
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2038 (n)     970,000 913,425
California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046      750,000 724,307
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (Prerefunded 8/01/2025) (n)     50,000 52,382
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n)     450,000 447,542
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 (n)     415,000 414,142
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n)     415,000 406,034
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2040 (n)     525,000 520,860
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2050 (n)     1,000,000 959,841
California School Finance Authority, Charter School Rev. (Downtown Prep), 5%, 6/01/2046 (n)     1,000,000 880,139
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2040 (n)     1,125,000 1,055,627
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2058 (n)     625,000 546,526
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2030 (n)     1,190,000 1,182,452
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2040 (n)     750,000 703,889
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2050 (n)     1,060,000 950,482
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n)     1,245,000 1,268,692
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038 (n)     870,000 859,025
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048 (n)     870,000 822,980
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2034      530,000 530,904
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2037 (n)     505,000 500,271
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5.125%, 7/01/2044      470,000 467,244
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2047 (n)     745,000 707,717
California School Finance Authority, School Facility Rev. (Kipp SoCal), “A”, 5%, 7/01/2049 (n)     1,050,000 992,513
California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047      1,270,000 1,271,638
        $22,494,843
State & Local Agencies – 5.8%
California Public Works Board Lease Rev. (Judicial Council Projects), “A”, 5%, 3/01/2028    $ 2,120,000 $2,134,919
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037      2,360,000 2,072,797
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2034      1,000,000 1,050,045
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2037      800,000 835,925
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 5.25%, 11/01/2047      3,735,000 3,954,445
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026      540,000 558,058
28
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
North Lake Tahoe, CA, Public Financing Authority Lease Rev. (Health and Human Services Center), 5.5%, 12/01/2047    $ 4,425,000 $4,856,309
Ontario Public Finance Authority Lease Rev., AGM, 5%, 11/01/2042      1,025,000 1,075,018
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2037      300,000 323,111
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2038      500,000 536,112
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2039      700,000 748,864
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2040      900,000 958,845
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2030      500,000 527,897
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2031      1,000,000 1,048,468
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2032      550,000 575,688
Santa Clara County, CA, Financing Authority Lease Rev. (Capital Facilities), “A”, 3%, 5/01/2039      5,270,000 4,148,531
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2034      500,000 512,498
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2035      725,000 740,887
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2036      590,000 601,777
        $27,260,194
Student Loan Revenue – 0.1%
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038    $ 305,000 $237,746
Tax - Other – 0.3%
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2035    $ 315,000 $298,931
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036      170,000 160,507
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046      500,000 456,393
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n)     100,000 84,166
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      305,000 256,011
        $1,256,008
Tax Assessment – 7.6%
California Statewide Communities Development Authority Rev. (Infrastructure Program), “A”, 5%, 9/02/2048    $ 940,000 $941,072
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2039      1,000,000 1,019,557
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2044      1,000,000 1,002,295
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 4%, 9/02/2050      505,000 392,105
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 4%, 9/02/2040      2,000,000 1,671,996
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2044      500,000 502,891
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2049      500,000 500,608
Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031      1,000,000 1,008,274
Jurupa, CA, Public Financing Authority, Special Tax Refunding Rev., “A”, AGM, 4%, 9/01/2043      1,745,000 1,582,515
Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035      920,000 934,831
Lee Lake, CA, Public Financing Authority, Senior Lien Rev., “A”, 5.125%, 9/01/2035      1,000,000 1,013,458
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, AGM, 5%, 9/01/2023      295,000 299,508
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, ETM, AGM, 5%, 9/01/2023      45,000 45,728
North Natomas, CA, Community Facilities District Special Tax, “4-E”, 5.25%, 9/01/2033      765,000 775,780
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028      650,000 669,694
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029      1,350,000 1,390,646
Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033      1,000,000 1,008,204
Rancho Cucamonga, CA, Redevelopment Agency, Tax Allocation Refunding (Successor Agency to the Rancho Redevelopment Project Area), AGM, 5%, 9/01/2032      2,625,000 2,698,952
River Islands Public Financing Authority, Special Tax Refunding, “A-1”, AGM, 4.25%, 9/01/2047      5,000,000 4,622,668
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030      890,000 932,306
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031      1,095,000 1,147,022
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034      1,385,000 1,427,160
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043      750,000 768,720
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “B”, NPFG, 5%, 8/01/2043      1,100,000 1,134,176
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 98,084
29
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax Assessment – continued
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 $188,606
San Francisco, CA, City and County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2036 (n)     700,000 621,654
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 1,238,323
Santa Cruz County, CA, Redevelopment Agency Tax Allocation Rev., 5%, 9/01/2023      1,000,000 1,015,462
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2034      1,200,000 1,282,139
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2036      1,600,000 1,688,118
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2037      700,000 732,452
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2033      300,000 312,353
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2034      300,000 311,264
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2035      250,000 258,931
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2038      600,000 614,428
        $35,851,980
Tobacco – 3.9%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 370,000 $378,612
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “B-1”, 4%, 6/01/2049      185,000 181,487
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055      5,000,000 818,202
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049      1,500,000 1,216,061
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2049      785,000 741,902
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 5%, 6/01/2049      605,000 571,785
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055      10,000,000 1,636,404
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2029 (Prerefunded 6/01/2027)      2,000,000 2,158,145
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066      23,485,000 2,053,653
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      1,655,000 1,435,264
Sacramento County, CA, Tobacco Securitization Corp. Authority, “2021A-1”, 4%, 6/01/2049      810,000 716,416
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2036      250,000 254,667
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2037      1,000,000 1,016,082
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2038      750,000 760,310
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2048      4,250,000 4,153,582
        $18,092,572
Toll Roads – 2.1%
Bay Area Toll Authority, California Toll Bridge Rev., “A”, 2%, 4/01/2056 (Put Date 4/01/2028)    $ 4,000,000 $3,590,659
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2033      2,985,000 3,019,531
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2034      855,000 854,915
Riverside County, CA, Transportation Commission Toll Rev., “A”, 5.75%, 6/01/2044 (Prerefunded 6/01/2023)      1,680,000 1,709,448
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2038      300,000 270,081
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2039      315,000 281,635
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2044      255,000 219,127
        $9,945,396
Transportation - Special Tax – 0.7%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032    $ 470,000 $473,078
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029      65,000 64,601
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030      225,000 220,147
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031      1,530,000 1,493,032
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038      75,000 74,298
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039      500,000 497,397
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044      500,000 494,766
        $3,317,319
Universities - Colleges – 4.6%
California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036    $ 2,060,000 $2,063,869
California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047      1,000,000 879,225
30
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036    $ 425,000 $442,387
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037      1,265,000 1,313,882
California Educational Facilities Authority Rev. (Loyola Marymount University), “B”, 5%, 10/01/2038      630,000 659,625
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036      1,000,000 1,002,613
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037      1,000,000 1,001,570
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038      500,000 500,210
California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038      1,000,000 1,047,024
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033      625,000 641,640
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035      1,195,000 1,220,680
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039      1,000,000 1,016,542
California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042      4,310,000 4,231,653
California Municipal Finance Authority Rev. (University of La Verne), “A”, 5%, 6/01/2043      1,500,000 1,527,187
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039      500,000 456,411
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048      2,500,000 2,158,991
California State University Systemwide Rev., “A”, 3%, 11/01/2052      2,000,000 1,440,651
Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”, 3%, 8/01/2051      200,000 135,874
        $21,740,034
Universities - Dormitories – 4.4%
California Community College Financing Authority Student Housing Rev. (NCCD - Napa Valley Properties LLC - Napa Valley College Project), “A”, 5.75%, 7/01/2060 (n)   $ 2,000,000 $1,761,911
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2035      450,000 441,620
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2040      600,000 575,353
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2045      600,000 562,700
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2050      650,000 599,578
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2055      825,000 750,966
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2057      450,000 405,374
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035      225,000 225,429
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037      2,605,000 2,594,491
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051      3,065,000 3,035,109
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2034 (n)     375,000 359,927
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2039 (n)     475,000 439,503
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2051 (n)     1,440,000 1,247,501
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043      1,500,000 1,510,693
California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5%, 5/15/2034      1,000,000 1,006,182
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 1,545,887
San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n)     3,000,000 2,583,499
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 1,073,286
        $20,719,009
Utilities - Cogeneration – 0.5%
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 $944,614
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 1,462,177
        $2,406,791
31
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – 2.3%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039    $ 280,000 $286,035
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      315,000 320,853
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041      3,000,000 3,092,510
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     50,000 37,000
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     475,000 351,500
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     765,000 566,100
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     1,200,000 891,000
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     180,000 133,650
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     100,000 74,000
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     50,000 37,125
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     455,000 337,837
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023      10,000 9,949
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     235,000 173,900
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     200,000 148,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     40,000 29,700
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     620,000 460,350
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      55,000 53,540
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     45,000 33,469
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     95,000 70,538
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     290,000 214,600
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     325,000 241,313
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     115,000 85,388
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     355,000 263,588
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     280,000 210,700
Truckee Donner Public Utility District Electric System Rev., “A”, 5%, 11/15/2037      1,250,000 1,301,274
Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2039      425,000 422,819
Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2040      365,000 361,699
Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2041      420,000 413,693
        $10,622,630
Utilities - Other – 2.1%
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 4%, 5/01/2053 (Put Date 8/01/2028)    $ 4,000,000 $3,909,578
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034      1,750,000 2,069,852
Long Beach, CA, Bond Finance Authority Natural Gas Purchase Rev., “A”, 5.25%, 11/15/2022      2,210,000 2,213,541
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033      1,655,000 1,683,875
        $9,876,846
Water & Sewer Utility Revenue – 4.2%
Fillmore, CA, Wastewater Refunding Rev., AGM, 5%, 5/01/2047    $ 3,000,000 $3,089,140
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      720,000 720,567
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030      1,660,000 1,700,642
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031      415,000 425,160
San Mateo-Foster City, CA, Public Financing Authority, Wastewater Rev. (Clean Water Program), 4%, 8/01/2044      2,205,000 1,986,206
Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036      2,000,000 2,090,008
Silicon Valley Clean Water, CA, Wastewater Rev., 4%, 8/01/2044      3,250,000 2,984,688
Soquel Creek, CA, Water District, COP, 5%, 3/01/2043 (Prerefunded 3/01/2023)      1,715,000 1,728,889
Truckee Donner Public Utility District Water System Rev., “A”, 5%, 11/15/2042      2,070,000 2,215,918
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031      1,700,000 1,791,209
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035      830,000 870,720
        $19,603,147
Total Municipal Bonds (Identified Cost, $503,078,104)   $454,955,711
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 902,000 $767,668
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     1,869,912 454,582
Total Bonds (Identified Cost, $1,499,419)   $1,222,250
32
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
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, $633,877)     $1,096,495 $548,248
Investment Companies (h) – 1.3%
Money Market Funds – 1.3%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $6,161,538)     6,161,569 $6,162,185
Other Assets, Less Liabilities – 1.5%   7,181,824
Net Assets – 100.0% $470,070,218
See Portfolio Footnotes and Notes to Financial Statements
33
Portfolio of Investments (unaudited) – continued
MFS Georgia Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.0%
Airport Revenue – 6.2%
Atlanta, GA, Airport General Refunding Rev., “C”, 4%, 7/01/2038    $ 1,000,000 $909,517
Atlanta, GA, Airport General Refunding Rev., “E”, 5%, 7/01/2032      250,000 267,671
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2052      1,000,000 997,808
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2044      1,000,000 998,660
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2038      520,000 472,949
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039      530,000 477,877
Atlanta, GA, Airport Rev., “B”, 5%, 1/01/2033      1,000,000 1,013,378
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044      75,000 75,105
Massachusetts Port Authority Rev., “E”, 5%, 7/01/2051      935,000 934,285
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046      265,000 264,836
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      30,000 30,089
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      35,000 35,509
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      25,000 25,057
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      40,000 39,840
        $6,542,581
General Obligations - General Purpose – 5.8%
Atlanta, GA, Public Improvement Rev., 4.875%, 12/01/2026 (Prerefunded 12/01/2024)    $ 1,000,000 $1,035,281
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      220,000 193,039
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037      55,000 55,144
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      60,000 60,562
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040      20,000 20,052
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      165,000 165,432
Clarke County GA, Classic Center Authority Rev. (Classic Center Arena Project), 4%, 5/01/2052      1,000,000 861,997
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      15,456 14,206
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      59,571 32,835
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      557,719 560,216
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      51,554 52,053
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      51,087 52,148
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      50,258 51,404
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      150,816 153,757
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      46,290 40,708
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      85,068 72,719
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      35,711 29,304
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      48,553 37,894
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      171,495 128,364
Richmond County, GA, Board of Education Sales Tax Rev., General Obligation, 5%, 10/01/2025      1,000,000 1,051,443
State of Illinois, General Obligation, 5.5%, 5/01/2039      180,000 183,225
State of Illinois, General Obligation, “A”, 5%, 3/01/2031      245,000 250,302
Valdosta & Lowndes County, GA, Hospital Authority Rev. Anticipation Certificate, “A”, 5%, 10/01/2036      1,000,000 1,073,867
        $6,175,952
General Obligations - Schools – 7.6%
Ben Hill County, GA, School District Rev., 4%, 4/01/2037    $ 750,000 $710,002
Bryan County, GA, School District General Obligation, 4%, 8/01/2032      500,000 506,972
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047      370,000 291,221
Clarke County, GA, General Obligation, 5%, 9/01/2025      1,000,000 1,050,090
Clarke County, GA, General Obligation, 5%, 9/01/2027      500,000 539,067
Dalton, GA, General Obligation, 5%, 2/01/2036      500,000 530,585
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040      585,000 535,359
Evans County, GA, School District, 4%, 6/01/2035      660,000 637,152
Gwinnett County, GA, School District, 5%, 2/01/2039      1,500,000 1,612,063
Gwinnett County, GA, School District General Obligation, 5%, 2/01/2029      1,000,000 1,043,661
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048      930,000 651,839
        $8,108,011
Healthcare Revenue - Hospitals – 13.6%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044    $ 210,000 $181,161
34
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Cedartown Polk County, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded 7/01/2026)    $ 500,000 $528,821
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2041      485,000 430,802
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044      55,000 45,629
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049      25,000 20,014
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048      250,000 215,763
Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049      15,000 12,424
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2039      500,000 453,055
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2049      1,000,000 844,236
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034      1,000,000 1,019,798
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 5%, 4/01/2042      750,000 745,440
Fulton County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2032      500,000 515,421
Fulton County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2035      500,000 469,665
Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System, Inc. Project), 5%, 8/01/2028      500,000 508,209
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2029      670,000 702,322
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042      1,000,000 990,231
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 1,668,371
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      645,000 558,627
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 4%, 7/01/2041      465,000 423,239
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046      55,000 54,437
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052      695,000 605,861
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049      765,000 645,840
Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036      1,000,000 936,413
Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), “A”, 4%, 7/01/2043      1,000,000 872,979
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043      570,000 493,408
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049      550,000 467,031
        $14,409,197
Healthcare Revenue - Long Term Care – 0.9%
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), “A, 5%, 7/01/2036    $ 500,000 $488,309
Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), 5%, 11/15/2033      500,000 506,833
        $995,142
Healthcare Revenue - Other – 0.5%
Carroll City-County, GA, Hospital Authority Rev. (Tanner Medical Center), 5%, 7/01/2028    $ 500,000 $525,656
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 2.875%, 1/01/2041 (n)   $ 130,000 $84,878
Industrial Revenue - Paper – 0.1%
Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n)   $ 150,000 $132,236
Miscellaneous Revenue - Other – 4.8%
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”A“, 4%, 1/01/2054    $ 1,250,000 $952,811
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”B“, 5%, 1/01/2054 (n)     1,000,000 769,663
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2034      500,000 522,214
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2036      500,000 517,490
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2044      660,000 674,952
Hart County, GA, Association County Commissioners (Public Purpose Project), 4.75%, 11/01/2052      1,000,000 951,772
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2040 (Prerefunded 7/01/2023)      75,000 75,819
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026      45,000 46,170
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n)     280,000 250,343
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028      310,000 310,924
        $5,072,158
Multi-Family Housing Revenue – 0.3%
National Finance Authority, New Hampshire Municipal Certificates, ”1-A“, 4.375%, 9/20/2036    $ 329,059 $299,621
35
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Port Revenue – 2.4%
Georgia Ports Authority Rev., 4%, 7/01/2047    $ 1,000,000 $890,553
Georgia Ports Authority Rev., 4%, 7/01/2052      1,000,000 874,065
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055      1,000,000 827,022
        $2,591,640
Sales & Excise Tax Revenue – 5.0%
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, ”B-1“, AGM, 0%, 6/15/2044    $ 1,205,000 $389,819
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029      10,000 9,984
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030      5,000 4,985
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031      10,000 9,903
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042      90,000 72,622
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”A“, 5%, 7/01/2044 (Prerefunded 7/01/2025)      1,000,000 1,046,327
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”C“, 4%, 7/01/2036      750,000 731,233
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev., ”E-1“, 3%, 7/01/2040      1,000,000 785,317
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040      24,000 21,326
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053      82,000 70,033
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058      745,000 657,688
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      157,000 135,613
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      83,000 71,693
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058      38,000 31,961
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024      1,000 924
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027      35,000 27,899
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029      6,000 4,314
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031      326,000 207,296
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033      316,000 177,593
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046      2,899,000 653,560
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n)     245,000 211,055
        $5,321,145
Secondary Schools – 0.2%
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2049 (n)   $ 250,000 $229,987
Single Family Housing - State – 2.0%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047    $ 235,000 $233,111
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”D-1“, GNMA, 4%, 11/15/2047      280,000 277,710
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.6%, 12/01/2044      1,000,000 838,603
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.5%, 6/01/2045      115,000 114,242
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4%, 12/01/2048      405,000 395,207
Iowa Finance Authority, Single Family Mortgage Rev., ”A“, GNMA, 4%, 7/01/2047      295,000 292,648
        $2,151,521
State & Local Agencies – 2.8%
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037    $ 460,000 $404,020
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028)      110,000 119,269
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047      200,000 207,901
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026)      10,000 10,588
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026      110,000 113,678
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”LLL“, 5%, 6/15/2039      255,000 253,697
Villa Rica, GA, Public Facilities Authority Rev. (Water and Sewerage Project), 5%, 3/01/2039 (Prerefunded 9/01/2024)      500,000 516,957
Walton, GA, Industrial Building Authority Rev. (Walton County Jail Facility Project), 4%, 2/01/2046      1,500,000 1,340,368
        $2,966,478
Student Loan Revenue – 0.6%
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039    $ 10,000 $9,075
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044      130,000 96,797
36
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Student Loan Revenue – continued
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038    $ 65,000 $50,667
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041      585,000 500,795
        $657,334
Tax - Other – 2.1%
Atlanta & Fulton County, GA, Recreation Authority Park Improvement, ”A“, 5%, 12/01/2032    $ 500,000 $514,224
Atlanta, GA, Development Authority Rev. (New Downtown Atlanta Stadium Project), ”A-1“, 5%, 7/01/2033      740,000 760,662
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2035      65,000 61,684
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2036      35,000 33,046
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2046      100,000 91,279
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2045      745,000 673,701
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      100,000 83,938
        $2,218,534
Tax Assessment – 1.4%
Atlanta, GA, Tax Allocation (Beltline Project), ”B“, 5%, 1/01/2030    $ 1,000,000 $1,052,594
Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026)      410,000 431,397
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029      10,000 9,582
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      9,000 8,929
        $1,502,502
Tobacco – 0.9%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036    $ 75,000 $76,746
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055      410,000 344,405
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, ”B-2“, 0%, 6/01/2066      1,790,000 156,527
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050      380,000 329,547
        $907,225
Toll Roads – 0.4%
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 $81,921
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 61,228
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041      375,000 270,854
        $414,003
Transportation - Special Tax – 1.1%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”A“, NPFG, 4.75%, 7/01/2038    $ 140,000 $134,924
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032      70,000 70,458
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NPFG, 5%, 7/01/2029      10,000 9,939
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031      330,000 322,026
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2030      35,000 36,630
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2032      35,000 36,282
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035      45,000 45,493
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2036      45,000 45,408
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2037      25,000 25,150
New Jersey Transportation Trust Fund Authority, ”AA“, 4%, 6/15/2040      40,000 34,706
New Jersey Transportation Trust Fund Authority, ”AA“, 4%, 6/15/2045      70,000 59,152
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045      75,000 74,175
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027      120,000 125,461
New Jersey Transportation Trust Fund Authority, Transportation Program, ”A“, 5%, 12/15/2039      70,000 69,636
New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 5%, 6/15/2044      65,000 64,320
        $1,153,760
Universities - Colleges – 20.6%
Albany-Dougherty County, GA, Inner City Authority Refunding Rev. (USG Real Estate Foundation X LLC Project), 4%, 6/01/2034    $ 1,430,000 $1,363,533
Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), ”A“, 3.5%, 6/01/2035      500,000 458,649
Barnesville-Lamar County, GA, Industrial Development Authority Refunding Rev. (USG Real Estate Foundation VI LLC Project), 5%, 6/01/2038      600,000 631,430
37
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037    $ 560,000 $516,061
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044      1,000,000 865,525
Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2038      815,000 858,247
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 (Prerefunded 7/01/2027)      200,000 214,244
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038      800,000 833,962
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Project), 4%, 7/01/2037      1,000,000 969,010
Carrollton, GA, Payroll Development Authority Refunding Rev. (UWG Housing, LLC Project), 5%, 7/01/2038      750,000 789,064
Clemson University, SC, Athletic Facilities Rev., ”A“, 3%, 5/01/2048      1,000,000 704,065
Cobb County, GA, Development Authority, Parking & Dining Hall Refunding Lease Rev. (Kennesaw State University Real Estate Foundations Projects), 5%, 7/15/2034      500,000 524,318
Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036      1,000,000 1,030,900
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 3/01/2034      300,000 318,142
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2044      1,000,000 1,053,405
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049      500,000 444,675
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052      1,000,000 1,048,973
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.) ”A“, 5%, 6/01/2039      1,000,000 1,062,402
Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 6/01/2028      500,000 517,473
Georgia Higher Education Facilities Authority Refunding Rev. (USG Real Estate Foundation II LLC Project), 4%, 6/15/2036      750,000 694,219
Georgia Private Colleges & Universities Authority Rev. (Emory University), ”B“, 4%, 9/01/2037      1,000,000 945,412
Georgia Private Colleges & Universities Authority Rev. (Emory University), ”B“, 4%, 9/01/2040      500,000 461,309
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040      350,000 353,898
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051      1,000,000 1,014,397
Gwinnett County, GA, Development Authority Rev. (Student Housing), ”A“, 5%, 7/01/2040      1,000,000 1,025,915
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051      500,000 396,246
Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048      870,000 904,526
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033      75,000 74,419
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 55,042
Richmond County, GA, Development Authority Rev. (Georgia Regents University Academic Research Center Project), AGM, 5%, 12/15/2032      325,000 332,443
Savannah, GA, Economic Development Authority Refunding Rev. (Savannah State University Projects), 4%, 6/15/2037      1,000,000 914,174
South Regional, GA, Joint Development Authority Rev. (VSU Parking and Student Service Center Project), ”A“, 5%, 8/01/2035      500,000 519,375
        $21,895,453
Universities - Dormitories – 1.0%
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051    $ 635,000 $628,807
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), ”C“, 5%, 7/15/2030      400,000 401,411
        $1,030,218
Utilities - Municipal Owned – 9.1%
Bainbridge, GA, Combined Utilities Rev., BAM, 4%, 12/01/2041    $ 1,500,000 $1,361,805
Buford, GA, Combined Utility System Rev., AGM, 4%, 7/01/2039      400,000 369,690
Buford, GA, Combined Utility System Rev., AGM, 4%, 7/01/2040      400,000 366,507
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029      1,195,000 1,256,141
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2032      1,000,000 1,064,724
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035      500,000 463,983
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036      500,000 457,360
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, 4.5%, 7/01/2063      1,000,000 882,891
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), ”A“, 5%, 1/01/2039      750,000 750,128
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2037      1,000,000 1,016,109
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2038      125,000 125,279
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039      50,000 51,078
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044      60,000 61,115
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)     10,000 7,400
38
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)   $ 100,000 $74,000
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     155,000 114,700
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     245,000 181,912
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     40,000 29,700
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     20,000 14,800
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     95,000 70,537
Puerto Rico Electric Power Authority Rev., ”RR“, AGM, 5%, 7/01/2028      490,000 498,549
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)     45,000 33,300
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     45,000 33,413
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     125,000 92,812
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030      70,000 69,118
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034      10,000 9,735
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     10,000 7,438
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     20,000 14,850
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     60,000 44,400
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     70,000 51,975
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     25,000 18,563
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)     75,000 55,687
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)     60,000 45,150
        $9,709,699
Water & Sewer Utility Revenue – 8.5%
Atlanta, GA, Water & Wastewater Refunding Rev., 5%, 11/01/2036    $ 750,000 $791,511
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2037      1,000,000 1,053,927
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2038      1,000,000 1,052,217
Atlanta, GA, Water & Wastewater Refunding Rev., ”B“, 4%, 11/01/2038      500,000 473,299
Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038      500,000 465,247
Columbus, GA, Water and Sewerage Rev., 5%, 5/01/2035      350,000 365,066
Columbus, GA, Water and Sewerage Rev., 5%, 5/01/2036      150,000 156,328
DeKalb County, GA, Water & Sewer Rev., ”A“, 5.25%, 10/01/2031      1,000,000 1,001,282
DeKalb County, GA, Water & Sewer Rev., ”B“, 5.25%, 10/01/2025      1,000,000 1,058,230
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036      30,000 30,559
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      125,000 125,948
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029      45,000 45,714
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035      45,000 45,470
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050      155,000 155,122
Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2/01/2027      1,000,000 1,079,807
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 15,277
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 20,292
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 10,171
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 20,323
Oconee County, GA, Water & Sewerage Rev., ”A“, 5%, 9/01/2033      555,000 589,025
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Project), 5%, 2/01/2038 (Prerefunded 2/01/2026)      500,000 528,325
        $9,083,140
Total Municipal Bonds (Identified Cost, $115,323,183)   $104,178,071
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 204,000 $173,619
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     393,666 95,701
Total Bonds (Identified Cost, $328,727)   $269,320
39
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
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, $133,616)     $231,133 $115,567
Investment Companies (h) – 0.5%
Money Market Funds – 0.5%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $553,342)     553,356 $553,411
Other Assets, Less Liabilities – 1.1%   1,191,722
Net Assets – 100.0% $106,308,091
See Portfolio Footnotes and Notes to Financial Statements
40
Portfolio of Investments (unaudited) – continued
MFS Maryland Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 86.1%
Airport Revenue – 0.8%
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2047    $ 70,000 $60,865
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2053      65,000 55,220
Maryland Department of Transportation Special Project Rev., ”B“, 4%, 8/01/2040      1,000,000 882,110
        $998,195
General Obligations - General Purpose – 22.6%
Anne Arundel County, MD, Consolidated Water & Sewer, 5%, 10/01/2040    $ 400,000 $428,795
Anne Arundel County, MD, General Obligation, Consolidated Improvement, 5%, 10/01/2031      1,000,000 1,077,237
Anne Arundel County, MD, General Obligation, Consolidated Improvement Refunding, 5%, 4/01/2027      1,000,000 1,075,708
Anne Arundel County, MD, General Obligation, Consolidated Improvement Refunding, 5%, 4/01/2028      1,000,000 1,090,515
Baltimore County, MD, Metropolitan District (80th Issue), 5%, 3/01/2033      1,250,000 1,342,773
Baltimore County, MD, Public Improvement, 4%, 3/01/2037      1,750,000 1,699,429
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      225,000 197,427
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      13,849 12,729
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      53,375 29,420
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      489,045 491,234
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      46,192 46,639
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      45,774 46,725
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      45,031 46,057
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      121,739 124,113
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      41,476 36,474
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      75,390 64,446
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      31,997 26,256
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      43,504 33,953
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      150,243 112,457
Frederick County, MD, General Obligation, Public Facilities Refunding Project, ”A“, 4%, 10/01/2032      1,000,000 1,029,353
Frederick County, MD, General Obligation, Public Facilities, ”A“, 5%, 8/01/2024      1,500,000 1,548,491
Harford County, MD, Consolidated General Obligation Public Improvement Project, 4%, 10/01/2023      1,745,000 1,760,499
Howard County, MD, Consolidated Public Improvement Project, ”A“, 5%, 8/15/2023      1,000,000 1,016,291
Howard County, MD, Consolidated Public Improvement Project, ”A“, 5%, 8/15/2028      1,000,000 1,095,844
Howard County, MD, Metropolitan District Project, ”B“, 3%, 8/15/2051      1,155,000 827,102
Howard County, MD, Metropolitan District Project, ”C“, 4%, 2/15/2048      1,500,000 1,361,365
Maryland Community Development Administration, Local Government Infrastructure, ”A-2“, 4%, 6/01/2036      1,210,000 1,156,548
Maryland State & Local Facilities Loan, General Obligation Refunding, ”A“, 5%, 8/01/2025      2,055,000 2,157,997
Maryland State & Local Facilities Loan, General Obligation, ”A“, 5%, 3/15/2027      1,000,000 1,075,020
Maryland State & Local Facilities Loan, General Obligation, ”A“, 5%, 6/01/2036      1,000,000 1,109,891
Montgomery County, MD, Consolidated Public Improvement, ”A“, 5%, 11/01/2026 (Prerefunded 11/01/2024)      500,000 518,352
Montgomery County, MD, General Obligation, Consolidated Public Improvement, ”A“, 5%, 8/01/2035      1,000,000 1,113,232
Prince George’s County, MD, General Obligation Consolidated Public Improvement, ”A“, 5%, 7/01/2027      500,000 539,706
Prince George's County, MD, General Obligation Consolidated Public Improvement, ”A“, 5%, 7/01/2024      1,015,000 1,047,093
Prince George's County, MD, General Obligation Consolidated Public Improvement, ”A“, 5%, 7/15/2030      795,000 879,178
State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2037      430,000 422,950
State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2041      350,000 326,786
State of Illinois, General Obligation, 5.5%, 5/01/2039      160,000 162,866
Washington Suburban Sanitary District, MD, Consolidated Public Improvement Refunding, 5%, 6/01/2024      1,000,000 1,029,538
        $28,160,489
General Obligations - Schools – 0.2%
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036    $ 20,000 $20,846
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., ”A“, 4%, 12/01/2047      325,000 255,803
        $276,649
Healthcare Revenue - Hospitals – 14.9%
Cobb County, GA, Kennestone Hospital Authority Rev. (Wellstar Health System, Inc. Project), ”A“, 4%, 4/01/2052    $ 815,000 $680,876
Colorado Health Facilities Authority Rev. (CommonSpirit Health), ”A-2“, 4%, 8/01/2044      55,000 45,629
Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045      15,000 10,545
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), ”A“, 4.125%, 7/01/2052      540,000 467,688
41
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2030    $ 490,000 $497,026
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036      750,000 744,919
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2034      750,000 759,980
Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Health System), 4%, 7/01/2045      1,000,000 836,084
Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), ”A“, 4%, 7/01/2039      1,145,000 1,023,054
Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), ”A“, 4%, 7/01/2041      1,000,000 879,658
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2028 (Prerefunded 7/01/2025)      750,000 785,751
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2033      400,000 410,061
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 4%, 7/01/2042      1,000,000 885,432
Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), ”A“, AGM, 5.25%, 8/15/2038      1,155,000 1,243,968
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), ”A“, 5%, 8/15/2041      505,000 504,949
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), ”A“, 5%, 5/15/2042      750,000 754,890
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), ”A“, 5%, 7/01/2032      600,000 607,080
Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Medical Center), 5%, 7/01/2027      500,000 510,467
Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), ”A“, 5%, 7/01/2035      500,000 510,346
Maryland Health & Higher Educational Facilities Authority Rev. (Trinity Health Credit Group), ”MD“, 5%, 12/01/2046      1,000,000 1,000,175
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), ”B“, 5%, 7/01/2034      1,000,000 1,012,459
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), ”D“, 4%, 7/01/2048      1,250,000 1,057,682
Maryland Health & Higher Educational Facilities Authority Rev. (Western Maryland Health System), 5.25%, 7/01/2034 (Prerefunded 7/01/2024)      1,000,000 1,032,726
Montgomery County, MD, Rev. (Trinity Health Credit Group), 5%, 12/01/2045      1,240,000 1,239,637
New York Dormitory Authority Rev. (Norwell Health Obligated Group), ”A“, 4.25%, 5/01/2052      590,000 514,328
Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 4%, 4/15/2043      635,000 549,674
        $18,565,084
Healthcare Revenue - Long Term Care – 2.9%
Baltimore County, MD, Rev. (Oak Crest Village, Inc.), 4%, 1/01/2045    $ 1,000,000 $844,983
Baltimore County, MD, Rev. (Riderwood Village, Inc.), 4%, 1/01/2038      450,000 422,668
Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036      500,000 440,352
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), ”A“, 5%, 1/01/2045      500,000 509,493
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), ”B“, 5%, 11/01/2042      350,000 308,710
Washington County, MD, County Commissioners Rev. (Diakon Lutheran Social Ministries Project), ”B“, 5%, 1/01/2032      575,000 625,039
Westminster, MD, Refunding Rev. (Carroll Lutheran Village, Inc.), 5.125%, 7/01/2040      400,000 411,909
        $3,563,154
Healthcare Revenue - Other – 0.3%
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2029    $ 420,000 $420,281
Industrial Revenue - Paper – 0.1%
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044    $ 100,000 $102,794
Miscellaneous Revenue - Other – 2.1%
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025    $ 20,000 $19,565
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034      60,000 54,888
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042      70,000 59,057
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2040 (Prerefunded 7/01/2023)      105,000 106,146
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2028      90,000 90,920
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2029      210,000 212,340
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 4%, 7/01/2039      1,100,000 951,895
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026      40,000 41,041
Montgomery County, MD, Transportation Fund Lease Authority Rev., ”A“, 5%, 11/01/2036      415,000 428,822
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n)     240,000 214,580
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028      450,000 451,341
        $2,630,595
Multi-Family Housing Revenue – 5.6%
Howard County, MD, Housing Commission Rev. (Columbia Commons Apartments), ”A“, 5%, 6/01/2044    $ 500,000 $507,200
Howard County, MD, Housing Commission Rev. (Woodfield Oxford Square Apartments), 5%, 12/01/2037      750,000 769,814
42
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – continued
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, FHA, 4%, 7/01/2048    $ 500,000 $424,195
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”B“, 3.65%, 7/01/2049      505,000 423,493
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”D“, 3.35%, 7/01/2049      1,765,000 1,366,561
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”A-1“, FHA, 3.05%, 7/01/2044      1,000,000 772,217
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”C“, 5.125%, 7/01/2037      1,000,000 1,041,400
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., “C”, 3.1%, 7/01/2036      1,065,000 876,600
National Finance Authority, New Hampshire Municipal Certificates, ”1-A“, 4.375%, 9/20/2036      287,002 261,327
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045      765,000 487,089
        $6,929,896
Parking – 1.1%
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AAC, 5%, 7/01/2034    $ 1,385,000 $1,394,382
Port Revenue – 1.3%
Maryland Economic Development Corp. Rev. (Terminal Project), ”A“, 5%, 6/01/2044    $ 500,000 $503,637
Maryland Economic Development Corp. Rev. (Terminal Project), ”A“, 5%, 6/01/2049      250,000 250,851
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2031      650,000 679,743
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044      190,000 129,516
        $1,563,747
Sales & Excise Tax Revenue – 2.8%
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029    $ 10,000 $9,984
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030      5,000 4,985
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031      10,000 9,903
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042      75,000 60,518
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2027      90,000 93,993
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2028      80,000 84,063
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2032      500,000 533,400
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2033      650,000 695,619
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2036      35,000 35,895
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2037      50,000 52,091
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2038      40,000 35,819
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2040      25,000 22,040
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040      21,000 18,660
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053      81,000 69,179
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058      526,000 464,354
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      160,000 138,204
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      75,000 64,783
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058      46,000 38,690
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024      2,000 1,848
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027      36,000 28,696
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029      6,000 4,314
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031      338,000 214,927
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033      332,000 186,585
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046      2,229,000 502,513
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(n)     120,000 103,374
        $3,474,437
Secondary Schools – 0.2%
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2039 (n)   $ 250,000 $239,882
Single Family Housing - State – 3.8%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”D-1“, GNMA, 4%, 11/15/2047    $ 240,000 $238,037
43
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Single Family Housing - State – continued
Iowa Finance Authority, Single Family Mortgage Rev., ”A“, GNMA, 4%, 7/01/2047    $ 255,000 $252,967
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”B“, 2.1%, 9/01/2041      1,500,000 996,777
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 2.1%, 3/01/2033      250,000 198,009
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 3%, 9/01/2051      1,000,000 941,235
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 5%, 3/01/2031      1,150,000 1,230,011
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 3%, 9/01/2039      1,000,000 820,074
        $4,677,110
State & Local Agencies – 5.6%
Colorado State University Board of Governors, System Enterprise Refunding Rev., ”E“, 4%, 3/01/2043    $ 455,000 $415,778
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037      665,000 584,072
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, 5%, 5/01/2041 (Prerefunded 5/01/2026)      500,000 530,272
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2038      500,000 527,136
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028)      110,000 119,268
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047      225,000 233,889
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, ”C“, 0%, 5/01/2054      2,000,000 396,195
Maryland Stadium Authority, Built to Learn Rev., ”A“, 4%, 6/01/2036      1,000,000 947,290
Maryland Stadium Authority, Hagerstown Multi-Use Sports & Events Facility Lease Rev., ”A“, 5%, 6/01/2052      1,000,000 1,041,642
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034      5,000 4,604
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035      20,000 18,255
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041      10,000 8,620
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026      100,000 103,344
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”LLL“, 5%, 6/15/2039      230,000 228,825
Prince George's County, MD, COP (Suitland Public Infrastructure), 3%, 10/01/2038      1,000,000 803,833
Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2037      1,000,000 1,047,904
        $7,010,927
Student Loan Revenue – 0.4%
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039    $ 5,000 $4,537
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044      115,000 85,628
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041      490,000 419,470
        $509,635
Tax - Other – 0.9%
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2045    $ 625,000 $565,185
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051      600,000 416,880
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      100,000 83,938
        $1,066,003
Tax Assessment – 3.8%
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), ”A“, 5%, 9/01/2038    $ 500,000 $489,228
Baltimore, MD, Special Obligation Rev. (Harbor Point Project), ”B“, 3.875%, 6/01/2046 (n)     300,000 228,059
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      500,000 496,071
Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), ”B“, 4.625%, 7/01/2043 (n)     250,000 229,820
Frederick County, MD, Limited Obligation (Oakdale-Lake Linganore Project), 3.75%, 7/01/2039      500,000 400,315
Frederick County, MD, Senior Special Obligation (Urbana Community Development Authority), ”A“, 4%, 7/01/2035      500,000 468,521
Frederick County, MD, Senior Special Obligation (Urbana Community Development Authority), ”B“, 4%, 7/01/2040      190,000 164,574
Frederick County, MD, Senior Special Obligation Refunding (Urbana Community Development Authority), ”A“, 5%, 7/01/2026      820,000 856,981
Frederick County, MD, Special Tax Limited Obligation Refunding (Jefferson Technology Park Project), ”A“, 5%, 7/01/2043 (n)     250,000 229,986
Howard County, MD, Special Obligation (Annapolis Junction Town Center Project), 6.1%, 2/15/2044      230,000 217,659
Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.5%, 2/15/2047 (n)     300,000 256,048
44
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax Assessment – continued
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n)   $ 500,000 $386,540
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n)     400,000 374,945
        $4,798,747
Tobacco – 0.4%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036    $ 75,000 $76,745
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, ”B-2“, 0%, 6/01/2066      1,610,000 140,787
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050      370,000 320,875
        $538,407
Toll Roads – 0.3%
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), ”A“, AGM, 4%, 10/01/2052    $ 500,000 $430,040
Transportation - Special Tax – 3.6%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029    $ 355,000 $353,191
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031      360,000 351,302
Maryland Department of Transportation, Consolidated Transportation Refunding, ”A“, 5%, 12/01/2025      1,080,000 1,138,363
Maryland Department of Transportation, Consolidated Transportation, ”A“, 3%, 10/01/2033      500,000 443,089
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045      60,000 59,340
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037      440,000 457,066
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038      440,000 456,561
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., ”B“, 5%, 7/01/2042      1,140,000 1,176,822
        $4,435,734
Universities - Colleges – 4.9%
Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), ”A“, 5%, 7/01/2044    $ 500,000 $502,694
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), 5%, 10/01/2032      500,000 511,261
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), “A”, 5%, 10/01/2049      1,000,000 1,028,604
Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art Issue), 5%, 6/01/2033      450,000 457,967
Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2046      750,000 612,008
Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2051      250,000 198,188
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051      420,000 332,846
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 85,065
University System of Maryland, Auxiliary Facility & Tuition Rev., ”A“, 5%, 4/01/2028      1,205,000 1,312,173
University System of Maryland, Auxiliary Facility & Tuition Rev., ”D“, 5%, 10/01/2022      1,000,000 1,000,000
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n)     110,000 109,991
        $6,150,797
Universities - Dormitories – 2.5%
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051    $ 660,000 $653,564
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035      750,000 768,451
Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2050      1,000,000 916,814
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2027      500,000 500,040
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2030      300,000 299,983
        $3,138,852
Utilities - Municipal Owned – 0.7%
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)   $ 10,000 $7,400
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)     100,000 74,000
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     160,000 118,400
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     250,000 185,625
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     40,000 29,700
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     20,000 14,800
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     95,000 70,537
45
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)   $ 45,000 $33,300
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     40,000 29,700
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     125,000 92,812
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034      10,000 9,735
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     10,000 7,438
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     20,000 14,850
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     60,000 44,400
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     65,000 48,262
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     20,000 14,850
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)     65,000 48,263
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)     50,000 37,625
        $896,547
Utilities - Other – 0.1%
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2023    $ 140,000 $141,235
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 $445,267
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 5%, 7/01/2033      305,000 329,890
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 5%, 7/01/2034      600,000 646,525
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 4%, 7/01/2038      550,000 520,948
Baltimore, MD, Refunding Rev. (Mayor and City Council of Baltimore Water Projects), ”B“, 5%, 7/01/2042 (Prerefunded 1/01/2024)      1,320,000 1,348,932
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036      20,000 20,373
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      105,000 105,796
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029      205,000 208,254
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035      205,000 207,139
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050      130,000 130,102
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 25,462
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 30,439
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 15,257
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 35,565
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040      50,000 51,249
Montgomery County, MD, Water Quality Protection Charge Rev., ”A“, 5%, 4/01/2032      1,125,000 1,126,211
        $5,247,409
Total Municipal Bonds (Identified Cost, $118,125,369)   $107,361,028
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 165,000 $140,427
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     393,666 95,702
Total Bonds (Identified Cost, $292,404)   $236,129
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, $119,720)     $207,095 $103,548
46
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Investment Companies (h) – 8.9%
Money Market Funds – 8.9%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $11,062,955)     11,063,246 $11,064,352
Other Assets, Less Liabilities – 4.7%   5,879,866
Net Assets – 100.0% $124,644,923
See Portfolio Footnotes and Notes to Financial Statements
47
Portfolio of Investments (unaudited) – continued
MFS Massachusetts Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 90.2%
Airport Revenue – 6.6%
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2047    $ 265,000 $230,416
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2053      250,000 212,384
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2038      2,000,000 2,039,207
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2040      2,755,000 2,799,365
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2042      3,000,000 3,027,570
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2042      3,455,000 3,513,572
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2047      1,500,000 1,501,942
Massachusetts Port Authority Rev., ”B“, 5%, 7/01/2043      3,625,000 3,647,785
Massachusetts Port Authority Rev., ”C“, 5%, 7/01/2044      3,000,000 3,018,602
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2029      620,000 656,911
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2030      500,000 532,130
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2031      1,000,000 1,058,649
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2032      1,590,000 1,670,209
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2051      3,055,000 3,052,662
        $26,961,404
General Obligations - General Purpose – 16.0%
Beverly, MA, General Obligation, 5%, 3/15/2029    $ 455,000 $500,133
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      705,000 618,603
Brockton, MA, Public Safety Facility, General Obligation, 4%, 8/01/2052      4,000,000 3,485,334
Chicago, IL, General Obligation, ”A“, 5%, 1/01/2025      535,000 544,382
Chicago, IL, General Obligation, ”A“, 5%, 1/01/2027      170,000 173,184
Commonwealth of Massachusetts, ”B“, 5.25%, 8/01/2023      1,000,000 1,017,617
Commonwealth of Massachusetts, ”B“, 5.25%, 8/01/2028      2,225,000 2,463,860
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”D“, 4%, 2/01/2044      2,000,000 1,828,155
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”D“, 4%, 2/01/2046      2,600,000 2,350,294
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”E“, 5%, 11/01/2033      1,740,000 1,904,911
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”F“, 5%, 11/01/2042      3,000,000 3,112,831
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”I“, 5%, 12/01/2034      1,000,000 1,044,894
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      47,977 44,097
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      184,909 101,921
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      1,901,834 1,910,349
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      160,025 161,572
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      158,576 161,869
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      156,003 159,559
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      343,525 350,225
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      143,685 126,357
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      282,284 241,306
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      110,848 90,960
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      150,711 117,624
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      516,737 386,778
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2040      1,060,000 1,132,652
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2041      1,095,000 1,163,571
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2042      1,130,000 1,197,792
Georgetown, MA, General Obligation, Refunding, Unlimited Tax, 4%, 5/01/2032      825,000 829,737
Lawrence, MA, General Obligation Purpose Loan, 4%, 6/01/2034      1,125,000 1,107,679
Lawrence, MA, General Obligation Purpose Loan, 4%, 6/01/2044      1,665,000 1,491,472
Lawrence, MA, General Obligation Purpose Loan, 3%, 2/01/2049      3,000,000 2,116,635
Massachusetts Turnpike Authority, Metropolitan Highway System Rev., Capital Appreciation, ”A“, NPFG, 0%, 1/01/2029      1,560,000 1,225,966
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2039      1,090,000 1,034,962
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2040      1,125,000 1,062,936
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2041      1,000,000 943,629
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2042      695,000 650,243
New Bedford, MA, General Obligation, ”B“, 3%, 4/13/2023      5,000,000 4,997,768
Quincy, MA, General Obligation Purpose Loan, ”A“, 4%, 6/01/2039      500,000 466,164
Quincy, MA, General Obligation Purpose Loan, ”A“, 4%, 6/01/2040      500,000 462,945
Quincy, MA, General Obligation Purpose Loan, ”A“, 4%, 6/01/2041      300,000 275,582
Quincy, MA, General Obligation Purpose Loan, ”A“, 4%, 6/01/2042      400,000 364,107
48
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - General Purpose – continued
Quincy, MA, General Obligation Purpose Loan, ”A“, 5%, 6/01/2047    $ 1,000,000 $1,046,883
Quincy, MA, General Obligation Purpose Loan, ”A“, 5%, 6/01/2050      2,000,000 2,097,269
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2038      675,000 722,976
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2039      740,000 790,855
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2040      785,000 836,864
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2041      620,000 659,552
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2042      600,000 636,568
State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2037      1,410,000 1,386,883
State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2041      1,150,000 1,073,727
State of Illinois, General Obligation, 5.5%, 5/01/2039      280,000 285,016
State of Illinois, General Obligation, 5.75%, 5/01/2045      255,000 260,556
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052      5,000,000 3,555,037
West Springfield, MA, General Obligation, 3%, 5/15/2032      1,490,000 1,352,123
West Springfield, MA, General Obligation, 3%, 5/15/2033      1,490,000 1,332,683
Westborough, MA, General Obligation, 3%, 3/29/2023      6,000,000 5,995,771
        $65,453,418
General Obligations - Schools – 0.6%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., ”A“, 4%, 12/01/2047    $ 1,270,000 $999,597
San Marcos, CA, Unified School District (Election of 2010), Capital Appreciation, ”C“, 0%, 8/01/2038 (Prerefunded 2/15/2024)      3,375,000 1,513,410
        $2,513,007
Healthcare Revenue - Hospitals – 14.1%
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), ”A“, 4.125%, 7/01/2052    $ 1,960,000 $1,697,534
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), ”A“, 4%, 6/01/2049 (Prerefunded 6/01/2029)      1,500,000 1,547,533
Massachusetts Development Finance Agency Rev. (Baystate Medical Center), ”N“, 5%, 7/01/2044      2,000,000 1,968,687
Massachusetts Development Finance Agency Rev. (Berkshire Health Systems), ”I“, 5%, 10/01/2029      600,000 631,193
Massachusetts Development Finance Agency Rev. (Berkshire Health Systems), ”I“, 5%, 10/01/2030      1,675,000 1,755,009
Massachusetts Development Finance Agency Rev. (Berkshire Health Systems), ”I“, 5%, 10/01/2031      400,000 418,916
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2036      635,000 652,067
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2037      850,000 853,782
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2038      700,000 701,670
Massachusetts Development Finance Agency Rev. (CareGroup), ”I“, 5%, 7/01/2037      1,000,000 1,002,617
Massachusetts Development Finance Agency Rev. (CareGroup), ”J-2“, 5%, 7/01/2036      1,000,000 1,015,795
Massachusetts Development Finance Agency Rev. (CareGroup), ”J-2“, 5%, 7/01/2037      1,000,000 1,003,868
Massachusetts Development Finance Agency Rev. (Children's Hospital), ”P“, 5%, 10/01/2032 (Prerefunded 10/01/2024)      1,000,000 1,035,324
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”N“, 5%, 12/01/2041      1,690,000 1,699,669
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2029      100,000 106,200
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2030      100,000 105,215
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2031      125,000 130,979
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2032      175,000 182,737
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2033      150,000 156,033
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2034      400,000 414,808
Massachusetts Development Finance Agency Rev. (Lahey Health System), ”F“, 5%, 8/15/2030      2,000,000 2,038,264
Massachusetts Development Finance Agency Rev. (Massachusetts General Brigham, Inc.), ”A-2“, 5%, 7/01/2023      5,000,000 5,063,405
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”F“, 5.75%, 7/15/2043      1,000,000 1,006,406
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”G“, 5%, 7/15/2046 (n)     1,000,000 883,028
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”Q“, 5%, 7/01/2041      1,810,000 1,824,924
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”Q“, 5%, 7/01/2047      1,500,000 1,498,364
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”S“, 4%, 7/01/2041      3,500,000 3,185,667
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”S-4“, 5%, 7/01/2034      700,000 730,674
Massachusetts Development Finance Agency Rev. (South Shore Hospital), ”I“, 5%, 7/01/2041      2,300,000 2,265,535
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”L“, 5%, 7/01/2044      1,000,000 984,344
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care), ”I“, 5%, 7/01/2041      1,850,000 1,822,278
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care), ”K“, 5%, 7/01/2038      2,000,000 1,987,659
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 4%, 7/01/2044      2,080,000 1,742,849
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 5%, 7/01/2044      2,000,000 1,890,962
49
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”C“, AGM, 5%, 10/01/2034    $ 450,000 $463,255
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”C“, AGM, 4%, 10/01/2045      2,500,000 2,130,928
Massachusetts Development Finance Agency Rev., ”J-2“, 5%, 7/01/2048      3,615,000 3,578,809
Massachusetts Development Financing Agency Rev. (Beth Israel Lahey Health, Inc.), ”J-2“, 5%, 7/01/2043      2,855,000 2,832,122
New York Dormitory Authority Rev. (Norwell Health Obligated Group), ”A“, 4.25%, 5/01/2052      2,120,000 1,848,093
University of California Regents, Medical Center Pooled Rev., ”P“, 5%, 5/15/2047      2,405,000 2,498,432
        $57,355,634
Healthcare Revenue - Long Term Care – 1.5%
Massachusetts Development Finance Agency First Mortgage Rev. (Berkshire Retirement Community), 5%, 7/01/2031    $ 1,000,000 $1,010,356
Massachusetts Development Finance Agency Rev. (Adventcare), ”A“, 6.75%, 10/15/2037 (a)(d)     500,000 185,000
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 4%, 12/01/2042      485,000 415,021
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 5%, 12/01/2042      525,000 517,792
Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2031 (n)(w)     500,000 468,542
Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2051      900,000 715,122
Massachusetts Development Finance Agency Rev. (Loomis Communities), ”A“, 6%, 1/01/2033 (Prerefunded 10/13/2022)      250,000 251,738
Massachusetts Development Finance Agency Rev. (Loomis Communities), ETM, 6%, 1/01/2033 (Prerefunded 7/01/2023)      250,000 255,152
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n)     1,250,000 1,291,196
Massachusetts Development Finance Agency Rev. (North Hill Communities), ”A“, 6.5%, 11/15/2043 (Prerefunded 11/15/2023) (n)     1,000,000 1,034,713
        $6,144,632
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n)   $ 500,000 $402,543
Miscellaneous Revenue - Other – 1.8%
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2037    $ 1,000,000 $1,054,264
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2038      1,000,000 1,052,383
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2043      1,000,000 1,044,357
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2038      1,000,000 1,009,231
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2039      2,000,000 2,015,214
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026      140,000 143,642
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n)     950,000 849,379
        $7,168,470
Multi-Family Housing Revenue – 4.4%
Ashland, MA, General Obligation Purpose Loan, Unlimited Tax, 4%, 8/01/2040    $ 1,830,000 $1,706,245
Ashland, MA, General Obligation Purpose Loan, Unlimited Tax, 4%, 8/01/2041      1,905,000 1,765,196
Ashland, MA, General Obligation Purpose Loan, Unlimited Tax, 4%, 8/01/2042      1,980,000 1,826,847
Boston, MA, Housing Authority Capital Program Rev., ”B“, 5%, 4/01/2028      1,000,000 1,083,701
Massachusetts Development Finance Agency Rev. (Morville House Apartments), ”A“, LOC, 4.95%, 12/15/2023      1,895,000 1,901,355
Massachusetts Housing Finance Agency, ”A“, 3.7%, 12/01/2038      1,000,000 886,938
Massachusetts Housing Finance Agency, ”A“, 3.8%, 12/01/2043      2,025,000 1,730,611
Massachusetts Housing Finance Agency, ”C“, 5.35%, 12/01/2049      1,035,000 1,035,527
Massachusetts Housing Finance Agency, “C-1”, 2.9%, 12/01/2039      1,000,000 776,068
Massachusetts Housing Finance Agency, “C-1”, 3.1%, 12/01/2044      2,000,000 1,485,668
Massachusetts Housing Finance Agency, Multi-Family Housing, ”A“, FHA, 4.75%, 12/01/2030      1,425,000 1,425,412
Massachusetts Housing Finance Agency, Multi-Family Housing, ”A“, FHA, 4.875%, 12/01/2032      1,190,000 1,190,255
National Finance Authority, New Hampshire Municipal Certificates, ”1-A“, 4.375%, 9/20/2036      1,120,756 1,020,490
        $17,834,313
Port Revenue – 0.7%
Martha's Vineyard, MA, Woods Hole Steamship Authority, ”A“, 4%, 3/01/2028    $ 2,660,000 $2,707,081
Sales & Excise Tax Revenue – 5.6%
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029    $ 25,000 $24,961
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030      20,000 19,940
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031      25,000 24,756
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042      255,000 205,763
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2027      310,000 323,756
50
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2028    $ 275,000 $288,968
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2036      125,000 128,196
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2037      175,000 182,317
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2038      80,000 71,638
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2039      55,000 48,845
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2040      85,000 74,937
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A“, 5%, 7/01/2024      1,590,000 1,640,547
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 5.25%, 7/01/2029      1,850,000 2,068,344
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 5.25%, 7/01/2031      2,000,000 2,287,284
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 4%, 7/01/2051      1,720,000 1,500,350
Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., ”A“, 5%, 2/15/2044      4,000,000 4,167,896
Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., ”B“, 4%, 11/15/2046      3,000,000 2,676,421
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040      73,000 64,866
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053      239,000 204,121
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058      2,053,000 1,812,393
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      445,000 384,379
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      256,000 221,126
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053      5,000 4,117
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058      101,000 84,950
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024      8,000 7,391
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027      117,000 93,262
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029      22,000 15,818
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031      1,059,000 673,394
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033      1,011,000 568,185
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046      9,313,000 2,099,553
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n)     585,000 503,949
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     360,000 322,362
        $22,794,785
Secondary Schools – 1.6%
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2056 (n)   $ 290,000 $261,730
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2039      1,000,000 929,228
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2054      1,000,000 868,961
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2030      500,000 514,991
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2031      1,015,000 1,052,682
Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), ”B“, 5%, 7/01/2037      1,000,000 967,475
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2033      2,000,000 2,010,334
        $6,605,401
Single Family Housing - State – 2.0%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047    $ 725,000 $719,173
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”186“, 4%, 6/01/2039 (n)     705,000 700,561
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”206“, 3.3%, 6/01/2034      365,000 322,008
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”206“, 3.45%, 12/01/2036      485,000 423,130
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”215“, GNMA, 4%, 12/01/2050      2,650,000 2,605,292
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2026      120,000 126,356
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 12/01/2026      100,000 105,939
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2027      110,000 117,224
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 12/01/2027      100,000 107,182
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2028      100,000 107,254
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 12/01/2028      100,000 107,798
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2029      100,000 108,327
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 1.35%, 12/01/2029      400,000 335,815
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”222“, GNMA, 3%, 6/01/2051      1,000,000 937,573
Massachusetts Housing Finance Agency, Single Family Housing Rev., “214”, GNMA, 2.95%, 12/01/2044      1,865,000 1,419,320
        $8,242,952
51
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – 1.9%
Colorado State University Board of Governors, System Enterprise Refunding Rev., ”E“, 4%, 3/01/2043    $ 1,245,000 $1,137,679
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032      75,000 78,197
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033      60,000 62,397
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034      30,000 31,078
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037      1,400,000 1,229,625
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028)      350,000 379,491
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047      665,000 691,271
Massachusetts College Building Authority Project Refunding Rev., ”A“, 4%, 5/01/2037      250,000 242,628
Massachusetts College Building Authority Project Refunding Rev., ”A“, 4%, 5/01/2038      250,000 237,688
Massachusetts College Building Authority Project Refunding Rev., ”A“, 4%, 5/01/2039      1,000,000 933,114
Massachusetts College Building Authority Project Refunding Rev., ”A“, 4%, 5/01/2040      500,000 459,883
Massachusetts College Building Authority Project Rev., ”A“, 5%, 5/01/2031 (Prerefunded 5/01/2023)      275,000 278,021
Massachusetts College Building Authority Project Rev., ”A“, 5%, 5/01/2032 (Prerefunded 5/01/2023)      760,000 768,349
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026)      45,000 47,648
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034      65,000 59,849
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035      55,000 50,201
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041      35,000 30,169
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026      345,000 356,537
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”LLL“, 5%, 6/15/2039      765,000 761,091
        $7,834,916
Student Loan Revenue – 4.1%
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 5%, 7/01/2029    $ 1,400,000 $1,473,199
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 5%, 7/01/2030      1,300,000 1,370,268
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 2%, 7/01/2037      3,000,000 2,339,441
Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 4.125%, 7/01/2046      2,000,000 1,629,947
Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 3.75%, 7/01/2047      4,000,000 3,083,177
Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 3.5%, 7/01/2033      375,000 341,408
Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, ”B“, 5%, 7/01/2031      1,000,000 1,049,684
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 3%, 7/01/2051      2,000,000 1,285,200
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 4.125%, 7/01/2052      3,000,000 2,420,147
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038      195,000 152,002
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041      1,710,000 1,463,863
        $16,608,336
Tax - Other – 0.6%
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2035    $ 225,000 $213,522
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2036      120,000 113,299
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2046      370,000 337,731
Massachusetts Special Obligation Dedicated Tax Rev., NPFG, 5.5%, 1/01/2023      1,585,000 1,592,891
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      225,000 188,861
        $2,446,304
Tax Assessment – 0.0%
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029    $ 25,000 $23,955
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      32,000 31,749
        $55,704
Tobacco – 0.5%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036    $ 250,000 $255,819
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, ”B-2“, 0%, 6/01/2066      5,620,000 491,443
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050      1,370,000 1,188,104
        $1,935,366
Toll Roads – 1.0%
Massachusetts Department of Transportation, Metropolitan Highway System Refunding Rev., Subordinated Contract Assistance, 5%, 1/01/2037    $ 1,000,000 $1,064,904
52
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Toll Roads – continued
Massachusetts Department of Transportation, Metropolitan Highway System Rev., “C”, 5%, 1/01/2035    $ 3,000,000 $3,213,160
        $4,278,064
Transportation - Special Tax – 4.0%
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2036    $ 2,850,000 $2,962,705
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2042      3,000,000 3,103,071
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”A“, NPFG, 4.75%, 7/01/2038      465,000 448,141
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”AA-1“, AGM, 4.95%, 7/01/2026      245,000 245,093
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032      280,000 281,834
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029      520,000 517,350
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031      1,055,000 1,029,509
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, ”A“, NPFG, 5%, 7/01/2038      45,000 44,579
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”B-1“, 5%, 7/01/2033      3,000,000 3,267,940
Massachusetts Transportation Fund Rev. (Rail Enhancement Program), ”B“, 5%, 6/01/2052      3,000,000 3,156,202
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045      210,000 207,690
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027      420,000 439,115
New Jersey Transportation Trust Fund Authority, Transportation Program, ”A“, 5%, 12/15/2039      225,000 223,829
New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 5%, 6/15/2044      220,000 217,697
        $16,144,755
Universities - Colleges – 18.6%
Connecticut Health & Educational Facilities Authority Rev. (Connecticut College Issue), ”M“, 3%, 7/01/2047    $ 2,830,000 $1,863,139
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), ”S-1“, 5%, 10/01/2038      605,000 628,536
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), ”S-1“, 5%, 10/01/2040      2,665,000 2,759,443
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2035      970,000 977,255
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2036      850,000 854,863
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2037      625,000 626,714
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2038      340,000 340,232
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 4%, 7/01/2039      3,055,000 2,649,854
Massachusetts Development Finance Agency Refunding Rev. (Wellesley College), ”M“, 4%, 7/01/2036      1,985,000 1,925,263
Massachusetts Development Finance Agency Rev. (Babson College), 4%, 10/01/2040      875,000 769,137
Massachusetts Development Finance Agency Rev. (Babson College), 4%, 10/01/2044      700,000 595,333
Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040      1,500,000 1,541,730
Massachusetts Development Finance Agency Rev. (Bentley University), ”A“, 4%, 7/01/2038      1,000,000 900,289
Massachusetts Development Finance Agency Rev. (Brandeis University), ”R“, 5%, 10/01/2038      835,000 866,181
Massachusetts Development Finance Agency Rev. (Brandeis University), ”S-1“, 5%, 10/01/2039      2,660,000 2,759,153
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2043      725,000 708,498
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2048      2,845,000 2,734,568
Massachusetts Development Finance Agency Rev. (Emerson College), ”A“, 5.25%, 1/01/2042      2,000,000 2,011,199
Massachusetts Development Finance Agency Rev. (Emmanuel College), ”A“, 5%, 10/01/2043      2,000,000 1,948,694
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046      1,375,000 1,098,259
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2045      250,000 187,362
Massachusetts Development Finance Agency Rev. (Lesley University), ”A“, 5%, 7/01/2044      2,250,000 2,253,706
Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2047      1,000,000 973,998
Massachusetts Development Finance Agency Rev. (Merrimack University), ”B“, 4%, 7/01/2042      475,000 398,947
Massachusetts Development Finance Agency Rev. (Merrimack University), ”B“, 4%, 7/01/2050      1,825,000 1,444,972
Massachusetts Development Finance Agency Rev. (Northeastern University), 5%, 10/01/2044      2,000,000 2,063,565
Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2031      2,330,000 2,534,779
Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2033      900,000 970,618
Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2034      500,000 536,173
Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2035      1,555,000 1,664,393
Massachusetts Development Finance Agency Rev. (Simmons University), ”L“, 5%, 10/01/2035      2,000,000 2,024,318
Massachusetts Development Finance Agency Rev. (Simmons University), ”M“, 5%, 10/01/2045      725,000 709,325
Massachusetts Development Finance Agency Rev. (Simmons Unversity), ”H“, SYNCORA, 5.25%, 10/01/2026      1,850,000 1,891,476
Massachusetts Development Finance Agency Rev. (Springfield College), ”A“, 4%, 6/01/2056      3,000,000 2,319,508
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2046      1,000,000 813,368
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051      1,385,000 1,097,601
53
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046    $ 2,000,000 $1,947,085
Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2031      1,110,000 1,126,355
Massachusetts Development Finance Agency Rev. (Western New England University), AGM, 5%, 9/01/2038      2,550,000 2,646,665
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2038      865,000 881,316
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2039      950,000 966,327
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2047      1,395,000 1,411,438
Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 6/01/2027      1,735,000 1,885,970
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), ”I-1“, 5.2%, 1/01/2028      1,000,000 1,091,350
Massachusetts Health & Educational Facilities Authority Rev. (University of Massachusetts), ”A“, 2.45%, 11/01/2030 (Put Date 4/01/2026)      3,500,000 3,366,551
Massachusetts Health & Educational Facilities Authority Rev. (Williams College), ”I“, 0.7%, 7/01/2033 (Put Date 7/01/2025)      2,600,000 2,364,152
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033      290,000 287,753
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 75,060
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042      90,000 90,179
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      470,000 471,763
University of Massachusetts Building Authority Project Senior Rev., ”1“, 5%, 11/01/2037      1,000,000 1,060,409
University of Massachusetts Building Authority Project Senior Rev., ”1“, 5%, 11/01/2040      2,500,000 2,601,908
University of Massachusetts Building Authority Senior Refunding Rev., ”2019-1“, 5%, 5/01/2039      3,000,000 3,158,560
        $75,875,290
Utilities - Municipal Owned – 1.7%
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039    $ 200,000 $204,311
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044      235,000 239,367
Massachusetts Municipal Wholesale Electric Co., ”A“, 4%, 7/01/2046      2,000,000 1,683,886
Massachusetts Municipal Wholesale Electric Co., ”A“, 4%, 7/01/2051      2,000,000 1,653,272
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)     35,000 25,900
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)     315,000 233,100
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     510,000 377,400
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     800,000 594,000
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     125,000 92,812
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     65,000 48,100
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     30,000 22,275
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     300,000 222,750
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)     150,000 111,000
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     135,000 100,237
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     25,000 18,563
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     415,000 308,137
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2029      220,000 217,893
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034      35,000 34,071
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     30,000 22,313
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     65,000 48,263
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     195,000 144,300
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     220,000 163,350
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     75,000 55,687
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)     230,000 170,775
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)     190,000 142,975
        $6,934,737
Water & Sewer Utility Revenue – 2.8%
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050    $ 455,000 $455,359
Massachusetts Clean Water Trust, State Revolving Fund, 5%, 8/01/2038      1,255,000 1,350,461
Massachusetts Clean Water Trust, State Revolving Fund, 5%, 8/01/2039      545,000 584,812
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2027      1,280,000 1,398,643
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2033      2,000,000 2,299,561
Massachusetts Water Pollution Abatement Trust (MWRA Program), ”A“, 5%, 8/01/2032      75,000 75,110
Massachusetts Water Resources Authority, General Refunding Rev. (Green Bonds), ”C“, 4%, 8/01/2040      2,910,000 2,709,215
54
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2029    $ 595,000 $667,901
Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2031      1,625,000 1,851,559
        $11,392,621
Total Municipal Bonds (Identified Cost, $406,655,811)   $367,689,733
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 581,000 $494,474
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     1,180,997 287,104
Total Bonds (Identified Cost, $957,554)   $781,578
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, $414,745)     $717,436 $358,718
Investment Companies (h) – 2.8%
Money Market Funds – 2.8%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $11,520,494)     11,520,459 $11,521,611
Other Assets, Less Liabilities – 6.7%   27,379,675
Net Assets – 100.0% $407,731,315
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 $663,727 $72,154,052
Arkansas Fund 1,735,942 139,830,554
California Fund 6,162,185 456,726,209
Georgia Fund 553,411 104,562,958
Maryland Fund 11,064,352 107,700,705
Massachusetts Fund 11,521,611 368,830,029
(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 $1,215,007 1.6%
Arkansas Fund 1,718,986 1.2%
California Fund 54,517,534 11.6%
Georgia Fund 1,947,482 1.8%
Maryland Fund 2,609,354 2.1%
Massachusetts Fund 7,499,581 1.8%
(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
55
Portfolio of Investments (unaudited) – continued
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.
GNMA Government National Mortgage Assn.
LIBOR London Interbank Offered Rate
LOC Letter of Credit
NPFG National Public Finance Guarantee Corp.
SYNCORA Syncora Guarantee Inc.
See Notes to Financial Statements
56
Financial Statements
Statements of Assets and Liabilities
At 9/30/22 (unaudited)
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, $80,446,765, $154,762,968, and $505,211,400, respectively) $72,154,052 $139,830,554 $456,726,209
Investments in affiliated issuers, at value (identified cost, $663,665, $1,735,753, and $6,161,538, respectively) 663,727 1,735,942 6,162,185
Receivables for      
Investments sold 215,000 3,920,094 3,068,048
Fund shares sold 22,923 768,976 1,042,401
Interest 848,096 1,902,336 5,666,665
Receivable from investment adviser 8,440 5,689 —
Other assets 9,193 9,147 11,826
Total assets $73,921,431 $148,172,738 $472,677,334
Liabilities      
Payable to custodian $— $185 $—
Payables for      
Distributions 22,795 19,210 168,878
Fund shares reacquired 171,202 460,616 2,192,721
Payable to affiliates      
Investment adviser — — 11,231
Administrative services fee 115 175 437
Shareholder servicing costs 20,727 39,865 142,380
Distribution and service fees 653 648 2,238
Payable for independent Trustees' compensation 52 8 4,242
Accrued expenses and other liabilities 48,118 51,369 84,989
Total liabilities $263,662 $572,076 $2,607,116
Net assets $73,657,769 $147,600,662 $470,070,218
Net assets consist of      
Paid-in capital $84,865,422 $168,974,146 $533,493,392
Total distributable earnings (loss) (11,207,653) (21,373,484) (63,423,174)
Net assets $73,657,769 $147,600,662 $470,070,218
57
Statements of Assets and Liabilities (unaudited) – continued
  Alabama
Fund 		Arkansas
Fund 		California
Fund
Net assets      
Class A $46,982,366 $115,099,235 $285,985,598
Class B 55,374 420,968 340,783
Class C — — 12,378,227
Class I 23,086,540 27,736,147 124,530,816
Class R6 3,533,489 4,344,312 46,834,794
Total net assets $73,657,769 $147,600,662 $470,070,218
Shares of beneficial interest outstanding      
Class A 5,279,392 13,334,933 54,494,568
Class B 6,221 48,727 64,909
Class C — — 2,350,906
Class I 2,721,990 3,237,023 14,577,754
Class R6 416,615 507,001 5,486,002
Total shares of beneficial interest outstanding 8,424,218 17,127,684 76,974,139
Class A shares      
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$8.90 $8.63 $5.25
Offering price per share (100 / 95.75 x net asset value per share) $9.30 $9.01 $5.48
Class B shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$8.90 $8.64 $5.25
Class C shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$— $— $5.27
Class I shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$8.48 $8.57 $8.54
Class R6 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$8.48 $8.57 $8.54
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
58
Statements of Assets and Liabilities (unaudited) – continued
At 9/30/22 Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Assets      
Investments in unaffiliated issuers, at value (identified cost, $115,785,526, $118,537,493, and $408,028,110, respectively) $104,562,958 $107,700,705 $368,830,029
Investments in affiliated issuers, at value (identified cost, $553,342, $11,062,955, and $11,520,494, respectively) 553,411 11,064,352 11,521,611
Receivables for      
Investments sold 10,000 — 425,000
Fund shares sold 206,140 10,265,472 27,283,403
Interest 1,274,263 1,385,031 4,870,862
Receivable from investment adviser 2,648 11,656 203
Other assets 8,966 10,351 10,901
Total assets $106,618,386 $130,437,567 $412,942,009
Liabilities      
Payables for      
Distributions $17,664 $30,820 $104,353
Investments purchased — 5,531,117 —
Fund shares reacquired 221,181 153,908 4,373,046
When-issued investments purchased — — 540,170
Payable to affiliates      
Administrative services fee 141 151 377
Shareholder servicing costs 18,537 26,800 114,074
Distribution and service fees 1,080 1,138 3,090
Payable for independent Trustees' compensation 46 2,539 2,489
Accrued expenses and other liabilities 51,646 46,171 73,095
Total liabilities $310,295 $5,792,644 $5,210,694
Net assets $106,308,091 $124,644,923 $407,731,315
Net assets consist of      
Paid-in capital $121,667,352 $138,746,113 $456,228,643
Total distributable earnings (loss) (15,359,261) (14,101,190) (48,497,328)
Net assets $106,308,091 $124,644,923 $407,731,315
59
Statements of Assets and Liabilities (unaudited) – continued
  Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Net assets      
Class A $78,934,304 $88,546,860 $236,180,197
Class B 29,886 417,677 277,524
Class I 12,907,232 29,096,568 161,888,196
Class R6 14,436,669 6,583,818 9,385,398
Total net assets $106,308,091 $124,644,923 $407,731,315
Shares of beneficial interest outstanding      
Class A 8,340,199 9,307,970 24,470,441
Class B 3,146 43,926 28,704
Class I 1,504,208 3,390,654 19,163,517
Class R6 1,681,478 767,062 1,110,342
Total shares of beneficial interest outstanding 11,529,031 13,509,612 44,773,004
Class A shares      
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$9.46 $9.51 $9.65
Offering price per share (100 / 95.75 x net asset value per share) $9.88 $9.93 $10.08
Class B shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$9.50 $9.51 $9.67
Class I shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$8.58 $8.58 $8.45
Class R6 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$8.59 $8.58 $8.45
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
60
Financial Statements
Statements of Operations
Six months ended 9/30/22 (unaudited)
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 $1,229,119 $2,522,769 $8,952,772
Dividends from affiliated issuers 14,298 14,776 74,104
Other 21 29 74
Total investment income $1,243,438 $2,537,574 $9,026,950
Expenses      
Management fee $189,931 $361,516 $1,169,887
Distribution and service fees 66,630 155,487 466,904
Shareholder servicing costs 35,306 63,273 220,166
Administrative services fee 11,662 18,074 48,295
Independent Trustees' compensation 1,812 2,358 5,329
Custodian fee 12,309 15,153 40,764
Shareholder communications 3,583 4,692 8,974
Audit and tax fees 30,160 30,162 30,171
Legal fees 2,847 771 4,997
Registration fees 30,284 31,829 38,741
Miscellaneous 14,464 14,951 18,630
Total expenses $398,988 $698,266 $2,052,858
Fees paid indirectly (11) (20) (44)
Reduction of expenses by investment adviser and distributor (59,653) (154,723) (273,638)
Net expenses $339,324 $543,523 $1,779,176
Net investment income (loss) $904,114 $1,994,051 $7,247,774
Realized and unrealized gain (loss)      
Realized gain (loss) (identified cost basis)      
Unaffiliated issuers $(1,799,008) $(1,619,584) $(9,001,108)
Affiliated issuers (706) (167) (3,237)
Net realized gain (loss) $(1,799,714) $(1,619,751) $(9,004,345)
Change in unrealized appreciation or depreciation      
Unaffiliated issuers $(7,093,956) $(14,155,556) $(49,146,472)
Affiliated issuers 34 189 635
Net unrealized gain (loss) $(7,093,922) $(14,155,367) $(49,145,837)
Net realized and unrealized gain (loss) $(8,893,636) $(15,775,118) $(58,150,182)
Change in net assets from operations $(7,989,522) $(13,781,067) $(50,902,408)
See Notes to Financial Statements
61
Statements of Operations (unaudited) – continued
Six months ended 9/30/22 Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Net investment income (loss)      
Interest $1,768,951 $1,631,917 $5,978,828
Dividends from affiliated issuers 15,260 32,575 94,741
Other 25 24 51
Total investment income $1,784,236 $1,664,516 $6,073,620
Expenses      
Management fee $275,799 $244,815 $923,134
Distribution and service fees 113,497 93,360 288,430
Shareholder servicing costs 31,958 44,351 165,272
Administrative services fee 14,874 13,699 39,067
Independent Trustees' compensation 2,111 2,101 4,259
Custodian fee 15,572 12,838 25,179
Shareholder communications 4,383 4,637 7,779
Audit and tax fees 30,162 30,160 30,168
Legal fees 3,877 4,794 11,638
Registration fees 31,245 33,005 33,165
Miscellaneous 14,890 14,719 16,599
Total expenses $538,368 $498,479 $1,544,690
Fees paid indirectly (15) (14) (97)
Reduction of expenses by investment adviser and distributor (31,236) (92,459) (50,373)
Net expenses $507,117 $406,006 $1,494,220
Net investment income (loss) $1,277,119 $1,258,510 $4,579,400
Realized and unrealized gain (loss)      
Realized gain (loss) (identified cost basis)      
Unaffiliated issuers $(2,319,078) $(1,192,337) $(3,079,033)
Affiliated issuers (655) (393) (2,026)
Net realized gain (loss) $(2,319,733) $(1,192,730) $(3,081,059)
Change in unrealized appreciation or depreciation      
Unaffiliated issuers $(9,443,448) $(9,389,420) $(36,572,834)
Affiliated issuers 69 1,397 1,075
Net unrealized gain (loss) $(9,443,379) $(9,388,023) $(36,571,759)
Net realized and unrealized gain (loss) $(11,763,112) $(10,580,753) $(39,652,818)
Change in net assets from operations $(10,485,993) $(9,322,243) $(35,073,418)
See Notes to Financial Statements
62
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.
Six months ended 9/30/22 (unaudited) Alabama
Fund 		Arkansas
Fund 		California
Fund
Change in net assets      
From operations      
Net investment income (loss) $904,114 $1,994,051 $7,247,774
Net realized gain (loss) (1,799,714) (1,619,751) (9,004,345)
Net unrealized gain (loss) (7,093,922) (14,155,367) (49,145,837)
Change in net assets from operations $(7,989,522) $(13,781,067) $(50,902,408)
Total distributions to shareholders $(943,556) $(2,104,703) $(7,495,494)
Change in net assets from fund share transactions $(15,013,033) $(7,352,055) $(58,336,443)
Total change in net assets $(23,946,111) $(23,237,825) $(116,734,345)
Net assets      
At beginning of period 97,603,880 170,838,487 586,804,563
At end of period $73,657,769 $147,600,662 $470,070,218
Six months ended 9/30/22 (unaudited) Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Change in net assets      
From operations      
Net investment income (loss) $1,277,119 $1,258,510 $4,579,400
Net realized gain (loss) (2,319,733) (1,192,730) (3,081,059)
Net unrealized gain (loss) (9,443,379) (9,388,023) (36,571,759)
Change in net assets from operations $(10,485,993) $(9,322,243) $(35,073,418)
Total distributions to shareholders $(1,312,308) $(1,341,937) $(5,057,292)
Change in net assets from fund share transactions $(16,902,489) $17,588,699 $40,736,710
Total change in net assets $(28,700,790) $6,924,519 $606,000
Net assets      
At beginning of period 135,008,881 117,720,404 407,125,315
At end of period $106,308,091 $124,644,923 $407,731,315
See Notes to Financial Statements
63
Statements of Changes in Net Assets – continued
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
64
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.89 $10.46 $10.18 $10.15 $10.02 $10.12
Income (loss) from investment operations            
Net investment income (loss) (d) $0.10 $0.16 $0.22 $0.27 $0.36 $0.34
Net realized and unrealized gain (loss) (0.99) (0.57) 0.28 0.02 0.09 (0.10)
Total from investment operations $(0.89) $(0.41) $0.50 $0.29 $0.45 $0.24
Less distributions declared to shareholders            
From net investment income $(0.10) $(0.16) $(0.22) $(0.26) $(0.32) $(0.34)
Net asset value, end of period (x) $8.90 $9.89 $10.46 $10.18 $10.15 $10.02
Total return (%) (r)(s)(t)(x) (9.03)(n) (4.00) 4.91 2.89 4.63 2.35
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.04(a) 0.99 1.01 1.04 1.09 1.10
Expenses after expense reductions (f) 0.90(a) 0.90 0.90 0.90 0.90 0.90
Net investment income (loss) 2.05(a) 1.52 2.07 2.56 3.60 3.37
Portfolio turnover 15(n) 10 25 30 19 17
Net assets at end of period (000 omitted) $46,982 $62,260 $61,257 $53,321 $51,280 $50,914
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19 3/31/18
Net asset value, beginning of period $9.90 $10.47 $10.18 $10.15 $10.02 $10.12
Income (loss) from investment operations            
Net investment income (loss) (d) $0.06 $0.08 $0.15 $0.19 $0.28 $0.27
Net realized and unrealized gain (loss) (0.99) (0.57) 0.28 0.03 0.10 (0.11)
Total from investment operations $(0.93) $(0.49) $0.43 $0.22 $0.38 $0.16
Less distributions declared to shareholders            
From net investment income $(0.07) $(0.08) $(0.14) $(0.19) $(0.25) $(0.26)
Net asset value, end of period (x) $8.90 $9.90 $10.47 $10.18 $10.15 $10.02
Total return (%) (r)(s)(t)(x) (9.46)(n) (4.71) 4.24 2.13 3.85 1.59
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.79(a) 1.74 1.77 1.80 1.84 1.84
Expenses after expense reductions (f) 1.65(a) 1.65 1.65 1.65 1.65 1.65
Net investment income (loss) 1.30(a) 0.77 1.44 1.86 2.85 2.63
Portfolio turnover 15(n) 10 25 30 19 17
Net assets at end of period (000 omitted) $55 $61 $64 $176 $250 $303
See Notes to Financial Statements
65
Financial Highlights − continued
MFS ALABAMA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.43 $9.97 $9.70 $9.67 $9.55 $9.65
Income (loss) from investment operations            
Net investment income (loss) (d) $0.10 $0.18 $0.23 $0.27 $0.37 $0.35
Net realized and unrealized gain (loss) (0.94) (0.54) 0.27 0.04 0.08 (0.11)
Total from investment operations $(0.84) $(0.36) $0.50 $0.31 $0.45 $0.24
Less distributions declared to shareholders            
From net investment income $(0.11) $(0.18) $(0.23) $(0.28) $(0.33) $(0.34)
Net asset value, end of period (x) $8.48 $9.43 $9.97 $9.70 $9.67 $9.55
Total return (%) (r)(s)(t)(x) (8.98)(n) (3.73) 5.21 3.15 4.83 2.55
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.79(a) 0.74 0.76 0.79 0.84 0.85
Expenses after expense reductions (f) 0.65(a) 0.65 0.65 0.65 0.65 0.65
Net investment income (loss) 2.30(a) 1.77 2.31 2.77 3.85 3.62
Portfolio turnover 15(n) 10 25 30 19 17
Net assets at end of period (000 omitted) $23,087 $30,262 $29,971 $22,796 $11,490 $6,898
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19 3/31/18(i)
Net asset value, beginning of period $9.43 $9.97 $9.70 $9.67 $9.55 $9.76
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.18 $0.23 $0.28 $0.37 $0.24
Net realized and unrealized gain (loss) (0.95) (0.54) 0.28 0.03 0.09 (0.22)
Total from investment operations $(0.84) $(0.36) $0.51 $0.31 $0.46 $0.02
Less distributions declared to shareholders            
From net investment income $(0.11) $(0.18) $(0.24) $(0.28) $(0.34) $(0.23)
Net asset value, end of period (x) $8.48 $9.43 $9.97 $9.70 $9.67 $9.55
Total return (%) (r)(s)(t)(x) (8.94)(n) (3.66) 5.28 3.23 4.92 0.25(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.71(a) 0.67 0.69 0.71 0.77 0.84(a)
Expenses after expense reductions (f) 0.57(a) 0.58 0.58 0.57 0.58 0.58(a)
Net investment income (loss) 2.37(a) 1.83 2.35 2.85 3.92 3.70(a)
Portfolio turnover 15(n) 10 25 30 19 17
Net assets at end of period (000 omitted) $3,533 $5,020 $3,867 $2,100 $1,242 $1,274
    
See Notes to Financial Statements
66
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
67
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.54 $10.07 $9.75 $9.80 $9.64 $9.73
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.22 $0.25 $0.27 $0.33 $0.30
Net realized and unrealized gain (loss) (0.90) (0.54) 0.32 (0.05) 0.12 (0.09)
Total from investment operations $(0.79) $(0.32) $0.57 $0.22 $0.45 $0.21
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.21) $(0.25) $(0.27) $(0.29) $(0.30)
Net asset value, end of period (x) $8.63 $9.54 $10.07 $9.75 $9.80 $9.64
Total return (%) (r)(s)(t)(x) (8.35)(n) (3.22) 5.85 2.27 4.74 2.12
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.93(a) 0.91 0.91 0.92 0.93 0.92
Expenses after expense reductions (f) 0.70(a) 0.71 0.75 0.76 0.77 0.77
Net investment income (loss) 2.46(a) 2.15 2.47 2.77 3.40 3.06
Portfolio turnover 12(n) 17 22 20 14 17
Net assets at end of period (000 omitted) $115,099 $128,341 $133,754 $123,979 $121,888 $141,605
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.55 $10.08 $9.76 $9.81 $9.65 $9.73
Income (loss) from investment operations            
Net investment income (loss) (d) $0.08 $0.14 $0.18 $0.20 $0.25 $0.23
Net realized and unrealized gain (loss) (0.90) (0.53) 0.31 (0.05) 0.13 (0.09)
Total from investment operations $(0.82) $(0.39) $0.49 $0.15 $0.38 $0.14
Less distributions declared to shareholders            
From net investment income $(0.09) $(0.14) $(0.17) $(0.20) $(0.22) $(0.22)
Net asset value, end of period (x) $8.64 $9.55 $10.08 $9.76 $9.81 $9.65
Total return (%) (r)(s)(t)(x) (8.68)(n) (3.94) 5.07 1.51 3.97 1.47
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.68(a) 1.66 1.66 1.67 1.68 1.68
Expenses after expense reductions (f) 1.45(a) 1.46 1.50 1.51 1.52 1.52
Net investment income (loss) 1.71(a) 1.41 1.79 2.03 2.64 2.31
Portfolio turnover 12(n) 17 22 20 14 17
Net assets at end of period (000 omitted) $421 $480 $610 $1,587 $2,477 $4,209
See Notes to Financial Statements
68
Financial Highlights − continued
MFS ARKANSAS MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.47 $9.99 $9.68 $9.73 $9.57 $9.65
Income (loss) from investment operations            
Net investment income (loss) (d) $0.12 $0.22 $0.25 $0.28 $0.33 $0.31
Net realized and unrealized gain (loss) (0.90) (0.52) 0.31 (0.05) 0.13 (0.09)
Total from investment operations $(0.78) $(0.30) $0.56 $0.23 $0.46 $0.22
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.22) $(0.25) $(0.28) $(0.30) $(0.30)
Net asset value, end of period (x) $8.57 $9.47 $9.99 $9.68 $9.73 $9.57
Total return (%) (r)(s)(t)(x) (8.26)(n) (3.07) 5.88 2.36 4.86 2.32
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.68(a) 0.66 0.66 0.67 0.68 0.67
Expenses after expense reductions (f) 0.60(a) 0.61 0.65 0.66 0.67 0.67
Net investment income (loss) 2.56(a) 2.25 2.56 2.86 3.49 3.16
Portfolio turnover 12(n) 17 22 20 14 17
Net assets at end of period (000 omitted) $27,736 $36,162 $34,603 $29,078 $26,586 $13,733
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18(i)
Net asset value, beginning of period $9.47 $9.99 $9.68 $9.73 $9.58 $9.78
Income (loss) from investment operations            
Net investment income (loss) (d) $0.12 $0.23 $0.26 $0.29 $0.34 $0.20
Net realized and unrealized gain (loss) (0.89) (0.52) 0.31 (0.05) 0.11 (0.19)
Total from investment operations $(0.77) $(0.29) $0.57 $0.24 $0.45 $0.01
Less distributions declared to shareholders            
From net investment income $(0.13) $(0.23) $(0.26) $(0.29) $(0.30) $(0.21)
Net asset value, end of period (x) $8.57 $9.47 $9.99 $9.68 $9.73 $9.58
Total return (%) (r)(s)(t)(x) (8.23)(n) (3.00) 5.95 2.44 4.83 0.09(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.60(a) 0.58 0.58 0.59 0.60 0.61(a)
Expenses after expense reductions (f) 0.52(a) 0.54 0.57 0.58 0.59 0.61(a)
Net investment income (loss) 2.63(a) 2.31 2.58 2.92 3.58 3.19(a)
Portfolio turnover 12(n) 17 22 20 14 17
Net assets at end of period (000 omitted) $4,344 $5,856 $3,971 $1,538 $954 $766
    
See Notes to Financial Statements
69
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
70
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $5.87 $6.24 $5.97 $6.04 $5.94 $5.95
Income (loss) from investment operations            
Net investment income (loss) (d) $0.08 $0.14 $0.15 $0.18 $0.22 $0.23
Net realized and unrealized gain (loss) (0.55) (0.37) 0.28 (0.07) 0.08 (0.02)
Total from investment operations $(0.47) $(0.23) $0.43 $0.11 $0.30 $0.21
Less distributions declared to shareholders            
From net investment income $(0.15) $(0.14) $(0.16) $(0.18) $(0.20) $(0.22)
Net asset value, end of period (x) $5.25 $5.87 $6.24 $5.97 $6.04 $5.94
Total return (%) (r)(s)(t)(x) (9.26)(n) (3.82) 7.24 1.76 5.21 3.47
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.87(a) 0.84 0.84 0.86 0.87 0.88
Expenses after expense reductions (f) 0.71(a) 0.68 0.68 0.70 0.71 0.72
Net investment income (loss) 2.77(a) 2.22 2.50 2.94 3.76 3.75
Portfolio turnover 15(n) 25 31 22 15 15
Net assets at end of period (000 omitted) $285,986 $362,465 $396,643 $374,941 $299,882 $272,958
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $5.87 $6.24 $5.97 $6.04 $5.94 $5.95
Income (loss) from investment operations            
Net investment income (loss) (d) $0.06 $0.09 $0.11 $0.14 $0.18 $0.18
Net realized and unrealized gain (loss) (0.58) (0.37) 0.27 (0.08) 0.08 (0.02)
Total from investment operations $(0.52) $(0.28) $0.38 $0.06 $0.26 $0.16
Less distributions declared to shareholders            
From net investment income $(0.10) $(0.09) $(0.11) $(0.13) $(0.16) $(0.17)
Net asset value, end of period (x) $5.25 $5.87 $6.24 $5.97 $6.04 $5.94
Total return (%) (r)(s)(t)(x) (9.60)(n) (4.54) 6.45 1.00 4.43 2.69
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.62(a) 1.59 1.59 1.61 1.62 1.63
Expenses after expense reductions (f) 1.46(a) 1.43 1.43 1.45 1.46 1.48
Net investment income (loss) 2.03(a) 1.48 1.78 2.22 3.01 3.02
Portfolio turnover 15(n) 25 31 22 15 15
Net assets at end of period (000 omitted) $341 $451 $627 $1,033 $1,506 $1,913
See Notes to Financial Statements
71
Financial Highlights − continued
MFS CALIFORNIA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class C 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $5.88 $6.26 $5.99 $6.06 $5.96 $5.97
Income (loss) from investment operations            
Net investment income (loss) (d) $0.05 $0.08 $0.10 $0.13 $0.17 $0.17
Net realized and unrealized gain (loss) (0.56) (0.38) 0.27 (0.08) 0.08 (0.02)
Total from investment operations $(0.51) $(0.30) $0.37 $0.05 $0.25 $0.15
Less distributions declared to shareholders            
From net investment income $(0.10) $(0.08) $(0.10) $(0.12) $(0.15) $(0.16)
Net asset value, end of period (x) $5.27 $5.88 $6.26 $5.99 $6.06 $5.96
Total return (%) (r)(s)(t)(x) (9.48)(n) (4.83) 6.27 0.85 4.26 2.54
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.62(a) 1.59 1.59 1.61 1.62 1.63
Expenses after expense reductions (f) 1.61(a) 1.58 1.58 1.60 1.61 1.62
Net investment income (loss) 1.87(a) 1.33 1.62 2.05 2.86 2.86
Portfolio turnover 15(n) 25 31 22 15 15
Net assets at end of period (000 omitted) $12,378 $16,767 $21,410 $25,552 $22,786 $31,800
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.55 $10.16 $9.71 $9.83 $9.67 $9.68
Income (loss) from investment operations            
Net investment income (loss) (d) $0.13 $0.24 $0.26 $0.31 $0.37 $0.37
Net realized and unrealized gain (loss) (0.89) (0.61) 0.46 (0.13) 0.13 (0.02)
Total from investment operations $(0.76) $(0.37) $0.72 $0.18 $0.50 $0.35
Less distributions declared to shareholders            
From net investment income $(0.25) $(0.24) $(0.27) $(0.30) $(0.34) $(0.36)
Net asset value, end of period (x) $8.54 $9.55 $10.16 $9.71 $9.83 $9.67
Total return (%) (r)(s)(t)(x) (9.23)(n) (3.80) 7.46 1.79 5.27 3.63
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.62(a) 0.59 0.59 0.61 0.62 0.62
Expenses after expense reductions (f) 0.60(a) 0.58 0.58 0.60 0.61 0.61
Net investment income (loss) 2.86(a) 2.32 2.60 3.04 3.85 3.83
Portfolio turnover 15(n) 25 31 22 15 15
Net assets at end of period (000 omitted) $124,531 $153,882 $157,366 $128,914 $79,276 $56,553
See Notes to Financial Statements
72
Financial Highlights − continued
MFS CALIFORNIA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18(i)
Net asset value, beginning of period $9.54 $10.16 $9.71 $9.82 $9.66 $9.84
Income (loss) from investment operations            
Net investment income (loss) (d) $0.13 $0.24 $0.27 $0.31 $0.38 $0.24
Net realized and unrealized gain (loss) (0.87) (0.62) 0.45 (0.11) 0.12 (0.18)
Total from investment operations $(0.74) $(0.38) $0.72 $0.20 $0.50 $0.06
Less distributions declared to shareholders            
From net investment income $(0.26) $(0.24) $(0.27) $(0.31) $(0.34) $(0.24)
Net asset value, end of period (x) $8.54 $9.54 $10.16 $9.71 $9.82 $9.66
Total return (%) (r)(s)(t)(x) (9.10)(n) (3.83) 7.54 1.97 5.36 0.61(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.53(a) 0.52 0.52 0.53 0.54 0.56(a)
Expenses after expense reductions (f) 0.52(a) 0.50 0.51 0.52 0.53 0.55(a)
Net investment income (loss) 2.96(a) 2.39 2.66 3.10 3.92 3.78(a)
Portfolio turnover 15(n) 25 31 22 15 15
Net assets at end of period (000 omitted) $46,835 $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
73
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.45 $11.06 $10.70 $10.73 $10.58 $10.68
Income (loss) from investment operations            
Net investment income (loss) (d) $0.10 $0.17 $0.21 $0.26 $0.36 $0.35
Net realized and unrealized gain (loss) (0.99) (0.61) 0.36 (0.02) 0.11 (0.12)
Total from investment operations $(0.89) $(0.44) $0.57 $0.24 $0.47 $0.23
Less distributions declared to shareholders            
From net investment income $(0.10) $(0.17) $(0.21) $(0.27) $(0.32) $(0.33)
Net asset value, end of period (x) $9.46 $10.45 $11.06 $10.70 $10.73 $10.58
Total return (%) (r)(s)(t)(x) (8.52)(n) (4.08) 5.38 2.17 4.51 2.15
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.95(a) 0.91 0.92 0.95 1.02 1.04
Expenses after expense reductions (f) 0.90(a) 0.90 0.90 0.90 0.90 0.90
Net investment income (loss) 2.01(a) 1.53 1.94 2.39 3.41 3.26
Portfolio turnover 16(n) 12 22 28 14 12
Net assets at end of period (000 omitted) $78,934 $99,895 $108,346 $95,352 $70,456 $65,922
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19 3/31/18
Net asset value, beginning of period $10.48 $11.10 $10.74 $10.77 $10.62 $10.72
Income (loss) from investment operations            
Net investment income (loss) (d) $0.06 $0.09 $0.14 $0.19 $0.28 $0.27
Net realized and unrealized gain (loss) (0.97) (0.63) 0.35 (0.03) 0.11 (0.12)
Total from investment operations $(0.91) $(0.54) $0.49 $0.16 $0.39 $0.15
Less distributions declared to shareholders            
From net investment income $(0.07) $(0.08) $(0.13) $(0.19) $(0.24) $(0.25)
Net asset value, end of period (x) $9.50 $10.48 $11.10 $10.74 $10.77 $10.62
Total return (%) (r)(s)(t)(x) (8.74)(n) (4.87) 4.61 1.44 3.73 1.40
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.70(a) 1.66 1.68 1.71 1.77 1.79
Expenses after expense reductions (f) 1.65(a) 1.65 1.63 1.63 1.65 1.65
Net investment income (loss) 1.25(a) 0.77 1.29 1.72 2.67 2.54
Portfolio turnover 16(n) 12 22 28 14 12
Net assets at end of period (000 omitted) $30 $40 $66 $261 $399 $563
See Notes to Financial Statements
74
Financial Highlights − continued
MFS GEORGIA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.47 $10.03 $9.70 $9.73 $9.60 $9.69
Income (loss) from investment operations            
Net investment income (loss) (d) $0.10 $0.18 $0.21 $0.26 $0.35 $0.34
Net realized and unrealized gain (loss) (0.88) (0.56) 0.34 (0.02) 0.09 (0.11)
Total from investment operations $(0.78) $(0.38) $0.55 $0.24 $0.44 $0.23
Less distributions declared to shareholders            
From net investment income $(0.11) $(0.18) $(0.22) $(0.27) $(0.31) $(0.32)
Net asset value, end of period (x) $8.58 $9.47 $10.03 $9.70 $9.73 $9.60
Total return (%) (r)(s)(t)(x) (8.33)(n) (3.91) 5.68 2.39 4.70 2.40
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.70(a) 0.66 0.67 0.70 0.77 0.79
Expenses after expense reductions (f) 0.65(a) 0.65 0.65 0.65 0.65 0.65
Net investment income (loss) 2.27(a) 1.78 2.16 2.64 3.65 3.49
Portfolio turnover 16(n) 12 22 28 14 12
Net assets at end of period (000 omitted) $12,907 $14,154 $15,012 $9,345 $7,834 $6,817
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19 3/31/18(i)
Net asset value, beginning of period $9.48 $10.03 $9.70 $9.73 $9.60 $9.82
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.18 $0.22 $0.27 $0.36 $0.23
Net realized and unrealized gain (loss) (0.89) (0.55) 0.33 (0.03) 0.09 (0.23)
Total from investment operations $(0.78) $(0.37) $0.55 $0.24 $0.45 $0.00(w)
Less distributions declared to shareholders            
From net investment income $(0.11) $(0.18) $(0.22) $(0.27) $(0.32) $(0.22)
Net asset value, end of period (x) $8.59 $9.48 $10.03 $9.70 $9.73 $9.60
Total return (%) (r)(s)(t)(x) (8.29)(n) (3.76) 5.72 2.44 4.77 (0.05)(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.65(a) 0.62 0.62 0.65 0.70 0.82(a)
Expenses after expense reductions (f) 0.60(a) 0.60 0.60 0.60 0.59 0.59(a)
Net investment income (loss) 2.31(a) 1.82 2.20 2.68 3.72 3.56(a)
Portfolio turnover 16(n) 12 22 28 14 12
Net assets at end of period (000 omitted) $14,437 $20,920 $17,956 $11,022 $7,371 $5,988
    
See Notes to Financial Statements
75
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
76
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.47 $11.04 $10.62 $10.76 $10.65 $10.76
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.20 $0.26 $0.31 $0.40 $0.38
Net realized and unrealized gain (loss) (0.95) (0.57) 0.42 (0.14) 0.06 (0.12)
Total from investment operations $(0.84) $(0.37) $0.68 $0.17 $0.46 $0.26
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.20) $(0.26) $(0.31) $(0.35) $(0.37)
Net asset value, end of period (x) $9.51 $10.47 $11.04 $10.62 $10.76 $10.65
Total return (%) (r)(s)(t)(x) (8.07)(n) (3.45) 6.51 1.57 4.46 2.39
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.00(a) 0.97 0.98 0.99 1.01 1.02
Expenses after expense reductions (f) 0.83(a) 0.83 0.83 0.82 0.82 0.82
Net investment income (loss) 2.23(a) 1.79 2.42 2.85 3.77 3.48
Portfolio turnover 17(n) 16 27 27 14 23
Net assets at end of period (000 omitted) $88,547 $80,515 $82,725 $83,852 $75,215 $76,993
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19 3/31/18
Net asset value, beginning of period $10.47 $11.04 $10.62 $10.75 $10.65 $10.76
Income (loss) from investment operations            
Net investment income (loss) (d) $0.07 $0.12 $0.18 $0.23 $0.32 $0.29
Net realized and unrealized gain (loss) (0.95) (0.57) 0.42 (0.13) 0.05 (0.11)
Total from investment operations $(0.88) $(0.45) $0.60 $0.10 $0.37 $0.18
Less distributions declared to shareholders            
From net investment income $(0.08) $(0.12) $(0.18) $(0.23) $(0.27) $(0.29)
Net asset value, end of period (x) $9.51 $10.47 $11.04 $10.62 $10.75 $10.65
Total return (%) (r)(s)(t)(x) (8.41)(n) (4.17) 5.71 0.91 3.58 1.62
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.75(a) 1.72 1.73 1.74 1.76 1.77
Expenses after expense reductions (f) 1.58(a) 1.58 1.58 1.58 1.58 1.58
Net investment income (loss) 1.48(a) 1.04 1.69 2.12 3.01 2.73
Portfolio turnover 17(n) 16 27 27 14 23
Net assets at end of period (000 omitted) $418 $576 $656 $1,040 $1,217 $1,331
See Notes to Financial Statements
77
Financial Highlights − continued
MFS MARYLAND MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.45 $9.96 $9.58 $9.70 $9.61 $9.71
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.20 $0.26 $0.30 $0.38 $0.36
Net realized and unrealized gain (loss) (0.86) (0.51) 0.38 (0.11) 0.05 (0.11)
Total from investment operations $(0.75) $(0.31) $0.64 $0.19 $0.43 $0.25
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.20) $(0.26) $(0.31) $(0.34) $(0.35)
Net asset value, end of period (x) $8.58 $9.45 $9.96 $9.58 $9.70 $9.61
Total return (%) (r)(s)(t)(x) (7.99)(n) (3.17) 6.78 1.88 4.61 2.62
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.75(a) 0.72 0.73 0.74 0.76 0.77
Expenses after expense reductions (f) 0.58(a) 0.58 0.58 0.58 0.58 0.58
Net investment income (loss) 2.48(a) 2.03 2.64 3.07 4.01 3.72
Portfolio turnover 17(n) 16 27 27 14 23
Net assets at end of period (000 omitted) $29,097 $27,736 $26,243 $18,140 $11,831 $9,261
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19 3/31/18(i)
Net asset value, beginning of period $9.45 $9.96 $9.58 $9.70 $9.61 $9.81
Income (loss) from investment operations            
Net investment income (loss) (d) $0.12 $0.21 $0.26 $0.30 $0.39 $0.24
Net realized and unrealized gain (loss) (0.87) (0.51) 0.39 (0.11) 0.05 (0.21)
Total from investment operations $(0.75) $(0.30) $0.65 $0.19 $0.44 $0.03
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.21) $(0.27) $(0.31) $(0.35) $(0.23)
Net asset value, end of period (x) $8.58 $9.45 $9.96 $9.58 $9.70 $9.61
Total return (%) (r)(s)(t)(x) (7.96)(n) (3.10) 6.84 1.93 4.67 0.35(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.68(a) 0.65 0.66 0.68 0.70 0.76(a)
Expenses after expense reductions (f) 0.51(a) 0.51 0.52 0.52 0.52 0.52(a)
Net investment income (loss) 2.56(a) 2.09 2.67 3.10 4.07 3.79(a)
Portfolio turnover 17(n) 16 27 27 14 23
Net assets at end of period (000 omitted) $6,584 $8,893 $6,155 $2,837 $1,315 $961
    
See Notes to Financial Statements
78
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
79
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.67 $11.30 $10.90 $11.04 $10.90 $11.02
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.21 $0.27 $0.33 $0.41 $0.42
Net realized and unrealized gain (loss) (1.01) (0.63) 0.39 (0.15) 0.09 (0.13)
Total from investment operations $(0.90) $(0.42) $0.66 $0.18 $0.50 $0.29
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.21) $(0.26) $(0.32) $(0.36) $(0.41)
Net asset value, end of period (x) $9.65 $10.67 $11.30 $10.90 $11.04 $10.90
Total return (%) (r)(s)(t)(x) (8.48)(n) (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(a) 0.86 0.86 0.87 0.88 0.89
Expenses after expense reductions (f) 0.84(a) 0.85 0.84 0.83 0.85 0.86
Net investment income (loss) 2.11(a) 1.87 2.39 2.91 3.75 3.82
Portfolio turnover 14(n) 17 26 29 13 19
Net assets at end of period (000 omitted) $236,180 $216,458 $216,177 $226,471 $207,565 $202,967
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.69 $11.32 $10.92 $11.06 $10.92 $11.04
Income (loss) from investment operations            
Net investment income (loss) (d) $0.07 $0.13 $0.19 $0.25 $0.32 $0.34
Net realized and unrealized gain (loss) (1.01) (0.64) 0.39 (0.15) 0.10 (0.14)
Total from investment operations $(0.94) $(0.51) $0.58 $0.10 $0.42 $0.20
Less distributions declared to shareholders            
From net investment income $(0.08) $(0.12) $(0.18) $(0.24) $(0.28) $(0.32)
Net asset value, end of period (x) $9.67 $10.69 $11.32 $10.92 $11.06 $10.92
Total return (%) (r)(s)(t)(x) (8.80)(n) (4.54) 5.36 0.84 3.94 1.81
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.62(a) 1.61 1.61 1.62 1.63 1.64
Expenses after expense reductions (f) 1.59(a) 1.60 1.60 1.60 1.62 1.63
Net investment income (loss) 1.42(a) 1.12 1.67 2.19 2.98 3.06
Portfolio turnover 14(n) 17 26 29 13 19
Net assets at end of period (000 omitted) $278 $347 $470 $1,081 $1,664 $1,858
See Notes to Financial Statements
80
Financial Highlights − continued
MFS MASSACHUSETTS MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.34 $9.89 $9.54 $9.66 $9.54 $9.65
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.21 $0.25 $0.30 $0.38 $0.39
Net realized and unrealized gain (loss) (0.88) (0.55) 0.36 (0.12) 0.08 (0.12)
Total from investment operations $(0.77) $(0.34) $0.61 $0.18 $0.46 $0.27
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.21) $(0.26) $(0.30) $(0.34) $(0.38)
Net asset value, end of period (x) $8.45 $9.34 $9.89 $9.54 $9.66 $9.54
Total return (%) (r)(s)(t)(x) (8.33)(n) (3.58) 6.41 1.86 4.95 2.76
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.62(a) 0.61 0.61 0.62 0.63 0.64
Expenses after expense reductions (f) 0.59(a) 0.60 0.60 0.60 0.62 0.63
Net investment income (loss) 2.39(a) 2.11 2.60 3.10 3.98 4.00
Portfolio turnover 14(n) 17 26 29 13 19
Net assets at end of period (000 omitted) $161,888 $179,551 $168,647 $124,875 $68,669 $49,523
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18(i)
Net asset value, beginning of period $9.34 $9.90 $9.55 $9.67 $9.54 $9.77
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.22 $0.26 $0.31 $0.38 $0.24
Net realized and unrealized gain (loss) (0.88) (0.57) 0.35 (0.12) 0.10 (0.21)
Total from investment operations $(0.77) $(0.35) $0.61 $0.19 $0.48 $0.03
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.21) $(0.26) $(0.31) $(0.35) $(0.26)
Net asset value, end of period (x) $8.45 $9.34 $9.90 $9.55 $9.67 $9.54
Total return (%) (r)(s)(t)(x) (8.30)(n) (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(a) 0.54 0.54 0.55 0.56 0.58(a)
Expenses after expense reductions (f) 0.52(a) 0.52 0.53 0.53 0.55 0.57(a)
Net investment income (loss) 2.48(a) 2.18 2.67 3.15 4.05 3.85(a)
Portfolio turnover 14(n) 17 26 29 13 19
Net assets at end of period (000 omitted) $9,385 $10,769 $9,628 $6,636 $3,176 $1,983
    
See Notes to Financial Statements
81
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
82
Notes to Financial Statements 
(unaudited)
(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 — Subject to its oversight, the funds' Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund’s investments to MFS as the funds' adviser, pursuant to each fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of each fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under each fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under each fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by
83
Notes to Financial Statements (unaudited) - continued
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 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of September 30, 2022 in valuing each fund's assets and liabilities:
  Level 1 Level 2 Level 3 Total
Alabama Fund        
Financial Instruments        
Municipal Bonds $— $71,990,455 $— $71,990,455
U.S. Corporate Bonds — 163,597 — 163,597
Mutual Funds 663,727 — — 663,727
Total $663,727 $72,154,052 $— $72,817,779
Arkansas Fund        
Financial Instruments        
Municipal Bonds $— $139,502,414 $— $139,502,414
U.S. Corporate Bonds — 328,140 — 328,140
Mutual Funds 1,735,942 — — 1,735,942
Total $1,735,942 $139,830,554 $— $141,566,496
California Fund        
Financial Instruments        
Municipal Bonds $— $455,503,959 $— $455,503,959
U.S. Corporate Bonds — 1,222,250 — 1,222,250
Mutual Funds 6,162,185 — — 6,162,185
Total $6,162,185 $456,726,209 $— $462,888,394
Georgia Fund        
Financial Instruments        
Municipal Bonds $— $104,293,638 $— $104,293,638
U.S. Corporate Bonds — 269,320 — 269,320
Mutual Funds 553,411 — — 553,411
Total $553,411 $104,562,958 $— $105,116,369
Maryland Fund        
Financial Instruments        
Municipal Bonds $— $107,464,576 $— $107,464,576
U.S. Corporate Bonds — 236,129 — 236,129
Mutual Funds 11,064,352 — — 11,064,352
Total $11,064,352 $107,700,705 $— $118,765,057
84
Notes to Financial Statements (unaudited) - continued
  Level 1 Level 2 Level 3 Total
Massachusetts Fund        
Financial Instruments        
Municipal Bonds $— $368,048,451 $— $368,048,451
U.S. Corporate Bonds — 781,578 — 781,578
Mutual Funds 11,521,611 — — 11,521,611
Total $11,521,611 $368,830,029 $— $380,351,640
For further information regarding security characteristics, see the Portfolio of Investments.
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 six months ended September 30, 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.
85
Notes to Financial Statements (unaudited) - continued
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 made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year 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
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 9/30/22 Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Cost of investments $81,203,349 $156,632,667 $512,101,333 $116,441,721 $129,675,579 $419,831,633
Gross appreciation 70,003 378,108 1,655,400 121,972 217,918 1,887,910
Gross depreciation (8,455,573) (15,444,279) (50,868,339) (11,447,324) (11,128,440) (41,367,903)
Net unrealized appreciation (depreciation) $(8,385,570) $(15,066,171) $(49,212,939) $(11,325,352) $(10,910,522) $(39,479,993)
As of 3/31/22            
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)
Net unrealized appreciation (depreciation) (1,291,294) (853,865) 382,931 (1,881,197) (1,519,456) (2,270,871)
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
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
86
Notes to Financial Statements (unaudited) - continued
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
  Six Months Ended
9/30/22 		  Year Ended
3/31/22 		  Six Months Ended
9/30/22 		  Year Ended
3/31/22 		  Six Months Ended
9/30/22 		  Year Ended
3/31/22
Class A $568,108   $981,338   $1,591,496   $2,883,300   $4,516,269   $8,861,588
Class B 413   497   4,238   7,448   4,116   7,679
Class C —   —   —   —   139,724   258,871
Class I 322,181   558,700   440,709   847,322   2,064,761   3,721,131
Class R6 52,854   89,371   68,260   125,852   770,624   1,194,222
Total $943,556   $1,629,906   $2,104,703   $3,863,922   $7,495,494   $14,043,491
  Georgia Fund   Maryland Fund   Massachusetts Fund
  Six Months Ended
9/30/22 		  Year Ended
3/31/22 		  Six Months Ended
9/30/22 		  Year Ended
3/31/22 		  Six Months Ended
9/30/22 		  Year Ended
3/31/22
Class A $937,906   $1,639,490   $865,787   $1,520,880   $2,700,764   $3,967,360
Class B 253   459   4,007   6,456   2,520   4,409
Class I 159,861   281,350   363,806   584,490   2,221,667   3,775,226
Class R6 214,288   372,508   108,337   166,034   132,341   228,580
Total $1,312,308   $2,293,807   $1,341,937   $2,277,860   $5,057,292   $7,975,575
(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. 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 six months ended September 30, 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
$6,008 $11,427 $37,007 $8,724 $7,744 $29,202
The management fee incurred for the six months ended September 30, 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, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), 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 		Arkansas
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Class A 0.90% 0.70% 0.90% 0.83% 0.85%
Class B 1.65% 1.45% 1.65% 1.58% 1.60%
Class I 0.65% 0.60% 0.65% 0.58% 0.60%
Class R6 0.59% 0.53% 0.60% 0.53% 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, 2023. For the six months ended September 30, 2022, these reductions amounted to $53,645 for the Alabama Fund, $51,033 for the Arkansas Fund, $22,509 for the Georgia Fund, and $84,601 for the Maryland Fund. For the Massachusetts Fund, this written agreement terminated on July 31, 2022. For the period from April 1, 2022 through July 31, 2022, this reduction amounted to $3,286 for the Massachusetts Fund. Each reduction is included in the reduction of total expenses in the Statements of Operations.
87
Notes to Financial Statements (unaudited) - continued
Effective August 1, 2022, the investment adviser has agreed in writing to pay a portion of the Massachusetts Fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), 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:
  Massachusetts
Fund
Class A 0.82%
Class B 1.57%
Class I 0.57%
Class R6 0.50%
This written agreement 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 from August 1, 2022 through September 30, 2022, this reduction amounted to $17,766 for the Massachusetts Fund, which 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 six months ended September 30, 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
$868 $2,529 $1,929 $653 $1,143 $1,030
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% $66,335
Arkansas Fund — 0.25% 0.25% 0.10% 153,195
California Fund — 0.25% 0.25% 0.10% 393,853
Georgia Fund — 0.25% 0.25% 0.25% 113,305
Maryland Fund — 0.25% 0.25% 0.25% 90,904
Massachusetts Fund — 0.25% 0.25% 0.25% 286,861
  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% $295
Arkansas Fund 0.75% 0.25% 1.00% 0.85% 2,292
California Fund 0.75% 0.25% 1.00% 0.85% 1,940
Georgia Fund 0.75% 0.25% 1.00% 1.00% 192
Maryland Fund 0.75% 0.25% 1.00% 1.00% 2,456
Massachusetts Fund 0.75% 0.25% 1.00% 1.00% 1,569
  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% $71,111
88
Notes to Financial Statements (unaudited) - continued
  Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Total Distribution and Service Fees $66,630 $155,487 $466,904 $113,497 $93,360 $288,430
(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 six months ended September 30, 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 six months ended September 30, 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 $— $2 $27 $3 $114 $119
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, 2023. For the six months ended September 30, 2022, these reductions amounted to $91,917 and $344 for Class A and Class B shares, 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, 2023. For the six months ended September 30, 2022, these reductions amounted to $236,313 and $291 for Class A and Class B shares, 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 six months ended September 30, 2022, were as follows:
CDSC Imposed Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Class A $836 $4,810 $18,926 $6,669 $3,966 $2,657
Class B — — 655 — 89 62
Class C N/A N/A 75 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 six months ended September 30, 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 $1,444 $2,122 $9,727 $2,134 $5,079 $11,757
Annual percentage of average daily net assets 0.0034% 0.0026% 0.0037% 0.0035% 0.0093% 0.0057%
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 six months ended September 30, 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
$33,862 $61,151 $210,439 $29,824 $39,272 $153,515
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 six months ended September 30, 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 0.0276% 0.0225% 0.0186% 0.0243% 0.0252% 0.0191%
89
Notes to Financial Statements (unaudited) - 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 six months ended September 30, 2022:
California
Fund 		Maryland
Fund 		Massachusetts
Fund
$205 $128 $130
The liability for deferred retirement benefits payable to those former independent Trustees under the DB plan amounted to the following at September 30, 2022, and is included in “Payable for independent Trustees’ compensation” in the Statements of Assets and Liabilities:
California
Fund 		Maryland
Fund 		Massachusetts
Fund
$4,152 $2,500 $2,489
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 of the California Fund for an aggregate amount of $59,417.
On August 3, 2022, MFS purchased 1,164 shares of Class B of the Georgia Fund for an aggregate amount of $12,000.
On August 3, 2022, MFS redeemed the following fund shares:
Fund Class Shares Amount
Alabama Fund Class I 17 $157
Arkansas Fund Class I 15 139
California Fund Class I 17 158
Georgia Fund Class I 15 140
Maryland Fund Class I 18 167
Massachusetts Fund Class I 17 156
California Fund Class R6 21 195
(4)  Portfolio Securities
For the six months ended September 30, 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 $11,960,577 $18,916,776 $76,499,518 $18,719,649 $23,944,473 $75,638,848
Sales $21,791,808 $32,835,179 $114,465,731 $30,953,004 $17,174,590 $54,674,674
90
Notes to Financial Statements (unaudited) - 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:
  Alabama Fund   Arkansas Fund
  Six Months Ended
9/30/22 		  Year ended
3/31/22 		  Six Months Ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     315,989 $   2,995,405     1,092,109 $  11,530,731     1,242,696 $  11,387,622    1,673,419 $ 16,865,986
Class B          32           297            26           270            —           —          267        2,724
Class I     268,845     2,450,862       614,654     6,175,392       255,453     2,339,756    1,336,908  13,385,641
Class R6      60,384      547,094       236,429    2,376,557       148,916    1,347,659      373,919   3,745,556
      645,250    $5,993,658     1,943,218   $20,082,950     1,647,065   $15,075,037    3,384,513  $33,999,907
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      54,175 $     510,237        83,125 $     870,178       165,022 $   1,501,596      270,862 $  2,718,409
Class B          12           112            13           135           466         4,238          741        7,448
Class I      28,029       251,753        45,277       451,702        46,170       417,565       80,568      802,778
Class R6       5,884       52,854         8,969       89,371         7,519       67,979       12,621     125,546
       88,100      $814,956       137,384    $1,411,386       219,177    $1,991,378      364,792   $3,654,181
Shares reacquired                      
Class A  (1,383,059) $ (13,121,920)      (737,535) $  (7,720,842)    (1,523,637) $ (13,951,797)   (1,781,235) $(17,852,127)
Class B          —           —            (1)           (8)        (1,978)       (18,045)      (11,308)     (113,928)
Class I    (784,121)    (7,060,495)      (456,358)   (4,545,032)      (882,630)    (8,012,352)   (1,062,724) (10,631,845)
Class R6    (182,068)   (1,639,232)      (100,726)     (999,746)      (267,674)   (2,436,276)     (165,610)  (1,635,112)
   (2,349,248)  $(21,821,647)    (1,294,620)  $(13,265,628)    (2,675,919)  $(24,418,470)   (3,020,877) $(30,233,012)
Net change                      
Class A  (1,012,895) $  (9,616,278)       437,699 $   4,680,067      (115,919) $  (1,062,579)      163,046 $  1,732,268
Class B          44           409            38           397        (1,512)       (13,807)      (10,300)     (103,756)
Class I    (487,247)    (4,357,880)       203,573     2,082,062      (581,007)    (5,255,031)      354,752   3,556,574
Class R6    (115,800)   (1,039,284)       144,672    1,466,182      (111,239)   (1,020,638)      220,930   2,235,990
   (1,615,898)  $(15,013,033)       785,982    $8,228,708      (809,677)   $(7,352,055)      728,428   $7,421,076
  California Fund   Georgia Fund
  Six Months Ended
9/30/22 		  Year ended
3/31/22 		  Six Months Ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A   6,952,162 $  38,796,477     7,615,849 $  48,039,741       411,015 $   4,126,942      955,065 $ 10,644,046
Class B           1             1            —           —         1,165        12,000           —          —
Class C     145,746       819,088       233,103     1,484,054            —           —           —          —
Class I   7,987,983    72,941,655     4,218,017    42,961,408       266,635     2,443,917      361,764   3,638,475
Class R6   2,161,339   19,713,283     2,552,099   26,094,542       220,530    2,032,865      810,836   8,149,565
   17,247,231  $132,270,504    14,619,068  $118,579,745       899,345    $8,615,724    2,127,665  $22,432,086
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     735,156 $   4,086,655     1,284,669 $   8,047,078        88,753 $     886,407      139,208 $  1,539,130
Class B         674         3,753         1,137         7,125            10           101           20          220
Class C      23,368       130,342        37,988       238,778            —           —           —          —
Class I     166,011     1,501,608       271,567     2,766,695        11,798       106,661       18,555      186,054
Class R6      84,981      767,862       116,955    1,188,923        23,619      214,288       37,181     372,502
    1,010,190    $6,490,220     1,712,316   $12,248,599       124,180    $1,207,457      194,964   $2,097,906
91
Notes to Financial Statements (unaudited) - continued
  California Fund − continued   Georgia Fund − continued
  Six Months Ended
9/30/22 		  Year ended
3/31/22 		  Six Months Ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares reacquired                      
Class A (14,990,141) $ (83,835,231)   (10,643,435) $ (66,154,205)    (1,723,449) $ (17,273,225)   (1,329,229) $(14,608,069)
Class B     (12,643)       (71,054)       (24,671)     (155,300)        (1,846)       (18,701)       (2,136)      (23,156)
Class C    (667,428)    (3,720,987)      (840,348)   (5,272,369)            —           —           —          —
Class I  (9,692,986)   (88,232,658)    (3,858,910)  (39,271,468)      (268,827)    (2,443,716)     (383,094)  (3,786,076)
Class R6  (2,339,923)  (21,237,237)    (1,083,049)  (10,882,937)      (770,554)   (6,990,028)     (430,239)  (4,279,047)
  (27,703,121) $(197,097,167)   (16,450,413) $(121,736,279)    (2,764,676)  $(26,725,670)   (2,144,698) $(22,696,348)
Net change                      
Class A  (7,302,823) $ (40,952,099)    (1,742,917) $ (10,067,386)    (1,223,681) $ (12,259,876)     (234,956) $ (2,424,893)
Class B     (11,968)       (67,300)       (23,534)     (148,175)          (671)        (6,600)       (2,116)      (22,936)
Class C    (498,314)    (2,771,557)      (569,257)   (3,549,537)            —           —           —          —
Class I  (1,538,992)   (13,789,395)       630,674     6,456,635         9,606       106,862       (2,775)       38,453
Class R6     (93,603)     (756,092)     1,586,005   16,400,528      (526,405)   (4,742,875)      417,778   4,243,020
   (9,445,700)  $(58,336,443)      (119,029)    $9,092,065    (1,741,151)  $(16,902,489)      177,931   $1,833,644
  Maryland Fund   Massachusetts Fund
  Six Months Ended
9/30/22 		  Year ended
3/31/22 		  Six Months Ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A   3,633,974 $  35,551,174     1,092,489 $  12,048,309    16,946,831 $ 170,182,236    4,455,049 $ 49,277,576
Class I   1,259,942    11,238,656     1,217,610    12,165,314     6,668,322    59,936,450    5,546,835  54,880,011
Class R6     209,325    1,895,568       383,204    3,838,674       162,829    1,457,677      350,254   3,478,277
    5,103,241   $48,685,398     2,693,303   $28,052,297    23,777,982  $231,576,363   10,352,138 $107,635,864
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      73,776 $     737,473       112,845 $   1,247,510       246,206 $   2,503,264      318,464 $  3,593,455
Class B         395         3,952           574         6,352           247         2,520          389        4,398
Class I      32,539       293,593        43,042       428,933       205,558     1,829,248      317,584   3,134,315
Class R6      11,997      108,337        16,673      166,034        14,860      132,341       23,142     228,564
      118,707    $1,143,355       173,134    $1,848,829       466,871    $4,467,373      659,579   $6,960,732
Shares reacquired                      
Class A  (2,087,737) $ (21,009,365)    (1,010,172) $ (11,097,917)   (13,011,495) $(131,048,540)   (3,615,568) $(40,357,246)
Class B     (11,475)      (114,798)        (5,014)      (55,923)        (3,975)       (41,202)       (9,514)     (108,844)
Class I    (837,653)    (7,583,330)      (959,706)   (9,490,484)    (6,938,707)   (62,243,913)   (3,688,326) (35,949,708)
Class R6    (395,448)   (3,532,561)       (76,547)     (763,004)      (219,954)   (1,973,371)     (193,654)  (1,910,743)
   (3,332,313)  $(32,240,054)    (2,051,439)  $(21,407,328)   (20,174,131) $(195,307,026)   (7,507,062) $(78,326,541)
Net change                      
Class A   1,620,013 $  15,279,282       195,162 $   2,197,902     4,181,542 $  41,636,960    1,157,945 $ 12,513,785
Class B     (11,080)      (110,846)        (4,440)      (49,571)        (3,728)       (38,682)       (9,125)     (104,446)
Class I     454,828     3,948,919       300,946     3,103,763       (64,827)      (478,215)    2,176,093  22,064,618
Class R6    (174,126)   (1,528,656)       323,330    3,241,704       (42,265)     (383,353)      179,742   1,796,098
    1,889,635   $17,588,699       814,998    $8,493,798     4,070,722   $40,736,710    3,504,655  $36,270,055
Effective June 1, 2019, purchases of each fund’s Class B shares were closed to new and existing investors subject to certain exceptions.
(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
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Notes to Financial Statements (unaudited) - continued
borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each 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. The line of credit expires on March 16, 2023 unless extended or renewed. 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 six months ended September 30, 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 $226 $398 $1,342 $314 $275 $944
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 six months ended September 30, 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 $5,746,704 $21,549,122 $26,631,427 $(706) $34 $663,727
Arkansas Fund 1,147,208 28,350,691 27,761,979 (167) 189 1,735,942
California Fund 35,263,326 117,458,663 146,557,202 (3,237) 635 6,162,185
Georgia Fund 5,309,987 25,152,861 29,908,851 (655) 69 553,411
Maryland Fund 4,987,440 36,965,237 30,889,329 (393) 1,397 11,064,352
Massachusetts Fund 22,571,623 106,257,842 117,306,903 (2,026) 1,075 11,521,611
  Dividend
Income 		Capital Gain
Distributions
Alabama Fund $14,298 $—
Arkansas Fund 14,776 —
California Fund 74,104 —
Georgia Fund 15,260 —
Maryland Fund 32,575 —
Massachusetts Fund 94,741 —
(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.
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Notes to Financial Statements (unaudited) - continued
(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.
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Board Review of Investment Advisory Agreement
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of each Fund’s investment advisory agreement with MFS. The Trustees consider matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Funds and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Funds’ investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for each Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Funds.
In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Funds for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Funds’ advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee “breakpoints” are observed for the Funds, (v) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Funds and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Funds and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Funds and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
Based on information provided by Broadridge and MFS, the Trustees reviewed each Fund’s total return investment performance as well as its respective Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of each Fund’s Class I shares in comparison to the performance of funds in its respective Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. See below for a description of the performance information considered by the Trustees.
In assessing the reasonableness of each Fund’s advisory fee, the Trustees considered, among other information, each Fund’s advisory fee and the total expense ratio of each Fund’s Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense groups based on information provided by Broadridge. The Trustees considered whether the Funds were subject to any fee waivers or reductions or expense limitations. See below for a description of the fee information considered by the Trustees.
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to each Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to each Fund, as well as the more extensive regulatory burdens imposed on MFS in managing each Fund, in comparison to the relevant separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of each Fund in comparison to the relevant separate accounts.
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Board Review of Investment Advisory Agreement - continued
The Trustees also considered whether each Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that each Fund’s advisory fee rate schedule is not subject to any breakpoints. Taking into account the information noted below, the Trustees determined not to recommend any advisory fee breakpoints for the Funds at this time. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Funds, if the total combined assets of certain funds within the MFS Funds’ complex increase above agreed upon thresholds (the “group fee waiver”), enabling each Fund’s shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the group fee waiver was sufficient to allow each Fund to benefit from economies of scale as its assets and overall complex assets grow.
The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to each Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Funds and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to each Fund represent reasonable compensation in light of the services being provided by MFS to the Funds.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Funds. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Funds of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Funds by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Funds pay to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Funds’ behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Funds were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that each Fund’s investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.
MFS Alabama Municipal Bond Fund
The total return performance of the Fund’s Class I shares was in the 1st quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 2nd quintile for each of the one- and three-year periods ended December 31, 2021 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.
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Board Review of Investment Advisory Agreement - continued
MFS Arkansas Municipal Bond Fund
The total return performance of the Fund’s Class I shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 1st quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2021 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.
MFS California Municipal Bond Fund
The total return performance of the Fund’s Class I shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2021 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee the Trustees considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.
MFS Georgia Municipal Bond Fund
The total return performance of the Fund’s Class I shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2021 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.
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Board Review of Investment Advisory Agreement - continued
MFS Maryland Municipal Bond Fund
The total return performance of the Fund’s Class I shares was in the 1st quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s class I shares was in the 1st quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2021 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate was lower than the Broadridge expense group median and the Fund’s total expense ratio was approximately at the Broadridge expense group median.
MFS Massachusetts Municipal Bond Fund
The total return performance of the Fund’s Class I shares was in the 1st quintile relative to the funds in its Broadridge performance universe for each of the one-, three-, and five-year periods ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median. The Trustees also noted that MFS has agreed to further reduce the expense limitation for the Fund effective August 1, 2022.
98
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
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CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
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OVERNIGHT MAIL
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Semiannual Report
September 30, 2022
MFS® Municipal Series Trust
For the states of:
Mississippi, New York, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia
MSTB-SEM
MFS® Municipal Series Trust
For the states of: Mississippi, New York, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia
CONTENTS
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:
Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. 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 U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility in fixed income and currency markets has picked up, with fiscal policy missteps in the United Kingdom leading to a crisis of market confidence that ultimately resulted in the ousting of Prime Minister Liz Truss. That episode could forewarn other governments to avoid policy overreach.
There are, however, encouraging signs for the markets. The latest wave of COVID-19 cases appears to be receding in Asia, and cases outside Asia, while numerous, appear to be causing fewer serious illnesses. Meanwhile, unemployment is low and global supply chain bottlenecks are easing, though lingering coronavirus restrictions 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 unique global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.
Respectfully,
Michael W. Roberge
Chair and Chief Executive Officer
MFS Investment Management
November 14, 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 
MFS Mississippi Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
General Obligations - General Purpose 22.0%
General Obligations - Schools 14.3%
Universities - Colleges 12.8%
Water & Sewer Utility Revenue 10.1%
Healthcare Revenue - Hospitals 7.7%
Composition including fixed income credit quality (a)(i)
AAA 8.0%
AA 48.6%
A 26.6%
BBB 7.3%
BB 1.8%
D 0.8%
Not Rated 6.9%
Cash & Cash Equivalents (o) 0.0%
Portfolio facts
Average Duration (d) 7.9
Average Effective Maturity (m) 13.5 yrs.
Jurisdiction (i)
Mississippi 76.9%
Puerto Rico 6.1%
Massachusetts 3.1%
New York 1.7%
Illinois 1.7%
Guam 1.4%
New Jersey 1.4%
California 1.1%
South Carolina 1.0%
Texas 0.9%
Arkansas 0.6%
Michigan 0.6%
Tennessee 0.6%
Alabama 0.5%
Virginia 0.5%
Maryland 0.4%
Iowa 0.4%
Connecticut 0.3%
New Hampshire 0.3%
Colorado 0.2%
Wisconsin 0.1%
Pennsylvania 0.1%
Ohio 0.1%
U.S. Virgin Islands (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
2
Portfolio Composition - continued
MFS New York Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Universities - Colleges 11.7%
Healthcare Revenue - Hospitals 10.2%
General Obligations - General Purpose 8.6%
Multi-family Housing 7.3%
Water & Sewer Utility Revenue 6.8%
Composition including fixed income credit quality (a)(i)
AAA 6.1%
AA 32.7%
A 23.6%
BBB 16.9%
BB 4.4%
B 2.4%
C 0.6%
D 0.7%
Not Rated 9.3%
Cash & Cash Equivalents 3.3%
Portfolio facts
Average Duration (d) 9.7
Average Effective Maturity (m) 18.6 yrs.
Jurisdiction (i)
New York 81.1%
Puerto Rico 5.5%
Guam 1.6%
California 1.4%
Illinois 1.2%
New Jersey 1.1%
Michigan 0.7%
Florida 0.7%
Tennessee 0.6%
Colorado 0.6%
Pennsylvania 0.6%
Texas 0.4%
Wisconsin 0.4%
New Hampshire 0.3%
Virginia 0.3%
Indiana 0.1%
Ohio 0.1%
Mississippi (o) 0.0%
U.S. Virgin Islands (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
3
Portfolio Composition - continued
MFS North Carolina Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Universities - Colleges 18.3%
State & Local Agencies 14.7%
Healthcare Revenue - Hospitals 11.2%
General Obligations - General Purpose 9.3%
Water & Sewer Utility Revenue 8.1%
Composition including fixed income credit quality (a)(i)
AAA 10.1%
AA 40.9%
A 23.5%
BBB 10.5%
BB 1.2%
D 0.7%
Not Rated 10.1%
Cash & Cash Equivalents 3.0%
Portfolio facts
Average Duration (d) 8.6
Average Effective Maturity (m) 15.0 yrs.
Jurisdiction (i)
North Carolina 79.5%
Puerto Rico 4.5%
New York 1.7%
Illinois 1.5%
California 1.4%
Guam 1.2%
Pennsylvania 1.2%
Texas 1.1%
New Jersey 1.0%
Maryland 1.0%
Virginia 0.9%
Wisconsin 0.3%
South Carolina 0.3%
Tennessee 0.3%
New Hampshire 0.3%
Michigan 0.3%
Connecticut 0.2%
Indiana 0.1%
Washington DC 0.1%
Ohio 0.1%
Colorado (o) 0.0%
U.S. Virgin Islands (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
4
Portfolio Composition - continued
MFS Pennsylvania Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Healthcare Revenue - Hospitals 16.0%
Universities - Colleges 14.5%
Water & Sewer Utility Revenue 10.8%
General Obligations - Schools 9.8%
General Obligations - General Purpose 8.1%
Composition including fixed income credit quality (a)(i)
AAA 1.5%
AA 28.6%
A 42.3%
BBB 11.2%
BB 3.6%
CCC 0.9%
CC (o) 0.0%
D 0.6%
Not Rated 6.0%
Cash & Cash Equivalents 5.3%
Portfolio facts
Average Duration (d) 8.6
Average Effective Maturity (m) 15.8 yrs.
Jurisdiction (i)
Pennsylvania 80.8%
Puerto Rico 3.5%
Illinois 2.5%
California 1.3%
New Jersey 1.1%
New York 0.9%
Michigan 0.7%
South Carolina 0.7%
Texas 0.6%
Colorado 0.6%
Guam 0.5%
Tennessee 0.5%
Wisconsin 0.3%
New Hampshire 0.3%
Virginia 0.2%
Indiana 0.1%
Ohio 0.1%
U.S. Virgin Islands (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
5
Portfolio Composition - continued
MFS South Carolina Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Healthcare Revenue - Hospitals 13.5%
State & Local Agencies 12.8%
Water & Sewer Utility Revenue 11.9%
General Obligations - Schools 9.2%
Utilities - Municipal Owned 8.4%
Composition including fixed income credit quality (a)(i)
AAA 5.1%
AA 32.5%
A 45.0%
BBB 5.4%
BB 2.1%
D 0.6%
Not Rated 8.7%
Cash & Cash Equivalents 0.6%
Portfolio facts
Average Duration (d) 8.9
Average Effective Maturity (m) 15.6 yrs.
Jurisdiction (i)
South Carolina 77.5%
Puerto Rico 5.8%
Illinois 2.6%
New Jersey 1.9%
New York 1.5%
Pennsylvania 1.3%
California 1.0%
Texas 0.9%
Massachusetts 0.9%
Guam 0.9%
Tennessee 0.8%
Arkansas 0.6%
North Carolina 0.6%
Virginia 0.5%
Alabama 0.4%
Wisconsin 0.4%
Maryland 0.4%
New Hampshire 0.3%
Colorado 0.3%
Michigan 0.2%
Connecticut 0.2%
Ohio 0.2%
Washington DC 0.1%
U.S. Virgin Islands 0.1%
Indiana (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
6
Portfolio Composition - continued
MFS Virginia Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Universities - Colleges 18.3%
State & Local Agencies 14.7%
Healthcare Revenue - Hospitals 11.2%
General Obligations - General Purpose 9.3%
Water & Sewer Utility Revenue 8.2%
Composition including fixed income credit quality (a)(i)
AAA 10.1%
AA 40.9%
A 23.5%
BBB 10.5%
BB 1.2%
D 0.7%
Not Rated 10.1%
Cash & Cash Equivalents 3.0%
Portfolio facts
Average Duration (d) 8.6
Average Effective Maturity (m) 15.0 yrs.
Jurisdiction (i)
Virginia 75.5%
Washington DC 8.3%
Puerto Rico 5.4%
New Jersey 0.9%
Illinois 0.9%
Tennessee 0.8%
California 0.8%
New York 0.7%
Texas 0.7%
Guam 0.7%
Pennsylvania 0.5%
Colorado 0.4%
Maryland 0.4%
Wisconsin 0.3%
New Hampshire 0.3%
Michigan 0.1%
Iowa 0.1%
Indiana 0.1%
Ohio 0.1%
U.S. Virgin Islands (o) 0.0%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
7
Portfolio Composition - continued
MFS West Virginia Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Healthcare Revenue - Hospitals 16.3%
Water & Sewer Utility Revenue 16.1%
General Obligations - General Purpose 14.0%
Universities - Colleges 9.9%
State & Local Agencies 9.1%
Composition including fixed income credit quality (a)(i)
AAA 4.0%
AA 34.1%
A 43.3%
BBB 6.3%
BB 0.7%
D 0.8%
Not Rated 10.1%
Cash & Cash Equivalents 0.7%
Portfolio facts
Average Duration (d) 8.2
Average Effective Maturity (m) 14.9 yrs.
Jurisdiction (i)
West Virginia 76.3%
Puerto Rico 6.3%
New Jersey 2.7%
New York 1.7%
Maryland 1.3%
California 1.2%
U.S. Virgin Islands 1.1%
Guam 1.0%
Virginia 0.9%
South Carolina 0.7%
Texas 0.7%
Georgia 0.7%
Ohio 0.6%
Illinois 0.6%
Arkansas 0.6%
Massachusetts 0.6%
North Carolina 0.6%
Alabama 0.5%
Michigan 0.4%
New Hampshire 0.3%
Wisconsin 0.2%
Pennsylvania 0.1%
Indiana 0.1%
Mississippi 0.1%
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
8
Expense Tables 
Fund expenses borne by the shareholders during the period, April 1, 2022 through September 30, 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 April 1, 2022 through September 30, 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
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.85% $1,000.00 $921.07 $4.09
Hypothetical (h) 0.85% $1,000.00 $1,020.81 $4.31
B Actual 1.50% $1,000.00 $918.27 $7.21
Hypothetical (h) 1.50% $1,000.00 $1,017.55 $7.59
I Actual 0.75% $1,000.00 $922.41 $3.61
Hypothetical (h) 0.75% $1,000.00 $1,021.31 $3.80
R6 Actual 0.68% $1,000.00 $922.74 $3.28
Hypothetical (h) 0.68% $1,000.00 $1,021.66 $3.45
(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 183/365 (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.
9
Expense Tables - continued
MFS NEW YORK MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.83% $1,000.00 $907.91 $3.97
Hypothetical (h) 0.83% $1,000.00 $1,020.91 $4.20
B Actual 1.58% $1,000.00 $904.31 $7.54
Hypothetical (h) 1.58% $1,000.00 $1,017.15 $7.99
C Actual 1.58% $1,000.00 $904.41 $7.54
Hypothetical (h) 1.58% $1,000.00 $1,017.15 $7.99
I Actual 0.58% $1,000.00 $909.20 $2.78
Hypothetical (h) 0.58% $1,000.00 $1,022.16 $2.94
R6 Actual 0.50% $1,000.00 $909.54 $2.39
Hypothetical (h) 0.50% $1,000.00 $1,022.56 $2.54
MFS NORTH CAROLINA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.84% $1,000.00 $920.24 $4.04
Hypothetical (h) 0.84% $1,000.00 $1,020.86 $4.26
B Actual 1.59% $1,000.00 $916.73 $7.64
Hypothetical (h) 1.59% $1,000.00 $1,017.10 $8.04
C Actual 1.59% $1,000.00 $916.80 $7.64
Hypothetical (h) 1.59% $1,000.00 $1,017.10 $8.04
I Actual 0.59% $1,000.00 $921.62 $2.84
Hypothetical (h) 0.59% $1,000.00 $1,022.11 $2.99
R6 Actual 0.51% $1,000.00 $921.98 $2.46
Hypothetical (h) 0.51% $1,000.00 $1,022.51 $2.59
(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 183/365 (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
Expense Tables - continued
MFS PENNSYLVANIA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.69% $1,000.00 $915.01 $3.31
Hypothetical (h) 0.69% $1,000.00 $1,021.61 $3.50
B Actual 1.44% $1,000.00 $912.76 $6.90
Hypothetical (h) 1.44% $1,000.00 $1,017.85 $7.28
I Actual 0.59% $1,000.00 $916.89 $2.84
Hypothetical (h) 0.59% $1,000.00 $1,022.11 $2.99
R6 Actual 0.51% $1,000.00 $916.29 $2.45
Hypothetical (h) 0.51% $1,000.00 $1,022.51 $2.59
MFS SOUTH CAROLINA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.84% $1,000.00 $914.76 $4.03
Hypothetical (h) 0.84% $1,000.00 $1,020.86 $4.26
B Actual 1.59% $1,000.00 $911.22 $7.62
Hypothetical (h) 1.59% $1,000.00 $1,017.10 $8.04
I Actual 0.59% $1,000.00 $915.95 $2.83
Hypothetical (h) 0.59% $1,000.00 $1,022.11 $2.99
R6 Actual 0.52% $1,000.00 $917.37 $2.50
Hypothetical (h) 0.52% $1,000.00 $1,022.46 $2.64
(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 183/365 (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.
11
Expense Tables - continued
MFS VIRGINIA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.81% $1,000.00 $918.69 $3.90
Hypothetical (h) 0.81% $1,000.00 $1,021.01 $4.10
B Actual 1.56% $1,000.00 $915.21 $7.49
Hypothetical (h) 1.56% $1,000.00 $1,017.25 $7.89
C Actual 1.56% $1,000.00 $914.34 $7.49
Hypothetical (h) 1.56% $1,000.00 $1,017.25 $7.89
I Actual 0.56% $1,000.00 $919.74 $2.69
Hypothetical (h) 0.56% $1,000.00 $1,022.26 $2.84
R6 Actual 0.48% $1,000.00 $919.18 $2.31
Hypothetical (h) 0.48% $1,000.00 $1,022.66 $2.43
MFS WEST VIRGINIA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.87% $1,000.00 $917.35 $4.18
Hypothetical (h) 0.87% $1,000.00 $1,020.71 $4.41
B Actual 1.62% $1,000.00 $914.76 $7.78
Hypothetical (h) 1.62% $1,000.00 $1,016.95 $8.19
I Actual 0.62% $1,000.00 $919.54 $2.98
Hypothetical (h) 0.62% $1,000.00 $1,021.96 $3.14
R6 Actual 0.54% $1,000.00 $919.90 $2.60
Hypothetical (h) 0.54% $1,000.00 $1,022.36 $2.74
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
12
Portfolio of Investments 
9/30/22 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS Mississippi Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.4%
Airport Revenue – 0.7%
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044    $ 115,000 $115,162
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047      60,000 52,170
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053      55,000 46,724
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      45,000 45,134
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      230,000 233,343
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      35,000 35,079
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      60,000 59,760
        $587,372
General Obligations - General Purpose – 21.7%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 220,000 $193,039
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037      45,000 45,118
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      50,000 50,468
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040      20,000 20,053
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      135,000 135,354
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      12,674 11,649
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      48,848 26,925
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      422,090 423,980
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      42,274 42,683
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      41,891 42,761
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      41,212 42,151
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      40,029 40,810
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      37,958 33,380
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      66,803 57,106
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      29,283 24,029
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      39,814 31,073
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      128,406 96,112
Jackson, MS, General Obligation Refunding, 5%, 3/01/2027      700,000 749,713
Mississippi Development Bank Special Obligation (Biloxi General Obligation), 4%, 3/01/2037      500,000 461,756
Mississippi Development Bank Special Obligation (Gulfport Public Improvement General Obligation), 4%, 9/01/2039      520,000 459,825
Mississippi Development Bank Special Obligation (Gulfport Public Improvement General Obligation), 4%, 9/01/2041      500,000 438,298
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034      1,000,000 1,099,273
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2044      115,000 100,571
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2045      500,000 432,451
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 5.25%, 2/01/2049      750,000 779,854
Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032      500,000 514,179
Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042      500,000 434,309
Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2029      200,000 212,836
Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2031      200,000 212,458
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2031      1,000,000 1,064,233
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2032      1,000,000 1,059,414
Mississippi Development Bank Special Obligation (Rankin County, MI, General Obligation Bond Project), 5%, 8/01/2034      350,000 376,619
Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM, 5%, 7/01/2048      1,000,000 1,037,300
Mississippi Development Bank Special Obligation (Warren County Public Improvement General Obligation), “B”, 5%, 9/01/2031      375,000 416,123
State of Illinois, General Obligation, 5.5%, 5/01/2039      150,000 152,687
State of Illinois, General Obligation, “A”, 5%, 3/01/2031      190,000 194,112
State of Mississippi, “A”, 5%, 10/01/2033 (Prerefunded 10/01/2027)      1,000,000 1,081,722
State of Mississippi, “A”, 5%, 11/01/2036 (Prerefunded 11/01/2026)      1,000,000 1,068,148
State of Mississippi, “B”, 5%, 12/01/2033 (Prerefunded 12/01/2026)      1,000,000 1,067,379
State of Mississippi, “B”, 3%, 10/01/2035      875,000 741,814
State of Mississippi, “B”, 4%, 10/01/2036      1,000,000 967,979
State of Mississippi, “B”, 4%, 10/01/2038      1,000,000 955,348
13
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - General Purpose – continued
State of Mississippi, “D”, 4%, 12/01/2030    $ 1,000,000 $1,023,398
        $18,418,490
General Obligations - Schools – 14.2%
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036    $ 20,000 $20,846
Lamar County, MS, School District, 5%, 9/01/2031 (Prerefunded 9/01/2023)      1,095,000 1,112,818
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048      700,000 490,631
Mississippi Development Bank Special Obligation (Canton Public School District), AGM, 5%, 12/01/2031 (Prerefunded 12/01/2025)      1,000,000 1,054,347
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2036      500,000 462,289
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2037      500,000 461,650
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2031 (Prerefunded 4/01/2024)      500,000 513,082
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2032 (Prerefunded 4/01/2024)      500,000 513,082
Mississippi Development Bank Special Obligation (Hinds County School District), 5%, 3/01/2043      450,000 463,677
Mississippi Development Bank Special Obligation (Jackson Public School District Limited Tax Refunding Note Project), “B”, 5%, 10/01/2023      275,000 276,705
Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037      1,000,000 1,070,390
Mississippi Development Bank Special Obligation (Lafayette County School District General Obligation Bond Project), BAM, 5%, 4/01/2030      100,000 108,270
Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043      750,000 662,010
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048      1,500,000 1,487,243
Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2025      470,000 485,356
Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2030      1,245,000 1,344,370
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, 0%, 7/01/2035      1,020,000 576,600
Sunflower County, MI, Consolidated School District, General Obligation, BAM, 4%, 6/01/2038      1,000,000 924,150
        $12,027,516
Healthcare Revenue - Hospitals – 7.6%
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044    $ 50,000 $41,481
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049      20,000 16,011
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027      500,000 508,635
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      470,000 407,062
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030      465,000 471,667
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 4%, 7/01/2041      535,000 486,952
Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Forrest County General Hospital Refunding Project), “A”, 5%, 1/01/2028      575,000 600,878
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2044 (Put Date 9/01/2025)      500,000 514,972
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040      1,000,000 894,174
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2037      1,500,000 1,511,403
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052      505,000 440,230
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043      655,000 566,986
        $6,460,451
Industrial Revenue - Other – 0.5%
Jackson County, MS, Development Bank Special Obligation (Gomesa Project), 3.625%, 11/01/2036 (n)   $ 500,000 $388,591
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)     100,000 65,291
        $453,882
Industrial Revenue - Paper – 1.1%
Warren County, MS, Environmental Improvement Rev. (International Paper Co. Project), “B”, 1.6%, 8/01/2027 (Put Date 6/16/2025)    $ 1,000,000 $938,644
Miscellaneous Revenue - Other – 1.2%
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026    $ 35,000 $35,910
Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2030      720,000 785,407
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     210,000 187,758
        $1,009,075
Multi-Family Housing Revenue – 0.8%
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 245,964 $223,959
14
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – continued
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045    $ 650,000 $413,867
        $637,826
Sales & Excise Tax Revenue – 6.6%
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044    $ 905,000 $292,768
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029      5,000 4,992
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      5,000 4,985
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      5,000 4,951
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      70,000 56,484
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031      270,000 265,805
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027      80,000 83,550
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028      80,000 84,063
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036      35,000 35,895
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037      45,000 46,882
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038      35,000 31,342
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039      30,000 26,642
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029      750,000 838,518
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2030      1,650,000 1,797,825
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      20,000 17,772
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      71,000 60,638
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      929,000 820,123
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      135,000 116,609
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      71,000 61,328
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      1,000 823
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      33,000 27,756
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      1,000 924
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      38,000 30,290
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      7,000 5,033
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      346,000 220,014
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      330,000 185,461
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      1,891,000 426,313
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     115,000 99,067
        $5,646,853
Single Family Housing - State – 6.8%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, GNMA, 4%, 11/15/2047    $ 230,000 $228,119
Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 4%, 7/01/2047      245,000 243,047
Mississippi Home Corp., Single Family Mortgage Rev., “A”, 3%, 6/01/2050      500,000 469,848
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 3%, 12/01/2050      1,395,000 1,326,246
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 2.875%, 12/01/2043      1,000,000 755,608
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051      1,000,000 946,801
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 3.95%, 12/01/2042      1,000,000 905,435
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 4.05%, 12/01/2047      1,000,000 891,451
        $5,766,555
State & Local Agencies – 4.7%
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032    $ 25,000 $26,066
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033      25,000 25,999
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034      10,000 10,359
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028)      115,000 124,690
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047      225,000 233,889
Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2029 (Prerefunded 1/01/2023)      500,000 502,249
Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2030 (Prerefunded 1/01/2023)      500,000 502,249
15
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036    $ 500,000 $500,550
Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049      1,500,000 1,544,130
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026      100,000 103,344
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039      210,000 208,927
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042      280,000 244,246
        $4,026,698
Student Loan Revenue – 0.5%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039    $ 10,000 $9,075
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044      110,000 81,905
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041      420,000 359,545
        $450,525
Tax - Other – 3.6%
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043    $ 455,000 $461,488
State of Mississippi, Gaming Tax Rev., “A”, 4%, 10/15/2038      1,000,000 886,003
State of Mississippi, Gaming Tax Rev., “E”, 5%, 10/15/2030      1,305,000 1,349,771
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051      545,000 378,665
        $3,075,927
Tobacco – 0.5%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 70,000 $71,629
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066      1,475,000 128,982
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      300,000 260,169
        $460,780
Toll Roads – 0.5%
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 $112,642
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 86,740
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041      280,000 202,237
        $401,619
Transportation - Special Tax – 1.2%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029    $ 10,000 $9,939
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029      555,000 552,171
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030      25,000 26,164
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032      30,000 31,099
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035      35,000 35,384
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036      35,000 35,317
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037      20,000 20,120
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2040      30,000 26,030
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045      55,000 46,476
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045      60,000 59,340
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050      40,000 39,545
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027      165,000 172,509
        $1,054,094
Universities - Colleges – 12.7%
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051    $ 370,000 $293,222
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 1/01/2028      920,000 1,004,042
Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), “A”, 4%, 8/01/2043      600,000 531,001
Mississippi State University, Educational Building Corp. Rev. (Mississippi State University Refunding and Improvements Project), 5.25%, 8/01/2038 (Prerefunded 8/01/2023)      1,000,000 1,017,289
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 4%, 6/01/2047      1,000,000 864,382
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 5%, 6/01/2047      1,250,000 1,258,317
University of Mississippi Medical Center, Educational Building Corp. Rev., “B”, AAC, 5.5%, 12/01/2023      320,000 324,650
16
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
University of Mississippi, Educational Building Corp. Refunding Rev., “A”, 5%, 10/01/2030    $ 630,000 $691,119
University of Mississippi, Educational Building Corp. Rev. (New Facilities Project), 4.5%, 10/01/2052 (w)     1,000,000 945,788
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), 5%, 9/01/2034      1,480,000 1,543,912
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 3/01/2028      745,000 770,515
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 9/01/2035      1,515,000 1,578,747
        $10,822,984
Utilities - Investor Owned – 0.4%
Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044    $ 500,000 $302,721
Utilities - Municipal Owned – 3.1%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033    $ 315,000 $323,036
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039      75,000 76,617
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      85,000 86,579
Mississippi Development Bank Special Obligation (Municipal Energy Agency Power Supply Project), AGM, 5%, 3/01/2035      500,000 513,395
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     10,000 7,400
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     90,000 66,600
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     150,000 111,000
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     240,000 178,200
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     35,000 25,987
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     20,000 14,800
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     90,000 66,825
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023      15,000 14,923
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024      80,000 78,951
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030      15,000 14,999
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     40,000 29,600
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     40,000 29,700
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     5,000 3,713
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     120,000 89,100
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2024      500,000 523,822
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027      60,000 58,968
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030      105,000 103,677
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      10,000 9,735
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     10,000 7,438
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     15,000 11,137
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     60,000 44,400
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     65,000 48,262
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     20,000 14,850
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     60,000 44,550
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     50,000 37,625
        $2,643,314
Water & Sewer Utility Revenue – 10.0%
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036    $ 30,000 $30,559
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      145,000 146,099
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029      30,000 30,476
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035      30,000 30,313
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      120,000 120,095
Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040      2,000,000 2,050,619
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032      25,000 25,462
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036      30,000 30,438
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035      15,000 15,257
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037      35,000 35,565
Mississippi Development Bank Special Obligation (Diamondhead Water & Sewer District), 4%, 7/01/2037      545,000 493,592
17
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040    $ 750,000 $768,740
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), “A”, AGM, 5%, 9/01/2023      1,220,000 1,221,445
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045      1,305,000 1,149,265
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050      1,500,000 1,299,018
West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028)      1,000,000 1,079,794
        $8,526,737
Total Municipal Bonds (Identified Cost, $91,286,046)   $83,712,063
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 161,000 $137,023
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     295,249 71,776
Total Bonds (Identified Cost, $254,119)   $208,799
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, $109,566)     $189,529 $94,764
Investment Companies (h) – 1.1%
Money Market Funds – 1.1%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $958,053)     958,053 $958,149
Other Assets, Less Liabilities – 0.1%   66,738
Net Assets – 100.0% $85,040,513
See Portfolio Footnotes and Notes to Financial Statements
18
Portfolio of Investments (unaudited) – continued
MFS New York Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 95.0%
Airport Revenue – 2.9%
Albany County, NY, Airport Authority Rev., “A”, 5%, 12/15/2043    $ 1,500,000 $1,506,852
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044      245,000 245,344
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2040      1,500,000 1,234,959
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2028      650,000 657,722
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2029      500,000 505,863
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2035      1,000,000 1,016,605
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2038      1,000,000 1,007,899
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      90,000 90,268
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      15,000 15,218
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      80,000 80,181
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      130,000 129,481
        $6,490,392
General Obligations - General Purpose – 8.4%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 615,000 $539,633
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      36,292 33,357
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      139,873 77,097
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      1,127,390 1,132,437
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      121,050 122,220
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      119,953 122,444
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      118,007 120,697
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      114,620 116,855
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      108,689 95,581
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      184,514 157,729
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      83,850 68,806
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      114,004 88,976
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      354,563 265,390
Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052      2,000,000 1,868,853
Nassau County, NY, General Improvement, “B”, AGM, 5%, 7/01/2035      2,175,000 2,294,916
Nassau County, NY, General Improvement, “B”, AGM, 5%, 7/01/2037      3,000,000 3,147,603
New York, NY, “B-1”, 3%, 10/01/2044      1,825,000 1,337,394
New York, NY, “D-1”, 5%, 12/01/2038      2,000,000 2,073,111
New York, NY, “J”, FGIC, 5.5%, 2/15/2026      5,000 5,010
New York, NY, General Obligation, “B-1”, 5%, 12/01/2041      3,000,000 3,061,453
Poughkeepsie, NY, Dutchess County Public Improvement, 5%, 6/01/2031      635,000 648,893
State of Illinois, General Obligation, 5.5%, 5/01/2039      215,000 218,852
State of Illinois, General Obligation, 5.75%, 5/01/2045      200,000 204,358
State of Illinois, General Obligation, “A”, 5%, 3/01/2030      335,000 343,059
State of Illinois, General Obligation, “A”, 5%, 3/01/2031      490,000 500,605
        $18,645,329
Healthcare Revenue - Hospitals – 10.0%
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2026    $ 450,000 $429,588
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2027      300,000 283,371
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2029      590,000 550,457
Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), 4%, 7/01/2041      1,500,000 1,213,872
Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), “A”, 5%, 7/01/2044 (Prerefunded 7/01/2024)      1,000,000 1,029,387
Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), “A”, 5%, 11/01/2037      2,000,000 2,011,462
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030      1,250,000 1,267,924
Monroe County, NY, Industrial Development Corp. Rev. (Rochester General Hospital Project), 5%, 12/01/2046      2,000,000 1,938,742
Nassau County, NY, Local Economic Assistance Corp. Rev. (Catholic Health Services of Long Island Obligated Group Project), 5%, 7/01/2032      1,000,000 1,013,226
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046      170,000 168,259
New York Dormitory Authority Rev. (HYU Langone Hospitals Obligated Group), “A”, 4%, 7/01/2050      2,000,000 1,691,867
New York Dormitory Authority Rev. (Maimonides Medical Center), FHA, 4%, 8/01/2043      1,000,000 898,916
New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050      1,500,000 1,096,551
19
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052    $ 3,000,000 $2,615,226
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n)     800,000 752,876
Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 4%, 12/01/2037      1,000,000 918,835
Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 4%, 12/01/2038      1,000,000 908,886
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 (Prerefunded 3/01/2024)      1,290,000 1,322,820
University of California Regents, Medical Center Pooled Rev., “P”, 5%, 5/15/2047      2,000,000 2,077,698
Westchester County, NY, Health Care Corp. Rev., “B”, “C-2”, 6%, 11/01/2030      125,000 125,145
        $22,315,108
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 $1,017,918
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 1,649,126
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Orchard Park CCRC, Inc. Project), 5%, 11/15/2037      750,000 754,036
Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Kendal at Ithaca, Inc. Project), “A”, 5%, 7/01/2044      915,000 913,726
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025      165,000 154,091
        $4,488,897
Industrial Revenue - Airlines – 3.3%
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031    $ 1,500,000 $1,310,967
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031      1,000,000 1,000,454
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036      1,000,000 978,460
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2034      1,000,000 967,364
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 1,913,720
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 1,255,516
        $7,426,481
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 $934,060
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)   $ 200,000 $161,017
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)     255,000 166,492
        $327,509
Industrial Revenue - Paper – 0.3%
Build NYC Resource Corp. Solid Waste Disposal Rev. (Pratt Paper, Inc. Project), 4.5%, 1/01/2025 (n)   $ 685,000 $690,057
Miscellaneous Revenue - Other – 3.6%
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023)    $ 205,000 $207,238
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      90,000 92,341
New York City Convention Center Development Corp., Capital Appreciation, “B”, AGM, 0%, 11/15/2043      680,000 217,951
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     1,940,000 1,734,522
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 (n)     1,500,000 1,456,813
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028      3,000,000 3,008,940
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034      750,000 552,682
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036      1,000,000 709,928
        $7,980,415
20
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – 7.2%
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 661,711 $602,512
New York City Housing Development Corp., Multi-Family Housing Rev., “C-1”, 4.25%, 11/01/2052      2,500,000 2,079,971
New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “B”, 3.7%, 11/01/2038      1,450,000 1,264,310
New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “I”, 4%, 11/01/2043      1,015,000 906,539
New York Housing Finance Agency Affordable Housing Rev., “E-1”, 4.125%, 11/01/2047      4,080,000 3,627,768
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048      276,686 267,974
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048      750,000 735,079
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045      2,500,000 1,591,795
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “A-3-A”, 3.8%, 11/01/2039      1,970,000 1,703,666
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “C-1-A”, 3.95%, 11/01/2048      2,610,000 2,143,957
New York, NY, Housing Development Corp., Multi-Family Housing Rev., “F-1”, 2.25%, 11/01/2041      1,535,000 1,013,365
        $15,936,936
Port Revenue – 4.1%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044    $ 2,000,000 $1,363,329
Port Authority of NY & NJ (205th Series), 5%, 11/15/2042      2,000,000 2,071,056
Port Authority of NY & NJ (211th Series), 4%, 9/01/2043      2,000,000 1,833,562
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045      2,000,000 1,719,605
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055      2,485,000 2,055,149
        $9,042,701
Sales & Excise Tax Revenue – 4.6%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029    $ 20,000 $19,969
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      15,000 14,955
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      20,000 19,805
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      185,000 149,279
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031      750,000 738,346
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027      235,000 245,428
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028      210,000 220,666
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036      95,000 97,429
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037      130,000 135,436
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038      55,000 49,251
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039      40,000 35,523
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040      60,000 52,897
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      63,000 55,980
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      200,000 170,812
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      2,186,000 1,929,806
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      376,000 324,779
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      210,000 181,392
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      4,000 3,293
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      90,000 75,698
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      5,000 4,620
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      103,000 82,102
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      17,000 12,223
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      942,000 598,997
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      904,000 508,050
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      5,509,000 1,241,967
Triborough Bridge & Tunnel Authority, NY, Sales Tax Rev. (TBTA Capital Lockbox - City Sales Tax), “A”, 4%, 5/15/2057      3,000,000 2,528,449
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     545,000 469,491
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     255,000 228,340
        $10,194,983
21
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Secondary Schools – 3.5%
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), “A”, 5%, 6/01/2035    $ 1,000,000 $1,009,656
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2025      220,000 216,575
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2029      320,000 305,064
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2036      400,000 347,285
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2042      550,000 524,770
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2056      550,000 493,017
Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043      750,000 735,969
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2031 (n)     350,000 320,202
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2041 (n)     610,000 490,434
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2051 (n)     735,000 542,871
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2056 (n)     530,000 377,395
Build NYC Resource Corp. Rev. (Packer Collegiate Institute Project), 5%, 6/01/2040      675,000 684,042
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2034      450,000 464,404
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2035      500,000 515,568
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2036      645,000 664,521
        $7,691,773
Single Family Housing - State – 1.6%
New York Mortgage Agency Homeowner Mortgage Rev., 3.25%, 10/01/2051    $ 1,000,000 $940,452
New York Mortgage Agency Rev., “212”, AMT, 3.7%, 10/01/2033      335,000 333,106
New York Mortgage Agency Rev., “217”, 3.625%, 4/01/2039      355,000 342,096
New York State Housing Finance Agency Affordable Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027)      2,000,000 1,859,062
        $3,474,716
State & Local Agencies – 5.0%
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037    $ 1,430,000 $1,255,974
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026)      30,000 31,765
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034      10,000 9,208
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035      35,000 31,946
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041      25,000 21,550
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026      265,000 273,862
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039      615,000 611,857
New York Dormitory Authority Rev., State Personal Income Tax Rev., 3%, 3/15/2050      1,225,000 856,062
New York Dormitory Authority Rev., State Personal Income Tax, “A”, 3%, 3/15/2042      2,500,000 1,891,748
New York Dormitory Authority Rev., State Personal Income Tax, “A” (Group C), 5%, 2/15/2037      1,000,000 1,033,296
New York Urban Development Corp., State Personal Income Tax Rev., “C”, 5%, 3/15/2034      2,000,000 2,098,473
New York, NY, Transitional Finance Authority Building Aid Rev., “S-3”, 5%, 7/15/2043      3,000,000 3,105,933
        $11,221,674
Tax - Other – 5.8%
Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “B”, 0%, 1/01/2045    $ 2,000,000 $457,840
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2035      190,000 180,308
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036      100,000 94,416
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046      300,000 273,835
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2/15/2042      2,000,000 2,048,718
New York, NY, City Transitional Finance Authority Rev., “A-3”, 4%, 8/01/2043      3,000,000 2,744,405
New York, NY, City Transitional Finance Authority Rev., “B-1”, 5%, 8/01/2038      1,175,000 1,217,736
New York, NY, City Transitional Finance Authority Rev., “B-1”, 4%, 8/01/2042      2,000,000 1,842,629
New York, NY, City Transitional Finance Authority Rev., “E-1”, 5%, 2/01/2043      2,500,000 2,545,305
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045      1,410,000 1,275,058
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      165,000 138,498
        $12,818,748
Tobacco – 2.2%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 180,000 $184,190
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066      4,195,000 366,833
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      770,000 667,767
22
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tobacco – continued
New York Counties Tobacco Trust II, 5.625%, 6/01/2035    $ 20,000 $20,365
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B-1”, 4%, 6/01/2050      2,000,000 1,694,001
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035      1,000,000 1,016,503
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2036      1,000,000 1,014,683
        $4,964,342
Toll Roads – 2.8%
Buffalo & Fort Erie, NY, Public Bridge Authority Toll System Rev., 5%, 1/01/2042    $ 1,000,000 $1,047,369
Buffalo & Fort Erie, NY, Public Bridge Authority Toll System Rev., 5%, 1/01/2047      1,000,000 1,047,855
New York Thruway Authority General Rev., Junior Indebtedness Obligations, “A”, 5.25%, 1/01/2056      2,000,000 2,024,299
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038      205,000 209,923
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043      170,000 173,480
Triborough Bridge & Tunnel Authority Rev., NY, “A”, 4%, 11/15/2054      2,000,000 1,720,379
        $6,223,305
Transportation - Special Tax – 5.2%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “A”, NPFG, 4.75%, 7/01/2038    $ 395,000 $380,679
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032      275,000 276,801
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029      25,000 24,846
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029      1,255,000 1,248,604
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038      40,000 39,626
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “A-2”, AGM, 5%, 11/15/2044      3,000,000 3,076,430
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “C-1”, 4%, 11/15/2037      1,000,000 881,749
Metropolitan Transportation Authority, NY, Refunding Rev.(Climate Bond Certified), “E”, 5%, 11/15/2033      2,000,000 1,996,743
Metropolitan Transportation Authority, NY, Transportation Rev., “A-2”, FLR, 2.797% (67% of SOFR + 0.8%), 11/01/2032 (Put Date 4/01/2026)      1,500,000 1,418,327
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030      70,000 73,259
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032      75,000 77,747
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035      90,000 90,986
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036      95,000 95,861
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037      45,000 45,271
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2040      80,000 69,413
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045      140,000 118,303
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045      155,000 153,295
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050      105,000 103,806
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039      185,000 184,037
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044      185,000 183,063
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046      1,000,000 784,941
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053      435,000 329,348
        $11,653,135
Universities - Colleges – 11.5%
Albany, NY, Capital Resource Corp. Rev. (Albany College of Pharmacy Project), “A”, 5%, 12/01/2033    $ 125,000 $126,087
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)     1,080,000 1,089,743
Build NYC Resource Corp. Rev. (Manhattan College Project), 5%, 8/01/2047      2,000,000 1,992,196
Dobbs Ferry, NY, Local Development Corp. (Mercy College Project), 5%, 7/01/2039      1,000,000 1,011,142
Dutchess County, NY, Local Development Corp. Rev. (Vassar College Project), 5%, 7/01/2042      1,500,000 1,531,002
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2047      2,000,000 2,034,686
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), “A”, 3%, 7/01/2051      3,000,000 2,052,202
Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2036      675,000 675,466
Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2038      480,000 476,524
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), “B”, 5.25%, 4/01/2029      1,325,000 1,417,256
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 5%, 7/01/2030      1,000,000 1,038,594
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 5%, 7/01/2037      1,000,000 1,055,547
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 4%, 7/01/2050      2,000,000 1,736,610
New York Dormitory Authority Rev. (New York University), “A”, 4%, 7/01/2041      1,500,000 1,361,163
New York Dormitory Authority Rev. (Teachers College), 4%, 7/01/2040      785,000 695,793
23
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
New York Dormitory Authority Rev. (Teachers College), 5%, 7/01/2041    $ 800,000 $838,333
New York Dormitory Authority Rev., Non-State Supported Debt, “A”, 5%, 7/01/2039      2,000,000 2,099,558
Oneida County, NY, Local Development Corp. Rev. (Hamilton College Project), 5%, 7/01/2051      750,000 787,106
Schenectady County, NY, Capital Resource Corp. Tax-Exempt Rev. (Union College Project), 5%, 1/01/2047      2,000,000 2,007,639
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2038      100,000 100,735
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2039      200,000 201,062
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2040      150,000 150,452
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2041      100,000 100,104
Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Ithaca College Project), “A”, 5%, 7/01/2041      1,000,000 1,022,828
        $25,601,828
Universities - Dormitories – 1.5%
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 $1,037,434
Onondaga County, NY, Trust for Cultural Resources Rev. (Abby Lane Housing Corp. Project), 5%, 5/01/2040      1,000,000 996,487
Westchester County, NY, Local Development Corp. Rev. (Purchase Housing Corp. II Project), 5%, 6/01/2042      1,250,000 1,223,880
        $3,257,801
Utilities - Municipal Owned – 1.7%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039    $ 155,000 $158,341
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      180,000 183,345
Long Island, NY, Power Authority, Electric System General Rev., 5%, 9/01/2035      1,000,000 1,043,138
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     25,000 18,500
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     265,000 196,100
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     430,000 318,200
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     675,000 501,187
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     100,000 74,250
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     50,000 37,000
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     25,000 18,563
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     250,000 185,625
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     115,000 85,100
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     110,000 81,675
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     20,000 14,850
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     345,000 256,162
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      30,000 29,204
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     20,000 14,875
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     50,000 37,125
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     170,000 125,800
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     180,000 133,650
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     55,000 40,838
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     170,000 126,225
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     140,000 105,350
        $3,785,103
Utilities - Other – 0.6%
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038    $ 1,085,000 $1,236,717
Water & Sewer Utility Revenue – 6.7%
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036    $ 215,000 $219,055
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037      270,000 274,762
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040      750,000 760,457
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      345,000 345,272
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040      100,000 102,499
New York Environmental Facilities Corp., Clean Water & Drinking Water Rev. (New York City Municipal Water Finance Authority Project), “B”, 5%, 6/15/2043      3,500,000 3,692,550
New York Water Authority of Great Neck North, Water System Rev., 3%, 11/01/2044      1,340,000 996,429
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., 4%, 6/15/2041      3,000,000 2,788,312
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “BB”, 5%, 6/15/2046      1,000,000 1,024,119
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “DD”, 5%, 6/15/2034      2,000,000 2,018,575
24
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
New York, NY, Municipal Water Finance Authority, Water & Sewer System Second General Resolution Rev., “CC-1”, 5%, 6/15/2052    $ 2,500,000 $2,592,417
        $14,814,447
Total Municipal Bonds (Identified Cost, $233,736,711)   $211,216,457
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 415,000 $353,195
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     984,165 239,254
Total Bonds (Identified Cost, $733,583)   $592,449
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, $313,731)     $542,700 $271,350
Investment Companies (h) – 3.4%
Money Market Funds – 3.4%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $7,504,108)     7,504,188 $7,504,939
Other Assets, Less Liabilities – 1.2%   2,628,985
Net Assets – 100.0% $222,214,180
See Portfolio Footnotes and Notes to Financial Statements
25
Portfolio of Investments (unaudited) – continued
MFS North Carolina Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 95.2%
Airport Revenue – 6.6%
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2032    $ 1,245,000 $1,269,863
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2039      1,000,000 1,041,418
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 4%, 7/01/2052      5,000,000 4,381,317
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2038      1,155,000 1,050,492
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2038      1,500,000 1,364,276
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2039      1,700,000 1,532,814
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2040      2,000,000 1,786,605
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2041      1,500,000 1,328,059
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2042      1,000,000 1,002,041
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2047      2,000,000 1,997,819
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2049      2,500,000 2,496,797
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044      440,000 440,619
Greater Asheville Regional Airport Authority Rev., “A”, AGM, 5.5%, 7/01/2052      1,500,000 1,542,730
Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2034      1,150,000 1,181,861
Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2035      1,000,000 1,021,935
Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2036      1,000,000 1,019,040
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2036      2,000,000 2,024,551
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2037      2,000,000 2,022,702
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046      1,445,000 1,444,106
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      175,000 175,522
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      195,000 197,834
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      150,000 150,340
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      240,000 239,041
        $30,711,782
General Obligations - General Purpose – 9.0%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 1,030,000 $903,775
Charlotte, NC, General Obligation Refunding, “A”, 5%, 6/01/2031      2,185,000 2,458,301
Charlotte, NC, General Obligation Refunding, “A”, 4%, 6/01/2033      1,760,000 1,791,129
Charlotte, NC, General Obligation, “A”, 5%, 6/01/2026      8,000,000 8,511,514
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      235,000 237,201
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040      85,000 85,223
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      665,000 666,743
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      62,012 56,997
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      239,000 131,735
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      2,269,188 2,279,347
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      206,837 208,837
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      204,963 209,219
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      201,638 206,234
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      554,850 565,671
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      185,717 163,320
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      344,225 294,255
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      143,274 117,568
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      194,798 152,032
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      680,587 509,420
Durham County, NC, General Obligation Refunding, 4%, 6/01/2036      500,000 495,836
Durham County, NC, General Obligation Refunding, 4%, 6/01/2037      450,000 436,827
Durham County, NC, General Obligation Refunding, 4%, 6/01/2039      650,000 617,392
Forsyth, NC, General Obligation, “A”, 5%, 4/01/2033      2,500,000 2,754,627
Forsyth, NC, General Obligation, “A”, 4%, 4/01/2034      5,100,000 5,133,593
Gaston County, NC, Rev., 5%, 4/01/2033      675,000 728,567
Gaston County, NC, Rev., 5%, 4/01/2035      610,000 654,657
Granville County, NC, 5%, 10/01/2034      675,000 718,558
Granville County, NC, 5%, 10/01/2035      690,000 733,454
Howard County, MD, Metropolitan District Project, “B”, 3%, 8/15/2051      4,000,000 2,864,421
Lee County, NC, Limited Obligation, 3.25%, 5/01/2035      1,000,000 878,815
Lee County, NC, Limited Obligation, 4%, 5/01/2036      500,000 475,079
Lee County, NC, Limited Obligation, 4%, 5/01/2037      855,000 801,750
26
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - General Purpose – continued
North Carolina Public Improvement General Obligation (Connect NC), “B”, 5%, 6/01/2030    $ 1,625,000 $1,795,968
Randolph County, NC, 4%, 10/01/2037      1,045,000 978,903
State of Illinois, General Obligation, 5.5%, 5/01/2039      375,000 381,718
State of Illinois, General Obligation, 5.75%, 5/01/2045      350,000 357,626
State of Illinois, General Obligation, “A”, 5%, 3/01/2030      645,000 660,517
State of Illinois, General Obligation, “A”, 5%, 3/01/2031      935,000 955,235
        $41,972,064
General Obligations - Schools – 0.4%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047    $ 1,510,000 $1,188,498
Iredell County, NC, General Obligation School, 4%, 12/01/2032      680,000 699,665
        $1,888,163
Healthcare Revenue - Hospitals – 11.0%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044    $ 555,000 $478,784
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Atrium Health), “D”, 5%, 1/15/2049 (Put Date 12/01/2031)      3,910,000 4,149,253
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2036      3,000,000 3,107,471
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2040      3,000,000 3,039,858
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044      255,000 211,553
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      2,480,000 2,147,900
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036 (Prerefunded 10/01/2027)      1,500,000 1,615,412
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047 (Prerefunded 10/01/2027)      2,425,000 2,611,582
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046      320,000 316,723
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052      4,685,000 4,084,111
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052      5,000,000 4,253,189
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2032      600,000 622,054
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2033      255,000 263,366
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049      5,000,000 4,221,179
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2031 (Prerefunded 6/01/2025)      2,800,000 2,922,423
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2033 (Prerefunded 6/01/2025)      3,000,000 3,131,167
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045      2,500,000 2,485,860
North Carolina Medical Care Commission, Health Care Facilities Rev. (Wake Forest Baptist Obligated Group), “A”, 5%, 12/01/2033      1,000,000 1,032,582
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043      1,580,000 1,367,692
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027      150,000 154,232
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2035      1,515,000 1,487,438
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2038      1,065,000 1,030,092
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046      6,500,000 6,495,879
        $51,229,800
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 $2,814,936
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036      1,000,000 825,597
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042      2,000,000 1,522,130
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035      1,500,000 1,460,864
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2031      1,000,000 1,012,250
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2036      800,000 803,440
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050      2,000,000 1,879,694
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), “A”, 4%, 1/01/2052      3,000,000 2,327,391
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045      1,000,000 863,360
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), “A”, 5%, 7/01/2047      1,000,000 852,442
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), “B”, 5%, 4/01/2047      2,000,000 1,697,438
27
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2033    $ 180,000 $166,718
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2034      185,000 169,949
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2041      830,000 709,200
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2046      715,000 586,447
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2051      1,100,000 875,888
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Friends Homes, Inc.), “A”, 4%, 9/01/2040      2,000,000 1,642,987
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), “A”, 5%, 1/01/2039      1,225,000 1,081,462
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), “A”, 5%, 10/01/2050      1,500,000 1,363,702
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037      1,500,000 1,432,562
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2049      2,000,000 1,801,269
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031      800,000 772,468
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037      2,200,000 2,046,150
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 1,546,651
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 1,616,568
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2035      1,000,000 1,005,380
        $32,876,943
Human Services – 0.2%
North Carolina Capital Facilities Finance Agency Rev. (Arc of North Carolina Projects), “A”, 5%, 10/01/2034    $ 1,000,000 $1,016,764
Industrial Revenue - Other – 0.2%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)   $ 600,000 $483,051
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)     510,000 332,983
        $816,034
Miscellaneous Revenue - Other – 0.6%
Durham County, NC, Industrial Facilities & Pollution Control Financing Authority Rev. (Research Triangle Institute), 5%, 2/01/2025    $ 1,000,000 $1,035,843
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023)      420,000 424,585
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      190,000 194,942
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     1,130,000 1,010,315
        $2,665,685
Multi-Family Housing Revenue – 0.3%
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 1,330,048 $1,211,058
Sales & Excise Tax Revenue – 2.7%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029    $ 35,000 $34,945
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      25,000 24,925
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      35,000 34,659
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      350,000 282,420
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031      1,295,000 1,274,877
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027      400,000 417,749
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028      375,000 394,047
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036      165,000 169,218
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037      220,000 229,199
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038      100,000 89,548
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039      65,000 57,725
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040      105,000 92,570
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      105,000 93,300
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      336,000 286,965
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      3,212,000 2,835,561
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      635,000 548,496
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      348,000 300,593
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      9,000 7,410
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      154,000 129,528
28
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024    $ 11,000 $10,163
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      174,000 138,697
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      31,000 22,289
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      1,584,000 1,007,230
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      1,515,000 851,434
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      9,954,000 2,244,062
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     880,000 758,077
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     485,000 434,294
        $12,769,981
Secondary Schools – 0.1%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n)   $ 430,000 $388,082
Single Family Housing - State – 3.1%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047    $ 930,000 $922,525
North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 3%, 7/01/2051      2,605,000 2,475,513
North Carolina Housing Finance Agency, Home Ownership Rev., “41”, FNMA, 3.55%, 7/01/2044      1,370,000 1,125,895
North Carolina Housing Finance Agency, Home Ownership Rev., “43”, GNMA, 2.95%, 7/01/2043      2,925,000 2,167,878
North Carolina Housing Finance Agency, Home Ownership Rev., “44”, 4%, 7/01/2050      4,260,000 4,195,274
North Carolina Housing Finance Agency, Home Ownership Rev., “48”, 3.75%, 7/01/2052      3,500,000 3,384,364
        $14,271,449
State & Local Agencies – 14.5%
Buncombe County, NC, Limited Obligation, 4%, 6/01/2034    $ 1,700,000 $1,706,992
Buncombe County, NC, Limited Obligation, 4%, 6/01/2035      1,465,000 1,442,777
Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2027      125,000 134,323
Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2028      200,000 217,714
Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2029      275,000 303,033
Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2030      250,000 278,178
Cabarrus County, NC, Limited Obligation, 4%, 6/01/2034      1,000,000 1,003,444
Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2037      1,320,000 1,260,809
Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2049      2,500,000 2,218,108
Charlotte, NC, COP, 5%, 12/01/2034      1,000,000 1,074,336
Charlotte, NC, COP, 5%, 12/01/2035      2,000,000 2,142,134
Charlotte, NC, COP, 3%, 6/01/2048      4,425,000 3,161,572
Charlotte, NC, Cultural Arts Facilities, COP, “B”, 4%, 6/01/2039      1,250,000 1,186,381
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 4%, 6/01/2038      4,500,000 4,263,036
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 3%, 6/01/2039      3,000,000 2,391,597
Charlotte, NC, Refunding COP (Transit Projects Phase II), “B”, 5%, 6/01/2026      1,250,000 1,304,409
Charlotte, NC, Refunding COP (Transit Projects), “A”, 5%, 6/01/2029      1,250,000 1,377,423
Charlotte, NC, Refunding COP (Transit Projects), “A”, 5%, 6/01/2030      700,000 777,398
Chatham County, NC, Limited Obligation, 4%, 11/01/2037      1,750,000 1,684,562
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032      115,000 119,902
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033      100,000 103,995
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034      45,000 46,616
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037      2,310,000 2,028,882
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034      2,000,000 2,006,762
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035      1,240,000 1,219,719
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2036      1,375,000 1,347,908
Durham County, NC, Limited Obligation, 4%, 4/01/2035      1,270,000 1,251,553
Durham County, NC, Limited Obligation, 4%, 4/01/2037      3,000,000 2,913,029
Johnston County, NC, Finance Corp. Limited Obligation, “A”, 5%, 4/01/2033      550,000 599,513
Johnston County, NC, Finance Corp. Limited Obligation, “A”, 4%, 4/01/2034      500,000 493,286
Johnston County, NC, Finance Corp. Limited Obligation, “A”, 4%, 4/01/2036      800,000 779,954
Johnston County, NC, Finance Corp. Limited Obligation, “A”, 4%, 4/01/2037      500,000 477,753
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028)      520,000 563,815
29
Portfolio of Investments (unaudited) – 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    $ 1,010,000 $1,049,901
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2026      300,000 308,347
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2027      350,000 360,949
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2028      300,000 310,089
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2029      280,000 288,509
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2030      200,000 205,126
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2031      140,000 142,314
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2032      125,000 126,582
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2033      150,000 151,226
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2034      130,000 128,220
Mooresville, NC, Limited Obligation, “A”, 3%, 10/01/2036      350,000 290,568
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026      465,000 480,550
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039      1,030,000 1,024,737
North Carolina Turnpike Authority Refunding Rev., (Monroe Expressway System), 5%, 7/01/2038      1,250,000 1,350,318
North Carolina Turnpike Authority Refunding Rev., (Monroe Expressway System), 5%, 7/01/2041      1,795,000 1,921,467
North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2031      835,000 935,869
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Refunding Rev., “A”, 4%, 1/01/2034      2,555,000 2,567,604
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2043      3,500,000 1,242,533
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033      2,530,000 2,600,193
Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2031      245,000 271,356
Scotland County, NC, Limited Obligation, 5%, 12/01/2033      210,000 221,477
Scotland County, NC, Limited Obligation, 5%, 12/01/2034      1,000,000 1,049,004
State of North Carolina, Limited Obligation, “A”, 5%, 5/01/2033      2,500,000 2,780,684
State of North Carolina, Limited Obligation, “A”, 5%, 5/01/2034      2,500,000 2,761,506
Wake County, NC, Limited Obligation, “A”, 4%, 8/01/2037      3,000,000 2,911,455
        $67,361,497
Student Loan Revenue – 1.2%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041    $ 2,305,000 $1,973,219
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2027      550,000 573,844
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2028      1,000,000 1,047,466
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2029      700,000 735,831
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 3.125%, 6/01/2039      1,430,000 1,251,348
        $5,581,708
Tax - Other – 0.6%
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045    $ 2,910,000 $2,631,502
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      305,000 256,011
        $2,887,513
Tax Assessment – 0.2%
Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040 (n)   $ 1,000,000 $888,839
Tobacco – 0.5%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 325,000 $332,565
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066      7,215,000 630,918
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      1,605,000 1,391,903
        $2,355,386
Toll Roads – 5.8%
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047    $ 2,000,000 $1,897,289
North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2029      1,230,000 1,356,711
North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2030      2,215,000 2,466,339
North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2032      1,500,000 1,668,034
North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040      2,000,000 1,973,229
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031      500,000 522,168
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038      3,000,000 3,110,937
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036      1,975,000 2,057,528
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 2/01/2024      6,000,000 6,115,692
30
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Toll Roads – continued
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032    $ 1,150,000 $1,164,253
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039      2,600,000 2,671,237
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038      435,000 445,447
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043      350,000 357,164
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041      1,505,000 1,087,025
        $26,893,053
Transportation - Special Tax – 3.3%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032    $ 435,000 $437,849
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029      65,000 64,601
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031      1,640,000 1,600,374
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045      290,000 286,810
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039      260,000 258,647
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044      260,000 257,278
North Carolina Department of State Treasurer, Grant Anticipation Rev., 5%, 3/01/2033      1,000,000 1,096,056
North Carolina Department of State Treasurer, Grant Anticipation Rev., 4%, 3/01/2034      2,000,000 1,922,408
North Carolina Department of State Treasurer, Grant Anticipation Rev., 4%, 3/01/2035      2,000,000 1,907,890
North Carolina Grant Anticipation Rev., 5%, 3/01/2027      7,000,000 7,473,407
        $15,305,320
Universities - Colleges – 17.9%
Appalachian State University Rev., 4%, 10/01/2048    $ 1,415,000 $1,246,970
Appalachian State University, Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044      3,000,000 3,119,665
Elizabeth City, NC, State University General Rev., AGM, 5%, 4/01/2040      3,155,000 3,241,674
North Carolina Agricultural & Technical University Rev., “A”, 5%, 10/01/2035      3,075,000 3,167,573
North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 4%, 10/01/2039      3,265,000 3,096,731
North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 5%, 10/01/2044      4,955,000 5,122,995
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (Campbell University), “A”, 5%, 10/01/2026      850,000 878,186
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (Campbell University), “A”, 5%, 10/01/2027      400,000 415,647
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 4%, 5/01/2023      265,000 266,022
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 4%, 5/01/2024      190,000 191,316
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 5%, 5/01/2025      255,000 263,785
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 5%, 5/01/2026      275,000 287,201
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 5%, 5/01/2027      400,000 421,018
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034      1,370,000 1,283,735
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 4%, 1/01/2048      3,000,000 2,629,738
North Carolina Central University Rev., 5%, 4/01/2044      3,265,000 3,270,434
North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2029 (Prerefunded 10/01/2023)      5,000,000 5,085,998
North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2033      500,000 545,264
North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2034      1,000,000 1,081,929
North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2035      1,180,000 1,270,429
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031      115,000 115,092
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042      140,000 140,278
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      735,000 737,757
University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2030      750,000 835,431
University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2031      1,000,000 1,120,123
University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2032      1,000,000 1,114,501
University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2033      750,000 831,923
University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2034      1,125,000 1,244,979
University of North Carolina Board of Governors Rev., 4%, 4/01/2049      5,000,000 4,106,277
University of North Carolina, Ashville, Rev., 4%, 6/01/2039      1,450,000 1,377,932
University of North Carolina, Charlotte, Rev., 5%, 4/01/2043 (Prerefunded 4/01/2024)      1,715,000 1,761,134
University of North Carolina, Charlotte, Rev., “A”, 5%, 10/01/2038      1,110,000 1,166,982
University of North Carolina, Charlotte, Rev., “A”, 4%, 10/01/2040      6,310,000 5,784,328
University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036      1,750,000 1,705,629
31
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
University of North Carolina, Greensboro, Rev., 4%, 4/01/2034    $ 1,000,000 $996,253
University of North Carolina, Greensboro, Rev., 4%, 4/01/2035      1,000,000 984,603
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039      2,000,000 2,042,066
University of North Carolina, School of Art General Rev., 4%, 2/01/2040      1,000,000 870,239
University of North Carolina, School of Art General Rev., 4%, 2/01/2045      2,825,000 2,360,462
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 5%, 6/01/2028      3,045,000 3,165,985
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2032      500,000 492,262
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2033      400,000 384,520
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2034      500,000 468,566
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)     195,000 194,983
Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043      3,700,000 3,823,244
Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2032      2,420,000 2,590,416
Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2033      500,000 533,179
Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2034      1,300,000 1,381,009
Winston-Salem State University, NC, General Rev., AGM, 5%, 10/01/2042      2,470,000 2,583,107
Winston-Salem State University, NC, Student Housing Project Rev., 5%, 6/01/2029      1,550,000 1,556,502
        $83,356,072
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 $3,015,305
Utilities - Municipal Owned – 1.1%
Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044    $ 300,000 $317,020
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     40,000 29,600
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     440,000 325,600
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     720,000 532,800
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     1,125,000 835,312
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     175,000 129,938
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     85,000 62,900
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     40,000 29,700
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     415,000 308,138
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     195,000 144,300
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     190,000 141,075
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     35,000 25,988
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     585,000 434,362
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029      340,000 336,743
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030      420,000 414,708
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      50,000 48,673
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     35,000 26,031
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     80,000 59,400
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     265,000 196,100
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     305,000 226,463
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     95,000 70,538
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     300,000 222,750
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     240,000 180,600
        $5,098,739
Utilities - Other – 0.3%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026    $ 1,290,000 $1,321,499
Water & Sewer Utility Revenue – 8.0%
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 6/01/2040 (Prerefunded 6/01/2024)    $ 1,250,000 $1,285,084
Charlotte, NC, Water & Sewer System Refunding Rev., 5%, 7/01/2030      2,000,000 2,238,530
Charlotte, NC, Water & Sewer System Refunding Rev., 5%, 7/01/2033      1,750,000 1,931,110
Charlotte, NC, Water & Sewer Systems Rev., 4%, 7/01/2047      4,000,000 3,635,334
Durham, NC, Utility System Refunding Rev., 5%, 8/01/2033      2,625,000 2,917,575
Durham, NC, Utility System Refunding Rev., 4%, 8/01/2034      1,675,000 1,684,000
Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2047      1,000,000 1,095,314
32
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2048    $ 3,990,000 $4,366,184
Greensboro, NC, Enterprise System Rev., “A”, 4%, 6/01/2047      2,000,000 1,808,692
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036      220,000 224,101
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036      380,000 387,166
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037      480,000 488,465
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040      1,325,000 1,343,475
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      1,000,000 1,007,583
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      605,000 605,477
Lincoln County, NC, Enterprise System Rev., 3%, 8/01/2034      175,000 150,205
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 96,757
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      115,000 116,681
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 61,029
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      140,000 142,258
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2025      2,010,000 2,092,154
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2028      500,000 531,476
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2029      1,400,000 1,455,242
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2031      1,600,000 1,657,668
Raleigh, NC, Combined Enterprise Systems Rev., “A”, 5%, 3/01/2029 (Prerefunded 3/01/2023)      3,145,000 3,169,313
Union County, NC, Enterprise System Rev., 3%, 6/01/2046      2,500,000 1,819,515
Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2034      700,000 702,411
Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2035      500,000 500,931
        $37,513,730
Total Municipal Bonds (Identified Cost, $490,195,005)   $443,396,466
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 786,000 $668,944
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     1,673,079 406,731
Total Bonds (Identified Cost, $1,322,017)   $1,075,675
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, $536,069)     $927,305 $463,652
Investment Companies (h) – 2.2%
Money Market Funds – 2.2%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $10,285,152)     10,285,234 $10,286,262
Other Assets, Less Liabilities – 2.3%   10,587,076
Net Assets – 100.0% $465,809,131
See Portfolio Footnotes and Notes to Financial Statements
33
Portfolio of Investments (unaudited) – continued
MFS Pennsylvania Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 93.1%
Airport Revenue – 3.0%
Allegheny County, PA, Airport Authority Rev., “A”, 5%, 1/01/2036    $ 2,000,000 $2,033,620
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030      215,000 220,953
Philadelphia, PA, Airport Refunding Rev., 5%, 7/01/2029      1,590,000 1,659,802
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034      750,000 755,856
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      55,000 55,164
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      65,000 65,945
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      45,000 45,102
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      80,000 79,680
        $4,916,122
General Obligations - General Purpose – 8.0%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 350,000 $307,108
Bucks County, PA, Northampton Township, General Obligation, 4%, 5/15/2043      1,000,000 911,682
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025      220,000 223,858
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027      70,000 71,311
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      20,403 18,753
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      78,634 43,343
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      33,950 34,102
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      68,052 68,710
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      67,435 68,835
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      66,341 67,853
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      245,437 250,224
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      61,103 53,734
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      116,918 99,945
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      47,139 38,681
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      64,091 50,020
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      234,653 175,638
Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2031      1,205,000 1,228,002
Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2034      955,000 956,219
Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2035      500,000 494,073
Lower Paxton Township, PA, General Obligation, 4%, 4/01/2028      215,000 221,123
Lower Paxton Township, PA, General Obligation, 4%, 4/01/2029      200,000 205,902
Lower Paxton Township, PA, General Obligation, 4%, 4/01/2031      150,000 152,780
Penn Hills, PA, Capital Appreciation, “D”, 0%, 12/01/2032      595,000 378,399
Pennsylvania General Obligation, AGM, 5%, 9/15/2026      425,000 453,957
Pennsylvania General Obligation Refunding, 5%, 1/15/2023      1,415,000 1,422,460
Philadelphia, PA, “B”, 5%, 2/01/2035      1,000,000 1,046,658
Philadelphia, PA, General Obligation, “A”, 5%, 5/01/2034      1,000,000 1,060,570
Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2030      1,000,000 1,077,189
Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2031      1,000,000 1,073,822
State of Illinois, General Obligation, 5.5%, 5/01/2039      125,000 127,239
State of Illinois, General Obligation, 5.75%, 5/01/2045      115,000 117,506
State of Illinois, General Obligation, “A”, 5%, 3/01/2030      220,000 225,293
State of Illinois, General Obligation, “A”, 5%, 3/01/2031      320,000 326,925
        $13,051,914
General Obligations - Schools – 9.7%
Allegheny County, PA, Pine-Richland School District, General Obligation, “B”, 4%, 3/01/2036    $ 400,000 $380,216
Allegheny County, PA, Pine-Richland School District, General Obligation, “B”, 4%, 3/01/2037      600,000 560,392
Beaver County, PA, Aliquippa School District, General Obligation, BAM, 4%, 12/01/2041      1,000,000 932,566
Berks County, PA, Reading School District, AGM, 5%, 3/01/2038      1,000,000 1,038,924
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 11/01/2031      1,150,000 780,746
Erie, PA, City School District General Obligation, “A”, AGM, 4%, 4/01/2033      1,150,000 1,161,937
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054      765,000 675,351
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059      1,500,000 1,564,090
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046      545,000 473,356
Montgomery County, PA, Colonia School District, 4%, 2/15/2044      580,000 527,593
Montgomery County, PA, Springfield Township School District, General Obligation, 4%, 11/15/2037      1,500,000 1,404,627
34
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Pequea Valley, PA, School District Lancaster Country General Obligation, 4%, 5/15/2027    $ 125,000 $127,958
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 (Prerefunded 9/01/2026)      5,000 5,319
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038      1,495,000 1,521,478
Philadelphia, PA, School District, “A”, 5%, 9/01/2044      1,500,000 1,523,602
Scranton, PA, School District General Obligation, 4%, 12/01/2040      1,500,000 1,364,547
Scranton, PA, School District, “E”, BAM, 5%, 12/01/2034      1,000,000 1,053,730
Upper St. Clair Township, PA, School District General Obligation, “B”, 3.625%, 10/01/2039      1,000,000 856,802
        $15,953,234
Healthcare Revenue - Hospitals – 15.8%
Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), “B”, 5%, 10/15/2029    $ 1,000,000 $1,048,988
Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038      1,000,000 1,024,648
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 4%, 11/01/2038      500,000 320,505
Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), “A”, 5%, 11/01/2040      1,600,000 1,138,087
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044      1,000,000 851,587
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 (Prerefunded 12/01/2028)      665,000 729,954
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048      335,000 334,986
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 5%, 11/15/2041 (Prerefunded 11/15/2025)      850,000 894,330
Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), “A”, 5%, 10/01/2052      1,750,000 1,768,167
Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049      1,000,000 828,241
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2039      500,000 493,538
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2040      1,000,000 986,358
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043      1,000,000 984,401
Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040      500,000 472,124
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      900,000 779,480
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030      735,000 745,539
Lancaster County, PA, Hospital Authority Rev. (University of Pennsylvania Health System), “A”, 5%, 8/15/2036      1,000,000 1,029,845
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2039      1,000,000 899,770
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, 4%, 5/01/2042      2,000,000 1,758,537
Montour County, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2039      1,000,000 906,902
Montour County, PA, Geisinger Authority Health System Rev., “A-1”, 5%, 2/15/2045      1,000,000 998,382
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's Hospital), “A”, 5%, 8/15/2048      500,000 490,049
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2036      1,000,000 1,012,352
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042      1,000,000 993,802
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), “A”, 5%, 7/01/2034      500,000 506,653
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 (Prerefunded 3/01/2024)      810,000 830,608
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044      1,000,000 881,996
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), “A”, 5%, 6/01/2044 (Prerefunded 6/01/2024)      1,000,000 1,028,884
Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), “A”, 4%, 7/01/2037      1,400,000 1,182,840
        $25,921,553
Healthcare Revenue - Long Term Care – 3.5%
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045    $ 500,000 $443,093
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2039      905,000 907,335
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, ETM, 5%, 1/01/2039 (Prerefunded 1/01/2029)      95,000 103,267
East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039      750,000 761,875
Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), “A”, 5%, 7/01/2045      500,000 460,436
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2035      500,000 501,942
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036      260,000 261,491
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037      250,000 251,210
Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037      500,000 461,683
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040      500,000 435,665
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045      500,000 421,440
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050      400,000 373,205
35
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049    $ 500,000 $405,132
        $5,787,774
Industrial Revenue - Environmental Services – 0.1%
Blythe Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027)    $ 225,000 $258,781
Industrial Revenue - Other – 0.7%
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031    $ 1,000,000 $1,092,305
Miscellaneous Revenue - Other – 0.8%
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023)    $ 145,000 $146,583
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      65,000 66,691
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     395,000 353,163
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034      750,000 747,016
        $1,313,453
Multi-Family Housing Revenue – 1.6%
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 467,769 $425,921
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons Apartments), FNMA, 3.6%, 8/01/2035      950,697 877,390
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2058      1,250,000 1,252,531
        $2,555,842
Port Revenue – 0.1%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044    $ 300,000 $204,499
Sales & Excise Tax Revenue – 3.0%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029    $ 10,000 $9,984
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      10,000 9,970
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      10,000 9,903
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      120,000 96,830
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027      130,000 135,769
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028      125,000 131,349
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2032      805,000 858,773
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2033      1,045,000 1,118,341
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036      55,000 56,406
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037      70,000 72,927
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038      55,000 49,251
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040      35,000 30,857
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      35,000 31,100
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      124,000 105,904
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      188,000 165,967
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      243,000 209,897
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      116,000 100,198
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      1,000 823
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      69,000 58,035
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      5,000 4,620
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      55,000 43,841
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      9,000 6,471
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      524,000 333,200
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      509,000 286,059
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      2,990,000 674,075
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     195,000 167,983
36
Portfolio of Investments (unaudited) – 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 (a)(d)(n)   $ 205,000 $183,567
        $4,952,100
Secondary Schools – 1.9%
Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), “A”, 5.125%, 3/15/2046    $ 500,000 $489,360
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2047      500,000 462,424
Philadelphia, PA, Authority for Industrial Development Rev. (A String Theory Charter School Project), 5%, 6/15/2040 (n)     900,000 823,709
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051      500,000 501,810
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050      500,000 457,491
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043      400,000 407,167
        $3,141,961
Single Family Housing - State – 4.2%
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 3.65%, 10/01/2032    $ 1,000,000 $939,524
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051      1,885,000 1,810,156
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “A”, 4%, 4/01/2039      260,000 258,266
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2023      510,000 513,575
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2023      760,000 769,654
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2024      850,000 864,040
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2024      845,000 863,197
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2025      500,000 512,642
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2025      300,000 308,519
        $6,839,573
State & Local Agencies – 4.5%
Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043    $ 655,000 $598,538
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034      1,000,000 1,035,918
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037      745,000 654,336
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034      5,000 4,604
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035      25,000 22,819
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041      15,000 12,930
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026      155,000 160,183
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039      340,000 338,263
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033      1,255,000 1,289,819
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037      250,000 257,083
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038      1,000,000 1,026,530
Philadelphia, PA, Redevelopment Authority City Agreement Rev., “A”, 5%, 4/15/2028      1,000,000 1,038,091
Philadelphia, PA, Redevelopment Authority Refunding Rev. (Neighborhood Transformation Initiative), BAM, 5%, 4/15/2024      1,000,000 1,006,980
        $7,446,094
Student Loan Revenue – 2.5%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041    $ 820,000 $701,969
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029      325,000 338,369
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2030      400,000 414,374
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042      1,005,000 763,077
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., Tax-Exempt, “A”, 4.5%, 6/01/2043      2,005,000 1,847,005
        $4,064,794
Tax - Other – 1.9%
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042    $ 1,000,000 $999,999
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n)     300,000 279,771
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n)     500,000 459,341
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2035      115,000 109,134
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036      60,000 56,650
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046      185,000 168,865
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045      1,035,000 935,947
37
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax - Other – continued
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050    $ 105,000 $88,135
        $3,097,842
Tax Assessment – 0.3%
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035    $ 500,000 $477,713
Tobacco – 0.5%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 110,000 $112,560
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066      2,365,000 206,808
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      565,000 489,985
        $809,353
Toll Roads – 2.3%
Delaware River Port Authority Rev., 5%, 1/01/2029 (Prerefunded 1/01/2024)    $ 1,145,000 $1,171,082
Pennsylvania Turnpike Commission Rev., “B”, 5%, 12/01/2046      1,000,000 1,022,925
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049      1,500,000 1,329,709
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038      140,000 143,362
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043      110,000 112,251
        $3,779,329
Transportation - Special Tax – 1.1%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 7/01/2026    $ 130,000 $130,049
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032      270,000 271,768
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029      755,000 751,152
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030      75,000 73,382
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038      20,000 19,813
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045      100,000 98,900
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027      215,000 224,785
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039      85,000 84,558
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044      85,000 84,110
        $1,738,517
Universities - Colleges – 14.3%
Adams County, PA, General Obligation (Gettysburg College), 5%, 8/15/2033    $ 2,100,000 $2,186,887
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 5%, 3/01/2032 (Prerefunded 3/01/2025)      500,000 519,941
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 4%, 3/01/2041      2,000,000 1,748,637
Clemson University, SC, Athletic Facilities Rev., “A”, 3%, 5/01/2048      1,500,000 1,056,098
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2039      1,200,000 1,100,387
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2036      300,000 266,112
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2041      920,000 785,094
Indiana County, PA, Industrial Development Authority Refunding Rev. (Foundation for Indiana University of Pennsylvania Project), BAM, 4%, 5/01/2054      2,750,000 2,315,271
Lancaster, PA, Higher Education Authority, College Rev. (Harrisburg Area Community College Project), AGM, 5%, 10/01/2028      500,000 536,719
Lancaster, PA, Higher Education Authority, College Rev. (Harrisburg Area Community College Project), AGM, 5%, 10/01/2030      390,000 425,147
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%, 5/01/2053      95,000 63,838
Montgomery County, PA, Industrial Development Authority Rev. (Germantown Academy Project), “A”, 4%, 10/01/2046      625,000 491,520
Northampton County, PA, General Purpose Authority College Rev. (Lafayette College), 4%, 11/01/2038      1,000,000 943,198
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049      1,000,000 904,952
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2027      600,000 633,594
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2046      1,750,000 1,817,632
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 4%, 3/01/2037      750,000 681,924
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039      750,000 756,718
Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), “A”, 4%, 7/15/2051      1,250,000 976,846
Pennsylvania Public School Building Authority Rev. (Montgomery County Community College), 5%, 5/01/2033      1,000,000 1,027,012
Pennsylvania State University, Tax-Exempt, “A”, 5.25%, 9/01/2052      3,000,000 3,179,689
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025      25,000 24,980
38
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), “A”, 5%, 11/01/2026    $ 1,000,000 $1,032,663
        $23,474,859
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 $1,015,004
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 1,028,531
        $2,043,535
Utilities - Municipal Owned – 1.3%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039    $ 95,000 $97,048
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      105,000 106,951
Philadelphia, PA, Gas Works Rev., 5%, 8/01/2031      500,000 512,255
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     15,000 11,100
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     150,000 111,000
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     245,000 181,300
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     390,000 289,575
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     55,000 40,838
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     25,000 18,500
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     15,000 11,138
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     140,000 103,950
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     65,000 48,100
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     65,000 48,262
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     200,000 148,500
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      15,000 14,602
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     10,000 7,438
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     30,000 22,275
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     95,000 70,300
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     105,000 77,962
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     30,000 22,275
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     95,000 70,537
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     80,000 60,200
        $2,081,531
Utilities - Other – 0.2%
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038    $ 280,000 $319,153
Water & Sewer Utility Revenue – 10.6%
Allegheny County, PA, Sanitation Authority Sewer Rev., BAM, 5%, 12/01/2030    $ 500,000 $522,882
Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2040      690,000 632,791
Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2041      715,000 652,914
Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2046      400,000 357,666
Cambria County, PA, Greater Johnstown Water Authority Rev., AGM, 4%, 8/15/2041      2,000,000 1,863,183
Canonsburg-Houston, PA, Joint Authority Sewer Rev., “A”, 5%, 12/01/2040      1,000,000 1,034,852
Capital Region Water Sewer System Rev., 5%, 7/15/2042      1,000,000 1,054,664
Clairton, PA, Municipal Authority Sewer Rev., “B”, 5%, 12/01/2042      500,000 500,077
Erie, PA, Water Authority Rev., “A”, AGM, 5%, 12/01/2043      1,000,000 1,055,048
Erie, PA, Water Authority Rev., “A”, AGM, 4%, 12/01/2050      995,000 877,544
Erie, PA, Water Authority Rev., “D”, BAM, 4%, 12/01/2041      1,500,000 1,398,850
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      205,000 205,162
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2031      1,000,000 958,812
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2032      500,000 473,524
Philadelphia, PA, Water and Wastewater Rev., “A”, 5%, 10/01/2037      1,000,000 1,050,909
Philadelphia, PA, Water and Wastewater Rev., “A”, 5%, 10/01/2038      1,000,000 1,051,455
Pittsburgh, PA, Water & Sewer Authority Rev., “B”, AGM, 5%, 9/01/2033      675,000 731,078
39
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Pittsburgh, PA, Water & Sewer Authority Rev., “B”, AGM, 5%, 9/01/2034    $ 500,000 $539,522
Pittsburgh, PA, Water & Sewer System Authority Subordinate Refunding Rev., “B”, AGM, 4%, 9/01/2034      2,500,000 2,496,197
        $17,457,130
Total Municipal Bonds (Identified Cost, $169,494,579)   $152,778,961
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 270,000 $229,790
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     492,082 119,627
Total Bonds (Identified Cost, $425,002)   $349,417
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, $176,373)     $305,095 $152,547
Investment Companies (h) – 4.9%
Money Market Funds – 4.9%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $7,988,364)     7,988,397 $7,989,196
Other Assets, Less Liabilities – 1.7%   2,730,701
Net Assets – 100.0% $164,000,822
See Portfolio Footnotes and Notes to Financial Statements
40
Portfolio of Investments (unaudited) – continued
MFS South Carolina Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.7%
Airport Revenue – 4.6%
Charleston County, SC, Airport District Rev., 5%, 7/01/2037    $ 505,000 $524,857
Charleston County, SC, Airport District Rev., 5%, 7/01/2038      750,000 775,664
Charleston County, SC, Airport District Rev., 5%, 7/01/2039      450,000 463,589
Charleston County, SC, Airport District Rev., 5%, 7/01/2043      1,250,000 1,277,724
Charleston County, SC, Airport District Rev., 5%, 7/01/2048      1,500,000 1,524,811
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044      220,000 220,309
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047      160,000 139,119
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053      150,000 127,430
Horry County, SC, Airport Refunding Rev., 4%, 7/01/2038      1,500,000 1,361,187
Horry County, SC, Airport Refunding Rev., 4%, 7/01/2039      1,500,000 1,347,704
Massachusetts Port Authority Rev., “E”, 5%, 7/01/2051      1,930,000 1,928,523
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      90,000 90,269
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      10,000 10,145
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      75,000 75,170
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      120,000 119,521
        $9,986,022
General Obligations - General Purpose – 4.3%
Berkeley County, SC, General Obligation, 5%, 3/01/2033    $ 2,000,000 $2,231,544
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      475,000 416,789
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037      105,000 105,275
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025      325,000 330,699
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027      105,000 106,967
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      30,109 27,674
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      116,044 63,963
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      1,144,102 1,149,224
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      100,428 101,399
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      99,518 101,585
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      97,904 100,136
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      330,093 336,531
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      90,173 79,298
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      170,651 145,878
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      69,565 57,084
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      94,583 73,818
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      349,365 261,500
Horry County, SC, Limited Obligation (Hospitality Fee & Local Accommodations Fee Pledge), 4.5%, 9/01/2052      2,000,000 1,879,882
Lancaster County, SC, General Obligation Refunding, 3%, 3/01/2039      725,000 578,312
State of Illinois, General Obligation, 5.5%, 5/01/2039      190,000 193,404
State of Illinois, General Obligation, 5.75%, 5/01/2045      175,000 178,813
State of Illinois, General Obligation, “A”, 5%, 3/01/2030      340,000 348,180
State of Illinois, General Obligation, “A”, 5%, 3/01/2031      495,000 505,713
        $9,373,668
General Obligations - Schools – 9.1%
Aiken County, SC, Consolidated School District Special Obligation, 4%, 6/01/2035    $ 275,000 $262,589
Aiken County, SC, Consolidated School District Special Obligation, 3.125%, 6/01/2041      1,400,000 1,134,835
Aiken County, SC, Consolidated School District Special Obligation, “A”, 4%, 4/01/2036      2,000,000 1,949,886
Anderson County, SC, School District, “A”, 5%, 3/01/2026      1,240,000 1,311,872
Beaufort County, SC, School District, General Obligation , “C”, 4%, 3/01/2035      3,000,000 2,957,239
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047      770,000 606,055
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040      1,295,000 1,185,111
Lexington County, SC, School District No. 1, “A”, 5%, 3/01/2023      1,030,000 1,037,795
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048      1,925,000 1,349,236
Richland County, SC, School District No. 2, General Obligation Refunding, 5%, 3/01/2023      2,825,000 2,847,878
Spartanburg County, SC, School District No. 7, General Obligation, “B”, 5%, 3/01/2048      2,000,000 2,087,917
Spartanburg County, SC, School District No. 7, General Obligation, “D”, 5%, 3/01/2042      3,000,000 3,154,266
        $19,884,679
41
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – 13.3%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044    $ 255,000 $219,982
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044      120,000 99,554
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049      50,000 40,029
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045      30,000 21,090
Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), 4%, 10/01/2036      1,975,000 1,841,287
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      1,290,000 1,117,254
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030      1,115,000 1,130,988
Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2031      1,000,000 985,510
Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2032      1,000,000 963,574
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2035      1,000,000 1,017,424
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2036      1,000,000 1,016,630
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052      1,405,000 1,224,797
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049      1,580,000 1,333,893
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2044      285,000 248,263
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 5%, 12/01/2046      2,000,000 1,998,718
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Anmed Health), 5%, 2/01/2038      1,500,000 1,500,050
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047      2,000,000 2,008,776
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037      500,000 502,196
South Carolina Jobs & Economic Development Authority, Hospital Rev. (McLeod Health Projects), 4%, 11/01/2048      2,000,000 1,725,328
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), “A”, 5.25%, 8/01/2030 (Prerefunded 8/01/2023)      1,000,000 1,016,878
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), 5%, 5/01/2037      2,000,000 2,007,610
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043      3,340,000 2,891,196
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 5%, 4/15/2034      1,000,000 1,063,762
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2036      450,000 418,038
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2037      550,000 506,418
Spartanburg County, SC, Regional Health Services District, Inc. Hospital Refunding Rev., 4%, 4/15/2036      1,380,000 1,266,015
Spartanburg County, SC, Regional Health Services District, Inc. Hospital Refunding Rev., 4%, 4/15/2037      1,000,000 908,832
        $29,074,092
Healthcare Revenue - Long Term Care – 2.0%
South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%, 4/01/2049    $ 1,250,000 $1,091,136
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5%, 5/01/2043      750,000 619,605
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048      250,000 202,892
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”, 5%, 5/01/2042      750,000 624,913
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 (n)     1,000,000 937,710
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047      1,000,000 842,096
        $4,318,352
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)   $ 100,000 $80,509
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)     260,000 169,756
        $250,265
Industrial Revenue - Paper – 0.5%
Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023    $ 1,000,000 $997,429
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044      100,000 102,794
        $1,100,223
Miscellaneous Revenue - Other – 0.3%
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026    $ 100,000 $102,601
42
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – continued
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)   $ 575,000 $514,098
        $616,699
Multi-Family Housing Revenue – 0.3%
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 675,937 $615,466
Port Revenue – 4.8%
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045    $ 1,820,000 $1,564,841
South Carolina Ports Authority Rev., 5%, 7/01/2028      300,000 307,129
South Carolina Ports Authority Rev., 5%, 7/01/2029      450,000 460,570
South Carolina Ports Authority Rev., 5%, 7/01/2033 (Prerefunded 7/01/2025)      500,000 521,826
South Carolina Ports Authority Rev., 5%, 7/01/2036      3,000,000 3,045,874
South Carolina Ports Authority Rev., 4%, 7/01/2055      2,000,000 1,651,473
South Carolina Ports Authority Rev., “B”, 5%, 7/01/2044      3,000,000 2,995,981
        $10,547,694
Sales & Excise Tax Revenue – 3.8%
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044    $ 2,485,000 $803,900
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029      20,000 19,969
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      15,000 14,955
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      20,000 19,805
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      190,000 153,314
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027      185,000 193,209
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028      185,000 194,396
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036      80,000 82,045
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037      105,000 109,390
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038      40,000 35,819
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039      45,000 39,964
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040      50,000 44,081
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      49,000 43,540
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      158,000 134,942
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      3,610,000 3,186,916
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      299,000 258,268
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      163,000 140,795
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      4,000 3,293
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      71,000 59,717
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      4,000 3,696
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      79,000 62,972
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      14,000 10,066
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      725,000 461,011
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      695,000 390,592
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      5,158,000 1,162,836
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(n)     510,000 439,340
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(n)     270,000 241,772
        $8,310,603
Secondary Schools – 0.5%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n)   $ 250,000 $229,987
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2056 (n)     1,400,000 953,599
        $1,183,586
Single Family Housing - State – 5.0%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047    $ 455,000 $451,343
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 7/01/2027      500,000 533,350
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 1/01/2030      290,000 311,095
43
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Single Family Housing - State – continued
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 7/01/2030    $ 560,000 $602,544
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 1/01/2031      575,000 617,278
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 7/01/2031      575,000 617,431
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3.75%, 7/01/2043      300,000 289,024
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3.8%, 1/01/2049      280,000 270,047
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3%, 1/01/2052      3,085,000 2,910,389
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 4.2%, 7/01/2042      2,000,000 1,793,772
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 3.25%, 1/01/2052      2,710,000 2,604,456
        $11,000,729
State & Local Agencies – 12.6%
Charleston, SC, Educational Excellence Finance Corp. Rev. (Charleston County School District Project), “B”, 5%, 12/01/2030 (Prerefunded 12/01/2023)    $ 3,595,000 $3,668,728
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032      55,000 57,345
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033      45,000 46,798
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034      25,000 25,898
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037      1,330,000 1,168,144
Dillon County, SC, School Facilities Corp., 5%, 12/01/2028      590,000 632,636
Dillon County, SC, School Facilities Corp., 5%, 12/01/2032      1,625,000 1,732,955
Dillon County, SC, School Facilities Corp., 5%, 12/01/2033      1,705,000 1,811,295
Florence, SC, Public Facilities Corp., Installment Purchase Rev., “B”, 4%, 11/01/2030      1,035,000 1,049,716
Florence, SC, Public Facilities Corp., Installment Purchase Rev., “B”, 4%, 11/01/2031      500,000 501,246
Florence, SC, Public Facilities Corp., Installment Purchase Rev., “B”, 4%, 11/01/2032      500,000 487,422
Greenwood, SC, Fifty School Facilities, Inc., Installment Purchase Rev. (School District No. 50), BAM, 5%, 12/01/2028      3,000,000 3,160,818
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028)      240,000 260,222
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047      465,000 483,370
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026)      35,000 37,059
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034      10,000 9,208
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035      35,000 31,946
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041      25,000 21,550
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026      230,000 237,691
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039      490,000 487,496
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2044      815,000 806,469
North Charleston, SC, Public Facilities Corp. Refunding Rev., “B”, 4%, 6/01/2038      1,000,000 930,493
North Charleston, SC, Public Facilities Corp. Refunding Rev., “B”, 4%, 6/01/2040      1,000,000 912,484
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042      2,000,000 1,744,619
Orangeburg County, SC, School District, Special Obligation, 5%, 6/01/2029      740,000 761,796
Orangeburg County, SC, School District, Special Obligation, 5%, 6/01/2030      870,000 893,868
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033      1,115,000 1,145,935
Scago, SC, Educational Facilities Installment Purchase Rev. (School District of Pickens County Project), 5%, 12/01/2028      2,000,000 2,074,036
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2026      1,000,000 1,044,335
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2027      1,195,000 1,249,320
        $27,474,898
Student Loan Revenue – 0.5%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041    $ 1,180,000 $1,010,151
Tax - Other – 3.3%
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043    $ 940,000 $953,401
Greenville County, SC, Special Source Rev., 4%, 4/01/2038      250,000 232,738
Greenville County, SC, Special Source Rev., 4%, 4/01/2039      1,000,000 915,827
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2035      180,000 170,818
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036      95,000 89,695
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046      285,000 260,144
Illinois Sports Facilities Authority Refunding Rev., BAM, 5%, 6/15/2029      1,260,000 1,322,527
Myrtle Beach, SC, Tax Increment Refunding Bonds Rev. (Myrtle Beach Air Force Base Redevelopment Project Area), 5%, 10/01/2030      1,000,000 1,048,295
North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), “A”, 5%, 10/01/2040      2,000,000 2,071,830
44
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax - Other – continued
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050    $ 165,000 $138,498
        $7,203,773
Tax Assessment – 0.4%
Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049 (n)   $ 1,000,000 $866,488
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029      20,000 19,164
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      18,000 17,859
        $903,511
Tobacco – 0.6%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 150,000 $153,492
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048      280,000 228,234
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066      3,475,000 303,872
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      785,000 680,775
        $1,366,373
Toll Roads – 0.3%
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041    $ 765,000 $552,541
Transportation - Special Tax – 4.8%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 7/01/2026    $ 680,000 $680,259
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029      20,000 19,877
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029      1,125,000 1,119,266
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031      90,000 87,825
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030      70,000 73,259
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032      80,000 82,930
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035      95,000 96,041
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036      100,000 100,906
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037      50,000 50,301
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2040      80,000 69,413
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045      145,000 122,528
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045      150,000 148,350
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050      105,000 103,806
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027      350,000 365,929
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039      125,000 124,349
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044      125,000 123,692
South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, 5%, 10/01/2036      1,205,000 1,263,063
South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, 5%, 10/01/2037      1,500,000 1,569,312
South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, AGM, 5%, 10/01/2035      2,000,000 2,098,517
South Carolina Transportation Infrastructure Bank Rev., “A”, 5%, 10/01/2040      2,000,000 2,083,519
        $10,383,142
Universities - Colleges – 6.3%
Center for Arts & Health Science Public Facilities Corp. Installment Purchase Rev. (Greenville Technical College Project), 4%, 10/01/2038    $ 2,000,000 $1,938,735
Clemson University, SC, Athletic Facilities Rev., “A”, 3%, 5/01/2048      3,000,000 2,112,196
College of Charleston, SC, Academic & Administrative Facilities Refunding Rev., “A”, 5%, 4/01/2028      1,030,000 1,110,848
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 55,044
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042      70,000 70,139
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      390,000 391,463
South Carolina Jobs & Economic Development Authority (Furman University), 5%, 10/01/2028      700,000 723,871
South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2035      1,565,000 1,595,580
South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2049      2,000,000 1,985,986
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025      30,000 29,976
University of South Carolina, Higher Education Facilities Refunding Rev. (Campus Village Project), “A', 5%, 5/01/2041      3,000,000 3,143,767
University of South Carolina, Higher Education Facilities Refunding Rev., ”A“, 5%, 5/01/2040      575,000 600,832
        $13,758,437
45
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – 8.2%
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039    $ 145,000 $148,125
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044      170,000 173,159
Piedmont, SC, Municipal Power Agency Rev., ”B“, 5%, 1/01/2032      3,000,000 3,214,646
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)     20,000 14,800
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)     205,000 151,700
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     330,000 244,200
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     525,000 389,812
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     80,000 59,400
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     40,000 29,600
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     20,000 14,850
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     190,000 141,075
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)     100,000 74,000
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     90,000 66,825
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     15,000 11,138
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     270,000 200,475
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034      25,000 24,337
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     15,000 11,156
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     40,000 29,700
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     120,000 88,800
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     140,000 103,950
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     45,000 33,413
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)     145,000 107,663
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)     115,000 86,538
Rock Hill, SC, Combined Utility System Rev., ”A“, 4%, 1/01/2049      650,000 552,191
Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041      1,000,000 1,028,690
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 5%, 6/01/2032      500,000 540,214
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 5%, 6/01/2033      1,000,000 1,075,687
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 4%, 6/01/2035      500,000 461,479
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 4%, 6/01/2036      500,000 455,418
South Carolina Public Service Authority Improvement Rev., ”B“, 4%, 12/01/2038      1,750,000 1,543,288
South Carolina Public Service Authority Improvement Rev., ”B“, 4%, 12/01/2039      1,500,000 1,312,159
South Carolina Public Service Authority Improvement Rev., Tax-Exempt, ”B“, 5%, 12/01/2051      2,055,000 1,980,214
South Carolina Public Service Authority Refunding Rev., ”A“, 4%, 12/01/2040      3,000,000 2,601,859
South Carolina Public Service Authority Rev., ”A“, 5%, 12/01/2032      1,000,000 1,038,920
        $18,009,481
Utilities - Other – 0.3%
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028    $ 130,000 $137,911
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2026      570,000 583,918
        $721,829
Water & Sewer Utility Revenue – 11.8%
Anderson County, SC, Water & Sewer System Refunding Rev., 4%, 7/01/2033    $ 750,000 $744,548
Columbia, SC, Stormwater System Rev. (City Improvements), 5%, 2/01/2038      755,000 798,020
Columbia, SC, Waterworks & Sewer System Rev., 4%, 2/01/2043      2,000,000 1,828,269
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036      90,000 91,678
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      410,000 413,109
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050      300,000 300,237
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), ”B“, 5%, 7/01/2030      500,000 526,516
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), ”B“, 5%, 7/01/2035      500,000 520,587
Lexington County, SC, Joint Municipal Water & Sewer Commission and Improvement Refunding Rev., ”A“, 4%, 6/01/2043      1,260,000 1,141,994
Lexington, SC, Waterworks & Sewer Systems Rev., 4%, 6/01/2041      2,000,000 1,831,715
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032      50,000 50,925
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036      60,000 60,877
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035      30,000 30,514
46
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037    $ 70,000 $71,129
Mount Pleasant, SC, Waterworks & Sewer System Rev., ”A“, 5%, 6/01/2036      1,000,000 1,053,810
Mount Pleasant, SC, Waterworks & Sewer System Rev., ”A“, 5%, 6/01/2037      1,000,000 1,052,036
North Charleston, SC, Sewer District, 5%, 7/01/2039      3,425,000 3,491,407
South Carolina Grand Strand Water & Sewer Authority System Improvement Refunding Rev., ”A“, 4%, 6/01/2046      4,000,000 3,560,054
South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2029      220,000 220,118
South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2030      200,000 199,364
South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2031      250,000 247,872
South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2032      185,000 178,298
Spartanburg, SC, Sanitary Sewer District Convertible Rev., ”B“, 5%, 3/01/2033 (Prerefunded 3/01/2023)      1,000,000 1,007,935
Spartanburg, SC, Sanitary Sewer District Convertible Rev., ”B“, 5%, 3/01/2034      2,000,000 2,056,834
Spartanburg, SC, Water System Refunding & Improvement Rev., ”B“, 5%, 6/01/2039      4,000,000 4,179,506
        $25,657,352
Total Municipal Bonds (Identified Cost, $238,613,891)   $213,303,566
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 420,000 $357,451
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     787,332 191,403
Total Bonds (Identified Cost, $668,876)   $548,854
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, $260,285)     $450,247 $225,123
Investment Companies (h) – 0.9%
Money Market Funds – 0.9%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $2,025,765)     2,025,684 $2,025,887
Other Assets, Less Liabilities – 1.1%   2,323,038
Net Assets – 100.0% $218,426,468
See Portfolio Footnotes and Notes to Financial Statements
47
Portfolio of Investments (unaudited) – continued
MFS Virginia Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 95.4%
Airport Revenue – 3.2%
Chicago, IL, O'Hare International Airport Rev., Senior Lien, ”B“, 5%, 1/01/2030    $ 510,000 $524,120
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 5%, 10/01/2037      1,000,000 1,014,444
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 5%, 10/01/2038      1,000,000 1,012,037
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 4%, 10/01/2039      1,000,000 900,762
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 4%, 10/01/2040      1,000,000 892,417
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 4%, 10/01/2041      1,000,000 884,501
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”B“, 5%, 10/01/2027      980,000 1,008,352
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”B“, 5%, 10/01/2028      1,000,000 1,025,794
Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2028      500,000 536,724
Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2029      500,000 540,820
Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2030      400,000 435,696
Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2031      500,000 546,545
Norfolk, VA, Airport Authority Rev., 5%, 7/01/2029      525,000 567,861
San Francisco, CA, City & County Airports Commission, International Airport Rev., ”B“, 5%, 5/01/2046      1,160,000 1,159,282
        $11,049,355
General Obligations - General Purpose – 8.9%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 775,000 $680,025
Chesterfield County, VA, Public Improvement, ”A“, 4%, 1/01/2036      1,570,000 1,565,118
Chicago, IL, General Obligation, ”D“, 5.5%, 1/01/2040      65,000 65,170
Chicago, IL, General Obligation, ”F“, 5.5%, 1/01/2042      475,000 476,245
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      44,577 40,972
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      171,803 94,697
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      1,693,175 1,700,756
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      148,683 150,121
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      147,336 150,396
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      144,946 148,250
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      318,785 325,002
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      133,501 117,401
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      251,000 214,563
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      102,991 84,512
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      140,029 109,287
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      476,628 356,756
Commonwealth of Virginia, General Obligation, ”B“, 5%, 6/01/2024      1,315,000 1,354,919
Commonwealth of Virginia, General Obligation, ”B“, 5%, 6/01/2026      4,750,000 5,041,888
Fairfax County, VA, Public Improvement, ”A“, 5%, 10/01/2037      2,000,000 2,158,360
Loudoun County, VA, General Obligation Public Improvement, ”A“, 5%, 12/01/2022      3,000,000 3,009,281
Lynchburg, VA, Public Improvement, 5%, 6/01/2026      1,000,000 1,029,865
Newport News, VA, General Obligation Improvement, ”A“, 4%, 2/01/2038      1,425,000 1,373,184
Norfolk, VA, General Obligation Capital Improvement, 5%, 8/01/2043 (Prerefunded 8/01/2028)      2,615,000 2,858,349
Norfolk, VA, General Obligation Capital Improvement, ”A“, 5%, 3/01/2033      3,000,000 3,322,499
Portsmouth, VA, General Obligation Public Improvement, ”A“, 5%, 2/01/2032 (Prerefunded 2/01/2023)      440,000 442,727
Portsmouth, VA, General Obligation Public Improvement, ”A“, 5%, 2/01/2032 (Prerefunded 2/01/2023)      60,000 60,382
Richmond, VA, Public Improvement, ”A“, 5%, 3/01/2028 (Prerefunded 3/01/2023)      220,000 221,746
State of Illinois, General Obligation, 5.5%, 5/01/2039      270,000 274,837
State of Illinois, General Obligation, 5.75%, 5/01/2045      245,000 250,338
State of Illinois, General Obligation, ”A“, 5%, 3/01/2031      660,000 674,284
Suffolk, VA, General Obligation, 5%, 12/01/2022      2,480,000 2,487,353
        $30,839,283
General Obligations - Schools – 1.6%
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036    $ 70,000 $72,962
Virginia Public School Authority, Special Obligation School Financing (Henrico County), 5%, 8/15/2025      2,405,000 2,524,408
Virginia Public School Authority, Special Obligation School Financing (Henrico County), 5%, 8/15/2027      1,345,000 1,453,004
Virginia Public School Authority, Special Obligation School Financing (Prince William County), 5%, 8/01/2025      1,305,000 1,345,780
        $5,396,154
48
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – 15.2%
Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2037    $ 2,800,000 $2,850,089
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2033      2,000,000 2,061,719
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2034      1,475,000 1,515,469
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2043      625,000 540,609
Colorado Health Facilities Authority Rev. (CommonSpirit Health), ”A-2“, 4%, 8/01/2044      180,000 149,332
Commonwealth of Virginia, University Health System General Rev., ”A“, 4%, 7/01/2040      2,000,000 1,816,590
Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045      45,000 31,635
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), ”A“, 5%, 5/15/2044      2,000,000 2,001,131
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), ”A“, 4%, 5/15/2048      4,000,000 3,499,169
Franklin County, VA, Industrial Development Authority Health Care Refunding Rev. (Inova Health System Project), 5%, 5/15/2029      1,475,000 1,601,672
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2031      750,000 757,993
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2033      1,000,000 1,007,838
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), ”A“, 4.125%, 7/01/2052      1,835,000 1,589,272
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2030      1,585,000 1,607,727
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2038      2,200,000 1,978,776
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2039      1,320,000 1,177,684
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2040      550,000 489,424
Lynchburg, VA, Economic Development Authority Rev. (Centra Health), ”A“, 5%, 1/01/2047      3,000,000 2,910,705
Norfolk, VA, Economic Development Authority Health Care Facilities Rev. (Sentara Healthcare), ”B“, 5%, 11/01/2036      2,875,000 2,874,889
Norfolk, VA, Economic Development Authority Hospital Facilities Refunding Rev. (Sentara Healthcare), ”B“, 4%, 11/01/2048      3,000,000 2,587,992
Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), ”A“, 5%, 7/01/2047      1,625,000 1,696,428
Roanoke, VA, Industrial Development Authority, Hospital Rev. (Carilion Health System Obligated Group), ”A“, VRDN, 2.44%, 7/01/2036      4,000,000 4,000,000
Rockingham County, Virginia, Economic Development Authority, Health Care Facilities Rev. (Sentara RMH Medical Center), ”A“, 3%, 11/01/2046      2,255,000 1,604,110
Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 4%, 11/01/2039      3,750,000 3,458,064
Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 3%, 11/01/2040      3,370,000 2,584,138
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), ”A“, 4%, 12/01/2049      3,445,000 2,925,314
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2028      600,000 624,195
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2030      400,000 415,119
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), ”A“, 5%, 1/01/2044 (Prerefunded 1/01/2024)      2,000,000 2,042,609
        $52,399,692
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 $1,004,254
Alexandria, VA, Industrial Development Authority, Residential Care Facilities Mortgage Rev. (Goodwin House, Inc.), 5%, 10/01/2030 (Prerefunded 10/01/2025)      1,000,000 1,045,914
Fairfax County, VA, Economic Development Authority Residential Care Facilities Rev. (Goodwin House, Inc.), 5%, 10/01/2036 (Prerefunded 10/01/2024)      1,000,000 1,049,141
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Lifespire of Virginia.), ”C“, 5%, 12/01/2037      765,000 772,565
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2024      395,000 395,255
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2025      385,000 385,231
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2040      500,000 456,273
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2045      720,000 629,252
Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), 4%, 1/01/2037      1,000,000 833,052
Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), ”A“, 5%, 1/01/2042      1,000,000 1,034,276
Prince William County, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster at Lake Ridge), 5%, 1/01/2037      1,000,000 874,584
Suffolk, VA, Economic Development Facilities First Mortgage Rev. (Lake Prince Center, Inc.), 5%, 9/01/2031      1,000,000 946,896
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), ”A“, 5%, 1/01/2033      1,750,000 1,814,536
49
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), ”C“, 5%, 6/01/2042    $ 1,000,000 $968,312
        $12,209,541
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 $913,233
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n)   $ 300,000 $241,526
Industrial Revenue - Paper – 0.1%
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034    $ 100,000 $102,520
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044      130,000 133,632
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), ”A“, 6.375%, 3/01/2019 (a)(d)     1,683,272 168
        $236,320
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 $1,946,501
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026      130,000 133,381
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n)     845,000 755,501
Rappahannock, VA, Regional Jail Authority Rev., 5%, 10/01/2033 (Prerefunded 10/01/2025)      2,220,000 2,331,613
        $5,166,996
Multi-Family Housing Revenue – 2.6%
National Finance Authority, New Hampshire Municipal Certificates, ”1-A“, 4.375%, 9/20/2036    $ 1,000,803 $911,268
Virginia Housing Development Authority Rev., Rental Housing, ”A“, 3.8%, 9/01/2044      2,000,000 1,685,073
Virginia Housing Development Authority Rev., Rental Housing, ”D“, 1.8%, 5/01/2033      500,000 390,905
Virginia Housing Development Authority Rev., Rental Housing, ”D“, 3.7%, 10/01/2038      3,000,000 2,663,298
Virginia Housing Development Authority Rev., Rental Housing, ”E“, 4.25%, 6/01/2052      3,000,000 2,699,264
Virginia Housing Development Authority Rev., Rental Housing, ”F“, 1.6%, 7/01/2033      770,000 572,428
        $8,922,236
Parking – 0.9%
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2035    $ 1,250,000 $1,323,566
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2036      1,000,000 1,056,909
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2037      750,000 790,631
        $3,171,106
Port Revenue – 1.7%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044    $ 590,000 $402,182
Virginia Port Authority Facilities Refunding Rev., ”B“, 5%, 7/01/2027      1,500,000 1,579,729
Virginia Port Authority Facilities Refunding Rev., ”B“, 5%, 7/01/2041      750,000 768,317
Virginia Port Authority Facilities Rev, ”A“, 5%, 7/01/2031 (Prerefunded 7/01/2025)      3,000,000 3,122,958
        $5,873,186
Sales & Excise Tax Revenue – 4.5%
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029    $ 25,000 $24,961
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030      20,000 19,940
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031      25,000 24,756
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042      245,000 197,694
Hampton Roads, VA, Transportation Accountability Commission, ”A“, 5%, 7/01/2029      1,000,000 1,091,638
Hampton Roads, VA, Transportation Accountability Commission, ”A“, 5%, 7/01/2030      1,000,000 1,100,565
Hampton Roads, VA, Transportation Accountability Commission, ”A“, 4%, 7/01/2057      4,000,000 3,576,199
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040      77,000 68,420
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053      249,000 212,661
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058      4,818,000 4,253,342
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      476,000 411,156
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      251,000 216,807
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053      6,000 4,940
50
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058    $ 122,000 $102,613
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024      9,000 8,315
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027      135,000 107,610
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029      26,000 18,694
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031      1,212,000 770,684
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033      1,160,000 651,923
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046      7,149,000 1,611,694
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(n)     795,000 684,853
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(n)     345,000 308,931
        $15,468,396
Secondary Schools – 0.1%
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2056 (n)   $ 325,000 $293,318
State & Local Agencies – 12.7%
Campbell County, VA, Industrial Development Authority, 4%, 6/01/2039    $ 1,000,000 $923,427
Campbell County, VA, Industrial Development Authority, 4%, 6/01/2040      1,000,000 916,430
Colorado State University Board of Governors, System Enterprise Refunding Rev., ”E“, 4%, 3/01/2043      1,555,000 1,420,957
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037      1,955,000 1,717,084
Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), ”A“, 5%, 10/01/2033 (Prerefunded 10/01/2024)      500,000 517,662
Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), ”A“, 5%, 10/01/2034 (Prerefunded 10/01/2024)      1,000,000 1,035,324
Fairfax County, VA, Public Improvement, ”A“, 5%, 10/01/2025      700,000 725,138
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2039      1,765,000 1,843,798
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), AGM, 5%, 10/01/2038      1,500,000 1,569,588
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2036      1,000,000 820,396
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2037      580,000 467,674
Henry County, VA, Industrial Development Authority, Public Facility Leave Rev., 4%, 11/01/2045      3,000,000 2,702,430
Loudoun County, VA, Economic Development Authority Refunding Rev. (Louduon County Public Facilities Project), ”A“, 5%, 12/01/2024      1,860,000 1,928,070
Loudoun County, VA, Economic Development Authority Rev. (Louduon County Public Facilities Project), ”A“, 3%, 12/01/2037      2,000,000 1,638,878
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028)      395,000 428,282
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047      770,000 800,419
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034      65,000 59,849
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035      55,000 50,201
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041      25,000 21,550
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026      340,000 351,370
New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036      3,205,000 3,371,531
Virginia College Building Authority, Educational Facilities Refunding Rev. (21st Century College and Equipment Programs), ”E“, 5%, 2/01/2025      540,000 561,689
Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), ”A“, 5%, 2/01/2038      4,000,000 4,351,900
Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), ”D“, 5%, 2/01/2025      1,435,000 1,492,637
Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), ”E-1“, 5%, 2/01/2023      2,140,000 2,153,894
Virginia Port Authority, Port Fund Rev., ”B“, 5%, 7/01/2027      2,510,000 2,659,388
Virginia Public Building Authority, Facilities Rev., ”A“, 4%, 8/01/2039      4,500,000 4,326,250
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds - Climate Bond Certified), ”A“, 5%, 7/15/2046      5,000,000 5,192,542
        $44,048,358
Student Loan Revenue – 0.5%
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039    $ 25,000 $22,687
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044      385,000 286,667
51
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Student Loan Revenue – continued
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041    $ 1,590,000 $1,361,136
        $1,670,490
Tax - Other – 0.4%
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051    $ 1,965,000 $1,365,280
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      220,000 184,664
        $1,549,944
Tax Assessment – 0.6%
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 (Prerefunded 3/01/2023)    $ 640,000 $650,343
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n)     1,000,000 876,525
Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035 (n)     500,000 486,136
        $2,013,004
Tobacco – 0.5%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036    $ 225,000 $230,237
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, ”B-2“, 0%, 6/01/2066      5,170,000 452,092
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050      1,185,000 1,027,667
        $1,709,996
Toll Roads – 4.8%
Chesapeake Bay Bridge & Tunnel District First Tier General Resolution Rev., 5%, 7/01/2051    $ 3,000,000 $3,024,751
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), ”A“, AGM, 4%, 10/01/2052      4,180,000 3,595,134
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 2,577,521
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 2,424,579
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (Elizabeth River Crossings Opco LLC Project), 4%, 1/01/2040      2,000,000 1,733,519
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041      3,000,000 2,166,828
Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2049      1,000,000 945,916
        $16,468,248
Transportation - Special Tax – 7.4%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NPFG, 5%, 7/01/2029    $ 50,000 $49,693
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029      1,715,000 1,706,259
Commonwealth of Virginia, Federal Transportation Grant Anticipation Rev., 5%, 9/15/2027      1,000,000 1,063,166
Commonwealth of Virginia, Federal Transportation Grant Anticipation Rev., 5%, 9/15/2033      3,360,000 3,688,074
Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2030      300,000 333,904
Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2031      500,000 559,606
Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2032      300,000 333,357
Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2033      500,000 553,170
Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2034      1,655,000 1,823,303
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 4%, 5/15/2042      3,000,000 2,760,645
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, ”A“, 4%, 5/15/2035      2,750,000 2,748,920
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2030      90,000 94,190
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2032      100,000 103,662
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035      120,000 121,315
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2036      125,000 126,132
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2037      65,000 65,391
New Jersey Transportation Trust Fund Authority, ”AA“, 4%, 6/15/2040      110,000 95,443
New Jersey Transportation Trust Fund Authority, ”AA“, 4%, 6/15/2045      190,000 160,555
New Jersey Transportation Trust Fund Authority, Transportation Program, ”A“, 5%, 12/15/2039      190,000 189,011
New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 5%, 6/15/2044      190,000 188,011
Virginia Port Authority Rev., 5%, 7/01/2030 (Prerefunded 7/01/2025)      1,000,000 1,043,653
Virginia Port Authority Rev., 5%, 7/01/2031 (Prerefunded 7/01/2025)      500,000 521,826
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037      1,560,000 1,620,508
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038      1,560,000 1,618,718
52
Portfolio of Investments (unaudited) – 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 $3,984,677
        $25,553,189
Universities - Colleges – 8.9%
Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026    $ 975,000 $952,334
Commonwealth of Virginia, University General Pledge Refunding Rev., ”A“, 4%, 11/01/2037      745,000 721,203
Commonwealth of Virginia, University General Pledge Refunding Rev., ”A“, 4%, 5/01/2048      2,475,000 2,201,959
Lexington, VA, Industrial Development Authority Educational Facilities Rev. (Washington and Lee Universities), ”A“, 5%, 1/01/2043      1,000,000 1,051,525
Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), ”A“, 4%, 6/01/2037      1,000,000 944,378
Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), ”A“, 4%, 6/01/2038      1,750,000 1,627,513
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033      420,000 416,746
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      595,000 597,232
Roanoke, VA, Economic Development Authority, Educational Facilities Rev. (Lynchburg College), ”A“, 5%, 9/01/2034      1,000,000 1,004,830
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2038      250,000 217,666
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2039      225,000 194,067
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2040      250,000 213,522
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 5%, 4/01/2049      900,000 862,646
University of Virginia, General Rev. Pledge Refunding, ”A“, 5%, 6/01/2043 (Prerefunded 6/01/2023)      685,000 693,508
University of Virginia, General Rev. Pledge Refunding, ”B“, 5%, 4/01/2046      2,500,000 2,619,212
University of Virginia, Rector and Visitors General Pledge Rev. (Multi-Year Capital Project), ”A“, 4%, 8/01/2048      2,000,000 1,779,796
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”A“, 5%, 7/01/2035 (n)     1,000,000 976,904
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n)     1,000,000 999,915
Virginia College Building Authority, Educational Facilities Rev. (Randolph-Macon College), 4%, 1/15/2041      1,600,000 1,381,474
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2036      1,280,000 1,113,773
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 3%, 6/01/2041      470,000 320,468
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2046      1,250,000 981,554
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NPFG, 5.25%, 1/01/2031      1,000,000 1,094,851
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), ”A“, 5%, 1/01/2040 (Prerefunded 1/01/2025)      1,000,000 1,038,362
Virginia Commonwealth University, General Rev., ”A“, 5%, 11/01/2033      4,000,000 4,347,013
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029      2,500,000 2,590,483
        $30,942,934
Utilities - Municipal Owned – 3.1%
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)   $ 30,000 $22,200
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)     320,000 236,800
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     535,000 395,900
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     835,000 619,987
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     130,000 96,525
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     60,000 44,400
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     30,000 22,275
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     305,000 226,462
Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.625%, 7/01/2023      60,000 59,692
Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.65%, 7/01/2024      315,000 310,870
Puerto Rico Electric Power Authority Rev., ”PP“, NPFG, 5%, 7/01/2024      25,000 24,986
Puerto Rico Electric Power Authority Rev., ”SS“, AGM, 4.375%, 7/01/2030      45,000 44,998
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)     145,000 107,300
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     140,000 103,950
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     25,000 18,563
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     430,000 319,275
Puerto Rico Electric Power Authority Rev., ”UU“, AGM, 4.25%, 7/01/2027      185,000 181,819
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030      340,000 335,716
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034      35,000 34,071
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     25,000 18,594
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     60,000 44,550
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     205,000 151,700
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     225,000 167,062
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     70,000 51,975
53
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)   $ 215,000 $159,637
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)     175,000 131,688
Richmond, VA, Public Utility Rev., ”A“, 5%, 1/15/2027 (Prerefunded 1/15/2023)      2,555,000 2,569,091
Richmond, VA, Public Utility Rev., ”A“, 5%, 1/15/2035      2,000,000 2,078,978
Richmond, VA, Public Utility Rev., ”A“, 5%, 1/15/2038 (Prerefunded 1/15/2023)      2,000,000 2,011,030
        $10,590,094
Utilities - Other – 0.3%
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2026    $ 1,140,000 $1,167,837
Water & Sewer Utility Revenue – 12.0%
Fairfax County, VA, Sewer Rev., ”A“, 4%, 7/15/2039    $ 3,000,000 $2,898,275
Fairfax County, VA, Water Authority Rev., 4%, 4/01/2032      2,175,000 2,208,427
Fairfax County, VA, Water Authority Rev., 5%, 4/01/2041      3,000,000 3,160,699
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036      295,000 300,563
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037      375,000 381,613
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040      1,045,000 1,059,571
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050      430,000 430,339
Hampton Roads, VA, Sanitation District Wastewater Rev., ”A“, 5%, 8/01/2034 (Prerefunded 8/01/2026)      3,000,000 3,193,035
Hampton Roads, VA, Sanitation District Wastewater Rev., ”A“, 5%, 10/01/2035 (Prerefunded 10/01/2027)      660,000 712,357
Hampton Roads, VA, Sanitation District Wastewater Rev., ”A“, 4%, 10/01/2037      1,350,000 1,292,164
Hampton Roads, VA, Sanitation District Wastewater Rev., ”A“, 4%, 10/01/2038      1,265,000 1,197,675
Henrico County, VA, Water and Sewer System Rev., 4%, 5/01/2046      1,435,000 1,327,343
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 81,480
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      100,000 101,462
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 50,857
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      110,000 111,775
Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 3%, 7/01/2044      2,065,000 1,567,802
Virginia Beach, VA, Water & Sewer System Rev., 5%, 10/01/2022      1,310,000 1,310,000
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2025      5,000 5,007
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2027      45,000 45,060
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2028      40,000 40,061
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 5%, 11/01/2022      1,620,000 1,622,439
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 4%, 11/01/2032      1,000,000 1,019,819
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 4%, 11/01/2033      1,500,000 1,513,087
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 4%, 11/01/2034      500,000 503,839
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 4%, 11/01/2036      3,450,000 3,427,802
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 4%, 11/01/2044      3,235,000 3,021,138
Virginia Resources Authority, Infrastructure Rev., Unrefunded Balance, 5%, 11/01/2025      45,000 45,061
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, ”A“, 5%, 11/01/2039      1,610,000 1,734,766
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, ”A“, 5%, 11/01/2041      1,030,000 1,104,557
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, ”A“, 5%, 11/01/2042      1,330,000 1,423,479
Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2033 (Prerefunded 11/01/2022)      2,245,000 1,480,503
Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2034 (Prerefunded 11/01/2022)      2,250,000 1,417,254
Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2035 (Prerefunded 11/01/2022)      1,950,000 1,171,593
Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2036 (Prerefunded 11/01/2022)      1,250,000 715,376
        $41,676,278
Total Municipal Bonds (Identified Cost, $369,653,519)   $329,570,714
54
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 557,000 $474,048
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     1,180,997 287,104
Total Bonds (Identified Cost, $935,201)   $761,152
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, $385,350)     $666,587 $333,294
Investment Companies (h) – 1.4%
Money Market Funds – 1.4%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $4,938,037)     4,938,379 $4,938,873
Other Assets, Less Liabilities – 2.9%   10,031,149
Net Assets – 100.0% $345,635,182
See Portfolio Footnotes and Notes to Financial Statements
55
Portfolio of Investments (unaudited) – continued
MFS West Virginia Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.5%
Airport Revenue – 0.4%
Dallas and Fort Worth, TX, International Airport Rev., ”B“, 5%, 11/01/2044    $ 155,000 $155,218
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”B“, 5%, 12/01/2044      60,000 60,179
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”B“, BAM, 5%, 12/01/2039      70,000 71,017
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”C“, 5%, 12/01/2039      55,000 55,125
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”C“, 5%, 12/01/2044      85,000 84,660
        $426,199
General Obligations - General Purpose – 13.7%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 260,000 $228,137
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024      13,602 12,502
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033      52,422 28,895
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023      491,634 493,835
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025      45,368 45,807
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027      44,957 45,891
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029      44,227 45,235
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031      42,958 43,796
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033      40,735 35,822
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035      74,630 63,796
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037      31,426 25,788
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041      42,727 33,347
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046      143,435 107,361
State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2037      405,000 398,360
State of California, Various Purpose General Obligation Refunding, 4%, 10/01/2041      325,000 303,444
State of Illinois, General Obligation, 5.5%, 5/01/2039      165,000 167,956
State of Illinois, General Obligation, ”A“, 5%, 3/01/2031      195,000 199,220
State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 6/01/2027      720,000 774,346
State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 12/01/2042      3,000,000 3,188,362
State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 6/01/2043      400,000 424,131
State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 6/01/2044      3,000,000 3,148,714
State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 12/01/2044      705,000 746,093
State of West Virginia, General Obligation Road Bonds, ”B“, 5%, 12/01/2040      1,750,000 1,837,100
State of West Virginia, General Obligation Road Bonds, ”B“, 5%, 6/01/2041      200,000 209,566
State of West Virginia, General Obligation Road Bonds, ”B“, 4%, 12/01/2042      1,000,000 910,423
        $13,517,927
General Obligations - Schools – 2.0%
Cabell County, WV, Public School Board of Education, AGM, 3%, 6/01/2029    $ 1,400,000 $1,347,408
Little Rock, AR, School District & Construction, ”A“, BAM, 3%, 2/01/2048      820,000 574,740
        $1,922,148
Healthcare Revenue - Hospitals – 16.1%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), ”A“, 4%, 4/01/2044    $ 155,000 $133,714
Cobb County, GA, Kennestone Hospital Authority Rev. (Wellstar Health System, Inc. Project), ”A“, 4%, 4/01/2052      765,000 639,104
Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045      15,000 10,545
Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 4%, 4/15/2043      780,000 675,190
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), ”A“, 4%, 12/01/2049      490,000 416,082
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), 4%, 1/01/2038      230,000 195,957
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2028      1,000,000 1,012,208
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2039      1,500,000 1,502,103
West Virginia Hospital Finance Authority Hospital Improvement Rev. (West Virginia University Health System Obligated Group), ”A“, 4%, 6/01/2051      220,000 183,901
West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), ”A“, 4.125%, 1/01/2047      1,245,000 984,984
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), ”A“, ETM, 6.5%, 9/01/2023      340,000 349,073
West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044 (Prerefunded 1/01/2024)      1,000,000 1,018,243
West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044      1,000,000 993,505
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), ”A“, 5%, 6/01/2027      200,000 208,044
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), ”A“, 4%, 6/01/2035      1,500,000 1,392,792
56
Portfolio of Investments (unaudited) – 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“, 5.5%, 6/01/2044 (Prerefunded 6/01/2023)    $ 3,460,000 $3,513,014
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), “A”, AGM, 4%, 6/01/2051      2,000,000 1,677,304
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), ”A“, 5%, 6/01/2042      1,000,000 993,827
        $15,899,590
Industrial Revenue - Other – 0.7%
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035    $ 420,000 $435,466
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 2.875%, 1/01/2041 (n)     115,000 75,085
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 4%, 1/01/2050 (n)     200,000 145,842
        $656,393
Miscellaneous Revenue - Other – 7.0%
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2040 (Prerefunded 7/01/2023)    $ 140,000 $141,528
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026      40,000 41,040
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n)     580,000 518,569
State of West Virginia, Higher Education Policy Commission Community & Technical Colleges Capital Improvement Refunding Rev., 5%, 7/01/2038      200,000 211,143
West Virginia Economic Development Authority, Excess Lottery Rev., ”A“, 5%, 7/01/2038      1,000,000 1,059,915
West Virginia School Building Authority, ”A“, 5%, 7/01/2028      590,000 614,968
West Virginia School Building Authority, ”A“, 3%, 7/01/2033      2,000,000 1,750,356
West Virginia School Building Authority, Excess Lottery Refunding Rev., ”B“, 5%, 7/01/2038      265,000 283,395
West Virginia School Building Authority, Excess Lottery Refunding Rev., ”B“, 5%, 7/01/2039      735,000 784,296
West Virginia School Building Authority, Lottery Capital Improvement Rev., “A”, 5%, 7/01/2028      1,500,000 1,520,569
        $6,925,779
Multi-Family Housing Revenue – 0.3%
National Finance Authority, New Hampshire Municipal Certificates, ”1-A“, 4.375%, 9/20/2036    $ 287,710 $261,971
Port Revenue – 0.1%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044    $ 170,000 $115,883
Sales & Excise Tax Revenue – 4.2%
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029    $ 10,000 $9,984
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030      5,000 4,985
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031      10,000 9,903
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042      75,000 60,519
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A“, 5%, 7/01/2031      500,000 558,396
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)     1,000,000 850,127
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040      25,000 22,214
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053      83,000 70,887
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058      1,537,000 1,356,867
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      158,000 136,476
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      83,000 71,693
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053      1,000 823
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058      39,000 32,803
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024      2,000 1,848
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027      45,000 35,870
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029      7,000 5,033
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031      412,000 261,982
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033      396,000 222,553
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046      1,503,000 338,841
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n)     120,000 103,374
        $4,155,178
57
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Single Family Housing - State – 3.4%
West Virginia Housing Development Fund, ”A“, 3.875%, 11/01/2044    $ 1,325,000 $1,152,767
West Virginia Housing Development Fund, ”B“, 1.8%, 5/01/2026      485,000 454,498
West Virginia Housing Development Fund, ”B“, 4.2%, 11/01/2047      1,000,000 880,210
West Virginia Housing Development Fund, ”B“, 4.25%, 11/01/2052      1,000,000 870,813
        $3,358,288
State & Local Agencies – 9.0%
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028)    $ 140,000 $151,796
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047      260,000 270,272
Maryland Stadium Authority, Built to Learn Rev., ”A“, 4%, 6/01/2047      1,000,000 854,474
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034      5,000 4,604
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035      20,000 18,255
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041      10,000 8,620
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026      105,000 108,511
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044      1,640,000 550,052
Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), ”A“, BAM, 4.25%, 5/01/2042      500,000 461,493
Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), ”A“, BAM, 4.25%, 5/01/2047      500,000 442,720
Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), ”A“, BAM, 4.375%, 5/01/2052      560,000 498,419
West Virginia Economic Development Authority, Auto Lease Rev., 5.2%, 5/01/2033      1,000,000 1,010,349
West Virginia Economic Development Authority, Lease Rev. (Correctional, Juvenile and Public Safety Facilities), ”A“, 5%, 6/01/2029      2,000,000 2,029,291
West Virginia Economic Development Authority, Lease Rev. (State Office Building), ”B“, NPFG, 5.25%, 1/01/2025      315,000 319,429
West Virginia Economic Development Authority, Lease Rev. (State Office Building), ”B“, NPFG, 5.25%, 1/01/2030      1,355,000 1,375,116
West Virginia Hospital Finance Authority Hospital Rev. (Veterans Nursing Home), 5.5%, 3/01/2034      795,000 795,664
        $8,899,065
Student Loan Revenue – 0.4%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041    $ 485,000 $415,189
Tax - Other – 2.2%
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043    $ 535,000 $542,628
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2045      615,000 556,142
Virgin Islands Public Finance Authority Rev. (Gross Receipts), AGM, 5%, 10/01/2032      1,000,000 1,004,023
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      100,000 83,938
        $2,186,731
Tax Assessment – 1.3%
Morgantown, WV, Tax Increment Rev., Parking Garage Project, ”A“, 5%, 6/01/2033    $ 455,000 $413,494
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), 4%, 6/01/2034      1,000,000 886,573
        $1,300,067
Tobacco – 1.1%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036    $ 75,000 $76,746
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 4%, 6/01/2048      125,000 101,890
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055      500,000 420,006
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, ”B-2“, 0%, 6/01/2066      1,565,000 136,852
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050      345,000 299,194
        $1,034,688
Toll Roads – 2.6%
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 $158,723
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043      120,000 122,456
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041      325,000 234,740
West Virginia Parkways Authority, Senior Lien Turnpike Toll Rev., 4%, 6/01/2042      1,250,000 1,129,985
West Virginia Parkways Authority, Turnpike Toll Rev., 4%, 6/01/2047      1,000,000 895,162
        $2,541,066
58
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Transportation - Special Tax – 3.4%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”AA-1“, AGM, 4.95%, 7/01/2026    $ 520,000 $520,198
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029      760,000 756,126
New Jersey Transportation Trust Fund Authority, ”AA“, 4%, 6/15/2050      1,000,000 825,668
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027      220,000 230,013
New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 4%, 6/15/2044      1,225,000 1,040,524
        $3,372,529
Universities - Colleges – 9.7%
Fairmont, WV, State University Board of Governors Refunding Rev., ”A“, 5%, 6/01/2031    $ 720,000 $773,581
Fairmont, WV, State University Board of Governors Refunding Rev., ”A“, 5%, 6/01/2032      1,050,000 1,129,375
Marshall University, WV, Board of Governors Rev., ”A“, AGM, 5%, 5/01/2030      860,000 937,626
Marshall University, WV, Board of Governors Rev., ”A“, AGM, 3%, 5/01/2046      1,000,000 709,545
Marshall University, WV, Board of Governors Rev., ”A“, AGM, 4%, 5/01/2050      1,500,000 1,324,369
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      110,000 110,084
West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), ”A“, 5%, 10/01/2044      1,000,000 1,060,194
West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), ”A“, 5%, 10/01/2049      1,000,000 1,049,996
West Virginia University, University Systems Rev., ”A“, NPFG, 5.25%, 4/01/2028      2,385,000 2,521,149
        $9,615,919
Utilities - Investor Owned – 2.5%
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)    $ 1,000,000 $916,582
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)      750,000 653,794
West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), ”A“, 1%, 1/01/2041 (Put Date 9/01/2025)      1,000,000 892,656
        $2,463,032
Utilities - Municipal Owned – 1.6%
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2033    $ 435,000 $446,097
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)     10,000 7,400
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)     110,000 81,400
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     180,000 133,200
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     285,000 211,612
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     45,000 33,413
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     20,000 14,800
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     100,000 74,250
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)     40,000 29,600
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     50,000 37,125
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     145,000 107,662
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030      135,000 133,299
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034      10,000 9,735
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     10,000 7,438
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     20,000 14,850
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     70,000 51,800
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     75,000 55,687
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     20,000 14,850
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)     65,000 48,263
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)     50,000 37,625
        $1,564,956
Water & Sewer Utility Revenue – 15.8%
Berkeley County, WV, Public Service Sewer District, ”A“, BAM, 5%, 6/01/2036    $ 1,700,000 $1,775,170
Fairmont, WV, Waterworks Rev., ”A“, BAM, 4%, 7/01/2027      200,000 204,482
Fairmont, WV, Waterworks Rev., ”A“, BAM, 4%, 7/01/2028      200,000 205,290
Fairmont, WV, Waterworks Rev., ”A“, BAM, 4%, 7/01/2029      300,000 309,134
59
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036    $ 40,000 $40,746
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      180,000 181,365
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029      20,000 20,317
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035      20,000 20,209
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050      135,000 135,106
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 35,647
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 40,585
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 20,343
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 50,807
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040      75,000 76,874
Morgantown, WV, Combined Utility System Rev., ”A“, AGM, 5%, 12/01/2041      1,000,000 1,049,894
Morgantown, WV, Combined Utility System Rev., ”A“, BAM, 4%, 12/01/2033      400,000 402,817
Morgantown, WV, Combined Utility System Rev., ”B“, 5%, 12/01/2043      2,000,000 2,091,797
West Virginia Water Development Authority Rev. (Loan Program II), ”A“, 5%, 11/01/2026      650,000 661,586
West Virginia Water Development Authority Rev. (Loan Program II), ”A-II“, 5%, 11/01/2033      1,475,000 1,543,908
West Virginia Water Development Authority Rev. (Loan Program IV), ”A-IV“, 5%, 11/01/2038      500,000 532,034
Wheeling, WV, Combined Waterworks and Sewerage System Rev., 5%, 6/01/2038 (Prerefunded 6/01/2023)      3,000,000 3,035,297
Wheeling, WV, Combined Waterworks and Sewerage System Rev., 5%, 6/01/2043 (Prerefunded 6/01/2023)      1,000,000 1,011,766
Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2041      1,000,000 902,622
Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2051      1,500,000 1,303,146
        $15,650,942
Total Municipal Bonds (Identified Cost, $106,369,995)   $96,283,540
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 167,000 $142,129
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     393,666 95,702
Total Bonds (Identified Cost, $294,266)   $237,831
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, $117,583)     $203,397 $101,699
Investment Companies (h) – 0.8%
Money Market Funds – 0.8%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $801,740)     801,811 $801,891
Other Assets, Less Liabilities – 1.4%   1,345,229
Net Assets – 100.0% $98,770,190
Portfolio Footnotes:
(a) Non-income producing security.
(d) In default.
60
Portfolio of Investments (unaudited) – continued
(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 $958,149 $84,015,626
New York Fund 7,504,939 212,080,256
North Carolina Fund 10,286,262 444,935,793
Pennsylvania Fund 7,989,196 153,280,925
South Carolina Fund 2,025,887 214,077,543
Virginia Fund 4,938,873 330,665,160
West Virginia Fund 801,891 96,623,070
(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 $949,506 1.1%
New York Fund 10,006,762 4.5%
North Carolina Fund 5,566,299 1.2%
Pennsylvania Fund 2,616,951 1.6%
South Carolina Fund 4,982,113 2.3%
Virginia Fund 7,297,994 2.1%
West Virginia Fund 1,930,828 2.0%
(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
61
Financial Statements
Statements of Assets and Liabilities
At 9/30/22 (unaudited)
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, $91,649,731, $234,784,025, $492,053,091, and $170,095,954, respectively) $84,015,626 $212,080,256 $444,935,793 $153,280,925
Investments in affiliated issuers, at value (identified cost, $958,053, $7,504,108, $10,285,152, and $7,988,364, respectively) 958,149 7,504,939 10,286,262 7,989,196
Receivables for        
Investments sold 270,163 — — 1,074,862
Fund shares sold 508 377,591 7,147,267 471,047
Interest 986,467 2,723,252 6,691,141 2,042,042
Receivable from investment adviser — 9,107 — 8,735
Other assets 9,545 7,484 9,920 8,888
Total assets $86,240,458 $222,702,629 $469,070,383 $164,875,695
Liabilities        
Payables for        
Distributions $8,965 $70,992 $56,840 $40,766
Fund shares reacquired 136,883 310,109 2,987,319 729,373
When-issued investments purchased 982,210 — — —
Payable to affiliates        
Investment adviser 2,030 — 10,239 —
Administrative services fee 124 235 432 188
Shareholder servicing costs 21,158 40,811 122,169 43,659
Distribution and service fees 391 2,184 5,467 648
Payable for independent Trustees' compensation 38 51 2,511 43
Accrued expenses and other liabilities 48,146 64,067 76,275 60,196
Total liabilities $1,199,945 $488,449 $3,261,252 $874,873
Net assets $85,040,513 $222,214,180 $465,809,131 $164,000,822
Net assets consist of        
Paid-in capital $96,358,953 $252,404,992 $527,847,347 $184,087,360
Total distributable earnings (loss) (11,318,440) (30,190,812) (62,038,216) (20,086,538)
Net assets $85,040,513 $222,214,180 $465,809,131 $164,000,822
62
Statements of Assets and Liabilities (unaudited) – continued
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund
Net assets        
Class A $70,998,714 $128,934,831 $311,209,651 $114,856,337
Class B 70,488 596,718 251,701 487,901
Class C — 7,053,219 22,686,640 —
Class I 11,188,217 40,610,195 102,731,629 30,118,192
Class R6 2,783,094 45,019,217 28,929,510 18,538,392
Total net assets $85,040,513 $222,214,180 $465,809,131 $164,000,822
Shares of beneficial interest outstanding        
Class A 8,363,315 13,551,202 30,387,143 12,643,120
Class B 8,288 62,873 24,606 53,563
Class C — 742,192 2,216,404 —
Class I 1,320,024 4,827,119 12,033,230 3,479,198
Class R6 328,357 5,352,790 3,388,520 2,141,403
Total shares of beneficial interest outstanding 10,019,984 24,536,176 48,049,903 18,317,284
Class A shares        
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$8.49 $9.51 $10.24 $9.08
Offering price per share (100 / 95.75 x net asset value per share) $8.87 $9.93 $10.69 $9.48
Class B shares        
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$8.51 $9.49 $10.23 $9.11
Class C shares        
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$— $9.50 $10.24 $—
Class I shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$8.48 $8.41 $8.54 $8.66
Class R6 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$8.48 $8.41 $8.54 $8.66
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
63
Statements of Assets and Liabilities (unaudited) – continued
At 9/30/22 South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Assets      
Investments in unaffiliated issuers, at value (identified cost, $239,543,052, $370,974,070, and $106,781,844, respectively) $214,077,543 $330,665,160 $96,623,070
Investments in affiliated issuers, at value (identified cost, $2,025,765, $4,938,037, and $801,740, respectively) 2,025,887 4,938,873 801,891
Receivables for      
Investments sold 136,101 — —
Fund shares sold 16,974 9,509,105 75,822
Interest 2,994,379 4,555,370 1,425,720
Receivable from investment adviser 2,935 7,089 8,025
Other assets 8,698 7,113 9,419
Total assets $219,262,517 $349,682,710 $98,943,947
Liabilities      
Payables for      
Distributions $19,176 $63,326 $10,244
Fund shares reacquired 691,248 3,809,659 82,564
Payable to affiliates      
Administrative services fee 233 334 135
Shareholder servicing costs 56,402 102,362 29,151
Distribution and service fees 2,268 3,742 1,115
Payable for independent Trustees' compensation 2,611 2,500 2,526
Accrued expenses and other liabilities 64,111 65,605 48,022
Total liabilities $836,049 $4,047,528 $173,757
Net assets $218,426,468 $345,635,182 $98,770,190
Net assets consist of      
Paid-in capital $253,265,057 $393,960,926 $113,023,691
Total distributable earnings (loss) (34,838,589) (48,325,744) (14,253,501)
Net assets $218,426,468 $345,635,182 $98,770,190
64
Statements of Assets and Liabilities (unaudited) – continued
  South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Net assets      
Class A $165,865,769 $239,385,296 $81,328,963
Class B 131,296 271,414 46,439
Class C — 9,249,072 —
Class I 38,267,530 77,260,763 15,380,563
Class R6 14,161,873 19,468,637 2,014,225
Total net assets $218,426,468 $345,635,182 $98,770,190
Shares of beneficial interest outstanding      
Class A 15,782,468 24,512,001 8,434,480
Class B 12,500 27,814 4,818
Class C — 947,329 —
Class I 4,494,458 9,102,502 1,812,333
Class R6 1,663,004 2,291,997 237,369
Total shares of beneficial interest outstanding 21,952,430 36,881,643 10,489,000
Class A shares      
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$10.51 $9.77 $9.64
Offering price per share (100 / 95.75 x net asset value per share) $10.98 $10.20 $10.07
Class B shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$10.50 $9.76 $9.64
Class C shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$— $9.76 $—
Class I shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$8.51 $8.49 $8.49
Class R6 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$8.52 $8.49 $8.49
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
65
Financial Statements
Statements of Operations
Six months ended 9/30/22 (unaudited)
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 $1,410,568 $4,190,157 $7,164,642 $2,684,038
Dividends from affiliated issuers 9,308 22,846 63,981 34,249
Other 19 42 69 31
Total investment income $1,419,895 $4,213,045 $7,228,692 $2,718,318
Expenses        
Management fee $207,272 $548,733 $1,120,481 $394,980
Distribution and service fees 96,140 223,827 537,130 155,909
Shareholder servicing costs 34,113 87,661 190,180 72,396
Administrative services fee 12,307 25,072 46,433 19,320
Independent Trustees' compensation 1,849 2,986 5,031 2,484
Custodian fee 10,901 20,116 34,469 17,279
Shareholder communications 3,473 6,127 9,553 6,273
Audit and tax fees 30,160 30,164 30,169 30,162
Legal fees 4,266 4,434 2,001 4,417
Registration fees 30,879 37,385 40,085 31,469
Miscellaneous 14,496 16,074 18,178 15,191
Total expenses $445,856 $1,002,579 $2,033,710 $749,880
Fees paid indirectly (17) (29) (63) (66)
Reduction of expenses by investment adviser and distributor (64,109) (90,005) (40,079) (175,877)
Net expenses $381,730 $912,545 $1,993,568 $573,937
Net investment income (loss) $1,038,165 $3,300,500 $5,235,124 $2,144,381
Realized and unrealized gain (loss)        
Realized gain (loss) (identified cost basis)        
Unaffiliated issuers $(841,051) $(4,302,382) $(3,756,128) $(1,264,602)
Affiliated issuers 173 (978) (1,158) (373)
Net realized gain (loss) $(840,878) $(4,303,360) $(3,757,286) $(1,264,975)
Change in unrealized appreciation or depreciation        
Unaffiliated issuers $(7,689,341) $(22,046,512) $(42,488,123) $(16,304,822)
Affiliated issuers 96 831 1,053 831
Net unrealized gain (loss) $(7,689,245) $(22,045,681) $(42,487,070) $(16,303,991)
Net realized and unrealized gain (loss) $(8,530,123) $(26,349,041) $(46,244,356) $(17,568,966)
Change in net assets from operations $(7,491,958) $(23,048,541) $(41,009,232) $(15,424,585)
See Notes to Financial Statements
66
Statements of Operations (unaudited) – continued
Six months ended 9/30/22 South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Net investment income (loss)      
Interest $3,493,128 $5,917,003 $1,672,708
Dividends from affiliated issuers 29,627 54,126 13,449
Other 43 50 23
Total investment income $3,522,798 $5,971,179 $1,686,180
Expenses      
Management fee $565,573 $822,426 $240,035
Distribution and service fees 235,100 365,295 111,184
Shareholder servicing costs 90,576 154,767 47,930
Administrative services fee 25,709 35,296 13,533
Independent Trustees' compensation 3,221 3,978 2,066
Custodian fee 21,829 24,438 9,697
Shareholder communications 5,858 7,595 3,751
Audit and tax fees 30,164 30,166 30,160
Legal fees 3,763 1,796 1,038
Registration fees 31,999 38,134 32,104
Miscellaneous 16,141 16,958 14,448
Total expenses $1,029,933 $1,500,849 $505,946
Fees paid indirectly (170) (44) (16)
Reduction of expenses by investment adviser and distributor (58,521) (121,075) (64,690)
Net expenses $971,242 $1,379,730 $441,240
Net investment income (loss) $2,551,556 $4,591,449 $1,244,940
Realized and unrealized gain (loss)      
Realized gain (loss) (identified cost basis)      
Unaffiliated issuers $(4,108,774) $(1,310,038) $(517,352)
Affiliated issuers (61) (243) (113)
Net realized gain (loss) $(4,108,835) $(1,310,281) $(517,465)
Change in unrealized appreciation or depreciation      
Unaffiliated issuers $(20,120,846) $(33,757,202) $(9,651,928)
Affiliated issuers 122 803 151
Net unrealized gain (loss) $(20,120,724) $(33,756,399) $(9,651,777)
Net realized and unrealized gain (loss) $(24,229,559) $(35,066,680) $(10,169,242)
Change in net assets from operations $(21,678,003) $(30,475,231) $(8,924,302)
See Notes to Financial Statements
67
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.
Six months ended 9/30/22 (unaudited) Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund
Change in net assets        
From operations        
Net investment income (loss) $1,038,165 $3,300,500 $5,235,124 $2,144,381
Net realized gain (loss) (840,878) (4,303,360) (3,757,286) (1,264,975)
Net unrealized gain (loss) (7,689,245) (22,045,681) (42,487,070) (16,303,991)
Change in net assets from operations $(7,491,958) $(23,048,541) $(41,009,232) $(15,424,585)
Total distributions to shareholders $(1,115,184) $(3,429,624) $(5,499,331) $(2,233,654)
Change in net assets from fund share transactions $(4,522,118) $(10,837,464) $(29,426,254) $(9,472,662)
Total change in net assets $(13,129,260) $(37,315,629) $(75,934,817) $(27,130,901)
Net assets        
At beginning of period 98,169,773 259,529,809 541,743,948 191,131,723
At end of period $85,040,513 $222,214,180 $465,809,131 $164,000,822
Six months ended 9/30/22 (unaudited) South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Change in net assets      
From operations      
Net investment income (loss) $2,551,556 $4,591,449 $1,244,940
Net realized gain (loss) (4,108,835) (1,310,281) (517,465)
Net unrealized gain (loss) (20,120,724) (33,756,399) (9,651,777)
Change in net assets from operations $(21,678,003) $(30,475,231) $(8,924,302)
Total distributions to shareholders $(2,678,204) $(4,687,464) $(1,337,617)
Change in net assets from fund share transactions $(36,989,333) $6,986,904 $(3,088,992)
Total change in net assets $(61,345,540) $(28,175,791) $(13,350,911)
Net assets      
At beginning of period 279,772,008 373,810,973 112,121,101
At end of period $218,426,468 $345,635,182 $98,770,190
See Notes to Financial Statements
68
Statements of Changes in Net Assets – continued
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
69
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.33 $9.90 $9.63 $9.64 $9.53 $9.64
Income (loss) from investment operations            
Net investment income (loss) (d) $0.10 $0.19 $0.23 $0.28 $0.34 $0.31
Net realized and unrealized gain (loss) (0.83) (0.57) 0.27 (0.01) 0.08 (0.11)
Total from investment operations $(0.73) $(0.38) $0.50 $0.27 $0.42 $0.20
Less distributions declared to shareholders            
From net investment income $(0.11) $(0.19) $(0.23) $(0.28) $(0.31) $(0.31)
Net asset value, end of period (x) $8.49 $9.33 $9.90 $9.63 $9.64 $9.53
Total return (%) (r)(s)(t)(x) (7.89)(n) (3.95) 5.20 2.80 4.47 2.07
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.01(a) 0.97 0.97 0.98 1.00 1.00
Expenses after expense reductions (f) 0.85(a) 0.80 0.81 0.82 0.83 0.83
Net investment income (loss) 2.24(a) 1.90 2.33 2.88 3.53 3.21
Portfolio turnover 11(n) 13 20 30 16 11
Net assets at end of period (000 omitted) $70,999 $81,093 $92,395 $86,335 $79,190 $82,526
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19 3/31/18
Net asset value, beginning of period $9.35 $9.92 $9.64 $9.65 $9.54 $9.65
Income (loss) from investment operations            
Net investment income (loss) (d) $0.07 $0.12 $0.18 $0.22 $0.27 $0.25
Net realized and unrealized gain (loss) (0.83) (0.57) 0.26 (0.01) 0.09 (0.11)
Total from investment operations $(0.76) $(0.45) $0.44 $0.21 $0.36 $0.14
Less distributions declared to shareholders            
From net investment income $(0.08) $(0.12) $(0.16) $(0.22) $(0.25) $(0.25)
Net asset value, end of period (x) $8.51 $9.35 $9.92 $9.64 $9.65 $9.54
Total return (%) (r)(s)(t)(x) (8.17)(n) (4.56) 4.63 2.14 3.79 1.40
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.76(a) 1.72 1.72 1.73 1.75 1.75
Expenses after expense reductions (f) 1.50(a) 1.45 1.46 1.47 1.49 1.50
Net investment income (loss) 1.59(a) 1.26 1.79 2.24 2.87 2.55
Portfolio turnover 11(n) 13 20 30 16 11
Net assets at end of period (000 omitted) $70 $90 $115 $626 $659 $1,007
See Notes to Financial Statements
70
Financial Highlights − continued
MFS MISSISSIPPI MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.31 $9.89 $9.61 $9.63 $9.51 $9.62
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.20 $0.24 $0.29 $0.34 $0.32
Net realized and unrealized gain (loss) (0.83) (0.58) 0.28 (0.02) 0.09 (0.11)
Total from investment operations $(0.72) $(0.38) $0.52 $0.27 $0.43 $0.21
Less distributions declared to shareholders            
From net investment income $(0.11) $(0.20) $(0.24) $(0.29) $(0.31) $(0.32)
Net asset value, end of period (x) $8.48 $9.31 $9.89 $9.61 $9.63 $9.51
Total return (%) (r)(s)(t)(x) (7.76)(n) (3.96) 5.41 2.79 4.67 2.15
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.76(a) 0.72 0.72 0.72 0.75 0.74
Expenses after expense reductions (f) 0.75(a) 0.70 0.70 0.71 0.74 0.74
Net investment income (loss) 2.33(a) 2.00 2.42 2.96 3.63 3.29
Portfolio turnover 11(n) 13 20 30 16 11
Net assets at end of period (000 omitted) $11,188 $13,661 $13,878 $11,374 $8,672 $6,540
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19 3/31/18(i)
Net asset value, beginning of period $9.31 $9.89 $9.61 $9.63 $9.51 $9.76
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.20 $0.24 $0.29 $0.35 $0.21
Net realized and unrealized gain (loss) (0.82) (0.58) 0.28 (0.01) 0.09 (0.24)
Total from investment operations $(0.71) $(0.38) $0.52 $0.28 $0.44 $(0.03)
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.20) $(0.24) $(0.30) $(0.32) $(0.22)
Net asset value, end of period (x) $8.48 $9.31 $9.89 $9.61 $9.63 $9.51
Total return (%) (r)(s)(t)(x) (7.73)(n) (3.90) 5.48 2.85 4.74 (0.36)(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.69(a) 0.65 0.65 0.66 0.68 0.71(a)
Expenses after expense reductions (f) 0.68(a) 0.64 0.64 0.65 0.67 0.70(a)
Net investment income (loss) 2.40(a) 2.06 2.47 2.95 3.71 3.33(a)
Portfolio turnover 11(n) 13 20 30 16 11
Net assets at end of period (000 omitted) $2,783 $3,327 $2,668 $2,384 $867 $560
    
See Notes to Financial Statements
71
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
72
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.62 $11.33 $10.93 $11.00 $10.87 $10.93
Income (loss) from investment operations            
Net investment income (loss) (d) $0.13 $0.24 $0.29 $0.31 $0.40 $0.40
Net realized and unrealized gain (loss) (1.10) (0.71) 0.39 (0.08) 0.11 (0.08)
Total from investment operations $(0.97) $(0.47) $0.68 $0.23 $0.51 $0.32
Less distributions declared to shareholders            
From net investment income $(0.14) $(0.24) $(0.28) $(0.30) $(0.38) $(0.38)
Net asset value, end of period (x) $9.51 $10.62 $11.33 $10.93 $11.00 $10.87
Total return (%) (r)(s)(t)(x) (9.21)(n) (4.30) 6.32 2.08 4.82 2.89
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.90(a) 0.88 0.87 0.88 0.89 0.89
Expenses after expense reductions (f) 0.83(a) 0.83 0.84 0.86 0.88 0.88
Net investment income (loss) 2.63(a) 2.09 2.57 2.73 3.75 3.60
Portfolio turnover 15(n) 19 45 25 17 23
Net assets at end of period (000 omitted) $128,935 $153,525 $170,723 $174,514 $154,803 $143,689
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.60 $11.31 $10.90 $10.97 $10.84 $10.90
Income (loss) from investment operations            
Net investment income (loss) (d) $0.10 $0.15 $0.20 $0.22 $0.32 $0.32
Net realized and unrealized gain (loss) (1.11) (0.71) 0.41 (0.07) 0.11 (0.09)
Total from investment operations $(1.01) $(0.56) $0.61 $0.15 $0.43 $0.23
Less distributions declared to shareholders            
From net investment income $(0.10) $(0.15) $(0.20) $(0.22) $(0.30) $(0.29)
Net asset value, end of period (x) $9.49 $10.60 $11.31 $10.90 $10.97 $10.84
Total return (%) (r)(s)(t)(x) (9.57)(n) (5.02) 5.63 1.32 4.05 2.12
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.66(a) 1.63 1.62 1.63 1.64 1.64
Expenses after expense reductions (f) 1.58(a) 1.58 1.60 1.62 1.63 1.64
Net investment income (loss) 1.88(a) 1.35 1.85 2.00 3.01 2.87
Portfolio turnover 15(n) 19 45 25 17 23
Net assets at end of period (000 omitted) $597 $725 $1,063 $2,193 $2,876 $3,980
See Notes to Financial Statements
73
Financial Highlights − continued
MFS NEW YORK MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class C 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.61 $11.32 $10.91 $10.98 $10.86 $10.92
Income (loss) from investment operations            
Net investment income (loss) (d) $0.10 $0.15 $0.20 $0.22 $0.32 $0.31
Net realized and unrealized gain (loss) (1.11) (0.71) 0.41 (0.07) 0.10 (0.08)
Total from investment operations $(1.01) $(0.56) $0.61 $0.15 $0.42 $0.23
Less distributions declared to shareholders            
From net investment income $(0.10) $(0.15) $(0.20) $(0.22) $(0.30) $(0.29)
Net asset value, end of period (x) $9.50 $10.61 $11.32 $10.91 $10.98 $10.86
Total return (%) (r)(s)(t)(x) (9.56)(n) (5.02) 5.63 1.32 3.95 2.12
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.66(a) 1.63 1.62 1.63 1.64 1.64
Expenses after expense reductions (f) 1.58(a) 1.58 1.59 1.62 1.63 1.64
Net investment income (loss) 1.87(a) 1.34 1.83 1.98 2.99 2.85
Portfolio turnover 15(n) 19 45 25 17 23
Net assets at end of period (000 omitted) $7,053 $9,646 $12,260 $15,471 $16,953 $22,932
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.39 $10.02 $9.66 $9.73 $9.61 $9.67
Income (loss) from investment operations            
Net investment income (loss) (d) $0.13 $0.24 $0.28 $0.30 $0.38 $0.38
Net realized and unrealized gain (loss) (0.98) (0.64) 0.35 (0.08) 0.10 (0.08)
Total from investment operations $(0.85) $(0.40) $0.63 $0.22 $0.48 $0.30
Less distributions declared to shareholders            
From net investment income $(0.13) $(0.23) $(0.27) $(0.29) $(0.36) $(0.36)
Net asset value, end of period (x) $8.41 $9.39 $10.02 $9.66 $9.73 $9.61
Total return (%) (r)(s)(t)(x) (9.08)(n) (4.08) 6.65 2.25 5.13 3.07
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.65(a) 0.62 0.62 0.63 0.64 0.64
Expenses after expense reductions (f) 0.58(a) 0.58 0.59 0.62 0.63 0.64
Net investment income (loss) 2.88(a) 2.32 2.81 2.97 3.99 3.84
Portfolio turnover 15(n) 19 45 25 17 23
Net assets at end of period (000 omitted) $40,610 $44,708 $95,882 $83,586 $68,415 $57,349
See Notes to Financial Statements
74
Financial Highlights − continued
MFS NEW YORK MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18(i)
Net asset value, beginning of period $9.39 $10.02 $9.66 $9.73 $9.61 $9.83
Income (loss) from investment operations            
Net investment income (loss) (d) $0.13 $0.25 $0.28 $0.30 $0.39 $0.24
Net realized and unrealized gain (loss) (0.97) (0.64) 0.36 (0.07) 0.10 (0.23)
Total from investment operations $(0.84) $(0.39) $0.64 $0.23 $0.49 $0.01
Less distributions declared to shareholders            
From net investment income $(0.14) $(0.24) $(0.28) $(0.30) $(0.37) $(0.23)
Net asset value, end of period (x) $8.41 $9.39 $10.02 $9.66 $9.73 $9.61
Total return (%) (r)(s)(t)(x) (9.05)(n) (4.02) 6.72 2.31 5.19 0.11(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.58(a) 0.57 0.56 0.56 0.57 0.60(a)
Expenses after expense reductions (f) 0.50(a) 0.51 0.53 0.55 0.57 0.59(a)
Net investment income (loss) 2.96(a) 2.51 2.86 3.01 4.04 3.80(a)
Portfolio turnover 15(n) 19 45 25 17 23
Net assets at end of period (000 omitted) $45,019 $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
75
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $11.25 $11.91 $11.45 $11.59 $11.48 $11.59
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.21 $0.27 $0.32 $0.40 $0.40
Net realized and unrealized gain (loss) (1.00) (0.67) 0.46 (0.13) 0.07 (0.14)
Total from investment operations $(0.89) $(0.46) $0.73 $0.19 $0.47 $0.26
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.20) $(0.27) $(0.33) $(0.36) $(0.37)
Net asset value, end of period (x) $10.24 $11.25 $11.91 $11.45 $11.59 $11.48
Total return (%) (r)(s)(t)(x) (7.98)(n) (3.91) 6.42 1.55 4.23 2.28
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.86(a) 0.84 0.84 0.85 0.86 0.87
Expenses after expense reductions (f) 0.84(a) 0.83 0.83 0.83 0.85 0.86
Net investment income (loss) 2.06(a) 1.74 2.29 2.72 3.53 3.39
Portfolio turnover 13(n) 16 25 28 19 12
Net assets at end of period (000 omitted) $311,210 $354,752 $359,286 $326,916 $295,515 $283,545
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $11.24 $11.90 $11.44 $11.57 $11.46 $11.58
Income (loss) from investment operations            
Net investment income (loss) (d) $0.07 $0.12 $0.19 $0.24 $0.32 $0.31
Net realized and unrealized gain (loss) (1.00) (0.67) 0.45 (0.13) 0.07 (0.14)
Total from investment operations $(0.93) $(0.55) $0.64 $0.11 $0.39 $0.17
Less distributions declared to shareholders            
From net investment income $(0.08) $(0.11) $(0.18) $(0.24) $(0.28) $(0.29)
Net asset value, end of period (x) $10.23 $11.24 $11.90 $11.44 $11.57 $11.46
Total return (%) (r)(s)(t)(x) (8.33)(n) (4.63) 5.64 0.88 3.46 1.43
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.61(a) 1.59 1.59 1.61 1.62 1.62
Expenses after expense reductions (f) 1.59(a) 1.58 1.58 1.59 1.61 1.62
Net investment income (loss) 1.32(a) 0.99 1.60 2.01 2.78 2.65
Portfolio turnover 13(n) 16 25 28 19 12
Net assets at end of period (000 omitted) $252 $323 $416 $788 $1,299 $2,288
See Notes to Financial Statements
76
Financial Highlights − continued
MFS NORTH CAROLINA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class C 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $11.25 $11.91 $11.45 $11.58 $11.47 $11.59
Income (loss) from investment operations            
Net investment income (loss) (d) $0.07 $0.12 $0.18 $0.23 $0.32 $0.31
Net realized and unrealized gain (loss) (1.00) (0.67) 0.46 (0.12) 0.07 (0.14)
Total from investment operations $(0.93) $(0.55) $0.64 $0.11 $0.39 $0.17
Less distributions declared to shareholders            
From net investment income $(0.08) $(0.11) $(0.18) $(0.24) $(0.28) $(0.29)
Net asset value, end of period (x) $10.24 $11.25 $11.91 $11.45 $11.58 $11.47
Total return (%) (r)(s)(t)(x) (8.32)(n) (4.63) 5.63 0.88 3.45 1.42
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.61(a) 1.59 1.59 1.61 1.62 1.62
Expenses after expense reductions (f) 1.59(a) 1.58 1.58 1.59 1.61 1.62
Net investment income (loss) 1.32(a) 0.99 1.56 1.96 2.78 2.64
Portfolio turnover 13(n) 16 25 28 19 12
Net assets at end of period (000 omitted) $22,687 $28,828 $35,315 $45,135 $38,639 $53,117
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.38 $9.93 $9.55 $9.66 $9.57 $9.66
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.20 $0.25 $0.29 $0.36 $0.35
Net realized and unrealized gain (loss) (0.84) (0.56) 0.38 (0.10) 0.06 (0.10)
Total from investment operations $(0.73) $(0.36) $0.63 $0.19 $0.42 $0.25
Less distributions declared to shareholders            
From net investment income $(0.11) $(0.19) $(0.25) $(0.30) $(0.33) $(0.34)
Net asset value, end of period (x) $8.54 $9.38 $9.93 $9.55 $9.66 $9.57
Total return (%) (r)(s)(t)(x) (7.84)(n) (3.67) 6.64 1.87 4.46 2.54
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.61(a) 0.59 0.59 0.60 0.61 0.62
Expenses after expense reductions (f) 0.59(a) 0.58 0.58 0.59 0.60 0.61
Net investment income (loss) 2.32(a) 1.99 2.52 2.95 3.77 3.62
Portfolio turnover 13(n) 16 25 28 19 12
Net assets at end of period (000 omitted) $102,732 $116,857 $113,800 $83,861 $58,802 $45,147
See Notes to Financial Statements
77
Financial Highlights − continued
MFS NORTH CAROLINA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18(i)
Net asset value, beginning of period $9.38 $9.93 $9.55 $9.66 $9.57 $9.78
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.20 $0.25 $0.30 $0.37 $0.23
Net realized and unrealized gain (loss) (0.84) (0.55) 0.38 (0.11) 0.05 (0.22)
Total from investment operations $(0.73) $(0.35) $0.63 $0.19 $0.42 $0.01
Less distributions declared to shareholders            
From net investment income $(0.11) $(0.20) $(0.25) $(0.30) $(0.33) $(0.22)
Net asset value, end of period (x) $8.54 $9.38 $9.93 $9.55 $9.66 $9.57
Total return (%) (r)(s)(t)(x) (7.80)(n) (3.60) 6.71 1.94 4.54 0.15(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.53(a) 0.52 0.52 0.53 0.54 0.55(a)
Expenses after expense reductions (f) 0.51(a) 0.51 0.51 0.52 0.53 0.55(a)
Net investment income (loss) 2.39(a) 2.05 2.59 3.01 3.85 3.64(a)
Portfolio turnover 13(n) 16 25 28 19 12
Net assets at end of period (000 omitted) $28,930 $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
78
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.05 $10.60 $10.24 $10.26 $10.15 $10.19
Income (loss) from investment operations            
Net investment income (loss) (d) $0.12 $0.21 $0.27 $0.33 $0.40 $0.40
Net realized and unrealized gain (loss) (0.97) (0.55) 0.36 (0.02) 0.07 (0.07)
Total from investment operations $(0.85) $(0.34) $0.63 $0.31 $0.47 $0.33
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.21) $(0.27) $(0.33) $(0.36) $(0.37)
Net asset value, end of period (x) $9.08 $10.05 $10.60 $10.24 $10.26 $10.15
Total return (%) (r)(s)(t)(x) (8.50)(n) (3.29) 6.21 2.97 4.73 3.29
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.94(a) 0.91 0.92 0.94 0.96 0.97
Expenses after expense reductions (f) 0.69(a) 0.71 0.76 0.78 0.80 0.81
Net investment income (loss) 2.41(a) 2.02 2.55 3.13 3.91 3.90
Portfolio turnover 9(n) 19 28 17 16 16
Net assets at end of period (000 omitted) $114,856 $132,466 $137,727 $117,575 $105,777 $99,319
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.07 $10.62 $10.27 $10.29 $10.18 $10.21
Income (loss) from investment operations            
Net investment income (loss) (d) $0.08 $0.14 $0.19 $0.25 $0.32 $0.32
Net realized and unrealized gain (loss) (0.95) (0.56) 0.35 (0.02) 0.07 (0.05)
Total from investment operations $(0.87) $(0.42) $0.54 $0.23 $0.39 $0.27
Less distributions declared to shareholders            
From net investment income $(0.09) $(0.13) $(0.19) $(0.25) $(0.28) $(0.30)
Net asset value, end of period (x) $9.11 $10.07 $10.62 $10.27 $10.29 $10.18
Total return (%) (r)(s)(t)(x) (8.72)(n) (4.00) 5.32 2.21 3.95 2.62
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.69(a) 1.66 1.67 1.69 1.71 1.72
Expenses after expense reductions (f) 1.44(a) 1.46 1.51 1.53 1.55 1.56
Net investment income (loss) 1.66(a) 1.27 1.86 2.40 3.15 3.15
Portfolio turnover 9(n) 19 28 17 16 16
Net assets at end of period (000 omitted) $488 $577 $851 $1,507 $2,373 $3,462
See Notes to Financial Statements
79
Financial Highlights − continued
MFS PENNSYLVANIA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.57 $10.09 $9.76 $9.78 $9.67 $9.71
Income (loss) from investment operations            
Net investment income (loss) (d) $0.12 $0.21 $0.26 $0.32 $0.38 $0.39
Net realized and unrealized gain (loss) (0.91) (0.52) 0.34 (0.02) 0.08 (0.07)
Total from investment operations $(0.79) $(0.31) $0.60 $0.30 $0.46 $0.32
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.21) $(0.27) $(0.32) $(0.35) $(0.36)
Net asset value, end of period (x) $8.66 $9.57 $10.09 $9.76 $9.78 $9.67
Total return (%) (r)(s)(t)(x) (8.31)(n) (3.16) 6.18 3.06 4.88 3.37
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.68(a) 0.66 0.67 0.69 0.71 0.71
Expenses after expense reductions (f) 0.59(a) 0.61 0.66 0.68 0.70 0.71
Net investment income (loss) 2.50(a) 2.11 2.64 3.21 4.00 3.99
Portfolio turnover 9(n) 19 28 17 16 16
Net assets at end of period (000 omitted) $30,118 $37,530 $32,103 $26,064 $20,253 $20,579
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18(i)
Net asset value, beginning of period $9.58 $10.10 $9.76 $9.78 $9.67 $9.84
Income (loss) from investment operations            
Net investment income (loss) (d) $0.12 $0.22 $0.27 $0.33 $0.40 $0.26
Net realized and unrealized gain (loss) (0.92) (0.52) 0.34 (0.02) 0.07 (0.18)
Total from investment operations $(0.80) $(0.30) $0.61 $0.31 $0.47 $0.08
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.22) $(0.27) $(0.33) $(0.36) $(0.25)
Net asset value, end of period (x) $8.66 $9.58 $10.10 $9.76 $9.78 $9.67
Total return (%) (r)(s)(t)(x) (8.37)(n) (3.09) 6.35 3.13 4.94 0.78(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.61(a) 0.59 0.60 0.61 0.64 0.67(a)
Expenses after expense reductions (f) 0.51(a) 0.54 0.59 0.60 0.63 0.66(a)
Net investment income (loss) 2.58(a) 2.18 2.71 3.28 4.13 4.02(a)
Portfolio turnover 9(n) 19 28 17 16 16
Net assets at end of period (000 omitted) $18,538 $20,559 $15,830 $13,031 $10,736 $1,205
    
See Notes to Financial Statements
80
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
81
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $11.61 $12.30 $11.94 $11.97 $11.83 $11.91
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.19 $0.25 $0.33 $0.41 $0.38
Net realized and unrealized gain (loss) (1.09) (0.69) 0.36 (0.04) 0.10 (0.09)
Total from investment operations $(0.98) $(0.50) $0.61 $0.29 $0.51 $0.29
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.19) $(0.25) $(0.32) $(0.37) $(0.37)
Net asset value, end of period (x) $10.51 $11.61 $12.30 $11.94 $11.97 $11.83
Total return (%) (r)(s)(t)(x) (8.52)(n) (4.15) 5.18 2.44 4.39 2.41
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.89(a) 0.86 0.87 0.88 0.90 0.91
Expenses after expense reductions (f) 0.84(a) 0.84 0.84 0.84 0.84 0.84
Net investment income (loss) 1.97(a) 1.55 2.08 2.68 3.49 3.20
Portfolio turnover 13(n) 22 23 22 14 15
Net assets at end of period (000 omitted) $165,866 $204,883 $222,730 $192,059 $156,427 $159,257
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $11.60 $12.30 $11.93 $11.97 $11.82 $11.90
Income (loss) from investment operations            
Net investment income (loss) (d) $0.07 $0.10 $0.18 $0.24 $0.32 $0.29
Net realized and unrealized gain (loss) (1.10) (0.70) 0.35 (0.05) 0.11 (0.09)
Total from investment operations $(1.03) $(0.60) $0.53 $0.19 $0.43 $0.20
Less distributions declared to shareholders            
From net investment income $(0.07) $(0.10) $(0.16) $(0.23) $(0.28) $(0.28)
Net asset value, end of period (x) $10.50 $11.60 $12.30 $11.93 $11.97 $11.82
Total return (%) (r)(s)(t)(x) (8.88)(n) (4.95) 4.50 1.59 3.70 1.64
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.64(a) 1.61 1.62 1.64 1.65 1.66
Expenses after expense reductions (f) 1.59(a) 1.59 1.59 1.59 1.59 1.59
Net investment income (loss) 1.22(a) 0.81 1.48 1.96 2.74 2.46
Portfolio turnover 13(n) 22 23 22 14 15
Net assets at end of period (000 omitted) $131 $146 $280 $1,200 $1,955 $2,718
See Notes to Financial Statements
82
Financial Highlights − continued
MFS SOUTH CAROLINA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.40 $9.97 $9.67 $9.70 $9.58 $9.65
Income (loss) from investment operations            
Net investment income (loss) (d) $0.10 $0.18 $0.23 $0.29 $0.36 $0.33
Net realized and unrealized gain (loss) (0.89) (0.57) 0.30 (0.03) 0.08 (0.08)
Total from investment operations $(0.79) $(0.39) $0.53 $0.26 $0.44 $0.25
Less distributions declared to shareholders            
From net investment income $(0.10) $(0.18) $(0.23) $(0.29) $(0.32) $(0.32)
Net asset value, end of period (x) $8.51 $9.40 $9.97 $9.67 $9.70 $9.58
Total return (%) (r)(s)(t)(x) (8.40)(n) (4.02) 5.53 2.63 4.71 2.60
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.64(a) 0.61 0.62 0.63 0.65 0.66
Expenses after expense reductions (f) 0.59(a) 0.59 0.59 0.59 0.59 0.59
Net investment income (loss) 2.20(a) 1.80 2.31 2.92 3.74 3.44
Portfolio turnover 13(n) 22 23 22 14 15
Net assets at end of period (000 omitted) $38,268 $56,292 $53,171 $35,189 $28,182 $21,954
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18(i)
Net asset value, beginning of period $9.41 $9.97 $9.67 $9.70 $9.58 $9.79
Income (loss) from investment operations            
Net investment income (loss) (d) $0.10 $0.19 $0.23 $0.29 $0.36 $0.23
Net realized and unrealized gain (loss) (0.88) (0.57) 0.31 (0.03) 0.09 (0.22)
Total from investment operations $(0.78) $(0.38) $0.54 $0.26 $0.45 $0.01
Less distributions declared to shareholders            
From net investment income $(0.11) $(0.18) $(0.24) $(0.29) $(0.33) $(0.22)
Net asset value, end of period (x) $8.52 $9.41 $9.97 $9.67 $9.70 $9.58
Total return (%) (r)(s)(t)(x) (8.36)(n) (3.86) 5.59 2.68 4.77 0.08(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.57(a) 0.55 0.55 0.57 0.58 0.60(a)
Expenses after expense reductions (f) 0.52(a) 0.53 0.53 0.53 0.52 0.52(a)
Net investment income (loss) 2.29(a) 1.86 2.36 2.95 3.81 3.53(a)
Portfolio turnover 13(n) 22 23 22 14 15
Net assets at end of period (000 omitted) $14,162 $18,450 $14,608 $8,892 $4,341 $2,605
    
See Notes to Financial Statements
83
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
84
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.77 $11.42 $11.07 $11.14 $10.98 $11.10
Income (loss) from investment operations            
Net investment income (loss) (d) $0.13 $0.24 $0.29 $0.33 $0.37 $0.38
Net realized and unrealized gain (loss) (1.00) (0.65) 0.36 (0.08) 0.13 (0.14)
Total from investment operations $(0.87) $(0.41) $0.65 $0.25 $0.50 $0.24
Less distributions declared to shareholders            
From net investment income $(0.13) $(0.24) $(0.30) $(0.32) $(0.34) $(0.36)
Net asset value, end of period (x) $9.77 $10.77 $11.42 $11.07 $11.14 $10.98
Total return (%) (r)(s)(t)(x) (8.13)(n) (3.72) 5.94 2.22 4.67 2.13
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.88(a) 0.87 0.88 0.91 0.92 0.92
Expenses after expense reductions (f) 0.81(a) 0.81 0.82 0.84 0.84 0.83
Net investment income (loss) 2.46(a) 2.14 2.57 2.88 3.37 3.36
Portfolio turnover 11(n) 23 21 24 15 15
Net assets at end of period (000 omitted) $239,385 $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) N/A 0.81 0.81 0.81 0.81 0.81
See Notes to Financial Statements
85
Financial Highlights − continued
MFS VIRGINIA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.76 $11.41 $11.06 $11.13 $10.98 $11.10
Income (loss) from investment operations            
Net investment income (loss) (d) $0.09 $0.16 $0.21 $0.24 $0.29 $0.29
Net realized and unrealized gain (loss) (1.00) (0.66) 0.36 (0.07) 0.12 (0.14)
Total from investment operations $(0.91) $(0.50) $0.57 $0.17 $0.41 $0.15
Less distributions declared to shareholders            
From net investment income $(0.09) $(0.15) $(0.22) $(0.24) $(0.26) $(0.27)
Net asset value, end of period (x) $9.76 $10.76 $11.41 $11.06 $11.13 $10.98
Total return (%) (r)(s)(t)(x) (8.48)(n) (4.45) 5.16 1.46 3.80 1.37
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.63(a) 1.62 1.63 1.66 1.67 1.67
Expenses after expense reductions (f) 1.56(a) 1.56 1.57 1.59 1.60 1.59
Net investment income (loss) 1.72(a) 1.39 1.82 2.14 2.62 2.61
Portfolio turnover 11(n) 23 21 24 15 15
Net assets at end of period (000 omitted) $271 $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) N/A 1.56 1.56 1.56 1.56 1.56
See Notes to Financial Statements
86
Financial Highlights − continued
MFS VIRGINIA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class C 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.77 $11.42 $11.06 $11.14 $10.98 $11.10
Income (loss) from investment operations            
Net investment income (loss) (d) $0.09 $0.16 $0.21 $0.24 $0.29 $0.29
Net realized and unrealized gain (loss) (1.01) (0.66) 0.37 (0.08) 0.13 (0.14)
Total from investment operations $(0.92) $(0.50) $0.58 $0.16 $0.42 $0.15
Less distributions declared to shareholders            
From net investment income $(0.09) $(0.15) $(0.22) $(0.24) $(0.26) $(0.27)
Net asset value, end of period (x) $9.76 $10.77 $11.42 $11.06 $11.14 $10.98
Total return (%) (r)(s)(t)(x) (8.57)(n) (4.44) 5.25 1.36 3.89 1.36
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.63(a) 1.62 1.63 1.66 1.67 1.67
Expenses after expense reductions (f) 1.56(a) 1.56 1.57 1.59 1.60 1.59
Net investment income (loss) 1.71(a) 1.39 1.82 2.13 2.62 2.61
Portfolio turnover 11(n) 23 21 24 15 15
Net assets at end of period (000 omitted) $9,249 $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) N/A 1.56 1.56 1.56 1.56 1.56
See Notes to Financial Statements
87
Financial Highlights − continued
MFS VIRGINIA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.36 $9.93 $9.62 $9.68 $9.55 $9.65
Income (loss) from investment operations            
Net investment income (loss) (d) $0.12 $0.24 $0.28 $0.31 $0.34 $0.35
Net realized and unrealized gain (loss) (0.87) (0.58) 0.32 (0.07) 0.11 (0.12)
Total from investment operations $(0.75) $(0.34) $0.60 $0.24 $0.45 $0.23
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.23) $(0.29) $(0.30) $(0.32) $(0.33)
Net asset value, end of period (x) $8.49 $9.36 $9.93 $9.62 $9.68 $9.55
Total return (%) (r)(s)(t)(x) (8.03)(n) (3.53) 6.26 2.47 4.82 2.42
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.63(a) 0.62 0.63 0.66 0.67 0.67
Expenses after expense reductions (f) 0.56(a) 0.56 0.57 0.59 0.60 0.59
Net investment income (loss) 2.70(a) 2.39 2.80 3.12 3.61 3.60
Portfolio turnover 11(n) 23 21 24 15 15
Net assets at end of period (000 omitted) $77,261 $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) N/A 0.56 0.56 0.56 0.56 0.56
See Notes to Financial Statements
88
Financial Highlights − continued
MFS VIRGINIA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18(i)
Net asset value, beginning of period $9.37 $9.93 $9.63 $9.69 $9.55 $9.77
Income (loss) from investment operations            
Net investment income (loss) (d) $0.13 $0.24 $0.28 $0.31 $0.35 $0.23
Net realized and unrealized gain (loss) (0.88) (0.56) 0.31 (0.06) 0.12 (0.22)
Total from investment operations $(0.75) $(0.32) $0.59 $0.25 $0.47 $0.01
Less distributions declared to shareholders            
From net investment income $(0.13) $(0.24) $(0.29) $(0.31) $(0.33) $(0.23)
Net asset value, end of period (x) $8.49 $9.37 $9.93 $9.63 $9.69 $9.55
Total return (%) (r)(s)(t)(x) (8.08)(n) (3.35) 6.23 2.55 5.01 0.05(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.55(a) 0.54 0.55 0.58 0.59 0.60(a)
Expenses after expense reductions (f) 0.48(a) 0.48 0.50 0.51 0.51 0.51(a)
Net investment income (loss) 2.79(a) 2.46 2.87 3.20 3.69 3.61(a)
Portfolio turnover 11(n) 23 21 24 15 15
Net assets at end of period (000 omitted) $19,469 $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) N/A 0.48 0.48 0.48 0.48 0.48(a)
(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
89
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 semiannual period and the past 5 fiscal 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.
  Six months
ended 		Year ended
Class A 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $10.64 $11.19 $10.95 $10.98 $10.89 $11.01
Income (loss) from investment operations            
Net investment income (loss) (d) $0.12 $0.23 $0.28 $0.33 $0.38 $0.37
Net realized and unrealized gain (loss) (0.99) (0.55) 0.24 (0.03) 0.06 (0.13)
Total from investment operations $(0.87) $(0.32) $0.52 $0.30 $0.44 $0.24
Less distributions declared to shareholders            
From net investment income $(0.13) $(0.23) $(0.28) $(0.33) $(0.35) $(0.36)
Net asset value, end of period (x) $9.64 $10.64 $11.19 $10.95 $10.98 $10.89
Total return (%) (r)(s)(t)(x) (8.26)(n) (2.90) 4.81 2.75 4.09 2.15
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.99(a) 0.97 0.97 0.98 0.98 0.97
Expenses after expense reductions (f) 0.87(a) 0.87 0.87 0.86 0.86 0.86
Net investment income (loss) 2.29(a) 2.09 2.51 3.00 3.53 3.34
Portfolio turnover 9(n) 21 23 19 17 11
Net assets at end of period (000 omitted) $81,329 $94,024 $99,380 $98,950 $98,510 $101,013
  Six months
ended 		Year ended
Class B 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19 3/31/18
Net asset value, beginning of period $10.63 $11.18 $10.95 $10.98 $10.88 $11.00
Income (loss) from investment operations            
Net investment income (loss) (d) $0.08 $0.15 $0.20 $0.25 $0.30 $0.29
Net realized and unrealized gain (loss) (0.98) (0.55) 0.23 (0.03) 0.06 (0.14)
Total from investment operations $(0.90) $(0.40) $0.43 $0.22 $0.36 $0.15
Less distributions declared to shareholders            
From net investment income $(0.09) $(0.15) $(0.20) $(0.25) $(0.26) $(0.27)
Net asset value, end of period (x) $9.64 $10.63 $11.18 $10.95 $10.98 $10.88
Total return (%) (r)(s)(t)(x) (8.52)(n) (3.63) 3.93 1.98 3.40 1.38
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 1.74(a) 1.72 1.72 1.73 1.73 1.72
Expenses after expense reductions (f) 1.62(a) 1.62 1.62 1.62 1.62 1.62
Net investment income (loss) 1.54(a) 1.35 1.78 2.28 2.77 2.58
Portfolio turnover 9(n) 21 23 19 17 11
Net assets at end of period (000 omitted) $46 $54 $109 $155 $494 $613
See Notes to Financial Statements
90
Financial Highlights − continued
MFS WEST VIRGINIA MUNICIPAL BOND FUND − continued
  Six months
ended 		Year ended
Class I 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $9.36 $9.84 $9.64 $9.67 $9.58 $9.69
Income (loss) from investment operations            
Net investment income (loss) (d) $0.11 $0.23 $0.27 $0.32 $0.36 $0.35
Net realized and unrealized gain (loss) (0.86) (0.48) 0.20 (0.03) 0.06 (0.12)
Total from investment operations $(0.75) $(0.25) $0.47 $0.29 $0.42 $0.23
Less distributions declared to shareholders            
From net investment income $(0.12) $(0.23) $(0.27) $(0.32) $(0.33) $(0.34)
Net asset value, end of period (x) $8.49 $9.36 $9.84 $9.64 $9.67 $9.58
Total return (%) (r)(s)(t)(x) (8.05)(n) (2.63) 4.94 2.95 4.44 2.33
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.74(a) 0.72 0.72 0.73 0.73 0.72
Expenses after expense reductions (f) 0.62(a) 0.62 0.62 0.62 0.62 0.62
Net investment income (loss) 2.54(a) 2.32 2.73 3.23 3.75 3.58
Portfolio turnover 9(n) 21 23 19 17 11
Net assets at end of period (000 omitted) $15,381 $16,290 $14,052 $7,545 $6,248 $7,038
  Six months
ended 		Year ended
Class R6 9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19 3/31/18(i)
Net asset value, beginning of period $9.36 $9.84 $9.63 $9.66 $9.58 $9.79
Income (loss) from investment operations            
Net investment income (loss) (d) $0.12 $0.23 $0.28 $0.32 $0.37 $0.24
Net realized and unrealized gain (loss) (0.86) (0.47) 0.21 (0.03) 0.04 (0.22)
Total from investment operations $(0.74) $(0.24) $0.49 $0.29 $0.41 $0.02
Less distributions declared to shareholders            
From net investment income $(0.13) $(0.24) $(0.28) $(0.32) $(0.33) $(0.23)
Net asset value, end of period (x) $8.49 $9.36 $9.84 $9.63 $9.66 $9.58
Total return (%) (r)(s)(t)(x) (8.01)(n) (2.56) 5.13 3.02 4.42 0.18(n)
Ratios (%) (to average net assets) and Supplemental data:            
Expenses before expense reductions (f) 0.66(a) 0.64 0.64 0.64 0.64 0.65(a)
Expenses after expense reductions (f) 0.54(a) 0.54 0.54 0.54 0.53 0.54(a)
Net investment income (loss) 2.62(a) 2.38 2.83 3.27 3.87 3.67(a)
Portfolio turnover 9(n) 21 23 19 17 11
Net assets at end of period (000 omitted) $2,014 $1,754 $824 $715 $246 $130
    
See Notes to Financial Statements
91
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
92
Notes to Financial Statements 
(unaudited)
(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 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 — Subject to its oversight, the funds' Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund’s investments to MFS as the funds' adviser, pursuant to each fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of each fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under each fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under each fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data.
93
Notes to Financial Statements (unaudited) - continued
An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of 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 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of September 30, 2022 in valuing each fund's assets and liabilities:
  Level 1 Level 2 Level 3 Total
Mississippi Fund        
Financial Instruments        
Municipal Bonds $— $83,806,827 $— $83,806,827
U.S. Corporate Bonds — 208,799 — 208,799
Mutual Funds 958,149 — — 958,149
Total $958,149 $84,015,626 $— $84,973,775
New York Fund        
Financial Instruments        
Municipal Bonds $— $211,487,807 $— $211,487,807
U.S. Corporate Bonds — 592,449 — 592,449
Mutual Funds 7,504,939 — — 7,504,939
Total $7,504,939 $212,080,256 $— $219,585,195
North Carolina Fund        
Financial Instruments        
Municipal Bonds $— $443,860,118 $— $443,860,118
U.S. Corporate Bonds — 1,075,675 — 1,075,675
Mutual Funds 10,286,262 — — 10,286,262
Total $10,286,262 $444,935,793 $— $455,222,055
Pennsylvania Fund        
Financial Instruments        
Municipal Bonds $— $152,931,508 $— $152,931,508
U.S. Corporate Bonds — 349,417 — 349,417
Mutual Funds 7,989,196 — — 7,989,196
Total $7,989,196 $153,280,925 $— $161,270,121
South Carolina Fund        
Financial Instruments        
Municipal Bonds $— $213,528,689 $— $213,528,689
U.S. Corporate Bonds — 548,854 — 548,854
Mutual Funds 2,025,887 — — 2,025,887
Total $2,025,887 $214,077,543 $— $216,103,430
94
Notes to Financial Statements (unaudited) - continued
  Level 1 Level 2 Level 3 Total
Virginia Fund        
Financial Instruments        
Municipal Bonds $— $329,904,008 $— $329,904,008
U.S. Corporate Bonds — 761,152 — 761,152
Mutual Funds 4,938,873 — — 4,938,873
Total $4,938,873 $330,665,160 $— $335,604,033
West Virginia Fund        
Financial Instruments        
Municipal Bonds $— $96,385,239 $— $96,385,239
U.S. Corporate Bonds — 237,831 — 237,831
Mutual Funds 801,891 — — 801,891
Total $801,891 $96,623,070 $— $97,424,961
For further information regarding security characteristics, see the Portfolio of Investments.
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.
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 six months ended September 30, 2022, is shown as a reduction of total expenses in the Statements of Operations.
95
Notes to Financial Statements (unaudited) - continued
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 made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year 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
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 9/30/22 Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund
Cost of investments $92,723,553 $242,470,467 $502,377,590 $178,168,982
Gross appreciation 208,599 720,916 1,259,920 344,292
Gross depreciation (7,958,377) (23,606,188) (48,415,455) (17,243,153)
Net unrealized appreciation (depreciation) $(7,749,778) $(22,885,272) $(47,155,535) $(16,898,861)
As of 3/31/22        
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)
Net unrealized appreciation (depreciation) (56,341) (827,010) (4,660,375) (577,518)
As of 9/30/22 South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Cost of investments $241,880,922 $376,405,756 $107,724,662
Gross appreciation 141,533 109,624 205,939
Gross depreciation (25,919,025) (40,911,347) (10,505,640)
Net unrealized appreciation (depreciation) $(25,777,492) $(40,801,723) $(10,299,701)
As of 3/31/22      
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)
Net unrealized appreciation (depreciation) (5,445,675) (6,449,020) (643,049)
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
96
Notes to Financial Statements (unaudited) - continued
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
  Six Months Ended
9/30/22 		  Year Ended
3/31/22 		  Six Months Ended
9/30/22 		  Year Ended
3/31/22 		  Six Months Ended
9/30/22 		  Year Ended
3/31/22 		  Six Months Ended
9/30/22 		  Year Ended
3/31/22
Class A $920,388   $1,753,181   $1,947,350   $3,549,948   $3,534,083   $6,185,717   $1,539,455   $2,798,683
Class B 666   1,257   6,595   11,603   2,104   3,640   4,633   8,925
Class C —   —   83,710   159,120   182,472   323,974   —   —
Class I 154,542   292,636   651,543   2,030,412   1,358,428   2,372,992   425,535   760,115
Class R6 39,588   62,023   740,426   423,860   422,244   828,028   264,031   404,547
Total $1,115,184   $2,109,097   $3,429,624   $6,174,943   $5,499,331   $9,714,351   $2,233,654   $3,972,270
  South Carolina Fund   Virginia Fund   West Virginia Fund
  Six Months Ended
9/30/22 		  Year Ended
3/31/22 		  Six Months Ended
9/30/22 		  Year Ended
3/31/22 		  Six Months Ended
9/30/22 		  Year Ended
3/31/22
Class A $1,936,355   $3,441,883   $3,132,643   $5,278,330   $1,093,788   $2,076,723
Class B 926   1,488   3,094   5,631   444   952
Class C —   —   91,030   178,905   —   —
Class I 555,482   1,116,984   1,136,859   2,314,962   217,990   375,186
Class R6 185,441   338,878   323,838   625,361   25,395   31,423
Total $2,678,204   $4,899,233   $4,687,464   $8,403,189   $1,337,617   $2,484,284
(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. 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 six months ended September 30, 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
$6,557 $17,358 $35,445 $12,485 $17,891 $26,016 $7,593
The management fee incurred for the six months ended September 30, 2022 was equivalent to an annual effective rate of 0.44% of each fund's average daily net assets.
97
Notes to Financial Statements (unaudited) - continued
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, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, 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 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Class A 0.83% 0.84% 0.69% 0.84% 0.81% 0.87%
Class B 1.58% 1.59% 1.44% 1.59% 1.56% 1.62%
Class C 1.58% 1.59% N/A N/A 1.56% N/A
Class I 0.58% 0.59% 0.59% 0.59% 0.56% 0.62%
Class R6 0.53% 0.52% 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, 2023. For the six months ended September 30, 2022, these reductions amounted to the following for the New York Fund, the North Carolina Fund, the Pennsylvania 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 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
$72,647 $4,622 $71,025 $40,607 $94,990 $57,096
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the six months ended September 30, 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
$2,405 $231 $2,305 $1,904 $2,704 $1,104 $526
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% $95,761
New York Fund — 0.25% 0.25% 0.25% 178,265
North Carolina Fund — 0.25% 0.25% 0.25% 407,367
Pennsylvania Fund — 0.25% 0.25% 0.10% 153,282
South Carolina Fund — 0.25% 0.25% 0.25% 234,397
Virginia Fund — 0.25% 0.25% 0.25% 312,045
West Virginia Fund — 0.25% 0.25% 0.25% 110,925
98
Notes to Financial Statements (unaudited) - continued
  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% $379
New York Fund 0.75% 0.25% 1.00% 1.00% 3,322
North Carolina Fund 0.75% 0.25% 1.00% 1.00% 1,481
Pennsylvania Fund 0.75% 0.25% 1.00% 0.85% 2,627
South Carolina Fund 0.75% 0.25% 1.00% 1.00% 703
Virginia Fund 0.75% 0.25% 1.00% 1.00% 1,747
West Virginia Fund 0.75% 0.25% 1.00% 1.00% 259
  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% $42,240
North Carolina Fund 0.75% 0.25% 1.00% 1.00% 128,282
Virginia Fund 0.75% 0.25% 1.00% 1.00% 51,503
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Total Distribution and Service Fees $96,140 $223,827 $537,130 $155,909 $235,100 $365,295 $111,184
(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 six months ended September 30, 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 six months ended September 30, 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 $— $— $12 $4 $23 $69 $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, 2023. For the six months ended September 30, 2022, these reductions amounted to $57,457 and $95 for Class A and Class B shares, 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 rates 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, 2023. For the six months ended September 30, 2022, these reductions amounted to $91,969 and $394 for Class A and Class B shares, 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 six months ended September 30, 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 $142 $11,051 $14,419 $6,302 $7,085 $5,880 $315
Class B — 280 — 130 — — —
Class C N/A 646 338 N/A N/A 44 N/A
99
Notes to Financial Statements (unaudited) - continued
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 six months ended September 30, 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 $1,391 $8,331 $9,390 $8,318 $4,529 $8,417 $2,321
Annual percentage of average daily net assets 0.0030% 0.0068% 0.0038% 0.0095% 0.0036% 0.0046% 0.0044%
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 six months ended September 30, 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
$32,722 $79,330 $180,790 $64,078 $86,047 $146,350 $45,609
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 six months ended September 30, 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 0.0267% 0.0206% 0.0187% 0.0220% 0.0205% 0.0193% 0.0254%
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 six months ended September 30, 2022:
North
Carolina
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
$130 $128 $130 $128
The liability for deferred retirement benefits payable to those former independent Trustees under the DB plan amounted to the following at September 30, 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
$2,484 $2,513 $2,500 $2,512
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.
100
Notes to Financial Statements (unaudited) - continued
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
On August 3, 2022, MFS redeemed the following fund shares:
Fund Class Shares Amount
Mississippi Fund Class I 15 $137
New York Fund Class I 18 165
North Carolina Fund Class I 18 166
North Carolina Fund Class R6 16 148
Pennsylvania Fund Class I 17 159
South Carolina Fund Class I 15 139
Virginia Fund Class I 16 147
Virginia Fund Class R6 21 193
West Virginia Fund Class I 15 137
During the six months ended September 30, 2022, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the “Act”), the Pennsylvania Fund engaged in purchase transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser (“cross-trades”) which amounted to $4,862.
(4)  Portfolio Securities
For the six months ended September 30, 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 $10,175,426 $35,335,298 $64,158,980 $15,767,227 $31,633,527 $44,568,365 $9,352,028
Sales $12,598,718 $48,871,695 $64,117,084 $19,040,235 $57,795,630 $39,367,793 $11,985,715
(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
  Six Months Ended
9/30/22 		  Year ended
3/31/22 		  Six Months Ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     451,112 $   4,037,716      664,473 $   6,608,160       836,094 $   8,494,159    1,535,775 $ 17,534,239
Class B           5            47           69           685            —             3            6           67
Class C          —           —           —           —        20,516       208,052       94,505   1,085,512
Class I     222,045     1,997,435      262,884     2,607,152     1,336,762    11,968,810      993,410  10,039,839
Class R6      33,383      301,646      114,707    1,130,805       143,492    1,283,265    5,009,657  50,791,805
      706,545    $6,336,844    1,042,133   $10,346,802     2,336,864   $21,954,289    7,633,353  $79,451,462
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      98,362 $     878,534      170,189 $   1,681,291       166,274 $   1,677,650      269,871 $  3,063,742
Class B          65           579           34           330           641         6,448          966       10,944
Class C          —           —           —           —         7,549        76,089       12,520      142,014
Class I      15,852       141,400       26,744       263,696        57,409       512,006      168,723   1,703,392
Class R6       4,436       39,588        6,298       62,011        83,044      740,426       43,348     423,860
      118,715    $1,060,101      203,265    $2,007,328       314,917    $3,012,619      495,428   $5,343,952
101
Notes to Financial Statements (unaudited) - continued
  Mississippi Fund − continued   New York Fund − continued
  Six Months Ended
9/30/22 		  Year ended
3/31/22 		  Six Months Ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares reacquired                      
Class A    (878,002) $  (7,879,367)   (1,474,819) $(14,370,002)    (1,901,983) $ (19,237,843)   (2,418,241) $(27,305,790)
Class B      (1,395)       (12,805)       (2,127)     (21,293)        (6,212)       (63,115)      (26,589)     (301,471)
Class C          —           —           —          —      (194,903)    (1,954,965)     (281,029)  (3,139,981)
Class I    (384,417)    (3,430,702)     (226,922)  (2,243,329)    (1,326,288)   (11,888,195)   (5,967,800) (60,139,644)
Class R6     (66,594)     (596,189)      (33,794)    (332,516)      (296,594)   (2,660,254)     (115,641)  (1,164,697)
   (1,330,408)  $(11,919,063)   (1,737,662) $(16,967,140)    (3,725,980)  $(35,804,372)   (8,809,300) $(92,051,583)
Net change                      
Class A    (328,528) $  (2,963,117)     (640,157) $ (6,080,551)      (899,615) $  (9,066,034)     (612,595) $ (6,707,809)
Class B      (1,325)       (12,179)       (2,024)     (20,278)        (5,571)       (56,664)      (25,617)     (290,460)
Class C          —           —           —          —      (166,838)    (1,670,824)     (174,004)  (1,912,455)
Class I    (146,520)    (1,291,867)       62,706     627,519        67,883       592,621   (4,805,667) (48,396,413)
Class R6     (28,775)     (254,955)       87,211     860,300       (70,058)     (636,563)    4,937,364  50,050,968
     (505,148)   $(4,522,118)     (492,264)  $(4,613,010)    (1,074,199)  $(10,837,464)     (680,519)  $(7,256,169)
  North Carolina Fund   Pennsylvania Fund
  Six Months Ended
9/30/22 		  Year ended
3/31/22 		  Six Months Ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A  10,146,285 $ 108,651,850    5,850,253 $  68,685,618     1,048,129 $  10,005,237    1,746,541 $ 18,605,633
Class B          —           —           —           —         6,449        63,522           21          221
Class C      79,589       852,942      271,155     3,267,571            —           —           —          —
Class I   3,029,735    27,548,983    3,227,645    32,146,638       730,394     6,719,155    2,876,721  29,048,205
Class R6     713,041    6,419,055    1,746,451   17,419,228       528,070    4,859,501      783,738   7,965,889
   13,968,650  $143,472,830   11,095,504  $121,519,055     2,313,042   $21,647,415    5,407,021  $55,619,948
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     311,807 $   3,363,841      492,347 $   5,862,338       153,292 $   1,469,809      249,591 $  2,653,059
Class B         190         2,044          274         3,261           455         4,374          774        8,258
Class C      16,326       176,018       26,217       312,225            —           —           —          —
Class I     134,990     1,213,739      211,310     2,096,544        42,395       387,222       62,687      634,112
Class R6      44,038      396,504       79,594      789,299        12,750      116,502       16,645     168,358
      507,351    $5,152,146      809,742    $9,063,667       208,892    $1,977,907      329,697   $3,463,787
Shares reacquired                      
Class A (11,598,424) $(125,227,123)   (4,974,968) $ (58,723,641)    (1,741,072) $ (16,838,608)   (1,812,074) $(19,208,090)
Class B      (4,295)       (46,818)       (6,503)      (77,669)       (10,622)      (102,923)      (23,588)     (252,205)
Class C    (442,962)    (4,793,725)     (700,146)   (8,308,265)            —           —           —          —
Class I  (3,590,088)   (32,278,431)   (2,440,231)  (24,144,249)    (1,213,355)   (11,145,527)   (2,200,423) (22,031,600)
Class R6  (1,738,056)  (15,705,133)     (951,058)   (9,356,336)      (546,354)   (5,010,926)     (221,256)  (2,210,929)
  (17,373,825) $(178,051,230)   (9,072,906) $(100,610,160)    (3,511,403)  $(33,097,984)   (4,257,341) $(43,702,824)
Net change                      
Class A  (1,140,332) $ (13,211,432)    1,367,632 $  15,824,315      (539,651) $  (5,363,562)      184,058 $  2,050,602
Class B      (4,105)       (44,774)       (6,229)      (74,408)        (3,718)       (35,027)      (22,793)     (243,726)
Class C    (347,047)    (3,764,765)     (402,774)   (4,728,469)            —           —           —          —
Class I    (425,363)    (3,515,709)      998,724    10,098,933      (440,566)    (4,039,150)      738,985   7,650,717
Class R6    (980,977)   (8,889,574)      874,987    8,852,191        (5,534)      (34,923)      579,127   5,923,318
   (2,897,824)  $(29,426,254)    2,832,340   $29,972,562      (989,469)   $(9,472,662)    1,479,377  $15,380,911
102
Notes to Financial Statements (unaudited) - continued
  South Carolina Fund   Virginia Fund
  Six Months Ended
9/30/22 		  Year ended
3/31/22 		  Six Months Ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     534,563 $   5,985,133    2,372,086 $  29,319,454    10,440,236 $ 106,820,875    3,082,317 $ 34,747,094
Class B          —           —           —           —            35           359        2,264       26,007
Class C          —           —           —           —        35,649       368,238       68,268      784,471
Class I   1,133,855    10,240,716    2,681,963    26,859,693     3,658,997    32,574,997    3,127,472  31,010,484
Class R6     402,939    3,610,132      806,676    8,094,413       423,833    3,828,543    1,010,801  10,065,928
    2,071,357   $19,835,981    5,860,725   $64,273,560    14,558,750  $143,593,012    7,291,122  $76,633,984
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     169,105 $   1,875,592      270,984 $   3,330,868       280,481 $   2,884,592      419,275 $  4,776,019
Class B          84           926          120         1,480           260         2,672          430        4,899
Class C          —           —           —           —         7,916        81,421       13,848      157,810
Class I      53,279       479,288       97,823       974,446       110,883       991,638      199,270   1,972,533
Class R6      20,628      185,406       34,067      338,875        36,044      322,793       63,023     623,830
      243,096    $2,541,212      402,994    $4,645,669       435,584    $4,283,116      695,846   $7,535,091
Shares reacquired                      
Class A  (2,573,196) $ (28,580,774)   (3,092,604) $ (37,841,157)    (9,139,666) $ (93,456,734)   (2,630,752) $(29,754,374)
Class B        (199)        (2,203)      (10,273)     (127,051)        (8,457)       (85,779)       (4,883)      (55,280)
Class C          —           —           —           —      (187,860)    (1,951,545)     (247,059)  (2,811,487)
Class I  (2,678,942)   (24,255,153)   (2,127,322)  (21,223,924)    (4,154,485)   (37,019,333)   (3,358,779) (32,848,183)
Class R6    (722,317)   (6,528,396)     (344,094)   (3,391,189)      (929,970)   (8,375,833)     (538,116)  (5,278,501)
   (5,974,654)  $(59,366,526)   (5,574,293)  $(62,583,321)   (14,420,438) $(140,889,224)   (6,779,589) $(70,747,825)
Net change                      
Class A  (1,869,528) $ (20,720,049)     (449,534) $  (5,190,835)     1,581,051 $  16,248,733      870,840 $  9,768,739
Class B        (115)        (1,277)      (10,153)     (125,571)        (8,162)       (82,748)       (2,189)      (24,374)
Class C          —           —           —           —      (144,295)    (1,501,886)     (164,943)  (1,869,206)
Class I  (1,491,808)   (13,535,149)      652,464     6,610,215      (384,605)    (3,452,698)      (32,037)      134,834
Class R6    (298,750)   (2,732,858)      496,649    5,042,099      (470,093)   (4,224,497)      535,708   5,411,257
   (3,660,201)  $(36,989,333)      689,426    $6,335,908       573,896    $6,986,904    1,207,379  $13,421,250
  West Virginia Fund
  Six Months Ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount
Shares sold          
Class A     365,127 $   3,692,870      798,195 $  8,965,316
Class B          —           —            2           16
Class I     305,574     2,722,209      455,289   4,508,333
Class R6      79,161      706,788      119,674   1,181,222
      749,862    $7,121,867    1,373,160  $14,654,887
Shares issued to shareholders in
reinvestment of distributions 		         
Class A     104,418 $   1,060,104      178,745 $  1,999,069
Class B          44           444           84          947
Class I      20,987       187,478       31,219      306,989
Class R6       2,847       25,395        3,206      31,423
      128,296    $1,273,421      213,254   $2,338,428
103
Notes to Financial Statements (unaudited) - continued
  West Virginia Fund − continued
  Six Months Ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount
Shares reacquired          
Class A    (875,814) $  (8,907,155)   (1,021,241) $(11,484,492)
Class B        (277)        (2,735)       (4,742)      (53,412)
Class I    (254,443)    (2,285,861)     (173,626)  (1,708,211)
Class R6     (32,021)     (288,529)      (19,253)    (185,626)
   (1,162,555)  $(11,484,280)   (1,218,862) $(13,431,741)
Net change          
Class A    (406,269) $  (4,154,181)      (44,301) $   (520,107)
Class B        (233)        (2,291)       (4,656)      (52,449)
Class I      72,118       623,826      312,882   3,107,111
Class R6      49,987      443,654      103,627   1,027,019
     (284,397)   $(3,088,992)      367,552   $3,561,574
Effective June 1, 2019, purchases of each fund’s Class B shares were closed to new and existing investors subject to certain exceptions.
(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 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each 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. The line of credit expires on March 16, 2023 unless extended or renewed. 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 six months ended September 30, 2022, each fund’s commitment fee and interest expense were as follows and are included in “Miscellaneous” expense 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 $237 $608 $1,227 $443 $656 $866 $259
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 six months ended September 30, 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 $2,539,919 $13,990,917 $15,572,956 $173 $96 $958,149
New York Fund 5,439,822 40,558,076 38,492,812 (978) 831 7,504,939
North Carolina Fund 41,867,648 91,553,411 123,134,692 (1,158) 1,053 10,286,262
Pennsylvania Fund 12,967,834 27,569,920 32,549,016 (373) 831 7,989,196
South Carolina Fund 13,600,641 48,866,757 60,441,572 (61) 122 2,025,887
Virginia Fund 7,310,732 77,725,696 80,098,115 (243) 803 4,938,873
West Virginia Fund 2,356,969 15,463,356 17,018,472 (113) 151 801,891
104
Notes to Financial Statements (unaudited) - continued
  Dividend
Income 		Capital Gain
Distributions
Mississippi Fund $9,308 $—
New York Fund 22,846 —
North Carolina Fund 63,981 —
Pennsylvania Fund 34,249 —
South Carolina Fund 29,627 —
Virginia Fund 54,126 —
West Virginia Fund 13,449 —
(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.
105
Board Review of Investment Advisory Agreement
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of each Fund’s investment advisory agreement with MFS.  The Trustees consider matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting.  In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Funds and the other investment companies that the Board oversees (the “MFS Funds”).  The independent Trustees were assisted in their evaluation of the Funds’ investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings.  The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant.  The investment advisory agreement for each Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review.  As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Funds.
In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Funds for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Funds’ advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee “breakpoints” are observed for the Funds, (v) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Funds and the MFS Funds as a whole, and compared to MFS’ institutional business, (vi) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Funds and the other MFS Funds.  The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor.  Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors.  It is also important to recognize that the fee arrangements for the Funds and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
Based on information provided by Broadridge and MFS, the Trustees reviewed each Fund’s total return investment performance as well as its respective Broadridge performance universe over various time periods.  The Trustees placed particular emphasis on the total return performance of each Fund’s Class I shares in comparison to the performance of funds in its respective Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions.  See below for a description of the performance information considered by the Trustees.
In assessing the reasonableness of each Fund’s advisory fee, the Trustees considered, among other information, each Fund’s advisory fee and the total expense ratio of each Fund’s Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense groups based on information provided by Broadridge.  The Trustees considered whether the Funds were subject to any fee waivers or reductions or expense limitations.  See below for a description of the fee information considered by the Trustees.
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to each Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to each Fund, as well as the more extensive regulatory burdens imposed on MFS in managing each Fund, in comparison to the relevant separate  accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of each Fund in comparison to the relevant separate accounts.
106
Board Review of Investment Advisory Agreement - continued
The Trustees also considered whether each Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole.  They noted that each Fund’s advisory fee rate schedule is not subject to any breakpoints.  Taking into account the information noted below, the Trustees determined not to recommend any advisory fee breakpoints for the Funds at this time.  The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Funds, if the total combined assets of certain funds within the MFS Funds’ complex increase above agreed upon thresholds (the “group fee waiver”), enabling each Fund’s shareholders to share in the benefits from any economies of scale at the complex level.  The group fee waiver is reviewed and renewed annually between the Board and MFS.  The Trustees concluded that the group fee waiver was sufficient to allow each Fund to benefit from economies of scale as its assets and overall complex assets grow.
The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to each Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Funds and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to each Fund represent reasonable compensation in light of the services being provided by MFS to the Funds.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Funds.  The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies.  In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc.  The Trustees also considered the advantages and possible disadvantages to the Funds of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Funds by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Funds pay to MFS Fund Distributors, Inc., an affiliate of MFS.  The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Funds’ behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians.  The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Funds were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that each Fund’s investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.
MFS Mississippi Municipal Bond Fund
The total return performance of the Fund’s Class I shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2021 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance.  After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate was approximately at the Broadridge expense group median and the Fund’s total expense ratio was higher than the Broadridge expense group median.
107
Board Review of Investment Advisory Agreement - continued
MFS New York Municipal Bond Fund
The total return performance of the Fund’s Class I  shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 3rd quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2021 relative to the other funds in the universe.  Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance.  After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval.  The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate was higher than the Broadridge expense group median and the Fund’s total expense ratio was approximately at the Broadridge expense group median.
MFS North Carolina Municipal Bond Fund
The total return performance of the Fund’s Class I  shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 1st quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2021 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance.  After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval.  The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.
MFS Pennsylvania Municipal Bond Fund
The total return performance of the Fund’s Class I  shares was in the 1st quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 2nd quintile relative to the other funds in the universe for each of the one- and three-year periods ended December 31, 2021.  Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance.  After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate was approximately at the Broadridge expense group median and the Fund’s total expense ratio was higher than the Broadridge expense group median.
108
Board Review of Investment Advisory Agreement - continued
MFS South Carolina Municipal Bond Fund
The total return performance of the Fund’s Class I  shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2021 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance.  After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval.  The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.
MFS Virginia Municipal Bond Fund
The total return performance of the Fund’s Class I shares was in the 1st quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 2nd quintile relative to the other funds in the universe for each of the one- and three-year periods ended December 31, 2021. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance.  After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval.  The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.
MFS West Virginia Municipal Bond Fund
The total return performance of the Fund’s Class I shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2021 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class I shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2021 relative to the other funds in the universe.  Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance.  After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval.  The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.
109
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, 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.
Provision of Financial Reports and Summary Prospectuses
Each fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of each fund’s annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund’s records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
111
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CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Semiannual Report
September 30, 2022
MFS®  Municipal Income Fund
LMB-SEM
MFS® Municipal Income Fund
CONTENTS
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:
Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. 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 U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility in fixed income and currency markets has picked up, with fiscal policy missteps in the United Kingdom leading to a crisis of market confidence that ultimately resulted in the ousting of Prime Minister Liz Truss. That episode could forewarn other governments to avoid policy overreach.
There are, however, encouraging signs for the markets. The latest wave of COVID-19 cases appears to be receding in Asia, and cases outside Asia, while numerous, appear to be causing fewer serious illnesses. Meanwhile, unemployment is low and global supply chain bottlenecks are easing, though lingering coronavirus restrictions 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 unique global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.
Respectfully,
Michael W. Roberge
Chair and Chief Executive Officer
MFS Investment Management
November 14, 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
Portfolio structure (i)
Top ten industries (i)
Healthcare Revenue - Hospitals 14.7%
Housing - Single Family 9.7%
General Obligations - General Purpose 7.0%
Airport Revenue 6.9%
State & Local Agencies 5.3%
General Obligations - Schools 4.7%
Universities - Colleges 4.6%
Sales & Excise Tax Revenue 4.3%
Miscellaneous Revenue - Other 4.0%
Healthcare Revenue - Long Term Care 3.8%
Composition including fixed income credit quality (a)(i)
AAA 4.1%
AA 30.9%
A 31.2%
BBB 16.6%
BB 5.6%
B 0.8%
CCC 0.8%
CC (o) 0.0%
C 0.4%
D 0.6%
Not Rated 10.4%
Cash & Cash Equivalents 0.8%
Other (2.2)%
Portfolio facts
Average Duration (d) 8.7
Average Effective Maturity (m) 15.6  yrs.
 
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
3
Expense Table
Fund expenses borne by the shareholders during the period,
April 1, 2022 through September 30, 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 April 1, 2022 through September 30, 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.
4
Expense Table - continued
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22 - 9/30/22
A Actual 0.76% $1,000.00 $918.65 $3.66
Hypothetical (h) 0.76% $1,000.00 $1,021.26 $3.85
B Actual 1.51% $1,000.00 $915.42 $7.25
Hypothetical (h) 1.51% $1,000.00 $1,017.50 $7.64
C Actual 1.51% $1,000.00 $915.53 $7.25
Hypothetical (h) 1.51% $1,000.00 $1,017.50 $7.64
I Actual 0.51% $1,000.00 $919.77 $2.45
Hypothetical (h) 0.51% $1,000.00 $1,022.51 $2.59
R6 Actual 0.43% $1,000.00 $920.03 $2.07
Hypothetical (h) 0.43% $1,000.00 $1,022.91 $2.18
A1 Actual 0.51% $1,000.00 $919.92 $2.45
Hypothetical (h) 0.51% $1,000.00 $1,022.51 $2.59
B1 Actual 1.26% $1,000.00 $916.56 $6.05
Hypothetical (h) 1.26% $1,000.00 $1,018.75 $6.38
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
Notes to Expense Table
Expense ratios include 0.03% of investment related expenses from self-deposited inverse floaters (as described in Note 2 of the Notes to Financial Statements) that are outside of the expense limitation arrangement (See Note 3 of the Notes to Financial Statements).
5
Portfolio of Investments
9/30/22 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
Issuer     Shares/Par Value ($)
Municipal Bonds - 99.4%
Alabama - 1.6%
Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033   $ 620,000 $627,986
Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 4), “B-1”, 5%, 5/01/2053 (Put Date 8/01/2028)     10,165,000 10,172,550
Alabama Stadium Trace Village Improvement District Development Incentive Anticipation, 3.625%, 3/01/2036     1,380,000 1,035,605
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2035     240,000 227,168
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2037     190,000 176,719
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2038     1,245,000 1,149,190
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2039     245,000 224,329
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040     125,000 113,458
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025     415,000 406,725
Black Belt Energy Gas District, AL, Gas Prepay Rev., “A”, 4%, 12/01/2048 (Put Date 12/01/2023)     5,170,000 5,160,536
Black Belt Energy Gas District, AL, Gas Prepay Rev., “B-1”, FLR, 2.99% (67% of LIBOR - 1mo. + 0.9%), 12/01/2048 (Put Date 12/01/2023)     15,870,000 15,712,328
Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., “A”, 5.25%, 9/01/2052     6,295,000 6,312,165
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026     925,000 782,329
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029     1,305,000 906,610
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034     1,865,000 912,230
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035     3,535,000 1,619,508
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023     360,000 365,346
Mobile, AL, General Obligation Warrants, “A”, 5%, 2/15/2030     2,465,000 2,623,031
Southeast Alabama Gas Supply District Rev. (Project No. 1), “A”, 4%, 4/01/2049 (Put Date 4/01/2024)     11,470,000 11,432,502
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2038     1,185,000 1,251,717
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039     490,000 516,187
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044     3,205,000 3,245,797
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Alabama - continued
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049   $ 1,955,000 $1,971,348
        $66,945,364
Alaska - 0.2%
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 6/01/2027   $ 490,000 $521,097
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 12/01/2027     790,000 844,811
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 6/01/2028     1,035,000 1,110,078
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 12/01/2028     1,075,000 1,158,827
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 6/01/2029     810,000 872,474
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 4%, 12/01/2029     1,440,000 1,467,379
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 4%, 6/01/2030     870,000 883,144
        $6,857,810
Arizona - 2.8%
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2038   $ 295,000 $300,054
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2048     780,000 784,600
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052     975,000 978,771
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “A”, 5.125%, 7/01/2037 (n)     790,000 783,887
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “A”, 5.25%, 7/01/2047 (n)     590,000 570,135
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n)     95,000 92,576
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n)     130,000 119,612
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n)     335,000 304,201
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2037     790,000 807,648
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2047     1,850,000 1,868,733
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2052     1,475,000 1,487,036
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2037 (n)   $ 130,000 $126,683
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2047 (n)     130,000 119,612
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2051 (n)     245,000 222,476
Arizona Industrial Development Authority Education Rev. (Kipp Nashville Projects), “A”, 5%, 7/01/2047     300,000 279,550
Arizona Industrial Development Authority Education Rev. (Kipp Nashville Projects), “A”, 5%, 7/01/2057     385,000 346,865
Arizona Industrial Development Authority Education Rev. (Kipp Nashville Projects), “A”, 5%, 7/01/2062     535,000 472,221
Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2031     315,000 336,642
Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2032     240,000 253,888
Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2033     200,000 209,519
Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2035     1,100,000 1,137,715
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2036     870,000 796,821
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2038     475,000 426,015
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2039     590,000 524,943
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2040     630,000 555,100
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2051     1,965,000 1,602,142
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4.25%, 11/01/2052     2,760,000 2,343,435
Coconino County, AZ, Pollution Control Corp., “A”, 1.875%, 9/01/2032 (Put Date 3/31/2023)     2,050,000 2,031,263
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033     1,015,000 749,482
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035     1,550,000 1,330,278
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2042     2,360,000 2,324,755
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2048   $ 3,150,000 $3,038,788
La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2038     535,000 514,076
La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2048     465,000 425,688
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2034     135,000 124,673
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039     235,000 237,326
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039 (n)     680,000 645,188
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n)     430,000 426,319
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n)     365,000 329,653
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054     545,000 536,115
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054 (n)     1,615,000 1,436,903
Maricopa County, AZ, Industrial Development Authority Rev. (Banner Health), “A”, 5%, 1/01/2038     2,360,000 2,422,670
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)     625,000 537,029
Phoenix, AZ, Civic Improvement Corp. Rental Car Facility Charge Rev., “A”, 5%, 7/01/2037     5,115,000 5,319,156
Phoenix, AZ, Civic Improvement Corp. Rental Car Facility Charge Rev., “A”, 5%, 7/01/2045     7,865,000 8,039,701
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)     370,000 366,194
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)     115,000 113,817
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n)     450,000 420,410
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n)     270,000 251,187
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036     555,000 551,598
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041     445,000 431,554
9
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046   $ 705,000 $667,086
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n)     665,000 646,033
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n)     730,000 668,735
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2046 (n)     480,000 437,695
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2041 (n)     1,885,000 1,407,309
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n)     6,255,000 4,230,769
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4.15%, 12/01/2057 (n)     2,355,000 1,555,106
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n)     2,750,000 1,961,475
Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 2.25%, 12/01/2035 (Put Date 11/01/2022)     35,400,000 35,369,655
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC-Arizona State University Project), “A”, 5%, 7/01/2044     335,000 305,953
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC-Arizona State University Project), “A”, 5%, 7/01/2049     815,000 727,894
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC-Arizona State University Project), “A”, 5%, 7/01/2059     665,000 576,000
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2030     120,000 120,050
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2031     420,000 418,205
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2033     225,000 220,589
10
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2037   $ 395,000 $376,730
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2042     480,000 443,657
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2041 (n)     185,000 143,913
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2041 (n)     995,000 774,018
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)     1,105,000 784,239
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)     285,000 202,270
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2057 (n)     250,000 170,098
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2057 (n)     1,245,000 847,086
Salt River, AZ, Agricultural Improvement & Power District, “A”, 5%, 1/01/2038     6,295,000 6,596,927
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), “A-2”, 2.2%, 3/01/2028 (Put Date 6/03/2024)     1,695,000 1,646,581
        $111,752,776
Arkansas - 0.5%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028   $ 170,000 $165,396
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033     345,000 335,241
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039     40,000 37,146
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047     715,000 703,170
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2026     3,515,000 3,628,097
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2027     3,690,000 3,825,590
11
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arkansas - continued
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2028   $ 1,595,000 $1,659,026
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2029     1,360,000 1,417,559
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2036     685,000 683,913
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2037     480,000 475,981
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2038     1,040,000 1,023,527
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2039     380,000 371,294
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2040     420,000 407,076
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-2”, 5%, 9/01/2044 (Put Date 9/01/2027)     965,000 1,006,729
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3%, 7/01/2032     135,000 108,138
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.125%, 7/01/2036     370,000 274,039
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041     145,000 119,442
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052     610,000 441,417
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038     1,310,000 1,315,583
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035     345,000 346,512
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046     3,930,000 1,090,307
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042     1,200,000 1,187,993
        $20,623,176
12
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - 8.8%
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 4%, 5/01/2053 (Put Date 8/01/2028)   $ 6,850,000 $6,695,153
California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, ETM, 5%, 6/01/2025     3,115,000 3,263,348
California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, ETM, 5%, 6/01/2026     3,260,000 3,461,485
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)     4,970,000 3,874,053
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2032     115,000 118,886
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2035     150,000 138,088
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2037     240,000 216,540
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2038     105,000 93,745
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2039     130,000 114,810
California Health Facilities Financing Authority Rev. (CommonSpirit Health), “A”, 4%, 4/01/2049     785,000 643,681
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2046 (Prerefunded 11/15/2025)     1,990,000 2,099,831
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033     3,925,098 3,733,591
California Housing Finance Agency Municipal Certificates, “X”, 0.797%, 11/20/2035 (i)     54,416,828 3,025,652
California Housing Finance Agency Municipal Certificates, “X”, 0.764%, 8/20/2036 (i)(n)     19,443,431 1,173,796
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)     6,245,000 5,187,720
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034     470,000 555,903
California Municipal Finance Authority Rev. (Channing House Project), “B”, 5%, 5/15/2047     1,180,000 1,221,813
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042     1,380,000 1,368,200
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036     1,190,000 1,203,408
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041     3,850,000 3,850,574
13
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047   $ 185,000 $181,025
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039     1,695,000 1,547,233
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)     1,515,000 1,325,104
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 2.4%, 10/01/2044 (Put Date 10/01/2029)     3,370,000 2,988,747
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2033     230,000 220,832
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2037     530,000 493,719
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2038     310,000 286,605
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “A”, 2.25%, 8/01/2023 (Put Date 11/01/2022) (n)     5,730,000 5,725,088
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 2.5%, 11/01/2038 (Put Date 5/01/2024)     2,985,000 2,924,386
California Public Finance Authority Improvement Area No. 1 of River Islands Special Tax (Community Facilities District No. 2003-1), “A-1”, AGM, 5.25%, 9/01/2052     6,700,000 7,041,103
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2033     205,000 207,965
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037     405,000 408,811
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047     405,000 397,775
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2026     330,000 326,830
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2027     315,000 308,275
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2028     285,000 276,553
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)     705,000 632,881
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)     1,595,000 1,378,427
14
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n)   $ 1,065,000 $925,403
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n)     1,620,000 1,437,047
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2030     7,080,000 7,863,020
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 2/01/2031     6,170,000 6,856,008
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 2/01/2032     6,335,000 7,059,952
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038     7,220,000 7,330,325
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033     7,275,000 7,474,078
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 4%, 8/01/2051     550,000 429,080
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 4%, 8/01/2061 (n)     890,000 658,401
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2024 (n)     445,000 445,811
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2025 (n)     465,000 465,586
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n)     400,000 407,612
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n)     1,055,000 1,041,979
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 4%, 7/01/2050     2,740,000 2,124,059
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2034     790,000 808,615
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2035     1,160,000 1,184,852
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3%, 11/01/2022 (n)     440,000 439,742
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3.5%, 11/01/2027 (n)     3,095,000 2,949,123
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2032 (n)     385,000 391,538
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n)     755,000 758,664
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.125%, 11/01/2023     55,000 55,081
15
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033   $ 190,000 $191,655
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034     510,000 515,027
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044     2,085,000 2,091,184
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)     4,290,000 3,909,044
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2058     5,820,000 5,595,839
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5%, 7/01/2029 (n)     490,000 467,287
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n)     375,000 333,165
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n)     1,415,000 1,182,573
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2052 (n)     615,000 507,375
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n)     7,175,000 5,121,887
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 3.5%, 7/01/2034     630,000 577,830
CMFA Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)     2,420,000 1,883,524
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2030     3,535,000 2,591,172
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2031     3,160,000 2,203,590
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033     2,195,000 1,380,649
Foothill-De Anza, CA, Community College District, Capital Appreciation, NPFG, 0%, 8/01/2034     16,840,000 10,162,760
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2034 (Prerefunded 6/01/2025)     2,360,000 2,473,623
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066     67,095,000 5,867,142
16
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050   $ 19,860,000 $17,223,174
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035     380,000 383,464
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034     380,000 380,706
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044     645,000 646,063
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2034     1,080,000 1,113,098
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2035     1,700,000 1,741,310
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2036     1,345,000 1,373,367
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2037     1,005,000 1,024,654
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2038     2,210,000 2,245,980
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2039     3,275,000 3,307,939
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2040     1,655,000 1,665,272
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2034     370,000 377,874
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2036     650,000 659,532
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2037     815,000 826,085
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5.25%, 5/15/2038     1,395,000 1,435,409
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2044     2,840,000 2,844,031
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2038     3,180,000 3,292,561
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041     5,065,000 5,221,188
Merced, CA, Union High School District, Capital Appreciation, “A”, AGM, 0%, 8/01/2030     460,000 339,779
Modesto, CA, Elementary School District General Obligation, “B”, 3%, 8/01/2046     1,415,000 1,004,026
Modesto, CA, Elementary School District General Obligation, “B”, 3%, 8/01/2050     880,000 603,199
17
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2041   $ 5,115,000 $5,240,867
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2046     1,575,000 1,606,300
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     1,465,000 1,542,942
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2027     1,295,000 1,088,000
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2029     2,550,000 1,982,297
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2030     3,235,000 2,409,800
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027     75,000 63,491
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029     225,000 177,388
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2030     180,000 136,580
Oceanside, CA, Unified School District, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027     155,000 131,215
Oceanside, CA, Unified School District, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029     315,000 248,344
Oceanside, CA, Unified School District, Capital Appreciation, ETM, AGM, 0%, 8/01/2024     280,000 263,667
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030     1,290,000 1,321,583
Pomona, CA, Unified School District, General Obligation, “F”, BAM, 3%, 8/01/2048     765,000 534,390
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2024     1,245,000 1,271,184
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2025     3,775,000 3,891,919
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2026     2,165,000 2,253,684
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2027     2,165,000 2,272,257
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, ETM, 5%, 5/01/2024     95,000 97,615
Riverside County, CA, Transportation Commission Sales Tax Rev. (Limited Tax), “A”, 2%, 6/01/2029     1,585,000 1,381,771
18
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
Riverside County, CA, Transportation Commission Sales Tax Rev. (Limited Tax), “A”, 5.25%, 6/01/2039 (Prerefunded 6/01/2023)   $ 3,665,000 $3,714,997
Sacramento County, CA, Airport System Rev., “A”, 5%, 7/01/2041     7,865,000 8,054,348
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2041     4,720,000 4,768,584
Sacramento, CA, Transient Occupancy Tax Rev. (Convention Center Complex), “A”, 5%, 6/01/2033     95,000 100,462
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2024 (Prerefunded 7/01/2023)     395,000 400,009
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2025 (Prerefunded 7/01/2023)     1,180,000 1,194,964
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2041     1,310,000 1,151,070
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2046     1,500,000 1,282,707
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2046     1,875,000 1,873,788
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2051     1,875,000 1,867,897
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2056     2,060,000 1,681,536
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2056     3,535,000 3,475,980
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047     970,000 968,953
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2038     3,385,000 3,429,022
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2039     3,855,000 3,886,001
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2040     1,800,000 1,808,940
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043     270,000 276,739
San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n)     5,345,000 4,602,934
San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n)     6,760,000 5,457,862
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)     9,605,000 3,171,972
San Mateo County, CA, Community College District (Election of 2005), Capital Appreciation, “A”, NPFG, 0%, 9/01/2026     4,015,000 3,518,035
State of California, AGM, 5.25%, 8/01/2032     7,205,000 8,192,702
19
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
State of California, Various Purpose General Obligation, 5%, 12/01/2029   $ 1,770,000 $1,965,780
State of California, Various Purpose General Obligation, 5%, 12/01/2031     40,000 42,298
State of California, Various Purpose General Obligation, 5%, 12/01/2032     1,380,000 1,456,967
State of California, Various Purpose General Obligation, 5%, 12/01/2034     1,060,000 1,111,106
State of California, Various Purpose General Obligation, 5%, 4/01/2045     7,655,000 8,065,728
State of California, Various Purpose General Obligation Refunding, 5%, 8/01/2029     3,935,000 4,190,236
State of California, Various Purpose General Obligation Refunding, 5%, 12/01/2030     395,000 442,384
State of California, Various Purpose General Obligation Refunding, 5%, 4/01/2031     2,505,000 2,803,729
State of California, Various Purpose General Obligation Refunding, 5%, 9/01/2034     7,080,000 7,448,318
State of California, Various Purpose General Obligation Refunding, 5%, 4/01/2042     6,160,000 6,430,742
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2045     750,000 756,447
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049     685,000 685,072
Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”, 3%, 8/01/2051     1,685,000 1,144,734
University of California Regents, Limited Project Rev., “S”, 5%, 5/15/2029     3,150,000 3,502,940
University of California Regents, Limited Project Rev., “S”, 5%, 5/15/2030     2,360,000 2,645,262
University of California Regents, Limited Project Rev., “S”, 5%, 5/15/2031     2,360,000 2,665,792
West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, “C”, AGM, 0%, 8/01/2029     2,710,000 2,092,612
        $354,826,592
20
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - 3.9%
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2027   $ 45,000 $47,831
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2028     73,000 78,902
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2028     44,000 46,806
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2029     73,000 79,662
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2029     44,000 46,836
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2030     76,000 82,661
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030     13,000 13,836
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2031     80,000 86,652
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2031     47,000 49,953
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2032     87,000 93,906
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2032     56,000 59,447
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2033     87,000 93,263
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2034     99,000 105,480
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2035     35,000 37,230
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050     415,000 432,028
Colorado Eagle County School District RE50J, Garfield Routt Counties, General Obligation, 5%, 12/01/2034     1,995,000 2,091,401
Colorado Eagle County School District RE50J, Garfield Routt Counties, General Obligation, 5%, 12/01/2035     3,935,000 4,120,510
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031     1,360,000 1,386,713
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038     805,000 815,844
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2029     155,000 156,678
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2039     585,000 587,079
21
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2044   $ 480,000 $480,614
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037     430,000 430,281
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030     390,000 398,390
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034     390,000 396,575
Colorado Educational & Cultural Facilities Authority Rev. (Pinnacle Charter School Building Corp.), 5%, 6/01/2029     720,000 725,798
Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), “A”, 5%, 12/01/2038     1,050,000 1,070,738
Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), “A”, 4%, 12/01/2048     2,710,000 2,288,984
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031     1,460,000 1,480,503
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2038     240,000 245,235
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2048     290,000 292,637
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2053     305,000 307,126
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2040     2,800,000 2,959,746
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2050     14,255,000 14,858,574
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055     1,145,000 1,192,096
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2036     1,080,000 995,784
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2041     1,315,000 1,181,855
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2040     1,380,000 1,428,773
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2050     2,825,000 2,892,566
22
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055   $ 4,165,000 $4,249,523
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2035     420,000 441,370
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2040     620,000 642,823
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050     2,540,000 2,603,749
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2050     385,000 328,091
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2055     690,000 578,778
Colorado Health Facilities Authority Rev. (Adventist System/Sunbelt Obligated Group), “A”, 5%, 11/15/2041     7,865,000 7,927,969
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049     1,560,000 1,248,893
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2037     1,870,000 1,865,928
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023)     940,000 952,695
Colorado Health Facilities Authority Rev. (Sanford Health), “A”, 5%, 11/01/2039     7,395,000 7,427,519
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2036     935,000 886,572
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2037     7,275,000 6,836,552
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044     3,635,000 3,712,441
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038     2,520,000 2,345,400
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043     3,685,000 3,279,179
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2032     800,000 825,803
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2033     790,000 810,399
23
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2034   $ 820,000 $839,739
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2035     600,000 549,095
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2037     355,000 319,959
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2038     280,000 250,155
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2039     280,000 248,224
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2040     240,000 211,008
Colorado Housing & Finance Authority Rev., Single Family Mortgage Class I, “C”, 4.75%, 5/01/2049 (u)     3,800,000 3,819,418
Colorado Housing & Finance Authority Rev., Single Family Mortgage Class III, “H”, 4.25%, 11/01/2049     3,815,000 3,786,270
Colorado Housing & Finance Authority, Single Family Mortgage, “F”, GNMA, 5.25%, 11/01/2052     6,000,000 6,165,071
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 1/15/2030     185,000 189,970
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 7/15/2030     130,000 133,473
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 1/15/2031     225,000 230,839
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 7/15/2031     185,000 189,347
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 1/15/2032     300,000 306,406
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 7/15/2032     300,000 305,827
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 1/15/2033     280,000 261,463
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2033     280,000 260,044
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2034     560,000 514,583
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2036     465,000 419,380
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2038     335,000 296,477
Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/2036     2,170,000 2,265,538
24
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/2040   $ 7,865,000 $8,151,162
Colorado State University Board of Governors, System Enterprise Rev., “B”, 5%, 3/01/2025     2,360,000 2,455,234
Colorado State University Board of Governors, System Enterprise Rev., “B”, 5%, 3/01/2041 (Prerefunded 3/01/2027)     1,180,000 1,263,802
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047     2,700,000 2,347,636
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053     2,535,000 2,153,569
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2028 (Prerefunded 11/15/2022)     1,520,000 1,523,163
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035     760,000 758,635
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040     1,290,000 1,255,825
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2038     620,000 528,629
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045     955,000 955,868
E-470 Public Highway Authority Rev., CO, “A”, 5%, 9/01/2040     735,000 746,547
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2030     1,160,000 1,214,687
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2031     1,310,000 1,369,191
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2032     1,385,000 1,445,955
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2033     1,385,000 1,442,171
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2034     1,140,000 1,183,510
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2035     1,285,000 1,333,047
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045     4,155,000 4,203,519
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028     960,000 1,018,420
State of Colorado (Building Excellent Schools Today), “S”, COP, 4%, 3/15/2046     12,145,000 10,818,443
        $158,833,976
25
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Connecticut - 0.9%
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2025   $ 2,355,000 $2,377,631
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2043     3,330,000 3,063,418
Connecticut Health & Educational Facilities Authority Rev. (McLean Issue), “B-2”, 2.75%, 1/01/2026 (n)     310,000 293,793
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 3.5%, 11/15/2045     495,000 490,949
Hamden, CT, General Obligation, BAM, 5%, 8/15/2028     640,000 679,865
Hamden, CT, General Obligation, BAM, 5%, 8/15/2030     295,000 313,472
Hamden, CT, General Obligation, BAM, 5%, 8/15/2032     60,000 63,576
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2028     3,375,000 3,576,651
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2029     1,870,000 1,978,505
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2030     1,855,000 1,958,790
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)     7,240,000 7,284,653
New Haven, CT, General Obligation, “A”, AGM, 5%, 8/15/2032     790,000 827,856
State of Connecticut, Special Tax Obligation Rev., Transportation Purposes, “A”, 5%, 5/01/2033     4,330,000 4,722,718
State of Connecticut, Special Tax Obligation Rev., Transportation Purposes, “A”, 5%, 5/01/2035     7,000,000 7,555,115
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2031 (n)     145,000 133,073
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2036 (n)     230,000 200,832
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2041 (n)     275,000 228,059
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2051 (n)     630,000 485,097
West Haven, CT, General Obligation , BAM, 4%, 3/15/2035     728,000 715,889
West Haven, CT, General Obligation , BAM, 4%, 3/15/2040     590,000 539,321
        $37,489,263
Delaware - 0.0%
Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 5%, 9/01/2036   $ 185,000 $186,851
Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 5%, 9/01/2046     375,000 368,608
        $555,459
26
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
District of Columbia - 0.7%
District of Columbia Rev. (Kipp D.C. Charter School), “A”, 6%, 7/01/2043 (Prerefunded 7/01/2023)   $ 1,145,000 $1,167,747
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030     2,705,000 2,705,770
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035     3,545,000 3,545,925
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045     720,000 720,188
District of Columbia University Rev. (Georgetown University), 5%, 4/01/2035     2,360,000 2,406,522
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2031     4,720,000 4,961,139
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2032     3,150,000 3,297,511
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2034     7,870,000 8,125,387
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “A”, AGM, 4%, 10/01/2052     2,085,000 1,793,267
        $28,723,456
Florida - 3.4%
Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock, Inc. at the University of Florida), 4%, 10/01/2040   $ 520,000 $429,527
Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock, Inc. at the University of Florida), 4%, 10/01/2046     700,000 543,147
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2035     795,000 808,430
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2036     1,345,000 1,353,518
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2037     1,750,000 1,758,213
Arborwood Community Development District, FL, Capital Improvement Rev., “A-1”, 6.9%, 5/01/2036     20,000 19,434
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030     825,000 836,262
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033     385,000 388,678
27
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034   $ 1,105,000 $1,115,003
Broward County, FL, Airport System Rev., 5%, 10/01/2042     855,000 853,994
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2038     2,360,000 2,382,636
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2039     3,540,000 3,568,025
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2044     2,755,000 2,751,486
Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 4.625%, 5/01/2028     80,000 79,529
Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039     495,000 479,929
Capital Trust Agency, FL, Rev. (Aero Miami FX LLC), “A”, 5.35%, 7/01/2029     5,315,000 5,318,445
Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052     4,070,000 3,276,966
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 64,000
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035 (a)(d)(z)     660,000 422,400
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z)     995,000 636,800
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z)     180,000 115,200
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029 (Prerefunded 6/01/2025)     1,065,000 1,108,805
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030 (Prerefunded 6/01/2025)     1,120,000 1,166,067
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036     465,000 469,926
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046 (Prerefunded 6/01/2025)     1,790,000 1,863,625
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 4%, 8/01/2030     85,000 81,357
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2040     125,000 121,584
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2055     385,000 355,661
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 84,194
28
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n)   $ 510,000 $374,924
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2052     880,000 849,103
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2056     1,290,000 1,220,950
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “C”, 4%, 9/15/2030 (n)     220,000 201,506
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “C”, 5%, 9/15/2040 (n)     395,000 361,678
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “C”, 5%, 9/15/2050 (n)     775,000 673,380
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2035     120,000 103,686
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2045     225,000 174,143
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055     315,000 227,454
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 7/01/2042     170,000 158,675
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 7/01/2051     155,000 140,251
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057     185,000 162,465
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n)     305,000 279,859
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n)     930,000 814,264
Florida Development Finance Corp. Healthcare Facilities Rev. (UF Health Jacksonville Project), “A”, AGM, 4%, 2/01/2046     5,120,000 4,364,793
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2031 (n)     395,000 365,824
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2035 (n)     320,000 284,825
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)     6,605,000 5,252,244
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2036 (n)     645,000 521,674
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2041 (n)     330,000 249,758
29
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2046 (n)   $ 390,000 $277,786
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “B-1”, 2.375%, 6/01/2027 (n)     400,000 353,614
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “B-2”, 1.75%, 6/01/2026 (n)     375,000 333,429
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2031     740,000 748,761
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2033     1,020,000 1,021,187
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2034     845,000 838,528
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2035     470,000 464,946
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2036     645,000 636,225
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2037     900,000 769,941
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2038     1,240,000 1,048,929
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2039     1,480,000 1,239,077
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2044     2,310,000 1,836,067
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n)     435,000 403,985
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n)     535,000 485,875
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n)     970,000 869,364
Florida Housing Finance Corp., Homeowner Mortgage Rev. (Special Program), “B”, 3%, 7/01/2045     200,000 199,169
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, 4%, 7/01/2049 (u)     3,215,000 3,187,126
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3%, 1/01/2052     5,360,000 5,105,027
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3.5%, 7/01/2052     7,865,000 7,555,505
Florida Housing Finance Corp., Homeowner Mortgage Rev., “2”, GNMA, 3%, 7/01/2052     6,360,000 6,014,574
Florida Mid-Bay Bridge Authority Rev., “A”, 5%, 10/01/2035     2,560,000 2,583,021
30
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Hillsborough County FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), “A”, 4%, 8/01/2055   $ 1,875,000 $1,415,097
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n)     450,000 396,902
Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/2034 (Prerefunded 11/15/2024)     1,525,000 1,580,390
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.25%, 5/01/2025     25,000 24,874
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035     95,000 93,099
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045     150,000 139,683
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047     480,000 465,157
Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), 5%, 11/15/2039     1,575,000 1,570,433
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2034     600,000 564,665
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2035     600,000 559,824
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2039     630,000 568,157
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2041     560,000 498,495
Miami-Dade County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045     4,880,000 4,223,654
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029     225,000 225,525
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2037     110,000 109,870
Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037     185,000 184,257
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042     4,550,000 4,354,816
Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2034     390,000 410,699
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2044     590,000 570,960
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049     820,000 780,561
31
Portfolio of Investments (unaudited) – 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%, 10/01/2035   $ 435,000 $215,322
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2036     520,000 242,118
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037     200,000 87,537
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2038     610,000 250,982
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2039     725,000 279,656
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2040     775,000 280,899
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2041     865,000 293,373
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042     695,000 221,015
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2049     7,700,000 6,487,880
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2047     755,000 696,764
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2052     985,000 902,969
Palm Beach County, FL, Health Facilities Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “B”, 5%, 11/15/2042     700,000 702,278
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2031     310,000 274,943
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2036     790,000 656,407
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2041     515,000 402,219
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056     995,000 730,873
32
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.3%, 5/01/2039   $ 540,000 $532,657
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049     700,000 676,145
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040     160,000 135,140
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2050     4,215,000 3,273,290
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2051     3,020,000 2,296,578
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2056     4,465,000 3,304,681
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “B-2”, 1.45%, 1/01/2027     575,000 499,837
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2027     85,000 79,554
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2028     80,000 73,646
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2029     85,000 76,982
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2030     75,000 66,828
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2031     80,000 70,207
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2036     375,000 306,477
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2041     285,000 218,895
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2046     285,000 206,647
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050     275,000 193,158
Sterling Hill Community Development District, FL, Capital Improvement Rev., “B”, 5.5%, 11/01/2010 (d)     42,764 23,092
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026     195,000 197,548
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029     180,000 181,532
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034     385,000 387,282
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044     1,145,000 1,146,680
33
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2055   $ 875,000 $809,332
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2034     1,125,000 618,206
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2035     620,000 320,730
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2036     955,000 464,144
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2037     450,000 206,603
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2038     620,000 268,657
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2039     620,000 253,710
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2040     845,000 326,152
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2041     375,000 136,553
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2042     375,000 128,582
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2038     245,000 222,073
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2039     245,000 220,444
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2040     375,000 378,155
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2045     1,310,000 1,126,487
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050     2,660,000 2,633,634
        $138,729,104
34
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Georgia - 3.2%
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2044   $ 7,710,000 $7,699,671
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2038     4,680,000 4,256,540
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039     6,860,000 6,185,356
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2040     1,770,000 1,581,145
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n)     1,040,000 877,206
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2036 (n)     910,000 803,227
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)     2,595,000 1,997,275
Bainbridge, GA, Combined Utilities Rev., BAM, 4%, 12/01/2051     4,825,000 4,243,393
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044     675,000 584,229
Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 2.25%, 10/01/2032 (Put Date 5/25/2023)     4,025,000 3,970,246
Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 1.5%, 1/01/2040 (Put Date 2/03/2025)     3,970,000 3,663,518
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030     515,000 516,816
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033     900,000 893,273
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2031     240,000 250,301
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2032     265,000 254,280
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2034     275,000 259,340
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2036     245,000 227,658
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2037     260,000 264,707
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2038     265,000 268,191
Coweta County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2044     7,415,000 7,366,220
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2028     4,160,000 4,166,237
35
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Georgia - continued
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2029   $ 1,115,000 $1,116,663
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2030     3,420,000 3,424,703
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2041     3,075,000 3,077,681
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050     2,670,000 2,247,178
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4%, 12/01/2047     1,020,000 1,012,691
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A-1”, 4%, 6/01/2044     115,000 114,822
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026     665,000 691,949
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028     1,370,000 1,440,400
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043     1,470,000 1,436,229
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “B”, FLR, 2.86% (67% of LIBOR - 1mo. + 0.75%), 4/01/2048 (Put Date 9/01/2023)     8,115,000 8,044,034
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 5/15/2031     4,530,000 4,649,789
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 4%, 8/01/2049 (Put Date 12/02/2024)     5,030,000 5,080,800
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 3/01/2050 (Put Date 9/01/2026)     15,965,000 15,471,966
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056     1,530,000 1,473,810
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063     1,530,000 1,452,910
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 4%, 1/01/2046     945,000 837,685
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 4%, 1/01/2046     590,000 522,999
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 5%, 1/01/2062     3,230,000 3,205,696
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 5%, 1/01/2062     2,125,000 2,109,011
Georgia Municipal Electric Authority Power Rev., “GG”, 5%, 1/01/2026     2,415,000 2,423,490
Georgia Ports Authority Rev., 4%, 7/01/2047     1,900,000 1,692,051
Georgia Ports Authority Rev., 4%, 7/01/2052     2,985,000 2,609,085
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2035     240,000 207,415
36
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Georgia - continued
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2036   $ 265,000 $233,341
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2037     185,000 161,192
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042     3,150,000 3,119,229
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2045     3,935,000 3,871,449
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054 (Prerefunded 2/15/2025)     3,315,000 3,486,206
Monroe County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Scherer Project), “A”, 1.5%, 1/01/2039 (Put Date 2/03/2025)     2,950,000 2,722,262
        $128,265,565
Guam - 0.2%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029   $ 295,000 $294,540
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030     220,000 219,336
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031     295,000 292,125
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042     1,235,000 996,538
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.839%, 10/01/2036     680,000 560,766
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043     770,000 618,927
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050     4,770,000 4,773,760
        $7,755,992
Hawaii - 0.0%
Hawaii Harbor System Rev., “A”, 4%, 7/01/2033   $ 375,000 $357,787
Hawaii Harbor System Rev., “A”, 4%, 7/01/2034     330,000 312,274
Hawaii Harbor System Rev., “A”, 4%, 7/01/2035     235,000 220,708
        $890,769
37
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - 9.6%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036   $ 7,230,000 $6,343,975
Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023     5,355,000 5,402,598
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2022     1,105,000 1,098,018
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2028     7,785,000 5,793,050
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2029     2,590,000 1,832,170
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2030     1,125,000 751,956
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2023     11,475,000 10,918,401
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2026     2,680,000 2,214,306
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028     3,065,000 2,284,875
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033     270,000 274,444
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033     220,000 223,774
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2036     795,000 803,930
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2037     795,000 802,426
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2042     1,405,000 1,408,481
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046     1,965,000 1,954,616
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046     11,885,000 12,377,668
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047     5,515,000 4,340,771
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027     1,935,000 2,042,515
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028     920,000 979,269
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029     610,000 654,086
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030     460,000 495,338
38
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031   $ 1,220,000 $1,316,566
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030     2,260,000 2,314,014
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031     4,200,000 4,284,905
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032     3,640,000 3,702,335
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042     4,915,000 4,572,216
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029     310,000 320,011
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2030     200,000 204,780
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2031     200,000 204,043
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2032     200,000 203,425
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2033     180,000 182,469
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2034     175,000 176,922
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035     130,000 131,239
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2036     955,000 832,789
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039     1,500,000 1,270,989
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2040     980,000 822,424
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041     1,750,000 1,452,950
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034     950,000 945,846
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036     2,555,000 2,514,590
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046     2,895,000 2,792,796
Chicago, IL, Capital Appreciation “A”, NPFG, 0%, 1/01/2027     1,175,000 972,703
Chicago, IL, City Colleges of Chicago Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2026     7,625,000 6,619,995
Chicago, IL, City Colleges of Chicago Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2027     1,435,000 1,187,939
39
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025   $ 590,000 $600,347
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026     3,060,000 3,120,779
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027     2,095,000 2,134,241
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028     480,000 488,783
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029     5,580,000 5,657,192
Chicago, IL, General Obligation, “A”, 5%, 1/01/2031     495,000 495,993
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039     1,435,000 1,398,610
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040     280,000 271,610
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044     3,540,000 3,365,712
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049     5,505,000 5,536,234
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033     740,000 742,713
Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031     240,000 243,669
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), “A”, 4%, 6/15/2052     4,340,000 3,289,390
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026     1,890,000 1,622,183
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, 5%, 6/15/2053     3,335,000 3,096,330
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, 5%, 6/15/2057     6,090,000 5,634,297
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056     4,020,000 642,675
Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. (McCormick Place Expansion Project), NPFG, 5.5%, 6/15/2029     4,505,000 4,748,100
Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2031     1,200,000 1,210,617
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033     590,000 588,805
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038     1,455,000 1,413,723
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048     4,640,000 4,310,401
Chicago, IL, O'Hare International Airport General Senior Lien Rev., “A”, 4.5%, 1/01/2048 (w)     7,210,000 6,609,218
Chicago, IL, O'Hare International Airport General Senior Lien Rev., “A”, 4.625%, 1/01/2053 (w)     8,650,000 7,927,657
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032     745,000 747,236
40
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033   $ 370,000 $371,058
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048     2,610,000 2,584,121
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055 (w)     2,760,000 2,813,059
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030     2,155,000 2,214,664
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045     1,450,000 1,453,220
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2055     1,335,000 1,304,524
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047     7,605,000 7,691,575
Cook County, IL, General Obligation Refunding, “C”, AGM, 5%, 11/15/2025     2,360,000 2,365,048
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2031     830,000 892,015
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2032     485,000 517,857
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2036     520,000 540,295
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2037     635,000 658,962
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2038     865,000 895,479
Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2039     1,105,000 991,491
Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2040     1,015,000 906,598
DuPage County, IL, Carol Stream Park District, “C”, BAM, 4%, 11/01/2027     160,000 164,265
DuPage County, IL, Carol Stream Park District, “C”, BAM, 3%, 11/01/2032     985,000 878,907
Illinois Finance Authority Rev. (Advocate Health Care Network), “A-2”, 4%, 11/01/2030     3,470,000 3,494,370
Illinois Finance Authority Rev. (Carle Foundation), “A”, 5%, 8/15/2032     2,330,000 2,483,069
Illinois Finance Authority Rev. (Carle Foundation), “B”, 5%, 8/15/2053 (Put Date 8/15/2031)     3,775,000 4,013,739
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034     330,000 316,857
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038     405,000 379,058
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042     250,000 226,619
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047     455,000 403,044
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052     395,000 342,972
41
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 (Prerefunded 1/01/2027)   $ 1,820,000 $1,933,698
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 (Prerefunded 1/01/2027)     1,825,000 1,939,010
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023)     220,000 221,937
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033     1,500,000 1,427,747
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023)     150,000 151,687
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043     3,015,000 2,775,292
Illinois Finance Authority Rev. (McKinley Foundation), “A”, 5.125%, 11/01/2055 (n)     2,525,000 2,073,232
Illinois Finance Authority Rev. (Mercy Health Corp.), 5%, 12/01/2046     7,265,000 7,061,904
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036     815,000 833,759
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041     1,210,000 1,214,409
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043     4,970,000 5,048,917
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042     405,000 398,995
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047     820,000 791,989
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046     645,000 624,526
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049     630,000 605,828
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “A”, 5%, 3/01/2047     7,865,000 7,651,510
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2034     115,000 116,934
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2028     1,610,000 1,756,295
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2031     3,150,000 3,499,326
Illinois Finance Authority Rev., Taxable (McKinley Foundation), “B”, 7%, 11/01/2037 (n)     780,000 746,618
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2044     335,000 349,449
42
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2049   $ 415,000 $430,902
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2051     335,000 347,503
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033     445,000 336,105
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035     610,000 510,311
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2028     155,000 151,994
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2037     390,000 358,771
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2047     775,000 672,808
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2050     390,000 334,609
Illinois Finance Authority, Water Facilities Refunding Rev. (American Water Capital Corp. Project), 0.7%, 5/01/2040 (Put Date 9/01/2023)     1,455,000 1,413,768
Illinois Housing Development Authority Rev., “A”, 4.5%, 10/01/2048     3,645,000 3,652,247
Illinois Housing Development Authority Rev., “A”, FHLMC, 3.87%, 11/15/2035 (z)     7,967,205 7,324,620
Illinois Housing Development Authority Rev., “A”, GNMA, 3%, 4/01/2051     2,665,000 2,531,095
Illinois Housing Development Authority Rev., “B”, FHLMC, 3.87%, 11/15/2035 (z)     3,249,208 2,987,147
Illinois Housing Development Authority Rev., “C”, FHLMC, 3.87%, 11/15/2035 (z)     3,242,283 2,980,781
Illinois Housing Development Authority Rev., “D”, FHLMC, 3.87%, 11/15/2035 (z)     2,958,577 2,719,957
Illinois Housing Development Authority Rev., “E”, FHLMC, 3.87%, 11/15/2035 (z)     2,036,058 1,871,843
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2029     95,000 99,319
43
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027   $ 3,145,000 $3,284,552
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2032     6,840,000 7,296,907
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2033     8,895,000 9,519,279
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036     1,290,000 1,322,979
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037     1,720,000 1,791,920
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038     830,000 743,248
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039     485,000 430,720
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040     830,000 731,740
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., AGM, 5%, 6/15/2027     1,395,000 1,430,823
Illinois Toll Highway Authority Rev., “A”, 5%, 12/01/2022     3,935,000 3,946,478
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2033     200,000 200,521
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2036     200,000 194,169
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2039     645,000 601,315
Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2035     1,475,000 1,458,038
Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2040     955,000 891,012
Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2045     1,195,000 1,076,857
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2028     605,000 633,981
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2029     620,000 649,699
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2039     320,000 285,684
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2041     315,000 276,877
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2043     190,000 164,225
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2036     490,000 452,475
44
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2038   $ 555,000 $500,165
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2040     525,000 465,740
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2041     250,000 220,121
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042     1,330,000 1,330,938
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039     1,095,000 1,098,680
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041     890,000 778,859
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046     885,000 746,411
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2028     590,000 589,806
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2029     315,000 313,254
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2031     750,000 715,375
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2034     710,000 642,619
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2036     515,000 456,051
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2038     790,000 688,580
State of Illinois, General Obligation, 5%, 2/01/2025     2,045,000 2,079,711
State of Illinois, General Obligation, 5%, 11/01/2028     1,580,000 1,604,945
State of Illinois, General Obligation, 5%, 2/01/2029     1,715,000 1,742,728
State of Illinois, General Obligation, 4.125%, 11/01/2031     1,355,000 1,294,562
State of Illinois, General Obligation, 5.5%, 5/01/2039     1,310,000 1,333,469
State of Illinois, General Obligation, 4.5%, 11/01/2039     1,495,000 1,348,154
State of Illinois, General Obligation, 5.75%, 5/01/2045     1,220,000 1,246,581
State of Illinois, General Obligation, AGM, 5%, 4/01/2024     3,935,000 3,961,025
State of Illinois, General Obligation, AGM, 4%, 2/01/2030     570,000 555,823
State of Illinois, General Obligation, “A”, 5%, 3/01/2024     1,575,000 1,597,209
State of Illinois, General Obligation, “A”, 5%, 3/01/2025     1,970,000 2,003,655
State of Illinois, General Obligation, “A”, 5%, 3/01/2026     1,970,000 2,004,148
State of Illinois, General Obligation, “A”, 5%, 11/01/2027     7,725,000 7,896,225
State of Illinois, General Obligation, “A”, 5%, 11/01/2028     10,235,000 10,465,806
State of Illinois, General Obligation, “A”, 5%, 4/01/2036     1,345,000 1,329,250
State of Illinois, General Obligation, “B”, 5%, 3/01/2024     2,755,000 2,793,849
State of Illinois, General Obligation, “B”, 5%, 3/01/2025     3,150,000 3,203,815
45
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
State of Illinois, General Obligation, “B”, 5%, 3/01/2026   $ 2,560,000 $2,604,375
State of Illinois, General Obligation, “B”, 4%, 11/01/2038     1,335,000 1,141,608
State of Illinois, General Obligation, “C”, 4%, 3/01/2024     4,865,000 4,867,630
State of Illinois, General Obligation, “C”, 4%, 3/01/2025     1,180,000 1,173,423
State of Illinois, General Obligation, “A”, 5%, 12/01/2024     335,000 340,592
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2032     1,740,000 1,729,034
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2035     2,320,000 2,174,284
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2036     1,190,000 1,095,843
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2038     1,520,000 1,368,540
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2044     790,000 686,299
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2029     535,000 550,574
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2030     670,000 687,383
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2032     930,000 938,351
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2034     1,385,000 1,368,263
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2036     1,575,000 1,537,261
        $389,423,349
Indiana - 1.0%
Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041 (Prerefunded 11/15/2023)   $ 2,235,000 $2,293,539
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030     420,000 422,798
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039     1,055,000 1,034,130
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2035 (Prerefunded 7/01/2023)     1,725,000 1,743,831
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2027     150,000 157,218
46
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Indiana - continued
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2028   $ 160,000 $168,919
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2029     280,000 297,854
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2032     320,000 338,189
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 4%, 6/01/2033     180,000 171,900
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 4%, 6/01/2034     185,000 173,369
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2028     205,000 212,889
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2033     135,000 137,842
Indiana Finance Authority, Environmental Facilities Refunding Rev. (Indianapolis Power & Light Co.), “B”, 0.95%, 12/01/2038 (Put Date 4/01/2026)     2,260,000 1,916,510
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051     4,685,000 4,625,099
Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 4.25%, 1/01/2047     2,005,000 1,795,226
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B-1”, GNMA, 3.25%, 7/01/2049     1,600,000 1,548,281
Indianapolis, IN, Local Public Improvement (Indianapolis Airport Authority Project), “D”, 5%, 1/01/2027     8,655,000 8,936,369
Indianapolis, IN, Local Public Improvement (Indianapolis Airport Authority Project), “I”, 5%, 1/01/2028     1,570,000 1,597,600
Indianapolis, IN, Water System First Lien Refunding Rev., “A”, 5%, 10/01/2037     4,130,000 4,397,812
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032     495,000 523,323
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033     360,000 376,852
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035     445,000 465,572
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038     1,340,000 1,374,471
Mount Vernon, IN, Environmental Improvement Rev. (Southern Indiana Gas and Electric Co. Project), 0.875%, 9/01/2055 (Put Date 9/01/2023)     3,120,000 3,040,735
St. Joseph County, IN, Educational Facilities Rev. (University of Notre Dame), 6.5%, 3/01/2026     790,000 870,276
47
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Indiana - continued
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034   $ 330,000 $338,316
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044     595,000 611,622
Warrick County, IN, Environmental Improvement Rev. (Southern Indiana Gas and Electric Co. Projects), 0.875%, 9/01/2055 (Put Date 9/01/2023)     1,975,000 1,924,824
        $41,495,366
Iowa - 0.6%
Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), “A”, 5.25%, 2/15/2044 (Prerefunded 2/15/2023)   $ 2,360,000 $2,377,663
Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), “C”, 5%, 2/15/2032     855,000 865,294
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033     610,000 574,506
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038     485,000 441,650
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048     885,000 753,967
Iowa Finance Authority, Single Family Mortgage Rev., “A”, FNMA, 4%, 7/01/2047     500,000 495,066
Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 3%, 1/01/2047     2,940,000 2,787,462
Iowa Finance Authority, Single Family Mortgage Rev., “B”, 3%, 7/01/2051     7,075,000 6,702,323
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042     620,000 582,682
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047     660,000 628,605
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052     730,000 727,968
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039     340,000 308,541
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044     4,615,000 3,436,277
Iowa Tobacco Settlement Authority Asset-Backed, “B-1”, 4%, 6/01/2049     2,510,000 2,220,007
        $22,902,011
48
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Kansas - 0.8%
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n)   $ 3,000,000 $3,107,919
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n)     1,200,000 1,243,168
Ellis County, KS, Unified School District No. 489 General Obligation, “B”, AGM, 4%, 9/01/2052     1,270,000 1,111,667
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036     1,020,000 992,397
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041     535,000 502,938
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2032     100,000 100,997
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2033     410,000 412,902
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2034     465,000 466,020
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2039     2,360,000 2,173,749
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2032     815,000 766,951
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2033     855,000 799,405
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2034     905,000 840,615
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2036     995,000 915,894
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2038     1,100,000 994,792
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2044     1,190,000 1,034,679
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2049     2,635,000 2,254,376
Sedgwick County, KS, Unified School District No. 266 General Obligation, “A”, 4%, 9/01/2031     905,000 928,946
Sedgwick County, KS, Unified School District No. 266 General Obligation, “A”, 4%, 9/01/2032     675,000 688,688
49
Portfolio of Investments (unaudited) – 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   $ 10,590,000 $10,781,463
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2033     115,000 105,130
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2038     140,000 123,210
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 4.625%, 5/15/2041     115,000 92,436
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047     570,000 468,068
Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 4.2%, 9/01/2027     50,000 48,192
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040     350,000 305,548
        $31,260,150
Kentucky - 1.7%
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032   $ 640,000 $681,838
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033     630,000 669,178
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034     720,000 762,548
Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 4.45%, 1/01/2042 (n)     1,915,000 1,730,709
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037     465,000 467,556
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041     3,335,000 3,316,794
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046     2,115,000 2,102,004
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037     1,990,000 1,992,297
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041     1,305,000 1,259,670
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041     1,015,000 1,009,589
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045     1,630,000 1,542,868
Kentucky Economic Development Finance Authority Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), “A”, AGM, 5%, 12/01/2047     1,495,000 1,474,428
50
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Kentucky - continued
Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036   $ 5,095,000 $5,000,903
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2033     100,000 100,721
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2035     105,000 103,592
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2036     60,000 58,208
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2038     125,000 118,630
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2041     95,000 86,125
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2046     170,000 150,276
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2051     200,000 174,928
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2056     200,000 173,713
Kentucky Turnpike Authority, Economic Development Road Rev. (Revitalization Projects), “A”, 5%, 7/01/2032 (Prerefunded 7/01/2023)     1,575,000 1,596,249
Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 0.7%, 6/01/2040 (Put Date 9/01/2023)     1,300,000 1,263,161
Public Energy Authority of Kentucky, Gas Supply Rev., “A-1”, 4%, 8/01/2052 (Put Date 8/01/2030)     9,535,000 9,069,400
Public Energy Authority of Kentucky, Gas Supply Rev., “B”, 4%, 1/01/2049 (Put Date 1/01/2025)     2,530,000 2,520,851
Public Energy Authority of Kentucky, Gas Supply Rev., “C-1”, 4%, 12/01/2049 (Put Date 6/01/2025)     24,825,000 24,664,350
Trimble, KY, Pollution Control Refunding Rev. (Louisville Gas & Electric Co. Project), “A”, 1.3%, 9/01/2044 (Put Date 9/01/2027)     10,000,000 8,092,372
        $70,182,958
Louisiana - 1.6%
East Baton Rouge, LA, Sewerage Commission Multi-Modal Rev., “A”, 1.3%, 2/01/2041 (Put Date 2/01/2028)   $ 7,420,000 $6,168,472
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045     3,720,000 3,116,798
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project), AGM, 5%, 10/01/2043     465,000 465,766
51
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Louisiana - continued
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project), AGM, 5%, 10/01/2048   $ 2,010,000 $1,987,067
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035     460,000 441,435
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045     1,765,000 1,646,692
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 (z)     380,000 351,198
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (z)     945,000 767,456
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 (z)     1,515,000 1,108,265
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), “A”, 1.65%, 9/01/2027 (Put Date 12/01/2023)     3,950,000 3,856,372
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), “A”, 1.65%, 9/01/2033 (Put Date 12/01/2023)     3,205,000 3,129,031
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), “A”, 1.65%, 9/01/2034 (Put Date 12/01/2023)     2,470,000 2,411,453
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2034     445,000 451,240
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2035     1,160,000 1,171,354
Louisiana Public Facilities Authority Refunding Rev. (Tulane University Project), “A”, 5%, 4/01/2045     3,865,000 3,900,637
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046     4,300,000 3,720,267
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.375%, 1/01/2040 (n)     3,175,000 2,976,259
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.5%, 1/01/2050 (n)     2,175,000 1,983,705
52
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Louisiana - continued
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n)   $ 7,310,000 $6,109,933
Louisiana Stadium & Exposition District Rev., 5%, 7/03/2023     4,605,000 4,615,449
Louisiana Stadium & Exposition District Rev., “A”, 5%, 7/01/2023     1,045,000 1,057,099
Louisiana Stadium & Exposition District Rev., “A”, 5%, 7/01/2024     1,000,000 1,011,511
Louisiana Stadium & Exposition District Rev., “A”, 5%, 7/01/2025     790,000 796,874
New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), “A”, AGM, 5%, 10/01/2043     590,000 605,894
New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), “A”, AGM, 5%, 10/01/2048     955,000 973,325
New Orleans, LA, Regional Transit Authority Sale Tax Refunding Rev., “A”, AGM, 5%, 1/01/2032     2,030,000 2,210,973
New Orleans, LA, Regional Transit Authority Sale Tax Refunding Rev., “A”, AGM, 5%, 1/01/2034     4,180,000 4,509,122
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025)     630,000 662,301
Shreveport, LA, Water & Sewer Rev., “B”, AGM, 4%, 12/01/2044     790,000 698,678
Shreveport, LA, Water & Sewer Rev., “B”, AGM, 4%, 12/01/2049     985,000 865,267
        $63,769,893
Maine - 0.3%
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n)   $ 900,000 $880,205
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n)     450,000 450,244
Maine Finance Authority, Student Loan Rev., “A-1”, AGM, 5%, 12/01/2028     395,000 417,742
Maine Finance Authority, Student Loan Rev., “A-1”, AGM, 5%, 12/01/2029     395,000 418,987
Maine Finance Authority, Student Loan Rev., “A-1”, AGM, 5%, 12/01/2030     395,000 419,152
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2036     1,160,000 1,083,011
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2037     945,000 875,224
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2038     985,000 905,088
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2039     1,220,000 1,105,454
53
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Maine - continued
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2040   $ 1,735,000 $1,559,985
Maine Housing Authority Mortgage, “C”, 4%, 11/15/2050     2,320,000 2,285,993
Maine Housing Authority Mortgage, “C-1”, 3.5%, 11/15/2044     645,000 639,029
Maine Housing Authority Mortgage, “E”, 5%, 11/15/2052     1,510,000 1,538,525
        $12,578,639
Maryland - 1.8%
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025   $ 1,125,000 $1,100,522
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2026     380,000 369,489
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034     1,990,000 1,820,454
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042     2,705,000 2,282,124
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), “A”, 4%, 7/01/2039     1,180,000 1,107,823
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 5%, 9/01/2038     1,235,000 1,208,392
Baltimore, MD, Subordinate Project Rev. (Mayor and City Council of Baltimore Water Projects), “A”, 5%, 7/01/2041     3,935,000 4,087,710
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029     300,000 287,466
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036     335,000 332,368
Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), “B”, 4.625%, 7/01/2043 (n)     760,000 698,654
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.125%, 2/15/2034 (n)     150,000 136,166
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.375%, 2/15/2039 (n)     155,000 138,338
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n)     870,000 742,539
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.5%, 9/01/2048 (u)     6,645,000 6,638,421
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “B”, 4.5%, 9/01/2048 (u)     5,390,000 5,369,518
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “C”, 4%, 9/01/2044     700,000 697,123
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, 3%, 9/01/2051     6,170,000 5,858,566
54
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Maryland - continued
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 5%, 9/01/2026   $ 240,000 $254,390
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 5%, 9/01/2027     360,000 384,757
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 5%, 9/01/2028     280,000 301,855
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “D”, 3.25%, 9/01/2050     7,315,000 7,028,714
Maryland Department of Transportation Special Project Rev., “B”, 4%, 8/01/2040     280,000 246,991
Maryland Department of Transportation Special Project Rev., “B”, 4%, 8/01/2041     1,105,000 970,586
Maryland Department of Transportation Special Project Rev., “B”, 5%, 8/01/2046     4,390,000 4,387,189
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), “A”, 5%, 6/01/2030     145,000 152,192
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), “A”, 5%, 6/01/2032     100,000 104,212
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), “A”, 5%, 6/01/2035     180,000 186,032
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035     550,000 563,531
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 3.25%, 9/01/2030 (n)     235,000 207,129
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2040 (n)     655,000 550,423
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038     145,000 115,810
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048     435,000 309,790
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058     1,270,000 847,906
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036     575,000 571,105
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036     4,005,000 4,100,311
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033     1,375,000 1,396,709
55
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Maryland - continued
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034   $ 860,000 $871,444
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038     3,815,000 3,807,870
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health Issue), 5%, 8/15/2025     5,055,000 5,196,290
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2051     4,985,000 1,174,147
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2052     7,475,000 1,659,720
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2053     3,665,000 768,793
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2054     5,485,000 1,086,564
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2055     3,390,000 633,947
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.125%, 7/01/2039 (n)     440,000 418,361
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n)     430,000 403,066
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037     150,000 137,336
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042     250,000 220,507
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047     260,000 222,309
        $72,155,659
Massachusetts - 3.2%
Commonwealth of Massachusetts Transportation Fund Rev. (Accelerated Bridge Program), “A”, 5%, 6/01/2023   $ 2,085,000 $2,110,077
Commonwealth of Massachusetts Transportation Fund Rev., “A”, 5%, 6/01/2043     7,310,000 7,556,967
Commonwealth of Massachusetts, “A”, AAC, 5.5%, 8/01/2030     3,935,000 4,521,974
Commonwealth of Massachusetts, General Obligation Consolidated Loan, “H”, 5%, 12/01/2026     7,865,000 8,413,899
56
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Massachusetts - continued
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-2”, 5%, 7/01/2041   $ 5,115,000 $5,372,780
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-2”, 5%, 7/01/2042     1,770,000 1,855,524
Massachusetts College Building Authority Project Rev., “A”, 5%, 5/01/2031 (Prerefunded 5/01/2023)     1,885,000 1,905,707
Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053     6,820,000 6,741,574
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), “K”, 5%, 7/01/2031     890,000 931,855
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), “K”, 5%, 7/01/2032     905,000 944,333
Massachusetts Development Finance Agency Rev. (CareGroup), “J-1”, 5%, 7/01/2048     2,360,000 2,336,373
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2029     1,220,000 1,234,136
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2030     2,540,000 2,565,596
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2031     705,000 710,811
Massachusetts Development Finance Agency Rev. (Emerson College), “A”, 5.25%, 1/01/2042     200,000 201,120
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 5%, 10/01/2043     2,765,000 2,694,070
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046     625,000 499,209
Massachusetts Development Finance Agency Rev. (Lahey Health System), “F”, 5%, 8/15/2030     790,000 805,114
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043     365,000 367,338
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n)     110,000 113,625
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n)     1,205,000 1,227,889
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n)     2,330,000 2,363,875
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) (n)     275,000 283,954
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.5%, 11/15/2043 (Prerefunded 11/15/2023) (n)     435,000 450,100
57
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Massachusetts - continued
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 5%, 7/01/2032   $ 1,005,000 $1,061,740
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2025     185,000 186,000
Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.125%, 1/01/2040 (n)     400,000 361,483
Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.25%, 1/01/2050 (n)     1,045,000 912,649
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033     480,000 486,966
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034     560,000 565,082
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036     1,135,000 1,145,638
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care), “K”, 5%, 7/01/2038     1,025,000 1,018,675
Massachusetts Development Finance Agency Rev. (Wellforce Inc.), “C”, AGM, 5%, 10/01/2032     670,000 699,836
Massachusetts Development Finance Agency Rev. (Wellforce Inc.), “C”, AGM, 5%, 10/01/2033     415,000 430,208
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044     1,765,000 1,478,908
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044     740,000 699,656
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046     905,000 881,056
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 3%, 7/01/2035     225,000 224,735
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037     350,000 272,935
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036     100,000 86,933
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046     5,475,000 4,461,981
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 3.75%, 7/01/2047     7,215,000 5,561,279
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 4.7%, 7/01/2026     370,000 371,524
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 4.9%, 7/01/2028     385,000 386,586
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 (u)     5,510,000 5,016,420
58
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Massachusetts - continued
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033   $ 1,425,000 $1,297,350
Massachusetts Educational Financing Authority, Education Loan Rev., “K”, 3.625%, 7/01/2032     1,185,000 1,135,501
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051     1,455,000 934,983
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2052     8,155,000 6,578,767
Massachusetts Housing Finance Agency, Single Family Housing Rev., “221”, 3%, 12/01/2050     3,040,000 2,880,896
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2037     3,080,000 3,152,238
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2038     3,870,000 3,945,865
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2039     6,275,000 6,387,696
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2035     395,000 402,272
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2036     790,000 800,692
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2037     1,130,000 1,142,782
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2038     145,000 146,339
Massachusetts Water Resources Authority, General Rev., “B”, AGM, 5.25%, 8/01/2029     3,315,000 3,721,164
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047     4,785,000 3,515,846
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052     3,015,000 2,143,687
University of Massachusetts Building Authority Rev., “2017-3”, 5%, 11/01/2036     7,000,000 7,338,014
        $128,042,282
Michigan - 1.7%
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043   $ 1,235,000 $1,235,152
Downriver, MI, Utility Wastewater Authority, Sewer System Rev., AGM, 5%, 4/01/2036     400,000 419,830
Downriver, MI, Utility Wastewater Authority, Sewer System Rev., AGM, 5%, 4/01/2038     365,000 381,616
Downriver, MI, Utility Wastewater Authority, Sewer System Rev., AGM, 5%, 4/01/2043     645,000 670,961
Great Lakes Water Authority, Michigan Water Supply System Rev., “B”, BAM, 5%, 7/01/2046     4,520,000 4,665,184
59
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Michigan - continued
Great Lakes Water Authority, Michigan Water Supply System Rev., “D”, 5%, 7/01/2036   $ 2,485,000 $2,570,269
Great Lakes Water Authority, Michigan Water Supply System Rev., “D”, AGM, 5%, 7/01/2034     2,920,000 3,057,366
Kent County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051     990,000 1,013,138
Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052     1,370,000 1,196,801
Michigan Building Authority Rev., “I”, 4%, 10/15/2049     2,205,000 1,944,933
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/2023     540,000 536,742
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024     680,000 673,131
Michigan Finance Authority Hospital Rev. (McLaren Health Care), “D-1”, 1.2%, 10/15/2030 (Put Date 4/13/2028)     2,005,000 1,691,519
Michigan Finance Authority Hospital Rev. (McLaren Health Care), “D-2”, 1.2%, 10/15/2038 (Put Date 4/13/2028)     2,515,000 2,149,718
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2030     790,000 834,248
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2031     1,575,000 1,658,497
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048     2,905,000 2,904,879
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), “2”, 4%, 12/01/2036     4,145,000 3,884,610
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), “A”, 5%, 12/01/2032     6,295,000 6,765,641
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     630,000 644,866
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     460,000 468,508
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     630,000 643,881
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     385,000 390,627
60
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Michigan - continued
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   $ 190,000 $193,257
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     450,000 457,259
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev. (2007 Sold Tobacco Receipts), “B-1”, 5%, 6/01/2049     770,000 723,586
Michigan Strategic Fund Ltd. Obligation Rev. (I-75 Improvement Project), 5%, 6/30/2048     3,935,000 3,526,372
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     790,000 792,356
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     480,000 486,976
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     370,000 370,838
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     805,000 801,784
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040     5,590,000 5,701,267
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “A”, 5%, 12/01/2046     3,000,000 3,069,730
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2046     965,000 964,381
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031     1,960,000 2,024,012
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032     2,030,000 2,086,631
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2030     775,000 845,490
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2031     945,000 1,023,598
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2032     1,455,000 1,564,856
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2034     2,755,000 2,931,071
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2036     790,000 833,357
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2037     870,000 915,289
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038     230,000 241,421
        $69,955,648
61
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Minnesota - 1.1%
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2031   $ 805,000 $749,044
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036     1,330,000 1,141,593
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041     555,000 451,596
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043     1,790,000 1,611,347
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043     2,010,000 1,986,544
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048     1,795,000 1,573,925
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048     1,585,000 1,564,816
Duluth, MN, Independent School District No. 709, “A”, COP, 5%, 2/01/2025     190,000 196,767
Duluth, MN, Independent School District No. 709, “A”, COP, 4%, 3/01/2032     905,000 824,334
Duluth, MN, Independent School District No. 709, “A”, COP, 4.2%, 3/01/2034     240,000 217,413
Duluth, MN, Independent School District No. 709, “B”, COP, 5%, 2/01/2026     605,000 634,981
Duluth, MN, Independent School District No. 709, “B”, COP, 5%, 2/01/2028     180,000 192,389
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “C”, 5%, 1/01/2041     1,970,000 2,006,396
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “C”, 5%, 1/01/2046     2,360,000 2,377,375
Minnesota Housing Finance Agency, Residential Housing, “A”, 4%, 1/01/2041     235,000 233,906
Minnesota Housing Finance Agency, Residential Housing, “A”, 4.25%, 7/01/2049 (u)     14,125,000 14,017,085
Minnesota Housing Finance Agency, Residential Housing, “B”, GNMA, 3%, 7/01/2051     5,220,000 4,949,562
Minnesota Housing Finance Agency, Residential Housing, “D”, 3%, 1/01/2052     5,335,000 5,043,265
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2037 (u)     2,800,000 2,729,944
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038     2,010,000 1,566,788
St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n)     240,000 227,555
        $44,296,625
62
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Mississippi - 0.7%
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034   $ 1,935,000 $2,127,092
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2025     315,000 327,222
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2026     790,000 829,975
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040     390,000 399,745
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048     3,150,000 3,123,209
Mississippi Home Corp., Single Family Mortgage Rev., “A”, 4%, 12/01/2044     900,000 888,597
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051     3,070,000 2,906,679
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046     1,500,000 1,421,028
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2036     665,000 615,025
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2037     600,000 549,400
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2039     600,000 540,795
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040     335,000 299,548
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2033     280,000 288,318
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2035     945,000 962,612
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2039     670,000 670,585
Mississippi State University, Educational Building Corp. Rev. (Mississippi State University Refunding and Improvements Project), 5.25%, 8/01/2038 (Prerefunded 8/01/2023)     985,000 1,002,029
State of Mississippi, “B”, 5%, 12/01/2025     465,000 490,128
State of Mississippi, “B”, 5%, 12/01/2032 (Prerefunded 12/01/2026)     1,970,000 2,102,737
State of Mississippi, “B”, 5%, 12/01/2033 (Prerefunded 12/01/2026)     1,970,000 2,102,737
State of Mississippi, “B”, 5%, 12/01/2034 (Prerefunded 12/01/2026)     3,935,000 4,200,137
63
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Mississippi - continued
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 3/01/2028   $ 850,000 $879,111
        $26,726,709
Missouri - 1.3%
Brentwood & Maplewood, MO, Hanley Road Corridor Transportation Development District, Transportation Sales Tax Refunding Rev., 1.625%, 10/01/2033   $ 265,000 $261,068
Brentwood & Maplewood, MO, Hanley Road Corridor Transportation Development District, Transportation Sales Tax Refunding Rev., 2%, 10/01/2039     670,000 621,918
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2054     8,055,000 7,862,912
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055     4,465,000 4,377,850
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046     3,640,000 3,593,291
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2040 (n)     160,000 119,404
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n)     275,000 187,307
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2036     945,000 840,330
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2037     300,000 263,235
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2041     380,000 320,192
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051     1,070,000 834,920
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039 (Prerefunded 10/01/2023)     575,000 585,454
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2030     3,935,000 4,196,271
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2031     2,490,000 2,633,654
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2044     1,810,000 1,568,015
64
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Missouri - continued
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2049   $ 3,935,000 $3,319,615
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2054     3,580,000 2,953,438
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/2031 (Prerefunded 6/01/2024)     2,060,000 2,117,818
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, 3.75%, 5/01/2038     260,000 257,553
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, FHLMC, 3%, 5/01/2052     4,540,000 4,298,307
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, FNMA, 4.25%, 5/01/2049     2,925,000 2,906,466
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “B”, FNMA, 4.75%, 5/01/2049     1,595,000 1,603,513
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030     255,000 221,752
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3.125%, 5/01/2035     175,000 139,948
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030     115,000 110,228
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035     95,000 87,361
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045     205,000 175,873
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029     160,000 138,936
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035     580,000 470,984
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047     1,805,000 1,372,116
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2040     665,000 693,591
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045     2,840,000 2,873,250
        $52,006,570
65
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Montana - 0.1%
Montana Board of Housing Single Family Mortgage, “B”, 4%, 12/01/2050   $ 3,225,000 $3,173,483
Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A-2”, 3%, 12/01/2043     285,000 281,780
        $3,455,263
Nebraska - 0.3%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2034   $ 670,000 $668,099
Nebraska Investment Finance Authority, Single Family Housing Rev., “A”, 4%, 9/01/2044     375,000 372,948
Nebraska Investment Finance Authority, Single Family Housing Rev., “C”, 4%, 9/01/2048 (u)     3,040,000 3,000,632
Nebraska Public Power District Rev., “A”, 5%, 1/01/2027     385,000 409,364
Nebraska Public Power District Rev., “A”, 5%, 1/01/2030     450,000 494,065
Nebraska Public Power District Rev., “A”, 5%, 1/01/2031     1,145,000 1,263,068
Nebraska Public Power District Rev., “A”, 5%, 1/01/2032     1,220,000 1,337,832
Nebraska Public Power District Rev., “A”, 5%, 1/01/2033     395,000 430,846
Nebraska Public Power District Rev., “B”, 5%, 1/01/2029     800,000 869,620
Nebraska Public Power District Rev., “B”, 5%, 1/01/2030     765,000 838,883
Nebraska Public Power District Rev., “B”, 5%, 1/01/2031     590,000 650,838
Nebraska Public Power District Rev., “B”, 5%, 1/01/2032     630,000 690,848
Nebraska Public Power District Rev., “B”, 5%, 1/01/2033     620,000 676,265
        $11,703,308
Nevada - 0.2%
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2037   $ 710,000 $689,703
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2039     1,555,000 1,441,137
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040     105,000 95,699
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 4.5%, 12/15/2029 (n)     140,000 135,803
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2035 (n)     500,000 485,475
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2038 (n)     555,000 528,419
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n)     600,000 569,908
66
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Nevada - continued
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n)   $ 2,160,000 $1,960,847
Nevada Housing Division, Single Family Mortgage Rev., “A”, GNMA, 3%, 4/01/2051     2,385,000 2,255,196
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033     75,000 78,395
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038     95,000 98,265
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048     365,000 309,394
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058     450,000 381,120
Sparks, NV, Tourism Improvement District No. 1 Rev. (Legends at Sparks Marina), “A”, 2.5%, 6/15/2024 (n)     295,000 283,735
        $9,313,096
New Hampshire - 0.7%
National Finance Authority, New Hampshire Municipal Certificates, “A”, 4%, 10/20/2036   $ 6,655,000 $5,818,249
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036     9,594,891 8,736,506
National Finance Authority, New Hampshire Municipal Certificates, “X”, 0.674%, 10/20/2036 (i)     29,180,000 1,517,725
National Finance Authority, New Hampshire Resource Recovery Refunding Rev., “B”, 3.75%, 7/01/2045 (Put Date 7/02/2040) (n)     2,290,000 1,771,781
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2041     830,000 686,875
National Finance Authority, New Hampshire, Municipal Certificates, “A”, 4.125%, 1/20/2034     6,741,481 6,246,781
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031     1,260,000 1,309,089
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036     1,255,000 1,290,435
        $27,377,441
New Jersey - 5.0%
Atlantic City, NJ, Board of Education, AGM, 4%, 4/01/2029   $ 160,000 $164,769
Atlantic City, NJ, Board of Education, AGM, 4%, 4/01/2030     130,000 133,286
Atlantic City, NJ, Board of Education, AGM, 4%, 4/01/2031     130,000 132,879
Atlantic City, NJ, Board of Education, AGM, 4%, 4/01/2032     225,000 228,466
Atlantic City, NJ, Board of Education, AGM, 4%, 4/01/2034     225,000 225,753
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 5%, 7/01/2033     125,000 133,816
67
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 5%, 7/01/2035   $ 125,000 $132,930
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 4%, 7/01/2038     205,000 183,315
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 4%, 7/01/2039     170,000 150,839
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 4%, 7/01/2040     245,000 215,587
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2032     3,875,000 4,063,265
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2042     475,000 488,409
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2032     1,310,000 1,373,646
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2037     1,315,000 1,360,613
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026)     280,000 296,475
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2029     440,000 451,929
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2030     670,000 687,041
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2032     440,000 449,808
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027     370,000 374,840
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028     370,000 372,305
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031     1,115,000 1,120,512
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039     685,000 686,357
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042     345,000 345,230
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030     865,000 819,737
68
Portfolio of Investments (unaudited) – 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%, 1/01/2035   $ 1,235,000 $1,113,355
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 3/01/2027     155,000 155,576
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2034     480,000 484,367
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2035     405,000 408,240
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2042     2,250,000 2,227,771
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 3.125%, 7/01/2029     670,000 602,147
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 5%, 7/01/2033     385,000 390,587
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, BAM, 5%, 7/01/2028     7,270,000 7,637,566
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, BAM, 3.125%, 7/01/2031 (u)     8,400,000 7,427,112
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029     2,875,000 2,843,651
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030     3,185,000 3,179,091
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042     2,665,000 2,638,671
New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), “E”, 0.85%, 12/01/2025     1,550,000 1,376,779
New Jersey Economic Development Authority, Water Facilities Rev. (Middlesex Water Co.), 5%, 8/01/2059     1,255,000 1,284,501
New Jersey Educational Facilities Authority Rev. (Ramapo College Project), “A”, 5%, 7/01/2030     590,000 636,052
New Jersey Educational Facilities Authority Rev. (Ramapo College Project), “A”, 5%, 7/01/2031     590,000 638,063
New Jersey Educational Facilities Authority Rev. (Ramapo College Project), “A”, 5%, 7/01/2032     790,000 856,448
New Jersey Educational Facilities Authority Rev. (Ramapo College Project), “A”, 5%, 7/01/2033     355,000 378,554
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046     4,315,000 4,270,812
69
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2031   $ 1,660,000 $1,705,786
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2032     1,655,000 1,691,254
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2033     1,400,000 1,422,147
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2034     1,405,000 1,419,361
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2035     1,240,000 1,251,590
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2036     1,445,000 1,455,508
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2037     2,395,000 2,406,362
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 3.25%, 12/01/2039     4,475,000 3,870,036
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041     11,485,000 9,831,853
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2028     315,000 328,931
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2029     435,000 455,624
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2028     1,145,000 1,195,638
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2029     1,115,000 1,169,971
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039     6,190,000 5,920,366
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 2.5%, 12/01/2040     1,690,000 1,409,083
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051     700,000 458,654
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., “C”, 4.75%, 10/01/2050 (u)     6,905,000 6,942,425
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., “E”, 3.5%, 4/01/2051 (u)     9,560,000 9,238,210
70
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., “H”, 3%, 10/01/2052   $ 8,230,000 $7,670,153
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2032     2,360,000 2,414,724
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2033     2,360,000 2,405,722
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2034     2,360,000 2,397,381
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2035     2,320,000 2,351,335
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035     840,000 850,873
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035     3,220,000 3,255,286
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036     1,120,000 1,131,876
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036     3,335,000 3,365,211
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037     1,120,000 1,127,382
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037     1,665,000 1,675,013
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2038     1,120,000 987,011
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2038     1,200,000 1,200,184
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2039     1,120,000 1,114,277
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2040     1,275,000 1,106,272
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2040     840,000 832,435
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045     2,225,000 1,880,178
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045     2,280,000 2,254,921
New Jersey Transportation Trust Fund Authority, “B”, AAC, 5.5%, 9/01/2026     2,775,000 2,934,449
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029     2,690,000 2,784,921
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031     1,790,000 1,837,968
71
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027   $ 3,135,000 $3,277,678
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “A”, 0%, 12/15/2037     19,665,000 8,788,690
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2028     9,535,000 7,281,957
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2035     2,930,000 1,503,704
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2036     7,645,000 3,691,453
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AGM, 0%, 12/15/2029     12,340,000 9,151,551
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AGM, 0%, 12/15/2032     2,635,000 1,669,095
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, NPFG, 0%, 12/15/2027     5,430,000 4,362,376
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, NPFG, 0%, 12/15/2031     3,935,000 2,573,639
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, BAM, 4%, 7/15/2034     297,000 289,156
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, BAM, 4%, 7/15/2036     290,000 270,619
Newark, NJ, General Obligation Refunding, “A”, AGM, 5%, 10/01/2024     590,000 606,584
Newark, NJ, General Obligation Refunding, “A”, AGM, 5%, 10/01/2026     730,000 767,099
Newark, NJ, General Obligation Refunding, “A”, AGM, 5%, 10/01/2028     450,000 482,546
Newark, NJ, General Obligation Refunding, “B”, AGM, 5%, 10/01/2023     790,000 801,499
Newark, NJ, General Obligation Refunding, “B”, AGM, 5%, 10/01/2025     395,000 410,852
South Jersey, NJ, Transportation Authority System Rev., “A”, AGM, 5%, 11/01/2031     1,015,000 1,067,188
South Jersey, NJ, Transportation Authority System Rev., “A”, AGM, 5%, 11/01/2032     1,990,000 2,080,295
South Jersey, NJ, Transportation Authority System Rev., “A”, AGM, 5%, 11/01/2033     575,000 597,367
South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5.25%, 11/01/2052     2,760,000 2,873,021
        $203,437,890
72
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Mexico - 0.4%
Albuquerque, NM, Bernalillo County Water Utility Authority (Joint Water and Sewer System Improvement Rev.), 5%, 7/01/2033   $ 1,810,000 $1,907,237
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040     410,000 369,675
New Mexico Educational Assistance Foundation, Taxable, “B-1”, 2.106%, 9/01/2051     4,570,000 4,316,083
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “A-1”, FNMA, 4%, 1/01/2049     810,000 799,510
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “C”, FNMA, 4%, 1/01/2049     1,625,000 1,605,070
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “D”, GNMA, 5.25%, 3/01/2053     5,635,000 5,835,035
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2034     215,000 196,011
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2039     165,000 144,323
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2044     170,000 142,854
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2049     445,000 362,433
        $15,678,231
New York - 7.4%
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2031   $ 730,000 $775,728
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2032     790,000 833,553
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2033     830,000 870,267
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2034     790,000 738,243
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2036     1,420,000 1,113,211
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2037     1,180,000 910,333
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2038     985,000 888,874
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2039     1,065,000 953,833
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)     5,350,000 5,398,267
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2052     290,000 266,729
73
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “B”, 5%, 7/01/2062   $ 2,170,000 $1,915,365
Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), “A”, 4%, 11/01/2032     380,000 330,256
New York Dormitory Authority Rev. (Cornell University), “D”, 5%, 7/01/2035     465,000 526,088
New York Dormitory Authority Rev. (HYU Langone Hospitals Obligated Group), “A”, 4%, 7/01/2050     4,750,000 4,018,184
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4%, 5/01/2045     4,380,000 3,784,932
New York Dormitory Authority Rev. (Rochester Institute of Technology), “A”, 5%, 7/01/2032     410,000 440,241
New York Dormitory Authority Rev. (Rochester Institute of Technology), “A”, 5%, 7/01/2036     880,000 920,293
New York Dormitory Authority Rev. (Rochester Institute of Technology), “A”, 5%, 7/01/2040     995,000 1,027,847
New York Dormitory Authority Rev. (St. John's University), “A”, 5%, 7/01/2027     140,000 147,024
New York Dormitory Authority Rev. (St. John's University), “A”, 5%, 7/01/2028     130,000 137,678
New York Dormitory Authority Rev. (St. John's University), “A”, 4%, 7/01/2029     335,000 333,353
New York Dormitory Authority Rev. (St. John's University), “A”, 4%, 7/01/2030     670,000 662,289
New York Dormitory Authority Rev. (St. John's University), “A”, 4%, 7/01/2031     790,000 776,179
New York Dormitory Authority Rev. (St. John's University), “A”, 4%, 7/01/2032     870,000 838,951
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2033 (n)     100,000 96,303
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n)     200,000 188,219
New York Dormitory Authority Rev., State Personal Income Tax, “A”, 5%, 12/15/2025     3,935,000 3,950,348
New York Dormitory Authority Rev., State Personal Income Tax, “E”, 4%, 3/15/2045     14,945,000 13,404,423
New York Dormitory Authority Rev., State Personal Income Tax, Tax-Exempt, “E”, 4%, 3/15/2042     14,455,000 13,227,048
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)     580,000 541,755
74
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
New York Housing Finance Agency Affordable Housing Rev., “L-2”, 0.75%, 11/01/2025   $ 1,420,000 $1,284,441
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     14,825,000 13,254,791
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 (n)     2,510,000 2,437,733
New York Mortgage Agency Homeowner Mortgage Rev., “213”, 3%, 4/01/2050 (u)     27,300,000 25,594,842
New York Power Authority, Green Transmission Project Rev., “A”, AGM, 4%, 11/15/2047     1,565,000 1,384,715
New York State Thruway Authority, Personal Income Tax Rev., “C”, 4.125%, 3/15/2057     6,005,000 5,204,159
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046     7,000,000 5,494,588
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053     1,740,000 1,317,393
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026     960,000 960,000
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031     555,000 485,058
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031     605,000 605,275
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.25%, 8/01/2031     1,115,000 1,113,424
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036     1,890,000 1,849,290
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031     6,400,000 6,310,850
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032     1,835,000 1,798,067
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2035     4,395,000 4,220,050
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036     1,035,000 912,575
75
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040   $ 1,815,000 $1,699,272
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), 2.25%, 8/01/2026     745,000 686,771
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2030     280,000 285,440
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2034     505,000 499,047
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2035     250,000 245,772
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2036     40,000 38,956
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2037     405,000 393,228
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038     170,000 142,976
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2039     400,000 332,908
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2029     450,000 462,652
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2030     375,000 391,058
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2031     410,000 422,209
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2033     1,195,000 1,213,373
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2034     1,100,000 1,111,621
76
Portfolio of Investments (unaudited) – 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), “C”, 5%, 12/01/2035   $ 410,000 $413,579
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2036     745,000 750,262
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2037     895,000 899,089
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2038     215,000 213,888
New York Urban Development Corp., State Personal Income Tax Rev. (General Purpose), “C”, 4%, 3/15/2049     8,025,000 7,070,761
New York Urban Development Corp., State Personal Income Tax Rev., “A”, 4%, 3/15/2039     4,720,000 4,357,106
New York Urban Development Corp., State Personal Income Tax Rev., “C”, 5%, 3/15/2034     1,145,000 1,201,376
New York, NY, General Obligation, “B-1”, 5%, 12/01/2041     2,755,000 2,811,435
New York, NY, General Obligation, “F-1”, 5%, 3/01/2037     3,540,000 3,738,664
New York, NY, General Obligation, “F-1”, 5%, 3/01/2039     3,540,000 3,709,354
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048     4,585,308 4,440,926
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048     22,686,278 22,234,957
New York, NY, Industrial Development Agency Pilot Refunding Rev. (Yankee Stadium Project), “A”, AGM, 4%, 3/01/2045     700,000 612,191
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028     1,965,000 1,970,855
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “CC-1”, 5%, 6/15/2046     5,505,000 5,560,828
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “CC-1”, 5%, 6/15/2048     4,055,000 4,141,524
New York, NY, Transitional Finance Authority Building Aid Rev., “S-3”, 5%, 7/15/2043     810,000 838,602
New York, NY, Transitional Finance Authority Future Tax Secured Rev., “A-4”, 4%, 11/01/2038     2,585,000 2,441,959
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, “A”, 4%, 11/01/2034     790,000 775,986
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, “A”, 4%, 11/01/2035     790,000 769,071
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, “C”, 4%, 2/01/2041     6,035,000 5,607,511
77
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, “C-1”, 4%, 5/01/2045   $ 7,865,000 $7,112,290
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, “E-1”, 5%, 2/01/2037     3,430,000 3,608,512
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2036     1,575,000 1,523,948
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037     1,795,000 1,716,376
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038     2,205,000 2,085,615
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2039     2,755,000 2,590,607
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052     2,260,000 1,656,240
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2052     1,215,000 969,651
Port Authority of NY & NJ (214th Series), 4%, 9/01/2037     1,750,000 1,585,472
Port Authority of NY & NJ (214th Series), 4%, 9/01/2039     725,000 646,161
Port Authority of NY & NJ (214th Series), 4%, 9/01/2043     1,170,000 1,015,753
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045     1,125,000 967,278
Port Authority of NY & NJ (221st Series), 4%, 7/15/2050     2,810,000 2,365,542
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055     9,010,000 7,451,466
Port Authority of NY & NJ (223th Series), 4%, 7/15/2034     815,000 765,201
Port Authority of NY & NJ (223th Series), 4%, 7/15/2035     830,000 769,396
Port Authority of NY & NJ (223th Series), 4%, 7/15/2036     510,000 467,533
Port Authority of NY & NJ (223th Series), 4%, 7/15/2038     2,210,000 1,981,963
Port Authority of NY & NJ (223th Series), 4%, 7/15/2040     645,000 571,136
Port Authority of NY & NJ (226th Series), 5%, 10/15/2030     680,000 715,776
Port Authority of NY & NJ (226th Series), 5%, 10/15/2033     535,000 555,780
Port Authority of NY & NJ (226th Series), 5%, 10/15/2034     885,000 912,412
Port Authority of NY & NJ (226th Series), 5%, 10/15/2035     815,000 836,119
Port Authority of NY & NJ (226th Series), 5%, 10/15/2036     850,000 868,023
Port Authority of NY & NJ (226th Series), 5%, 10/15/2037     1,200,000 1,220,893
Port Authority of NY & NJ (226th Series), 5%, 10/15/2038     2,360,000 2,391,355
Port Authority of NY & NJ (226th Series), 5%, 10/15/2039     1,750,000 1,767,073
Port Authority of NY & NJ (226th Series), 5%, 10/15/2040     1,710,000 1,721,449
Port Authority of NY & NJ (226th Series), 5%, 10/15/2041     1,400,000 1,406,574
Schenectady County, NY, Capital Resource Corp. Tax-Exempt Rev. (Union College Project), 5.25%, 7/01/2052     555,000 570,999
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B-1”, 4%, 6/01/2050     695,000 588,665
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2028     1,315,000 1,135,014
78
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029   $ 1,915,000 $1,605,376
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2030     1,475,000 1,200,720
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2031     1,825,000 1,445,885
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032     3,370,000 2,605,093
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2033     2,970,000 2,236,259
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034     2,660,000 1,960,180
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035     3,550,000 2,572,659
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036     1,160,000 823,517
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2034     750,000 763,605
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035     380,000 386,271
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041     2,135,000 2,148,825
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), “C-3”, 4%, 5/15/2051     8,500,000 7,490,232
Yonkers, NY, General Obligation, “C”, AGM, 5%, 3/15/2034     1,180,000 1,268,624
Yonkers, NY, General Obligation, “C”, AGM, 5%, 3/15/2035     1,255,000 1,343,829
Yonkers, NY, School Serial Bonds, “D”, AGM, 5%, 3/15/2035     960,000 1,024,845
        $300,144,464
North Carolina - 1.4%
Durham, SC, Multi-Family Housing Authority Rev. (JJ Henderson Senior Apartment Project), 0.3%, 6/01/2024 (Put Date 6/01/2023)   $ 1,500,000 $1,466,809
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 5%, 5/01/2029     415,000 443,186
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 5%, 5/01/2030     445,000 476,037
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 5%, 5/01/2031     790,000 845,126
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 4%, 5/01/2032     790,000 770,852
North Carolina Housing Finance Agency, Home Ownership Rev., “44”, 4%, 7/01/2050     1,140,000 1,122,679
79
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
North Carolina - continued
North Carolina Housing Finance Agency, Home Ownership Rev., “46-A”, GNMA, 3%, 7/01/2051   $ 10,840,000 $10,260,090
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2029     220,000 204,169
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036     1,070,000 883,389
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041     370,000 286,806
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051     4,170,000 2,887,898
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036     465,000 383,903
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042     175,000 133,186
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025     105,000 105,740
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030     205,000 203,402
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035     225,000 219,130
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2040     720,000 704,123
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2045     690,000 659,143
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050     445,000 418,232
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052     2,465,000 2,096,822
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), “A”, 4%, 1/01/2052     1,370,000 1,062,842
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)     295,000 308,401
80
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
North Carolina - continued
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 (Prerefunded 9/01/2024)   $ 80,000 $82,488
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “C”, 5%, 9/01/2046 (Prerefunded 9/01/2023)     1,065,000 1,113,382
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042     480,000 464,785
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047     940,000 891,726
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051     1,920,000 1,804,498
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054     770,000 720,781
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031     1,260,000 1,315,863
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036     9,165,000 9,547,972
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2049     1,400,000 1,435,950
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2027     1,105,000 1,151,729
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2028     1,475,000 1,542,691
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2029     1,175,000 1,232,506
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2030     985,000 1,037,203
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2031     1,065,000 1,114,195
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2032     790,000 823,262
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2033     790,000 817,511
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027     1,190,000 1,223,572
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2031     985,000 991,971
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2033     1,085,000 1,079,558
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046     3,985,000 3,982,474
        $58,316,082
81
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
North Dakota - 0.8%
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “A”, 4%, 1/01/2051 (u)   $ 10,685,000 $10,522,374
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “A”, 3%, 1/01/2052     7,310,000 6,921,934
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “D”, 4.25%, 1/01/2049 (u)     4,590,000 4,562,598
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “F”, 5%, 1/01/2053     2,500,000 2,547,205
North Dakota State Board of Higher Education, Housing and Auxiliary Facilities Rev. (University of North Dakota), “A”, AGM, 4%, 4/01/2039     1,845,000 1,763,560
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034     3,065,000 2,786,060
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2038     2,850,000 2,530,388
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048     160,000 135,494
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053     1,170,000 971,229
        $32,740,842
Ohio - 2.9%
Akron, Bath, & Copley, OH, Joint Township Hospital District, Hospital Improvement Rev. (Children's Hospital Medical Center of Akron), 5%, 11/15/2038   $ 2,365,000 $2,389,095
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2034     710,000 730,466
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2035     355,000 364,107
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036     1,105,000 1,130,721
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2039     355,000 320,769
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048     4,005,000 3,264,560
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055     17,420,000 14,633,014
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047     3,200,000 2,784,173
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057     8,060,000 8,139,068
Cuyahoga County, OH, Port Authority Tax Increment Financing Rev. (Flats East Bank Project), “A”, 4%, 12/01/2055 (n)     665,000 499,788
82
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Ohio - continued
Cuyahoga County, OH, Port Authority Tax Increment Financing Rev. (Flats East Bank Project), “B”, 4.5%, 12/01/2055 (n)   $ 380,000 $287,397
Cuyahoga, OH, Metropolitan Housing Authority General Rev. (2045 Initiative Project), 2%, 12/01/2031     2,305,000 1,904,309
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047     3,260,000 2,843,753
Lancaster, PA, Port Authority Gas Supply Rev., “A”, 5%, 8/01/2049 (Put Date 2/01/2025)     4,130,000 4,214,317
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049     7,745,000 7,701,166
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041     2,470,000 2,188,244
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047     1,370,000 1,164,365
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), “A”, 5%, 11/15/2034     790,000 813,317
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), “A”, 4%, 11/15/2038     1,775,000 1,545,014
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), “A”, 4%, 11/15/2045     850,000 693,739
Northeast Ohio Medical University, General Receipts, “A”, 4%, 12/01/2035     115,000 105,693
Northeast Ohio Medical University, General Receipts, “A”, 4%, 12/01/2045     85,000 71,237
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027)     2,615,000 2,569,332
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027)     3,090,000 3,029,356
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “B”, 2.6%, 6/01/2041 (Put Date 10/01/2029)     3,630,000 3,176,994
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 12/01/2027 (Put Date 10/01/2024)     6,610,000 6,296,967
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 4/01/2028 (Put Date 10/01/2024)     3,090,000 2,943,666
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n)     5,930,000 5,905,212
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n)     250,000 226,661
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n)     330,000 286,818
Ohio Higher Educational Facility Commission Rev. (Franciscan University of Steubenville), 5%, 11/01/2041     2,360,000 2,374,184
83
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Ohio - continued
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042   $ 1,135,000 $1,083,537
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5.375%, 12/01/2052     1,160,000 1,111,740
Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2035     890,000 915,404
Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2038     850,000 868,731
Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2039     895,000 913,067
Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2042     1,535,000 1,556,591
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.5%, 9/01/2048 (u)     2,990,000 2,987,877
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.5%, 9/01/2049 (u)     6,025,000 6,020,120
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2034     685,000 694,561
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2036     500,000 440,429
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2038     490,000 423,127
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2040     465,000 393,834
Ohio State University, Special Purpose Rev., “A”, 5%, 6/01/2038 (u)     3,355,000 3,366,340
Ohio State University, Special Purpose Rev., “A”, 5%, 6/01/2043 (u)     8,150,000 8,164,996
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035     6,090,000 6,122,150
        $119,660,006
Oklahoma - 0.5%
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028   $ 90,000 $84,757
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045     1,860,000 1,738,590
Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042     1,180,000 1,006,769
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2041     3,920,000 3,336,441
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2044     3,915,000 3,254,634
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029     120,000 114,458
84
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Oklahoma - continued
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033   $ 640,000 $572,291
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038     895,000 763,195
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043     315,000 267,836
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048     900,000 745,890
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.5%, 8/15/2052     7,770,000 6,626,444
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.5%, 8/15/2057     1,285,000 1,089,881
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), “A”, 4.75%, 9/01/2048     1,350,000 1,357,567
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 (Prerefunded 6/01/2024)     595,000 608,795
        $21,567,548
Oregon - 0.9%
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 5%, 8/15/2045   $ 1,685,000 $1,657,464
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050     1,190,000 995,540
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 5%, 8/15/2050     1,125,000 1,105,600
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028     630,000 526,585
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027     1,610,000 1,383,246
Multnomah County, OR, Hospital Facilities Authority Refunding Rev., Taxable (Terwilliger Plaza - Parkview Project), “C”, 1.25%, 6/01/2026     775,000 693,301
Oregon Facilities Authority Rev. (Legacy Health Project), “A”, 5%, 6/01/2046     7,945,000 7,896,352
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040     590,000 581,936
Oregon Health & Sciences University Rev., “B”, 5%, 7/01/2034     5,900,000 6,120,101
Oregon Housing & Community Services Department, Mortgage Rev. (Single-Family Mortgage Program), “D”, 4.75%, 1/01/2050 (u)     5,725,000 5,758,148
Port of Portland, OR, International Airport Rev., “24B”, 5%, 7/01/2042     1,055,000 1,053,692
85
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Oregon - continued
Washington Clackamas & Yamhill Counties, OR, Sherwood School District No. 88J, General Obligation, “B”, 5%, 6/15/2030   $ 3,150,000 $3,349,948
Washington Clackamas & Yamhill Counties, OR, Sherwood School District No. 88J, General Obligation, “B”, 5%, 6/15/2033     1,380,000 1,453,538
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “A”, 5%, 11/15/2036     575,000 507,714
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “A”, 5%, 11/15/2046     880,000 712,982
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “A”, 5%, 11/15/2051     415,000 328,218
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “A”, 5%, 11/15/2056     2,480,000 1,922,402
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-1”, 2.5%, 11/15/2028     700,000 613,163
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-2”, 2.125%, 11/15/2027     280,000 247,086
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-3”, 1.75%, 11/15/2026     380,000 347,314
        $37,254,330
Pennsylvania - 7.0%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044   $ 5,185,000 $4,472,961
Allentown, PA, City School District Rev., “C”, BAM, 4%, 2/01/2035     905,000 843,529
Allentown, PA, City School District Rev., “C”, BAM, 4%, 2/01/2036     870,000 805,869
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042     775,000 774,999
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2028 (n)     250,000 250,042
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n)     135,000 130,685
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n)     330,000 303,188
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.25%, 5/01/2042 (n)     800,000 734,586
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2027 (n)     1,575,000 1,578,379
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2035     395,000 389,183
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2036     850,000 814,589
86
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2037   $ 395,000 $375,731
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2038     395,000 369,534
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2041     1,970,000 1,807,719
Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2051     1,180,000 1,046,740
Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2055     1,255,000 1,105,654
Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2035     1,795,000 1,768,724
Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2036     675,000 658,455
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028     885,000 768,094
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2029     3,115,000 2,638,195
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2030     1,595,000 1,328,462
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2037     740,000 546,957
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047     1,150,000 787,478
Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), “A”, 5%, 11/01/2044     6,035,000 4,191,062
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “B-2”, 5%, 2/01/2040 (Put Date 2/01/2027)     7,775,000 6,977,250
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “B-3”, 5%, 2/01/2040 (Put Date 2/01/2030)     3,305,000 2,782,019
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036     435,000 453,407
Berks County, PA, Reading School District, BAM, 4%, 4/01/2044     745,000 674,919
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044     705,000 600,369
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050     3,530,000 2,913,434
Cambria County, PA, General Obligation, “B”, AGM, 4%, 8/01/2032     180,000 181,434
Cambria County, PA, General Obligation, “B”, AGM, 4%, 8/01/2033     215,000 216,116
Cambria County, PA, General Obligation, “B”, AGM, 4%, 8/01/2034     265,000 265,439
87
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Cambria County, PA, General Obligation, “B”, AGM, 4%, 8/01/2035   $ 260,000 $255,338
Cambria County, PA, General Obligation, “B”, AGM, 4%, 8/01/2036     135,000 129,385
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051     1,555,000 1,283,014
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%, 12/15/2037     880,000 821,979
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2047     420,000 388,437
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2051     510,000 466,582
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032     1,160,000 1,209,448
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033     995,000 1,034,754
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034     500,000 517,959
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2023     370,000 370,993
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 (Prerefunded 1/01/2025)     245,000 248,983
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 (Prerefunded 1/01/2025)     840,000 853,657
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033     615,000 578,852
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 (Prerefunded 1/01/2025)     25,000 25,959
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 (Prerefunded 1/01/2025)     115,000 119,412
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038     140,000 140,814
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ETM, 5%, 1/01/2023     95,000 95,439
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ETM, 5%, 1/01/2023     260,000 261,201
Cumberland County, PA, Municipal Authority Rev. (Penn State Health), 4%, 11/01/2049     3,355,000 2,825,496
88
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048   $ 400,000 $348,506
Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2030     670,000 686,484
Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2031     395,000 402,121
Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2032     395,000 401,051
Delaware County, PA, Upper Darby School District, General Obligation, “A”, BAM, 4%, 4/01/2046     475,000 424,445
Delaware County, PA, Upper Darby School District, General Obligation, “A”, BAM, 4%, 4/01/2051     1,845,000 1,607,270
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037     5,755,000 5,054,638
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045     465,000 326,899
Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049     465,000 385,132
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)     290,000 303,047
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)     370,000 386,646
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)     385,000 395,984
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)     210,000 215,992
Erie, PA, City School District General Obligation, “A”, AGM, 5%, 4/01/2034     645,000 685,417
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049     6,255,000 5,271,820
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2036     9,515,000 4,759,556
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023)     4,065,000 4,150,698
Luzerne County, PA, “A”, AGM, 5%, 12/15/2023     535,000 545,311
Luzerne County, PA, “A”, AGM, 5%, 12/15/2024     545,000 562,472
Luzerne County, PA, “A”, AGM, 5%, 12/15/2026     500,000 528,937
89
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Luzerne County, PA, “A”, AGM, 5%, 12/15/2029   $ 1,235,000 $1,329,768
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059     740,000 771,618
Lycoming County, PA, College Rev. (Pennsylvania College of Technology), “A”, BAM, 5%, 7/01/2030     1,575,000 1,703,417
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2039     215,000 211,463
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2040     765,000 748,510
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2041     565,000 549,149
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2042     585,000 565,311
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 4.5%, 1/01/2045     2,015,000 1,744,131
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044     1,550,000 1,340,587
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049     1,480,000 1,246,907
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, 3.125%, 5/01/2053     2,415,000 1,622,829
Montgomery County, PA, Higher Education & Health Authority Rev., Taxable (Thomas Jefferson University), 4%, 9/01/2051     2,980,000 2,492,253
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045     1,090,000 1,084,027
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050     1,880,000 1,754,065
Montour County, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2039     2,615,000 2,371,548
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2032     355,000 352,819
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2033     475,000 469,882
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2044     1,035,000 955,357
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049     630,000 570,119
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2035     1,190,000 633,788
90
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2036   $ 1,255,000 $629,417
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2037     1,215,000 572,007
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2038     1,245,000 548,859
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2039     1,365,000 564,146
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2040     1,315,000 507,663
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2041     1,265,000 454,199
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2042     1,215,000 407,468
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2043     1,160,000 362,317
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-3”, 0%, 1/01/2049     5,775,000 958,783
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2026     875,000 869,234
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2027     600,000 591,583
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2028     630,000 616,051
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2031     170,000 162,998
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “B-2”, 2.35%, 4/01/2049 (Put Date 1/17/2023)     7,320,000 7,298,304
91
Portfolio of Investments (unaudited) – 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)   $ 6,295,000 $6,101,803
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 0.58%, 8/01/2037 (Put Date 8/01/2024)     1,590,000 1,484,849
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2030     200,000 207,187
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042     1,100,000 835,209
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., Tax-Exempt, “A”, 4.5%, 6/01/2043     860,000 792,231
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2038     790,000 798,307
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039     200,000 201,791
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 4.75%, 4/01/2033 (u)     4,400,000 4,421,685
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051     7,385,000 7,091,776
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2028     1,850,000 1,957,215
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2029     1,890,000 2,015,960
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2029     1,900,000 2,034,492
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2030     1,905,000 2,038,485
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2030     1,105,000 1,184,815
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134A”, 3%, 10/01/2049     10,570,000 10,164,923
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 5%, 6/15/2030     480,000 519,015
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2031     720,000 730,729
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2032     475,000 479,321
92
Portfolio of Investments (unaudited) – 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%, 6/15/2033   $ 505,000 $505,691
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2034     510,000 508,360
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2030     1,575,000 1,629,619
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2032     6,150,000 6,334,806
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033     17,505,000 17,990,666
Pennsylvania Turnpike Commission Rev., “A”, 5%, 12/01/2044     1,750,000 1,789,006
Philadelphia, PA, “B”, 5%, 2/01/2032     4,130,000 4,390,223
Philadelphia, PA, “B”, 5%, 2/01/2035     3,030,000 3,171,374
Philadelphia, PA, Airport Refunding Rev., “B”, 5%, 7/01/2047     3,935,000 3,875,819
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2033     3,315,000 3,354,671
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034     200,000 201,562
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2042     8,790,000 8,735,514
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.125%, 6/15/2042     335,000 302,078
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.25%, 6/15/2052     380,000 337,323
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.375%, 6/15/2057     180,000 158,449
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036     250,000 250,446
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046     815,000 800,410
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051     1,205,000 1,197,989
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051     930,000 933,366
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 6.75%, 6/15/2033     150,000 152,849
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043     355,000 361,360
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2035     820,000 834,165
93
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042   $ 8,505,000 $8,452,290
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2037     1,640,000 1,688,210
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2058     6,530,000 6,543,222
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.25%, 12/01/2047 (n)     350,000 302,704
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058 (n)     400,000 343,048
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037     445,000 391,212
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042     1,530,000 1,288,364
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049     1,330,000 1,077,651
Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), “15”, 5%, 8/01/2042     7,140,000 7,246,640
Philadelphia, PA, Gas Works Rev., “14”, AGM, 5%, 10/01/2033     2,290,000 2,403,773
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, 5%, 7/01/2035     1,375,000 1,415,823
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, 5%, 7/01/2036     1,965,000 2,019,543
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, 5%, 7/01/2037     2,030,000 2,080,159
Philadelphia, PA, Redevelopment Authority Refunding Rev. (Neighborhood Transformation Initiative), BAM, 5%, 4/15/2024     1,495,000 1,505,436
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038     205,000 208,631
Philadelphia, PA, School District, “A”, 5%, 9/01/2033     245,000 256,397
Philadelphia, PA, School District, “A”, 5%, 9/01/2035     915,000 946,049
Philadelphia, PA, School District, “A”, 4%, 9/01/2036     1,235,000 1,141,746
Philadelphia, PA, School District, “A”, 5%, 9/01/2036     305,000 314,810
94
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Philadelphia, PA, School District, “A”, 4%, 9/01/2037   $ 980,000 $898,591
Philadelphia, PA, School District, “A”, 5%, 9/01/2037     305,000 313,933
Philadelphia, PA, School District, “A”, 4%, 9/01/2038     1,400,000 1,276,494
Philadelphia, PA, School District, “A”, 5%, 9/01/2038     305,000 312,877
Philadelphia, PA, School District, “A”, 4%, 9/01/2039     790,000 716,372
Philadelphia, PA, School District, “B”, 5%, 9/01/2043     915,000 933,603
Philadelphia, PA, School District, “F”, 5%, 9/01/2037     805,000 822,150
Philadelphia, PA, Water & Wastewater Refunding Rev., “A”, 5%, 11/01/2045     5,115,000 5,296,310
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032     590,000 655,191
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033     445,000 495,483
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035     225,000 221,544
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044     1,475,000 1,515,705
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046     2,320,000 1,978,931
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048     3,440,000 2,925,453
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023     30,000 29,851
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035     65,000 62,103
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2041     470,000 424,811
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2043     500,000 452,177
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2046     850,000 761,446
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2051     1,190,000 1,042,671
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030     350,000 347,978
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035     345,000 337,032
        $282,007,860
95
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - 3.0%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “A”, NPFG, 4.75%, 7/01/2038   $ 4,610,000 $4,442,860
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032     3,940,000 3,965,803
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029     290,000 288,220
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “M”, AGM, 5%, 7/01/2032     520,000 523,395
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030     4,210,000 4,119,188
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031     1,560,000 1,522,307
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038     450,000 445,789
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024     487,632 448,196
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033     1,878,095 1,035,194
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023     7,617,119 7,651,222
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025     1,625,722 1,641,442
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027     1,611,004 1,644,458
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029     1,584,778 1,620,900
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031     3,538,937 3,607,955
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033     1,459,691 1,283,654
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035     2,865,019 2,449,113
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037     1,126,601 924,466
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041     1,531,429 1,195,220
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046     1,592,259 1,191,807
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     335,000 247,900
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     3,140,000 2,323,600
96
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)   $ 5,075,000 $3,755,500
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     7,990,000 5,932,575
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     1,210,000 898,425
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     670,000 495,800
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     320,000 237,600
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     3,005,000 2,231,212
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023     350,000 348,201
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024     1,510,000 1,490,204
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033     180,000 174,913
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2024     130,000 129,926
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2025     170,000 169,587
Puerto Rico Electric Power Authority Rev., “RR”, AGM, 5%, 7/01/2028     90,000 91,570
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030     375,000 374,984
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     1,540,000 1,139,600
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     1,345,000 998,662
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     275,000 204,188
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     4,105,000 3,047,962
Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024     765,000 764,562
Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2026     30,000 29,904
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027     1,090,000 1,071,256
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2025     225,000 226,235
97
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026   $ 665,000 $668,192
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029     1,805,000 1,787,711
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030     2,430,000 2,399,385
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034     370,000 360,181
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     285,000 211,969
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     645,000 478,913
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     1,930,000 1,428,200
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     2,150,000 1,596,375
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     755,000 560,588
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     2,320,000 1,722,600
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     1,875,000 1,410,937
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033     2,065,000 2,048,999
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027     150,000 151,997
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.5%, 7/01/2034     311,000 290,727
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040     766,000 680,648
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053     1,988,000 1,697,874
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058     19,055,000 16,821,798
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040     5,124,000 4,425,977
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053     104,000 85,629
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058     1,435,000 1,206,962
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024     86,000 79,457
98
Portfolio of Investments (unaudited) – 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%, 7/01/2027   $ 1,223,000 $974,866
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029     231,000 166,092
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031     11,027,000 7,011,821
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033     10,791,000 6,064,572
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046     7,706,000 1,737,265
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025     280,000 279,775
        $122,735,065
Rhode Island - 0.5%
Providence, RI, “A”, 5%, 1/15/2025 (Prerefunded 1/15/2023)   $ 1,060,000 $1,065,696
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 5%, 11/01/2028     280,000 299,380
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 5%, 11/01/2029     295,000 317,145
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 5%, 11/01/2030     300,000 324,096
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 5%, 11/01/2031     315,000 341,178
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 5%, 11/01/2032     335,000 361,860
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 5%, 11/01/2033     350,000 375,727
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 5%, 11/01/2034     365,000 390,291
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 5%, 11/01/2035     395,000 421,511
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 5%, 11/01/2036     415,000 442,075
99
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Rhode Island - continued
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 4%, 11/01/2037   $ 525,000 $482,530
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 4%, 11/01/2038     555,000 505,976
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 4%, 11/01/2039     675,000 611,005
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 4%, 11/01/2040     710,000 637,745
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 4%, 11/01/2041     140,000 124,862
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2028     690,000 728,182
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2029     555,000 587,640
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2030     515,000 542,473
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039     1,955,000 1,578,185
Rhode Island Student Loan Authority, Education Loan Rev., Federally Taxable, “1”, 4.125%, 12/01/2041     5,150,000 4,630,887
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 5%, 12/01/2022     555,000 556,360
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034     910,000 881,113
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037     2,910,000 2,680,403
        $18,886,320
South Carolina - 1.9%
Lexington County, SC, Health Services District, Inc., Hospital Refunding Rev., 5%, 11/01/2028   $ 515,000 $540,207
North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), “A”, 5%, 10/01/2040     3,055,000 3,164,720
Rock Hill, SC, Combined Utility System Rev., “A”, 4%, 1/01/2049     3,425,000 2,909,619
South Carolina Housing Finance and Development Authority Mortgage Rev., “B”, 5%, 1/01/2052     11,820,000 12,091,058
100
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
South Carolina - continued
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2036 (n)   $ 380,000 $316,871
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n)     420,000 308,945
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2044     4,840,000 4,216,112
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047     6,630,000 6,659,093
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048     5,260,000 5,178,069
South Carolina Jobs & Economic Development Authority, Hospital Rev. (St. Joseph's/Candler Health System, Inc.), “C”, 5%, 7/01/2032     3,935,000 4,066,395
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047     1,245,000 1,048,410
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2052     955,000 787,368
South Carolina Ports Authority Rev., 5.25%, 7/01/2050 (Prerefunded 7/01/2025)     2,420,000 2,541,363
South Carolina Ports Authority Rev., “B”, 4%, 7/01/2035     2,680,000 2,474,983
South Carolina Ports Authority Rev., “B”, 4%, 7/01/2037     4,165,000 3,742,678
South Carolina Ports Authority Rev., “B”, 4%, 7/01/2039     4,120,000 3,605,282
South Carolina Ports Authority Rev., “B”, 5%, 7/01/2044     6,295,000 6,286,567
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.641%, 12/01/2026     6,285,000 5,652,593
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.771%, 12/01/2027     2,910,000 2,567,993
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.923%, 12/01/2028     2,165,000 1,873,871
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.993%, 12/01/2029     1,420,000 1,205,547
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 3.043%, 12/01/2030     455,000 379,480
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 3.593%, 12/01/2039     3,265,000 2,551,797
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048     3,635,000 3,563,270
101
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
South Carolina - continued
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045   $ 850,000 $728,969
        $78,461,260
South Dakota - 0.4%
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., “B”, 5%, 6/01/2024 (Prerefunded 6/01/2023)   $ 790,000 $799,295
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., “B”, 5%, 6/01/2025 (Prerefunded 6/01/2023)     790,000 799,295
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., “B”, 5%, 6/01/2026 (Prerefunded 6/01/2023)     1,105,000 1,118,001
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024     1,570,000 1,476,152
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable , 1.245%, 6/01/2025     2,755,000 2,496,822
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable , 1.495%, 6/01/2026     1,970,000 1,725,373
South Dakota Housing Development Authority, Homeownership Mortgage, “B”, 4.5%, 11/01/2048 (u)     6,025,000 6,021,566
        $14,436,504
Tennessee - 2.2%
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045 (Prerefunded 1/01/2023)   $ 7,715,000 $7,752,407
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2042     5,505,000 5,444,673
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030     625,000 638,296
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036     2,210,000 2,225,366
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030     5,705,000 5,786,803
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2040     7,445,000 7,207,527
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2031     200,000 209,195
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2032     910,000 943,812
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2033     1,380,000 1,422,908
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2034     2,910,000 2,988,145
102
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Tennessee - continued
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2035   $ 3,055,000 $3,124,876
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2036     3,205,000 3,258,871
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2037     3,370,000 3,417,334
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2038     3,535,000 3,575,520
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2039     3,710,000 3,745,047
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2040     1,540,000 1,549,639
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), “A”, 5%, 7/01/2035     2,115,000 2,122,909
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034     135,000 131,252
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2035     1,340,000 1,367,728
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2054     7,865,000 7,748,947
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2032     445,000 291,508
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2033     630,000 390,251
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2034     380,000 222,107
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2035     490,000 270,272
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2036     475,000 247,334
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2037     570,000 279,033
103
Portfolio of Investments (unaudited) – 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%, 4/01/2038   $ 475,000 $218,477
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2023     1,880,000 1,896,582
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026     2,210,000 2,263,964
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2028     1,580,000 1,687,590
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 1/01/2029     850,000 907,230
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2029     1,480,000 1,586,188
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 1/01/2030     1,720,000 1,843,990
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2030     1,745,000 1,875,151
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 1/01/2031     825,000 882,065
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2031     1,855,000 1,984,819
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 3.75%, 7/01/2039     700,000 683,142
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4%, 1/01/2043     1,100,000 1,087,803
Tennessee Housing Development Agency, Residential Finance Program Rev., “2-C”, 4%, 1/01/2045     280,000 279,072
Tennessee Housing Development Agency, Residential Finance Program Rev., “3”, 4.25%, 7/01/2049     1,345,000 1,336,833
Tennessee Housing Development Agency, Residential Finance Program Rev., “4”, 4.5%, 7/01/2049 (u)     5,775,000 5,770,900
        $90,665,566
Texas - 5.2%
Arlington, TX, Higher Education Finance Corp. Rev. (Basis Charter Schools, Inc.), 4.5%, 6/15/2056 (Put Date 6/15/2026) (n)   $ 725,000 $688,207
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2028     515,000 555,782
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2029     475,000 517,679
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2030     670,000 727,370
104
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2031   $ 500,000 $541,593
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2032     495,000 534,681
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2057     4,400,000 4,550,849
Arlington, TX, Senior Lien Special Tax Rev., “A”, AGM, 5%, 2/15/2037     945,000 987,834
Arlington, TX, Senior Lien Special Tax Rev., “A”, AGM, 5%, 2/15/2038     775,000 804,967
Arlington, TX, Senior Lien Special Tax Rev., “A”, AGM, 5%, 2/15/2043     4,015,000 4,063,278
Austin, TX, Airport System Rev., 5%, 11/15/2052     1,315,000 1,306,065
Austin, TX, Airport System Rev., “B”, 5%, 11/15/2041     845,000 845,119
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029     565,000 566,927
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031     830,000 830,080
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034     160,000 148,100
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026     390,000 384,046
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028     250,000 243,716
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030     365,000 351,468
Austin, TX, Water & Wastewater System Rev., 5%, 11/15/2027 (Prerefunded 11/15/2022)     355,000 355,759
Belton, TX, Independent School District, Unlimited Tax School Building Bonds, PSF, 4%, 2/15/2052     2,250,000 2,076,906
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 2.35%, 4/01/2040     30,000 29,630
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 3%, 4/01/2040     710,000 504,095
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, “1A”, 3.414%, 4/01/2040     65,000 64,894
Clifton, TX, Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.), PSF, 4.25%, 8/15/2052     2,500,000 2,276,470
College of the Mainland, TX, General Obligation, 4%, 8/15/2044     1,765,000 1,602,240
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 2.5%, 10/01/2031     340,000 268,015
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050     1,165,000 861,419
105
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 3.5%, 10/01/2031 (n)   $ 355,000 $283,782
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n)     535,000 407,788
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), “C”, 4%, 10/01/2041     230,000 207,509
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), “C”, 4%, 10/01/2046     265,000 232,216
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), “C”, 4%, 10/01/2050     190,000 163,197
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2029     200,000 217,444
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2030     160,000 175,455
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2031     260,000 286,650
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2032     260,000 265,427
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2033     235,000 238,083
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2034     225,000 225,669
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2035     200,000 198,137
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2036     230,000 224,907
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2038     390,000 368,860
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2023     670,000 675,721
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2025     340,000 346,488
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2026     515,000 527,566
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2027     790,000 809,640
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2028     850,000 869,942
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2029     555,000 567,875
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2030     630,000 644,264
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2031     870,000 883,333
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2031     160,000 162,287
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2032     180,000 181,270
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2033     205,000 203,739
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2034     320,000 312,707
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2035     410,000 388,986
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2036     270,000 251,956
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2038     465,000 423,880
106
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Fredericksburg, TX, Independent School District, Unlimited Tax School Building, PSF, 4%, 2/15/2052   $ 4,005,000 $3,386,046
Greater Texas Cultural Education Facilities Finance Corp. Lease Rev. (Epicenter Multipurpose Facilities Project), “A”, 5%, 3/01/2031     395,000 434,583
Greater Texas Cultural Education Facilities Finance Corp. Lease Rev. (Epicenter Multipurpose Facilities Project), “A”, 5%, 3/01/2032     590,000 645,777
Greater Texas Cultural Education Facilities Finance Corp. Lease Rev. (Epicenter Multipurpose Facilities Project), “A”, 5%, 3/01/2033     630,000 686,232
Harlandale, TX, Independent School District, Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024)     3,140,000 3,054,462
Harlingen, TX, Economic Development Corp., Sales Tax Refunding Rev., “A”, BAM, 4%, 2/15/2030     925,000 944,103
Harlingen, TX, Economic Development Corp., Sales Tax Refunding Rev., “A”, BAM, 4%, 2/15/2031     1,200,000 1,224,722
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052     7,825,000 6,777,143
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035     1,240,000 1,174,516
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036     2,195,000 2,067,632
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037     2,970,000 2,778,410
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038     2,480,000 2,302,612
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032     180,000 182,611
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033     430,000 435,679
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041     710,000 254,293
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046     1,770,000 464,638
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024     1,035,000 1,027,522
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029     100,000 98,088
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), “A”, 5%, 7/01/2027     525,000 527,108
107
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030   $ 2,175,000 $2,114,765
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-2”, 5%, 7/15/2027     715,000 717,837
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 3.375%, 10/01/2037     190,000 149,462
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051     630,000 471,422
Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2044     1,235,000 1,212,400
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2035     120,000 122,786
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2037     170,000 172,850
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2038     190,000 192,227
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2043     345,000 345,133
Lubbock, TX, Electric Light and Power System Rev., 5%, 4/15/2032     1,180,000 1,276,866
Lubbock, TX, Electric Light and Power System Rev., 5%, 4/15/2033     1,400,000 1,506,255
Lubbock, TX, Electric Light and Power System Rev., 4%, 4/15/2034     1,360,000 1,308,716
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)     2,080,000 2,023,471
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     390,000 398,273
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     1,255,000 1,268,115
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     1,400,000 1,410,243
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2032 (w)     420,000 357,824
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2037 (w)     570,000 449,254
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2042 (w)     900,000 665,272
108
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2047 (w)   $ 1,475,000 $1,032,068
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4.25%, 1/01/2057 (w)     3,155,000 2,106,544
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 5%, 1/01/2057 (w)     2,100,000 1,645,797
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)     280,000 290,855
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)     280,000 290,855
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)     705,000 732,332
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)     185,000 197,966
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Texas A&M University Project), “A”, AGM, 5%, 4/01/2046     1,250,000 1,264,234
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, PSF, 4%, 6/15/2052     1,375,000 1,224,512
Peaster, TX, Independent School District, Unlimited Tax School Building Bonds, PSF, 3%, 8/15/2051     2,645,000 1,814,100
Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2029     305,000 328,912
Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2030     285,000 309,147
Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2031     295,000 318,041
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2033     555,000 551,252
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2035     495,000 472,116
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2037     630,000 583,300
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2038     315,000 288,480
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2039     240,000 217,718
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2040     280,000 252,104
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2041     280,000 249,962
109
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n)   $ 14,750,000 $11,545,406
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)     2,515,000 2,024,790
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3%, 1/01/2050 (n)     1,540,000 911,344
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)     1,980,000 1,443,838
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. Taxable (Jefferson Gulf Coast Energy Project), “A”, 6%, 1/01/2025 (n)     7,415,000 6,885,829
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046     3,445,000 3,457,923
San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2029     335,000 350,907
San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2030     410,000 427,476
San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2031     335,000 347,367
San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2032     335,000 345,595
San Antonio, TX, Electric & Gas Systems Rev., 5%, 2/01/2031     4,720,000 4,952,087
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2028     500,000 520,896
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2029     495,000 516,731
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2030     410,000 427,476
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2031     295,000 305,891
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2032     370,000 379,318
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 4%, 7/01/2053     9,115,000 7,613,010
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030     915,000 921,191
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035     1,090,000 1,084,068
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040     1,185,000 1,153,122
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 (a)(d)     7,357,772 5,414,251
110
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044   $ 620,000 $587,566
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2031     180,000 182,379
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2033     160,000 159,481
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2034     200,000 198,054
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2037     160,000 157,038
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2038     135,000 130,280
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2041     160,000 150,921
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, 4.75%, 1/01/2049 (u)     10,620,000 10,674,374
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, GNMA, 3.5%, 7/01/2052     5,885,000 5,620,787
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, 4.75%, 3/01/2049 (u)     2,390,000 2,402,356
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, 5.5%, 9/01/2052     4,715,000 4,940,590
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, GNMA, 3%, 3/01/2052     10,770,000 10,106,118
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2030     785,000 807,683
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2031     2,245,000 2,303,072
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2032     650,000 664,647
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segment 3C Project), 5%, 6/30/2058     6,230,000 5,690,374
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038     1,180,000 1,208,339
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     940,000 959,240
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5%, 5/01/2028     790,000 818,156
Texas State University, Financing System Rev., “A”, 5%, 3/15/2032     3,935,000 4,177,027
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057     3,225,000 3,074,811
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037     360,000 159,428
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038     265,000 109,449
111
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039   $ 295,000 $114,497
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040     295,000 107,447
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041     590,000 201,665
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042     810,000 259,275
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043     665,000 199,239
University of Texas, System Rev., “J”, 5%, 8/15/2028     3,935,000 4,172,894
White Settlement, TX, Independent School District, Unlimited Tax School Building Bonds, PSF, 4%, 8/15/2052     2,015,000 1,777,393
        $209,374,706
U.S. Virgin Islands - 0.0%
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026   $ 1,365,000 $1,400,505
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2025     285,000 292,281
        $1,692,786
Utah - 0.6%
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2039   $ 230,000 $239,279
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2044     205,000 211,448
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2049     1,450,000 1,489,105
Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2037     790,000 808,625
Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2042     2,750,000 2,797,702
Utah County, UT, Hospital Rev. (IHC Health Services, Inc.), “A”, 5%, 5/15/2043     3,935,000 4,052,217
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “G”, GNMA, 4.5%, 7/21/2049     684,723 680,104
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “H”, GNMA, 4.5%, 8/21/2049     390,629 387,994
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, 2.5%, 8/21/2051     2,868,968 2,656,762
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 4%, 9/21/2049     635,903 632,996
112
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Utah - continued
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “J”, GNMA, 2.5%, 9/21/2051   $ 11,040,166 $10,172,768
Utah Housing Corp., Tax-Exempt Mortgage-Backed Securities, “G”, GNMA, 3.5%, 2/21/2050     1,022,051 989,580
        $25,118,580
Vermont - 0.3%
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%, 4/01/2036 (Put Date 4/03/2028) (n)   $ 815,000 $775,252
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.625%, 6/15/2029     215,000 210,725
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2029     395,000 406,680
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.75%, 6/15/2030     225,000 220,620
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2031     445,000 454,795
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4%, 6/15/2033     215,000 211,166
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4%, 6/15/2034     225,000 220,738
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3%, 6/15/2035     5,520,000 4,688,002
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.375%, 6/15/2036     3,020,000 2,826,976
Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039     925,000 770,895
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046     605,000 476,068
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4%, 6/15/2047     995,000 742,648
Vermont Student Assistance Corp., Education Loan Rev., Tax-Exempt, “A”, 4.375%, 6/15/2040     1,625,000 1,488,536
        $13,493,101
113
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Virginia - 0.8%
Amelia County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027   $ 685,000 $600,628
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027     320,000 280,585
Commonwealth of Virginia, University Health System General Rev., “A”, 4%, 7/01/2040     10,345,000 9,396,313
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 (Prerefunded 3/01/2023)     1,655,000 1,681,746
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2035     3,075,000 3,239,026
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2037     3,140,000 3,294,639
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), “A”, 5%, 10/01/2052     1,715,000 1,711,330
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), RIBS, ETM, AGM, 9.81%, 8/23/2027 (p)     2,600,000 2,879,446
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)     1,145,000 1,136,018
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)     3,275,000 2,994,332
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2028 (n)     145,000 134,374
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n)     270,000 246,133
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n)     775,000 628,070
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n)     230,000 201,601
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n)     630,000 634,419
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)     565,000 564,952
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2027     295,000 300,419
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2028     315,000 320,609
114
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Virginia - continued
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2029   $ 315,000 $320,920
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029     495,000 512,916
Virginia Small Business Financing Authority Rev., Solid Waste Disposal (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n)     185,000 168,948
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 3/01/2019 (a)(d)     414,028 41
        $31,247,465
Washington - 2.2%
Central Puget Sound, WA, Regional Transit Authority Sales Tax & Motor Vehicle Excise Tax Rev., “S-1”, 5%, 11/01/2041   $ 10,225,000 $10,597,028
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037     10,030,000 8,781,558
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033     1,485,000 1,504,497
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038     1,900,000 1,907,233
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048     3,645,000 3,551,482
Seattle, WA, Housing Authority Rev. (Northgate Plaza Project), 1%, 6/01/2026     4,220,000 3,857,193
Seattle, WA, Port Intermediate Lien Refunding Rev., “B”, 4%, 8/01/2047     1,185,000 985,902
Seattle, WA, Port Intermediate Lien Rev., 5%, 4/01/2037     7,865,000 8,052,955
Seattle, WA, Port Intermediate Lien Rev., “C”, 5%, 8/01/2026     3,165,000 3,304,808
Seattle, WA, Port Rev., 4%, 4/01/2044     1,260,000 1,065,747
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2045     4,045,000 4,022,073
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2050     1,970,000 1,950,481
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2055     5,005,000 4,898,957
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2027     395,000 407,645
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035     1,475,000 1,486,895
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037     1,345,000 1,346,624
Washington Motor Vehicle Fuel Tax, “E”, 5%, 2/01/2037     9,440,000 9,593,799
Washington Motor Vehicle Fuel Tax, “E”, 5%, 2/01/2039     6,280,000 6,376,617
115
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Washington - continued
Washington State Housing Finance Commission Municipal Certificates, “A”, 3.5%, 12/20/2035   $ 12,625,574 $10,714,493
Washington State Housing Finance Commission, Single Family Rev., “1N”, GNMA, 3%, 12/01/2049     5,375,000 5,097,966
        $89,503,953
West Virginia - 0.4%
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)   $ 1,095,000 $930,889
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheel Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027)     3,610,000 3,308,860
West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), “A”, 0.625%, 12/01/2038 (Put Date 12/15/2025)     2,625,000 2,288,279
West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), “A”, 1%, 1/01/2041 (Put Date 9/01/2025)     2,470,000 2,204,862
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 9/01/2038     665,000 663,770
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 9/01/2039     200,000 200,280
West Virginia Hospital Finance Authority Hospital Improvement Rev. (West Virginia University Health System Obligated Group), “A”, 4%, 6/01/2051     5,505,000 4,601,712
West Virginia Housing Development Fund, “A”, FHA, 3.45%, 11/01/2033     505,000 468,127
West Virginia Housing Development Fund, “A”, FHA, 3.75%, 11/01/2038     480,000 438,769
West Virginia Water Development Authority Rev. (Loan Program II), “A-II”, 5%, 11/01/2033     535,000 559,994
Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2031     335,000 347,192
Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2032     220,000 226,234
Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2033     425,000 428,629
Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2035     520,000 516,637
Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2041     470,000 424,232
116
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
West Virginia - continued
Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2046   $ 475,000 $414,476
Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2051     345,000 299,724
        $18,322,666
Wisconsin - 2.4%
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2032   $ 515,000 $329,817
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2033     785,000 475,814
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2034     750,000 429,554
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2035     1,120,000 606,748
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2036     1,150,000 588,551
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2037     1,865,000 900,273
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2038     2,025,000 919,144
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2039     2,200,000 938,620
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040     950,000 380,146
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2031     390,000 261,109
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2032     525,000 332,884
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2033     505,000 302,433
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2034     470,000 265,681
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2035     600,000 320,467
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2036     580,000 292,342
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2037     585,000 277,821
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2038     600,000 267,646
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2039     560,000 234,554
117
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040   $ 140,000 $54,939
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5%, 12/01/2030     95,000 99,058
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “A”, AGM, 4%, 2/15/2036     945,000 868,958
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “A”, AGM, 4%, 2/15/2037     870,000 792,179
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047     635,000 624,664
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2037     550,000 463,902
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2047     975,000 733,543
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2057     1,495,000 1,055,770
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2038     145,000 145,006
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2044     355,000 349,442
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2049     1,475,000 1,449,634
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2039     645,000 565,375
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2046     825,000 680,591
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054     6,435,000 5,118,898
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “B-3”, 2.25%, 11/01/2026     105,000 99,824
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2040 (Prerefunded 9/15/2023)     370,000 375,759
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2045 (Prerefunded 9/15/2023)     500,000 507,782
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2050 (Prerefunded 9/15/2023)     2,015,000 2,046,362
Wisconsin Housing & Economic Development Authority Home Ownership, “D”, 4%, 3/01/2047 (u)     3,505,000 3,448,289
118
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028   $ 995,000 $998,885
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042     1,430,000 1,414,092
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “C”, 5%, 7/01/2042     1,630,000 1,633,723
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2039     160,000 154,455
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2049     485,000 449,426
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2053     335,000 306,408
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n)     95,000 94,429
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n)     95,000 94,245
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B-2”, 2.25%, 6/01/2027 (n)     1,150,000 1,016,459
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), “C”, 2.75%, 6/01/2026 (n)     935,000 885,388
Wisconsin Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045     515,000 439,947
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n)     50,000 49,479
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n)     130,000 123,550
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n)     175,000 155,893
Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2042     520,000 511,102
Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047     480,000 459,866
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)     1,475,000 1,225,651
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)     1,345,000 1,040,068
119
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
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)   $ 2,480,000 $1,726,550
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)     1,320,000 892,277
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     10,340,000 8,907,401
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     4,090,000 3,662,393
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n)     190,000 159,915
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050     4,400,000 3,693,279
Wisconsin Public Finance Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “A”, 5%, 11/15/2041     795,000 799,170
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2041     190,000 157,261
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2046     260,000 204,879
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2051     730,000 553,278
Wisconsin Public Finance Authority Rev. (Celanese Corp.), “B”, 5%, 12/01/2025     490,000 499,276
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047     295,000 240,646
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052     395,000 313,943
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n)     785,000 723,156
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n)     885,000 788,434
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n)     2,215,000 1,913,506
120
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n)   $ 1,860,000 $1,577,384
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 (n)     390,000 403,536
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 (n)     360,000 375,225
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 (n)     295,000 308,967
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 (n)     585,000 615,289
Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n)     5,460,000 3,720,713
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044     295,000 303,730
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 4%, 7/01/2045     635,000 546,811
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 4%, 7/01/2050     550,000 462,600
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054     385,000 393,763
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 4%, 7/01/2055     620,000 514,699
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058     445,000 455,129
Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), 5%, 7/01/2036     395,000 403,432
Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2048     4,720,000 4,743,132
Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2053     2,810,000 2,812,039
Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2058     3,935,000 3,937,856
121
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2041 (n)   $ 335,000 $261,696
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2051 (n)     1,310,000 932,237
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 (n)     2,315,000 1,552,333
Wisconsin Public Finance Authority Student Housing Rev., Taxable (University of Hawai'i Foundation Project), “A-2”, 4.85%, 7/01/2031 (n)     335,000 291,498
Wisconsin Public Finance Authority Student Housing Rev., Taxable (University of Hawai'i Foundation Project), “A-2”, 5.35%, 7/01/2040 (n)     1,125,000 923,036
Wisconsin Public Finance Authority, Health Care System Rev. (Cone Health), “A”, 4%, 10/01/2052     7,495,000 6,292,233
        $95,719,347
Wyoming - 0.3%
Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2035   $ 175,000 $162,007
Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2037     160,000 145,575
Wyoming Community Development Authority, Housing Rev., 4%, 12/01/2050 (u)     7,035,000 6,924,480
Wyoming Community Development Authority, Housing Rev., GNMA, 3.5%, 6/01/2052     4,040,000 3,867,529
        $11,099,591
Total Municipal Bonds (Identified Cost, $4,464,805,392)   $4,030,458,432
Bonds – 0.4%
Consumer Services – 0.4%  
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025  (n)   $ 6,276,000 $5,341,334
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026  (n)     4,770,000 3,778,939
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027  (n)     670,000 491,744
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028  (n)     1,945,000 1,329,344
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043  (n)     20,076,955 4,880,774
122
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Consumer Services – continued  
Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2033  (n)   $ 2,925,000 $1,468,192
    $17,290,327
Medical & Health Technology & Services – 0.0%  
ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028 (Identified Cost, $314,840)   $ 385,000 $269,500
Total Bonds (Identified Cost, $21,074,270)   $17,559,827
Other Municipal Bonds – 0.3%
Multi-Family Housing Revenue – 0.3%  
Freddie Mac, 2.625%, 6/15/2035  (n)   $ 13,515,000 $11,262,504
FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.219%, 7/25/2041  (i)(n)     12,585,996 1,315,998
Total Other Municipal Bonds (Identified Cost, $15,386,094)   $12,578,502
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, $4,212,949)   $ 7,287,661 $3,643,830
Investment Companies (h) - 1.4%
Money Market Funds – 1.4%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $55,437,198)     55,441,300 $55,446,845
Other Assets, Less Liabilities - (1.6)%   (65,739,873)
Net Assets - 100.0%   $4,053,947,563
    
(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 $55,446,845 and $4,064,240,591, 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 $258,450,805, representing 6.4% of net assets.
(p) Primary market inverse floater.
123
Portfolio of Investments (unaudited) – continued
(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 $64,000
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035 11/15/17 713,358 422,400
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 11/15/17 1,083,653 636,800
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 6/30/15 180,000 115,200
Illinois Housing Development Authority Rev., “A”, FHLMC, 3.87%, 11/15/2035 2/04/21 9,408,365 7,324,620
Illinois Housing Development Authority Rev., “B”, FHLMC, 3.87%, 11/15/2035 2/04/21 3,836,946 2,987,147
Illinois Housing Development Authority Rev., “C”, FHLMC, 3.87%, 11/15/2035 2/04/21 3,828,768 2,980,781
Illinois Housing Development Authority Rev., “D”, FHLMC, 3.87%, 11/15/2035 2/04/21 3,493,744 2,719,957
Illinois Housing Development Authority Rev., “E”, FHLMC, 3.87%, 11/15/2035 2/04/21 2,404,354 1,871,843
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 5/22/19 410,905 351,198
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 5/22/19 992,400 767,456
124
Portfolio of Investments (unaudited) – continued
Restricted Securities - continued Acquisition
Date 		Cost Value
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 5/22/19 $1,569,773 $1,108,265
Total Restricted Securities     $21,349,667
% of Net assets     0.5%
    
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
NPFG National Public Finance Guarantee Corp.
PSF Permanent School Fund
RIBS Residual Interest Bonds
See Notes to Financial Statements
125
Financial Statements
Statement of Assets and Liabilities
At 9/30/22 (unaudited)
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, $4,505,478,705) $4,064,240,591
Investments in affiliated issuers, at value (identified cost, $55,437,198) 55,446,845
Receivables for  
Investments sold 6,421,923
Fund shares sold 11,553,960
Interest 48,075,079
Other assets 67,804
Total assets $4,185,806,202
Liabilities  
Payable to custodian $41,892
Payables for  
Distributions 1,416,415
Fund shares reacquired 12,630,956
When-issued investments purchased 26,597,464
Interest expense and fees 562,979
Payable to the holders of the floating rate certificates 88,989,533
Payable to affiliates  
Investment adviser 78,866
Administrative services fee 3,341
Shareholder servicing costs 1,203,019
Distribution and service fees 27,630
Payable for independent Trustees' compensation 3,315
Accrued expenses and other liabilities 303,229
Total liabilities $131,858,639
Net assets $4,053,947,563
Net assets consist of  
Paid-in capital $4,630,970,626
Total distributable earnings (loss) (577,023,063)
Net assets $4,053,947,563
Shares of beneficial interest outstanding 523,597,126
126
Statement of Assets and Liabilities (unaudited) – continued
  Net assets Shares
outstanding 		Net asset value
per share (a)
Class A $1,743,255,592 225,095,559 $7.74
Class B 2,048,616 264,044 7.76
Class C 69,413,382 8,928,920 7.77
Class I 1,326,392,273 171,364,937 7.74
Class R6 622,259,083 80,456,045 7.73
Class A1 290,518,787 37,479,910 7.75
Class B1 59,830 7,711 7.76
    
(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 $8.08 [100 / 95.75 x $7.74] and $8.09 [100 / 95.75 x $7.75], 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
127
Financial Statements
Statement of Operations
Six months ended 9/30/22 (unaudited)
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 $79,032,735
Dividends from affiliated issuers 570,389
Other 535
Total investment income $79,603,659
Expenses  
Management fee $8,835,957
Distribution and service fees 3,403,504
Shareholder servicing costs 1,787,898
Administrative services fee 361,092
Independent Trustees' compensation 42,827
Custodian fee 200,485
Shareholder communications 77,118
Audit and tax fees 33,615
Legal fees 12,343
Interest expense and fees 831,130
Miscellaneous 195,694
Total expenses $15,781,663
Fees paid indirectly (2,436)
Reduction of expenses by investment adviser and distributor (344,318)
Net expenses $15,434,909
Net investment income (loss) $64,168,750
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)  
Unaffiliated issuers $(117,244,564)
Affiliated issuers (4,788)
Net realized gain (loss) $(117,249,352)
Change in unrealized appreciation or depreciation  
Unaffiliated issuers $(350,904,728)
Affiliated issuers 8,288
Net unrealized gain (loss) $(350,896,440)
Net realized and unrealized gain (loss) $(468,145,792)
Change in net assets from operations $(403,977,042)
See Notes to Financial Statements
128
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.
  Six months ended Year ended
  9/30/22
(unaudited) 		3/31/22
Change in net assets    
From operations    
Net investment income (loss) $64,168,750 $139,238,327
Net realized gain (loss) (117,249,352) 14,185,696
Net unrealized gain (loss) (350,896,440) (412,752,135)
Change in net assets from operations $(403,977,042) $(259,328,112)
Total distributions to shareholders $(67,159,222) $(137,973,519)
Change in net assets from fund share transactions $(1,475,929,530) $736,479,314
Total change in net assets $(1,947,065,794) $339,177,683
Net assets    
At beginning of period 6,001,013,357 5,661,835,674
At end of period $4,053,947,563 $6,001,013,357
See Notes to Financial Statements
129
Financial Statements
Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal 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  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $8.54 $9.09 $8.68 $8.77 $8.63 $8.64
Income (loss) from investment operations
Net investment income (loss) (d) $0.10 $0.20 $0.23 $0.26 $0.32 $0.31
Net realized and unrealized gain (loss) (0.77) (0.55) 0.41 (0.09) 0.11 (0.02)
 Total from investment operations  $(0.67)  $(0.35)  $0.64  $0.17  $0.43  $0.29
Less distributions declared to shareholders
From net investment income $(0.13) $(0.20) $(0.23) $(0.26) $(0.29) $(0.30)
 Net asset value, end of period (x)  $7.74  $8.54  $9.09  $8.68  $8.77  $8.63
 Total return (%) (r)(s)(t)(x) (8.14)(n) (4.01) 7.43 1.88 5.14 3.35
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.77(a) 0.73 0.74 0.78 0.77 0.77
Expenses after expense reductions (f) 0.76(a) 0.71 0.73 0.77 0.75 0.73
Net investment income (loss) 2.53(a) 2.16 2.57 2.89 3.74 3.49
Portfolio turnover 13(n) 14 24 23 19 21
Net assets at end of period (000 omitted) $1,743,256 $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) 0.72(a) 0.70 0.72 0.73 0.73 0.72
See Notes to Financial Statements
130
Financial Highlights – continued
Class B  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $8.56 $9.10 $8.69 $8.78 $8.65 $8.66
Income (loss) from investment operations
Net investment income (loss) (d) $0.07 $0.13 $0.17 $0.20 $0.26 $0.24
Net realized and unrealized gain (loss) (0.78) (0.54) 0.40 (0.10) 0.10 (0.02)
 Total from investment operations  $(0.71)  $(0.41)  $0.57  $0.10  $0.36  $0.22
Less distributions declared to shareholders
From net investment income $(0.09) $(0.13) $(0.16) $(0.19) $(0.23) $(0.23)
 Net asset value, end of period (x)  $7.76  $8.56  $9.10  $8.69  $8.78  $8.65
 Total return (%) (r)(s)(t)(x) (8.46)(n) (4.61) 6.63 1.14 4.23 2.58
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.53(a) 1.48 1.49 1.53 1.52 1.52
Expenses after expense reductions (f) 1.51(a) 1.46 1.48 1.52 1.50 1.48
Net investment income (loss) 1.80(a) 1.42 1.87 2.19 2.99 2.75
Portfolio turnover 13(n) 14 24 23 19 21
Net assets at end of period (000 omitted) $2,049 $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) 1.48(a) 1.45 1.46 1.48 1.48 1.48
See Notes to Financial Statements
131
Financial Highlights – continued
Class C  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $8.57 $9.12 $8.71 $8.80 $8.66 $8.67
Income (loss) from investment operations
Net investment income (loss) (d) $0.07 $0.13 $0.17 $0.19 $0.26 $0.24
Net realized and unrealized gain (loss) (0.78) (0.55) 0.40 (0.09) 0.11 (0.02)
 Total from investment operations  $(0.71)  $(0.42)  $0.57  $0.10  $0.37  $0.22
Less distributions declared to shareholders
From net investment income $(0.09) $(0.13) $(0.16) $(0.19) $(0.23) $(0.23)
 Net asset value, end of period (x)  $7.77  $8.57  $9.12  $8.71  $8.80  $8.66
 Total return (%) (r)(s)(t)(x) (8.45)(n) (4.71) 6.62 1.13 4.35 2.58
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.53(a) 1.48 1.49 1.53 1.52 1.52
Expenses after expense reductions (f) 1.51(a) 1.46 1.48 1.52 1.50 1.49
Net investment income (loss) 1.80(a) 1.42 1.86 2.16 2.99 2.74
Portfolio turnover 13(n) 14 24 23 19 21
Net assets at end of period (000 omitted) $69,413 $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) 1.48(a) 1.45 1.46 1.48 1.48 1.48
See Notes to Financial Statements
132
Financial Highlights – continued
Class I  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $8.54 $9.08 $8.67 $8.76 $8.63 $8.63
Income (loss) from investment operations
Net investment income (loss) (d) $0.11 $0.22 $0.25 $0.28 $0.34 $0.33
Net realized and unrealized gain (loss) (0.77) (0.54) 0.41 (0.09) 0.10 (0.01)
 Total from investment operations  $(0.66)  $(0.32)  $0.66  $0.19  $0.44  $0.32
Less distributions declared to shareholders
From net investment income $(0.14) $(0.22) $(0.25) $(0.28) $(0.31) $(0.32)
 Net asset value, end of period (x)  $7.74  $8.54  $9.08  $8.67  $8.76  $8.63
 Total return (%) (r)(s)(t)(x) (8.02)(n) (3.66) 7.70 2.13 5.27 3.73
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.52(a) 0.48 0.49 0.53 0.52 0.52
Expenses after expense reductions (f) 0.51(a) 0.46 0.48 0.52 0.51 0.49
Net investment income (loss) 2.80(a) 2.41 2.82 3.15 3.99 3.74
Portfolio turnover 13(n) 14 24 23 19 21
Net assets at end of period (000 omitted) $1,326,392 $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) 0.48(a) 0.45 0.47 0.48 0.48 0.48
See Notes to Financial Statements
133
Financial Highlights – continued
Class R6  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18(i)
Net asset value, beginning of period $8.53 $9.08 $8.67 $8.76 $8.62 $8.77
Income (loss) from investment operations
Net investment income (loss) (d) $0.12 $0.23 $0.26 $0.29 $0.35 $0.22
Net realized and unrealized gain (loss) (0.78) (0.56) 0.41 (0.09) 0.11 (0.15)
 Total from investment operations  $(0.66)  $(0.33)  $0.67  $0.20  $0.46  $0.07
Less distributions declared to shareholders
From net investment income $(0.14) $(0.22) $(0.26) $(0.29) $(0.32) $(0.22)
 Net asset value, end of period (x)  $7.73  $8.53  $9.08  $8.67  $8.76  $8.62
 Total return (%) (r)(s)(t)(x) (8.00)(n) (3.71) 7.78 2.21 5.48 0.75(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.44(a) 0.41 0.42 0.46 0.45 0.42(a)
Expenses after expense reductions (f) 0.43(a) 0.39 0.41 0.45 0.43 0.41(a)
Net investment income (loss) 2.88(a) 2.48 2.90 3.22 4.06 3.77(a)
Portfolio turnover 13(n) 14 24 23 19 21
Net assets at end of period (000 omitted) $622,259 $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) 0.40(a) 0.38 0.39 0.41 0.41 0.40(a)
See Notes to Financial Statements
134
Financial Highlights – continued
Class A1  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $8.55 $9.10 $8.69 $8.78 $8.64 $8.65
Income (loss) from investment operations
Net investment income (loss) (d) $0.12 $0.22 $0.25 $0.28 $0.34 $0.33
Net realized and unrealized gain (loss) (0.78) (0.55) 0.41 (0.09) 0.12 (0.02)
 Total from investment operations  $(0.66)  $(0.33)  $0.66  $0.19  $0.46  $0.31
Less distributions declared to shareholders
From net investment income $(0.14) $(0.22) $(0.25) $(0.28) $(0.32) $(0.32)
 Net asset value, end of period (x)  $7.75  $8.55  $9.10  $8.69  $8.78  $8.64
 Total return (%) (r)(s)(t)(x) (8.01)(n) (3.76) 7.70 2.14 5.40 3.61
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.53(a) 0.48 0.49 0.53 0.52 0.52
Expenses after expense reductions (f) 0.51(a) 0.46 0.48 0.52 0.51 0.49
Net investment income (loss) 2.81(a) 2.42 2.85 3.18 3.99 3.75
Portfolio turnover 13(n) 14 24 23 19 21
Net assets at end of period (000 omitted) $290,519 $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) 0.48(a) 0.45 0.47 0.48 0.48 0.48
See Notes to Financial Statements
135
Financial Highlights – continued
Class B1  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22 3/31/21 3/31/20 3/31/19
3/31/18
Net asset value, beginning of period $8.56 $9.10 $8.69 $8.78 $8.65 $8.66
Income (loss) from investment operations
Net investment income (loss) (d) $0.08 $0.15 $0.19 $0.22 $0.28 $0.26
Net realized and unrealized gain (loss) (0.78) (0.54) 0.40 (0.09) 0.10 (0.02)
 Total from investment operations  $(0.70)  $(0.39)  $0.59  $0.13  $0.38  $0.24
Less distributions declared to shareholders
From net investment income $(0.10) $(0.15) $(0.18) $(0.22) $(0.25) $(0.25)
 Net asset value, end of period (x)  $7.76  $8.56  $9.10  $8.69  $8.78  $8.65
 Total return (%) (r)(s)(t)(x) (8.34)(n) (4.38) 6.90 1.38 4.49 2.83
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.53(a) 1.48 1.49 1.53 1.52 1.52
Expenses after expense reductions (f) 1.26(a) 1.21 1.23 1.27 1.25 1.24
Net investment income (loss) 2.06(a) 1.62 2.12 2.45 3.24 2.99
Portfolio turnover 13(n) 14 24 23 19 21
Net assets at end of period (000 omitted) $60 $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) 1.23(a) 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
136
Notes to Financial Statements
(unaudited) 
(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
137
Notes to Financial Statements (unaudited) - 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 — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
138
Notes to Financial Statements (unaudited) - continued
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of September 30, 2022 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Municipal Bonds $— $4,046,680,764 $— $4,046,680,764
U.S. Corporate Bonds — 17,559,827 — 17,559,827
Mutual Funds 55,446,845 — — 55,446,845
Total $55,446,845 $4,064,240,591 $— $4,119,687,436
For further information regarding security characteristics, see the Portfolio of Investments.
Inverse Floaters — The 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 floater is created when the 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 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”. The carrying value of that liability as reported in the fund’s Statement of Assets and Liabilities approximates its fair value which would be considered level 2 under the fair value hierarchy.
At September 30, 2022, the fund’s payable to the holders of the floating rate certificates was $88,989,533 and the related weighted average interest rate on the settled floating rate certificates issued by the trust was 2.50%. For the six months ended September 30, 2022, the average payable to the holders of the settled floating rate certificates was $93,088,913 at a weighted average interest rate of 1.22%. 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 six months ended September 30, 2022, the related interest expense and fees amounted to $816,965 which is included in “Interest expense and fees” in the Statement of Operations. Primary market inverse floaters held by the fund are presented as fund investments and are not accounted for as secured borrowings.
139
Notes to Financial Statements (unaudited) - 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 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,
140
Notes to Financial Statements (unaudited) - 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 six months ended September 30, 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 made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
  Year ended
3/31/22
Ordinary income (including any short-term capital gains) $2,139,324
Tax-exempt income 135,834,195
Total distributions $137,973,519
141
Notes to Financial Statements (unaudited) - continued
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 9/30/22  
Cost of investments $4,474,459,057
Gross appreciation 12,860,149
Gross depreciation (456,621,303)
Net unrealized appreciation (depreciation) $(443,761,154)
As of 3/31/22  
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)
Net unrealized appreciation (depreciation) (91,555,196)
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
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 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:
  Six months ended
9/30/22 		Year ended
3/31/22
Class A $31,707,736 $73,518,048
Class B 23,037 53,152
Class C 770,224 1,476,425
Class I 20,140,011 36,821,521
Class R6 9,900,511 17,161,799
Class A1 4,616,991 8,941,490
Class B1 712 1,084
Total $67,159,222 $137,973,519
142
Notes to Financial Statements (unaudited) - 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. 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 six months ended September 30, 2022, this management fee reduction amounted to $343,792, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended September 30, 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, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), 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, 2023. For the six months ended September 30, 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 $17,942 and $807 for the six months ended September 30, 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.
143
Notes to Financial Statements (unaudited) - continued
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.
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% $ 2,991,695
Class B 0.75% 0.25% 1.00% 1.00% 11,969
Class C 0.75% 0.25% 1.00% 1.00% 399,513
Class B1 0.75% 0.25% 1.00% 0.75% 327
Total Distribution and Service Fees         $3,403,504
(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 six months ended September 30, 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, 2023. For the six months ended September 30, 2022, this reduction amounted to $82 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  six months ended September 30, 2022, this rebate amounted to $283 and $161 for Class A and Class C shares, 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 six months ended September 30, 2022, were as follows:
  Amount
Class A $218,271
Class B 1,148
Class C 4,100
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
144
Notes to Financial Statements (unaudited) - continued
six months ended September 30, 2022, the fee was $95,482, which equated to 0.0040% 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 six months ended September 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $1,692,416.
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 six months ended September 30, 2022 was equivalent to an annual effective rate of 0.0150% 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 $1,001 and is included in “Independent Trustees’ compensation” in the Statement of Operations for the six months ended September 30, 2022. The liability for deferred retirement benefits payable to those former independent Trustees under the DB plan amounted to $990 at September 30, 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.  On August 3, 2022, MFS redeemed 24 shares of Class R6 for an aggregate amount of $200. 
At September 30, 2022, MFS held approximately 72% of the outstanding shares of Class B1.
During the six months ended September 30, 2022, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the “Act”), the fund engaged in purchase transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser (“cross-trades”) which amounted to $1,809,098.
145
Notes to Financial Statements (unaudited) - continued
(4) Portfolio Securities
For the six months ended September 30, 2022, purchases and sales of investments, other than short-term obligations, aggregated $612,902,863 and $950,057,077, respectively.
(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:
  Six months ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount
Shares sold          
Class A 47,155,057 $389,160,833   203,133,254 $1,835,461,184
Class B 16 138   840 7,720
Class C 531,367 4,360,449   1,184,388 10,886,943
Class I 62,294,627 510,958,379   61,675,344 562,581,338
Class R6 25,910,150 211,871,225   29,510,794 268,353,838
Class A1 97,494 796,919   185,947 1,704,126
Class B1 — —   5,394 49,999
  135,988,711 $1,117,147,943   295,695,961 $2,679,045,148
Shares issued to shareholders
in reinvestment of distributions 		         
Class A 3,649,032 $29,859,812   7,891,374 $71,768,268
Class B 2,715 22,197   5,359 48,959
Class C 84,151 689,103   145,096 1,326,234
Class I 1,756,427 14,317,245   3,011,695 27,373,155
Class R6 1,178,933 9,599,267   1,843,579 16,730,145
Class A1 495,076 4,040,804   854,441 7,783,143
Class B1 87 712   119 1,084
  7,166,421 $58,529,140   13,751,663 $125,030,988
Shares reacquired          
Class A (220,278,307) $(1,815,626,586)   (164,813,169) $(1,481,389,621)
Class B (64,776) (531,170)   (204,846) (1,879,284)
Class C (2,224,134) (18,245,670)   (3,241,223) (29,635,973)
Class I (68,220,635) (559,833,122)   (42,132,919) (380,723,316)
Class R6 (28,977,652) (236,970,854)   (15,706,950) (140,738,693)
Class A1 (2,485,491) (20,395,348)   (3,636,820) (33,219,842)
Class B1 (474) (3,863)   (1,108) (10,093)
  (322,251,469) $(2,651,606,613)   (229,737,035) $(2,067,596,822)
146
Notes to Financial Statements (unaudited) - continued
  Six months ended
9/30/22 		  Year ended
3/31/22
  Shares Amount   Shares Amount
Net change          
Class A (169,474,218) $(1,396,605,941)   46,211,459 $425,839,831
Class B (62,045) (508,835)   (198,647) (1,822,605)
Class C (1,608,616) (13,196,118)   (1,911,739) (17,422,796)
Class I (4,169,581) (34,557,498)   22,554,120 209,231,177
Class R6 (1,888,569) (15,500,362)   15,647,423 144,345,290
Class A1 (1,892,921) (15,557,625)   (2,596,432) (23,732,573)
Class B1 (387) (3,151)   4,405 40,990
  (179,096,337) $(1,475,929,530)   79,710,589 $736,479,314
Effective June 1, 2019, purchases of the fund’s Class B and Class B1 shares were closed to new and existing investors subject to certain exceptions.
(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 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each 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. The line of credit expires on March 16, 2023 unless extended or renewed. 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 six months ended September 30, 2022, the fund’s commitment fee and interest expense were $14,028 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  $117,250,011  $686,219,142  $748,025,808  $(4,788)  $8,288  $55,446,845
147
Notes to Financial Statements (unaudited) - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio  $570,389  $—
(8) Redemptions In-Kind
On June 10, 2022, the fund recorded a redemption in-kind of portfolio securities and cash that was valued at $1,159,669,807.  The redeeming shareholder generally receives a pro rata share of the securities held by the fund.  The distribution of such securities generated a realized loss of $(48,154,312) for the fund, which is included in Net realized gain (loss) in the Statement of Operations. For tax purposes, no gains or losses were recognized with respect to the portfolio securities redeemed in-kind.
(9) 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.
(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.
148
Board Review of Investment Advisory Agreement
MFS Municipal Income Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment advisory agreement with MFS.  The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting.  In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”).  The independent Trustees were assisted in their evaluation of the Fund’s investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings.  The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant.  The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review.  As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.
In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Fund’s advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee “breakpoints” are observed for the Fund, (v) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (vi) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about
149
Board Review of Investment Advisory Agreement - continued
MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds.  The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor.  Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors.  It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods.  The Trustees placed particular emphasis on the total return performance of the Fund’s Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions.  The total return performance of the Fund’s Class I shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers).  The total return performance of the Fund’s Class I shares was in the 2nd quintile for each of the one- and three-year periods ended December 31, 2021 relative to the Broadridge performance universe.  Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance.  After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered, among other information, the Fund’s advisory fee and the total expense ratio of the Fund’s Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge.  The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval.  The Trustees also considered that, according to the data provided by
150
Board Review of Investment Advisory Agreement - continued
Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate  accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.
The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole.  They noted that the Fund’s advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund’s advisory fee rate on average daily net assets over $1.3 billion, $2 billion, $5 billion and $10 billion.  The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds’ complex increase above agreed upon thresholds (the “group fee waiver”), enabling the Fund’s shareholders to share in the benefits from any economies of scale at the complex level.  The group fee waiver is reviewed and renewed annually between the Board and MFS.  The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.
The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund.  The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies.  In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc.  The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
151
Board Review of Investment Advisory Agreement - continued
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS.  The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians.  The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds.  The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.
152
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, 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.
Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund’s annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund’s records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
153
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CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Semiannual Report
September 30, 2022
MFS®  Municipal
Intermediate Fund
MIU-SEM
MFS® Municipal
Intermediate Fund
CONTENTS
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:
Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. 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 U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility in fixed income and currency markets has picked up, with fiscal policy missteps in the United Kingdom leading to a crisis of market confidence that ultimately resulted in the ousting of Prime Minister Liz Truss. That episode could forewarn other governments to avoid policy overreach.
There are, however, encouraging signs for the markets. The latest wave of COVID-19 cases appears to be receding in Asia, and cases outside Asia, while numerous, appear to be causing fewer serious illnesses. Meanwhile, unemployment is low and global supply chain bottlenecks are easing, though lingering coronavirus restrictions 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 unique global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.
Respectfully,
Michael W. Roberge
Chair and Chief Executive Officer
MFS Investment Management
November 14, 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
Portfolio structure (i)
Top ten industries (i)
Healthcare Revenue - Hospitals 16.1%
Universities - Colleges 10.0%
General Obligations - General Purpose 10.0%
Airport Revenue 8.2%
Housing - Single Family 7.7%
State & Local Agencies 6.1%
Healthcare Revenue - Long-Term Care 6.0%
Water & Sewer Utility Revenue 4.5%
General Obligations - Schools 3.5%
Student Loans Revenue 3.1%
Composition including fixed income credit quality (a)(i)
AAA 6.2%
AA 26.9%
A 33.0%
BBB 21.6%
BB 3.1%
B (o) 0.0%
CCC 0.1%
CC (o) 0.0%
D 0.6%
Not Rated 7.1%
Cash & Cash Equivalents 1.4%
Portfolio facts
Average Duration (d) 6.0
Average Effective Maturity (m) 9.1 yrs.
 
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
(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 September 30, 2022.
The portfolio is actively managed and current holdings may be different.
3
Expense Table
Fund expenses borne by the shareholders during the period,
April 1, 2022 through September 30, 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 April 1, 2022 through September 30, 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.
4
Expense Table - continued
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
4/01/22 		Ending
Account Value
9/30/22 		Expenses
Paid During
Period (p)
4/01/22-9/30/22
A Actual 0.70% $1,000.00 $943.14 $3.41
Hypothetical (h) 0.70% $1,000.00 $1,021.56 $3.55
C Actual 1.45% $1,000.00 $940.52 $7.05
Hypothetical (h) 1.45% $1,000.00 $1,017.80 $7.33
I Actual 0.45% $1,000.00 $945.23 $2.19
Hypothetical (h) 0.45% $1,000.00 $1,022.81 $2.28
R6 Actual 0.38% $1,000.00 $944.50 $1.85
Hypothetical (h) 0.38% $1,000.00 $1,023.16 $1.93
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
5
Portfolio of Investments
9/30/22 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
Issuer     Shares/Par Value ($)
Municipal Bonds - 97.1%
Alabama - 1.7%
Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 4), “B-1”, 5%, 5/01/2053 (Put Date 8/01/2028)   $ 480,000 $480,357
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043     495,000 502,057
Black Belt Energy Gas District, AL, Gas Supply Rev., “D-1”, 4%, 7/01/2052 (Put Date 6/01/2027)     315,000 312,033
Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, 5%, 3/01/2030     240,000 259,926
        $1,554,373
Alaska - 0.2%
Alaska Municipal Bond Bank, General Obligation, Refunding, Series “1”, 5%, 12/01/2027   $ 200,000 $212,905
Arizona - 1.9%
Arizona Board of Regents, Arizona State University System Rev., “B”, 5%, 7/01/2026   $ 270,000 $286,540
Arizona Board of Regents, Arizona State University System Rev., “B”, 5%, 7/01/2027     285,000 305,944
Arizona Industrial Development Authority Education Rev. (Greathearts Arizona Projects), “A”, 5%, 7/01/2026     125,000 129,751
Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2042 (Put Date 9/01/2027)     750,000 776,123
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033     5,000 3,692
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 12,889
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2026     245,000 235,446
        $1,750,385
Arkansas - 0.5%
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027   $ 125,000 $120,430
Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 5%, 12/01/2025     150,000 157,599
Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 5%, 12/01/2026     140,000 148,928
        $426,957
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - 4.0%
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2032   $ 125,000 $120,981
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n)     20,000 17,741
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2032 (n)     500,000 510,719
California Statewide Communities Development Authority Rev. (Adventist Health System West), “A”, 4.125%, 3/01/2034     90,000 87,376
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 5%, 10/01/2027     90,000 92,272
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044     130,000 130,385
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 81,646
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 5%, 11/01/2028     275,000 294,806
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “F”, 5%, 5/15/2033     580,000 599,573
Sacramento, CA, Transient Occupancy Tax Rev. (Convention Center Complex), “A”, 5%, 6/01/2033     115,000 121,611
University of California Regents, Medical Center Pooled Rev., “P”, 5%, 5/15/2035     630,000 674,979
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2033     1,000,000 1,034,360
        $3,766,449
Colorado - 2.2%
Adams, Morgan, & Weld Counties, CO, Groundwater Management Subdistrict of the Central Water Conservancy District, BAM, 5%, 12/01/2028   $ 200,000 $217,903
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026     125,000 119,707
Colorado Health Facilities Authority Rev. (Intermountain Healthcare, Inc.), “C”, 5%, 5/15/2062 (Put Date 8/15/2028)     635,000 676,271
Colorado Mountain College, COP, 5%, 12/01/2027     200,000 212,905
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2031     750,000 788,306
        $2,015,092
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Connecticut - 0.5%
Connecticut Higher Education Supplemental Loan Authority, “B”, 5%, 11/15/2024   $ 250,000 $257,474
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, GNMA, 4%, 11/15/2047     225,000 223,160
        $480,634
District of Columbia - 0.9%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n)   $ 250,000 $229,988
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045     100,000 100,026
District of Columbia, Housing Finance Agency, Multi-Family Development Program, “B-2”, 0.5%, 3/01/2027 (Put Date 10/01/2024)     260,000 242,197
Metropolitan Washington, D.C., Airport Authority System Rev., “A”, 5%, 10/01/2027     250,000 261,385
        $833,596
Florida - 3.2%
Florida Atlantic University Finance Corp., Capital Improvement Rev. (Student Housing Project), “B”, 5%, 7/01/2029   $ 75,000 $81,076
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2028 (n)     500,000 459,575
Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., “A”, 5%, 10/01/2031     500,000 525,544
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2033     350,000 349,260
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2026     300,000 288,419
Pasco County, FL, School Board Refunding, Certificate of Participation, “A”, 5%, 8/01/2026     150,000 158,820
Pasco County, FL, School Board Refunding, Certificate of Participation, “A”, 5%, 8/01/2027     150,000 160,504
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040     100,000 84,463
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2026     190,000 180,596
Volusia County, FL, School Board Master Lease Program, “A”, 5%, 8/01/2030     200,000 218,096
Wildwood, FL, Utility Dependent District Utility Rev. (South Sumter Utility Project), BAM, 5%, 10/01/2028     400,000 430,938
        $2,937,291
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Georgia - 3.7%
Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2036   $ 75,000 $79,275
Carroll County, GA, Water Authority, Water & Sewerage Refunding and Improvement Rev., “A”, 4%, 7/01/2027     200,000 205,813
Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2025     225,000 228,067
Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2026     175,000 178,144
Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2027     125,000 127,217
Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2028     150,000 152,997
Columbus, GA, Medical Center Hospital Authority Rev. Anticipation Certificates (Piedmont Healthcare, Inc. Project), “B”, 5%, 7/01/2054 (Put Date 7/01/2029)     1,000,000 1,060,478
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 5%, 12/01/2052 (Put Date 6/01/2029)     500,000 499,581
Georgia Private Colleges & Universities Authority Rev. (Emory University), “B”, 4%, 9/01/2039     985,000 916,030
        $3,447,602
Guam - 1.9%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2028   $ 100,000 $99,867
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029     5,000 4,992
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030     5,000 4,985
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031     5,000 4,951
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042     30,000 24,207
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031     270,000 265,805
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2035     105,000 99,644
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036     60,000 56,650
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046     175,000 159,737
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 2.699%, 10/01/2026     25,000 22,413
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.489%, 10/01/2031     55,000 45,585
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036     65,000 66,212
9
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Guam - continued
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036   $ 110,000 $112,075
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037     135,000 137,381
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040     380,000 385,298
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     300,000 302,275
        $1,792,077
Idaho - 0.1%
Idaho Housing and Finance Association Multi-Family Housing Rev. (Sunset Landing Apartments Project ), “A”, 0.7%, 7/01/2024   $ 60,000 $57,128
Illinois - 5.9%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036   $ 245,000 $214,976
Chicago, IL, Board of Education, “A”, NPFG, 5.5%, 12/01/2026     70,000 72,746
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041     100,000 83,026
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037     45,000 45,118
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025     145,000 147,543
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026     40,000 40,795
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027     45,000 45,843
Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031     100,000 101,529
Chicago, IL, Midway Airport Rev., “A”, 5%, 1/01/2026     135,000 138,488
Chicago, IL, Multi-Family Housing Rev. (Covent Apartments Project), 4%, 9/01/2025 (Put Date 9/01/2024)     132,750 132,859
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2033 (w)     400,000 414,009
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2034 (w)     200,000 206,044
Chicago, IL, Transit Authority Capital Grant Receipts Refunding Rev. (Federal Transit Administration Section 5337 State of Good Repair Formula Funds), 5%, 6/01/2026     200,000 209,541
East Moline, IL, General Obligation, Taxable, BAM, 1.665%, 1/15/2025     250,000 231,629
Franklin Park, IL, General Obligation Refunding Debt Certificates, “A”, BAM, 4%, 10/01/2026     300,000 305,983
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2032     655,000 639,518
Illinois Finance Authority Rev. (OSF Healthcare System), “A”, 4.125%, 11/15/2037     70,000 65,530
Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), “B”, 3.25%, 5/15/2027     90,000 76,684
10
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033   $ 5,000 $3,776
Illinois Finance Authority, Health Facilities Rev. (Unitypoint Health), “D”, 5%, 2/15/2025     100,000 102,975
Illinois Highway Authority, Toll Rev., “A”, 5%, 1/01/2040     110,000 112,372
Illinois Housing Development Authority Multi-Family Housing Rev. (Berry Manor), 4%, 9/01/2025 (Put Date 9/01/2024)     500,000 499,864
Illinois Regional Transportation Authority, General Obligation Refunding Rev., “A”, NPFG, 6%, 7/01/2029     150,000 166,219
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027     80,000 83,550
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037     50,000 52,091
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040     50,000 44,081
Northern Illinois Municipal Power Agency Project, Refunding Rev. (Prairie State Project), “A”, 4%, 12/01/2033     105,000 99,272
Southern Illinois University Housing and Auxiliary Facilities System Refunding Rev., “A”, 5%, 4/01/2032     200,000 206,898
State of Illinois, “A”, 5%, 10/01/2028     100,000 102,284
State of Illinois, General Obligation, 5%, 2/01/2029     165,000 167,668
State of Illinois, General Obligation, 5.5%, 5/01/2039     150,000 152,687
State of Illinois, General Obligation Refunding, AGM, 4%, 2/01/2031     100,000 96,516
State of Illinois, General Obligation, “A”, 5%, 3/01/2030     120,000 122,887
State of Illinois, General Obligation, “A”, 5%, 3/01/2031     175,000 178,787
State of Illinois, Sales Tax Rev., “A”, 5%, 6/15/2027     125,000 130,034
        $5,493,822
Indiana - 3.7%
Ball St. University, IN, Board of Trustees, Student Fee Bonds, “T”, 5%, 7/01/2027   $ 200,000 $212,890
Beech Grove, IN, Central Schools Building Corp., “A”, 3%, 7/15/2026     100,000 97,194
Beech Grove, IN, Central Schools Building Corp., “B”, 2%, 7/15/2025     100,000 94,090
Indiana Development Finance Authority Solid Water Disposal Rev. (Waste Management, Inc. Project), 4%, 10/01/2031 (Put Date 10/02/2023)     500,000 500,080
Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), “B”, 2.45%, 11/15/2025     30,000 27,069
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026     200,000 206,260
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 5%, 1/01/2030     500,000 530,526
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 5%, 7/01/2030     285,000 302,535
11
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Indiana - continued
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “C-1”, GNMA, 5%, 1/01/2028   $ 225,000 $241,386
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “C-1”, GNMA, 5%, 7/01/2028     100,000 107,883
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “C-1”, GNMA, 5%, 1/01/2029     220,000 236,585
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “C-1”, GNMA, 5%, 7/01/2029     220,000 237,142
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “C-1”, GNMA, 5%, 1/01/2030     225,000 241,956
Lawrence County, IN, Mitchell High School Building Corp., 3%, 1/15/2026     200,000 195,477
Terre Haute, IN, Sanitary District Refunding Rev., BAM, 3%, 7/01/2023     125,000 124,546
Terre Haute, IN, Sanitary District Refunding Rev., BAM, 4%, 7/01/2027     100,000 102,417
        $3,458,036
Iowa - 0.4%
Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 4%, 7/01/2047   $ 245,000 $243,046
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039     10,000 9,075
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044     115,000 85,628
        $337,749
Kansas - 1.0%
Kansas Development Finance Authority Hospital Rev. (Advent Health Obligated Group), “B-1”, 5%, 11/15/2054 (Put Date 11/15/2028)   $ 600,000 $635,683
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2025     125,000 119,789
Sedgwick County, KS, Unified School District No. 268, General Obligation Refunding, “B”, 3%, 9/01/2028     150,000 142,503
        $897,975
Kentucky - 1.7%
Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 3.7%, 1/01/2032 (n)   $ 105,000 $97,570
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “A-1”, 5%, 6/01/2031     500,000 516,467
Kentucky State University, Certificates of Participation, BAM, 5%, 11/01/2024     10,000 10,302
Kentucky State University, Certificates of Participation, BAM, 5%, 11/01/2028     200,000 215,874
12
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
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 $713,377
        $1,553,590
Louisiana - 1.4%
Jefferson Parish, LA, Consolidated Sewerage District 1 Rev., BAM, 4%, 2/01/2033   $ 1,000,000 $998,818
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2025     200,000 204,886
Louisiana Stadium & Exposition District Rev., 4%, 7/03/2023     100,000 99,995
        $1,303,699
Maryland - 2.0%
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), “A”, 4%, 7/01/2038   $ 450,000 $426,230
Chestertown, MD, Economic Development Rev., Taxable (Washington College Project), “B”, 1.47%, 3/01/2023     525,000 518,070
Chestertown, MD, Economic Development Rev., Taxable (Washington College Project), “B”, 1.78%, 3/01/2024     550,000 525,701
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028)     135,000 146,375
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047     250,000 259,876
        $1,876,252
Massachusetts - 1.6%
Massachusetts Development Finance Agency Rev. (Lahey Health System), “F”, 5%, 8/15/2040   $ 970,000 $968,000
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026     100,000 96,653
Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 4%, 7/01/2036     90,000 80,780
Massachusetts Development Finance Agency Rev. (Williams College), “N”, 0.45%, 7/01/2041 (Put Date 7/01/2025)     45,000 40,576
Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, “B”, 3.625%, 7/01/2038     315,000 272,632
        $1,458,641
13
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Michigan - 0.8%
Lake Superior State University Board of Trustees Rev., AGM, 4%, 11/15/2028   $ 200,000 $200,352
Michigan Finance Authority Hospital Rev. (Bronson Healthcare Group Inc.), “B”, 5%, 11/15/2044 (Put Date 11/16/2026) (w)     325,000 338,219
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 30,555
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 35,512
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 20,343
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 45,726
Michigan Housing Development Authority, Rental Housing Rev., “A”, 0.55%, 4/01/2025     110,000 101,639
        $772,346
Minnesota - 0.5%
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026   $ 125,000 $118,604
Minnesota Higher Educational Facilities Authority Rev. (St. John's University), 4%, 10/01/2029     150,000 151,037
Minnesota Housing Finance Agency, Residential Housing, “D”, 3%, 1/01/2052     230,000 217,423
        $487,064
Mississippi - 0.2%
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040   $ 65,000 $66,624
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051     100,000 94,680
        $161,304
Missouri - 1.2%
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026   $ 150,000 $151,910
Missouri Health & Educational Facilities Authority Health Facilities Rev. (Saint Luke's Health System, Inc.), 5%, 11/15/2029     655,000 682,574
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026     125,000 116,983
14
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Missouri - continued
St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2028   $ 200,000 $202,457
        $1,153,924
New Hampshire - 0.4%
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036   $ 279,482 $254,479
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5%, 4/01/2027     105,000 107,809
        $362,288
New Jersey - 3.7%
Atlantic City, NJ, Tax Appeal Refunding Bonds, 5%, 12/01/2024   $ 85,000 $84,093
Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2027     210,000 215,013
Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2028     275,000 281,194
Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2029     250,000 256,013
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “PP”, 4%, 6/15/2030 (Prerefunded 6/15/2024)     115,000 116,551
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026     95,000 98,177
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039     220,000 218,876
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046     100,000 98,976
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041     600,000 513,636
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027     200,000 209,102
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039     65,000 64,662
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044     70,000 69,267
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2028     54,000 58,019
Perth Amboy, NJ, General Improvement Refunding, “A”, BAM, 3%, 3/15/2027     200,000 194,120
South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5%, 11/01/2036     410,000 430,848
South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5%, 11/01/2037     375,000 392,819
15
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
State of New Jersey, General Obligation, 4%, 6/01/2036   $ 145,000 $139,108
        $3,440,474
New Mexico - 0.1%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “D”, GNMA, 5.25%, 3/01/2053   $ 115,000 $119,082
New York - 7.1%
Build NYC Resource Corp. Rev. (Grand Course Academy Charter School Project), “A”, 5%, 7/01/2032   $ 300,000 $303,227
Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), “B”, 5%, 7/01/2028     330,000 342,767
Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), Tax-Exempt, “A”, 5%, 12/01/2027     685,000 710,574
Long Beach, NY, General Obligation, “B”, BAM, 5.25%, 7/15/2032     200,000 212,399
New York Mortgage Agency Rev., “243”, 5%, 10/01/2026     295,000 306,544
New York State Housing Finance Agency Affordable Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027)     950,000 883,054
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), 2.25%, 8/01/2026     5,000 4,609
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), “A”, 5%, 12/01/2032     270,000 272,222
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), 5%, 12/01/2030     750,000 764,571
Oyster Bay, NY, Public Improvement Rev., AGM, 5%, 8/01/2028     500,000 544,866
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B-1”, 4%, 6/01/2050     15,000 12,705
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Taxable, “A-1”, 1.015%, 6/01/2024     500,000 473,428
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”D-1“, 5%, 11/15/2028     750,000 815,428
Troy, NY, Capital Resource Corp. Refunding Rev. (Rensselaer Polytechnic Institute Project), 5%, 9/01/2027     125,000 130,779
Yonkers, NY, General Obligation, “C”, AGM, 5%, 3/15/2030     750,000 810,430
        $6,587,603
North Carolina - 1.0%
North Carolina Housing Finance Agency, Home Ownership Rev., “48”, 5%, 1/01/2030   $ 750,000 $806,519
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2028     125,000 123,597
        $930,116
16
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Ohio - 3.6%
Akron, Bath, & Copley, OH, Joint Township Hospital District, Hospital Rev. (Children's Hospital Medical Center of Akron), “A”, 5%, 11/15/2025   $ 450,000 $469,116
Akron, Bath, & Copley, OH, Joint Township Hospital District, Hospital Rev. (Children's Hospital Medical Center of Akron), “A”, 5%, 11/15/2026     500,000 525,495
Allen County, OH, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “B-2”, 5%, 10/01/2051 (Put Date 6/04/2030)     500,000 534,254
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036     70,000 71,629
Cuyahoga Falls, OH, School District Improvement Rev., BAM, 4%, 12/01/2029     75,000 77,298
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027)     145,000 142,468
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027)     170,000 166,664
Ohio Air Quality Development Authority Rev. (Dayton Power And Light Co. Project), “A”, 4.25%, 11/01/2040 (Put Date 6/01/2027)     500,000 485,767
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2032     600,000 593,583
Triway, OH, Local School District Board of Education, BAM, 4%, 12/01/2027     200,000 204,488
Warrensville Heights, OH, City School District, BAM, 4%, 11/01/2029     80,000 80,817
        $3,351,579
Oklahoma - 0.7%
Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037   $ 130,000 $111,277
Rogers County, OK, Educational Facilities Lease Rev. (Catoosa Public Schools Project), 5%, 9/01/2032     500,000 540,130
        $651,407
Oregon - 2.1%
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028   $ 5,000 $4,179
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027     10,000 8,592
Oregon Facilities Authority Rev. (Legacy Health Project), “B”, 5%, 6/01/2030     1,000,000 1,068,045
Oregon Health & Sciences University Rev., “B”, 3.375%, 7/01/2039     115,000 95,934
Oregon Housing & Community Services Department, Multi-Family Housing Rev. (Plaza Los Amigos Apartments Project, “T-2”, 3%, 2/01/2026 (Put Date 2/01/2025)     125,000 120,026
Port of Portland, OR, International Airport Rev., 5%, 7/01/2032     500,000 521,488
17
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Oregon - continued
Port of Portland, OR, International Airport Rev., “B”, 5%, 7/01/2028   $ 105,000 $109,388
        $1,927,652
Pennsylvania - 5.3%
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026   $ 10,000 $10,245
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028     65,000 56,414
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036     25,000 26,058
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030     455,000 392,154
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%, 12/15/2037     80,000 74,725
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 2.815% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037     795,000 698,252
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045     10,000 7,030
East Bethlehem, PA, Municipal Authority Sewer Rev., 1%, 12/01/2024     150,000 137,552
Indiana County, PA Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2031     440,000 460,624
Indiana County, PA Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2032     450,000 467,233
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2023     125,000 126,554
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2028     150,000 151,680
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4%, 3/15/2034     85,000 79,736
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “B-2”, 2.35%, 4/01/2049 (Put Date 1/17/2023)     150,000 149,555
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027     200,000 207,035
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042     10,000 7,593
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051     310,000 297,691
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2027     200,000 210,681
18
Portfolio of Investments (unaudited) – 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 $683,450
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5%, 6/15/2032     100,000 95,693
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2032     75,000 76,752
Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026     500,000 487,013
        $4,903,720
Puerto Rico - 3.2%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029   $ 15,000 $14,908
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029     665,000 661,611
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031     45,000 43,913
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024     12,922 11,877
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033     49,801 27,450
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023     21,501 21,597
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025     43,099 43,516
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027     42,709 43,596
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029     292,016 298,672
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031     40,810 41,606
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033     38,698 34,031
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035     34,785 29,735
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037     29,854 24,498
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041     40,591 31,680
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046     42,214 31,597
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     10,000 7,400
19
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)   $ 100,000 $74,000
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     165,000 122,100
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     260,000 193,050
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     40,000 29,700
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     20,000 14,800
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     90,000 66,825
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     40,000 29,600
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     40,000 29,700
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     10,000 7,425
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     130,000 96,525
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034     10,000 9,735
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     10,000 7,437
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     15,000 11,137
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     65,000 48,100
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     70,000 51,975
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     20,000 14,850
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     60,000 44,550
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     50,000 37,625
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040     23,000 20,437
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053     20,000 17,081
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058     164,000 144,780
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040     76,000 65,647
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053     1,000 823
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058     39,000 32,802
20
Portfolio of Investments (unaudited) – 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%, 7/01/2024   $ 2,000 $1,848
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027     41,000 32,682
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029     7,000 5,033
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031     597,000 379,619
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025     15,000 14,988
        $2,979,986
Rhode Island - 0.9%
Rhode Island Health and Educational Building Corp., Higher Education Facility Refunding Rev., (Providence College), “B”, 5%, 11/01/2027   $ 250,000 $266,266
Rhode Island Housing and Mortgage Finance Corp., “76-A”, 5%, 10/01/2029     550,000 595,240
        $861,506
South Carolina - 0.9%
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042   $ 335,000 $292,224
South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2028     125,000 125,669
South Carolina Ports Authority Rev., 5%, 7/01/2025     135,000 139,247
University of South Carolina, Special Higher Education Rev. (Moore School of Business Project), “A”, 5%, 5/01/2033     260,000 284,123
        $841,263
South Dakota - 0.1%
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024   $ 65,000 $61,115
Tennessee - 11.6%
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5%, 10/01/2044   $ 1,000,000 $971,471
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035     500,000 489,252
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041     415,000 369,223
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), ETM, 4%, 4/01/2041 (Prerefunded 4/01/2025)     10,000 10,143
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036     750,000 755,215
21
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Tennessee - continued
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036   $ 1,000,000 $1,005,750
Memphis, TN, General Improvement, “B”, 5%, 4/01/2034     1,025,000 1,051,818
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 4.75%, 7/01/2027     300,000 245,813
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 5.5%, 7/01/2037     100,000 72,952
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), “A”, 5%, 10/01/2041     1,000,000 968,458
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2035     1,100,000 1,106,709
Metropolitan Nashville, TN, Airport Authority Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026     380,000 357,700
Nashville, TN, Metropolitan Development and Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n)     500,000 499,235
Shelby County, TN, Health, Educational & Housing Facility Board Rev. (Methodist Healthcare), “A”, 5%, 5/01/2035     1,500,000 1,542,981
Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049     550,000 518,866
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2023     110,000 110,970
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2027     80,000 81,000
Tennessee Housing Development Agency, Residential Finance Program Rev., “4”, 4%, 7/01/2043     645,000 630,317
        $10,787,873
Texas - 8.9%
Arlington, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 4%, 12/01/2026   $ 100,000 $101,712
Austin, TX, Airport System Rev., 5%, 11/15/2033     1,000,000 1,033,072
Brazoria County, TX, Municipal Utility District No. 28, AGM, 3%, 9/01/2026     285,000 279,581
Brownsville, TX, 5%, 2/15/2030     200,000 217,888
Central Texas Regional Mobility Authority Subordinate Lien Rev., “D”, 5%, 1/01/2024     100,000 101,386
Central Texas Regional Mobility Authority Subordinate Lien Rev., “D”, 5%, 1/01/2025     100,000 102,311
Central Texas Regional Mobility Authority Subordinate Lien Rev., “D”, 5%, 1/01/2026     150,000 154,841
Clear Brook City, TX, Municipal Utility District, AGM, 4%, 2/01/2027     250,000 256,120
22
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Collin and Hunt Counties, TX, Magnolia Pointe Municipal Utility District No. 1, AGM, 4%, 9/01/2028   $ 125,000 $127,287
Dallas and Fort Worth, TX, International Airport Rev., “A”, 5.25%, 11/01/2030     85,000 85,798
Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, 2/01/2044 (Put Date 2/01/2026)     145,000 140,594
Dowdell, TX, Public Utility District, “A”, BAM, 2%, 9/01/2026     200,000 184,881
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2028     255,000 274,743
El Paso County, TX, Hospital District Rev., 5%, 8/15/2033     100,000 100,707
Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2030     250,000 256,411
Fort Bend County, TX, Municipal Utility District No. 23, BAM, 3%, 9/01/2026     200,000 195,329
Harlandale, TX, Independent School District, Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024)     75,000 72,957
Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2025     200,000 196,406
Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Tax and Special Refunding Rev., 4%, 9/01/2027     60,000 61,099
Houston, TX, Independent School District, “A-2”, Texas PSF, 3.5%, 6/01/2039 (Put Date 6/01/2025)     400,000 397,801
Lewisville, TX, General Obligation, 5%, 2/15/2030     850,000 937,581
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2035     500,000 436,546
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2036     500,000 427,451
North Texas, TX, Municipal Water District Savine Creek Regional Wastewater System Contract Rev., AGM, 5%, 6/01/2032     500,000 551,251
Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n)     200,000 156,548
Port Houston, TX, First Lien Rev., 4%, 10/01/2038     1,000,000 937,551
Tarrant County, TX, Cultural Education Facilities Finance Corp. Rev. (CHRISTUS Health), “A”, 5%, 7/01/2053 (Put Date 7/01/2032)     105,000 111,838
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 5%, 8/01/2028     150,000 160,585
Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), “A”, 4%, 12/01/2033     75,000 75,365
Texas Public Finance Authority, Financing System Refunding Rev. (Texas Southern University), “A”, BAM, 5%, 5/01/2026     125,000 127,976
        $8,263,616
23
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
U.S. Virgin Islands - 0.1%
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2025   $ 25,000 $25,639
Virgin Islands Tobacco Settlement Financing Corp., 5%, 5/15/2031     115,000 115,080
        $140,719
Utah - 1.1%
Mapleton City, UT, Municipal Energy Sales Tax & Telecommunications Fee Rev., 3%, 6/15/2025   $ 200,000 $194,449
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, 2.5%, 8/21/2051     15,147 14,027
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 5%, 9/21/2052     750,000 743,073
Utah Infrastructure Agency Telecommunications & Franchise Tax Rev. (Pleasant Grove City Project), 2%, 10/15/2025     125,000 116,552
        $1,068,101
Vermont - 1.1%
Vermont Student Assistance Corp., Education Loan Rev., Tax-Exempt, “A”, 5%, 6/15/2032   $ 1,000,000 $1,003,871
Virginia - 0.3%
Virginia Beach, VA, Development Authority Residential Care Facility Refunding Rev. (Westminster-Canterbury on Chesapeake Bay), 5%, 9/01/2029   $ 95,000 $93,688
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029     180,000 186,515
        $280,203
Washington - 1.1%
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037   $ 210,000 $183,861
Port Tacoma, WA, Refunding Rev., “A”, 5%, 12/01/2028     125,000 132,759
Seattle, WA, Housing Authority Rev. (Lam Bow Apartments Project), 4%, 6/01/2027     185,000 186,007
Seattle, WA, Port Intermediate Lien Rev., “B”, 5%, 8/01/2029     500,000 527,007
        $1,029,634
West Virginia - 0.5%
Parkersburg, WV, Waterworks & Sewerage System Refunding Rev., “A”, BAM, 3%, 8/01/2025   $ 200,000 $196,643
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)     330,000 302,472
        $499,115
24
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - 2.1%
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2024   $ 205,000 $202,992
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2027     290,000 280,752
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2028     195,000 186,715
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2029     310,000 293,556
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030     400,000 368,810
Wisconsin Health & Educational Facilities Authority Rev. (Saint John's Communities, Inc. Project), 4%, 9/15/2027 (Prerefunded 9/15/2023)     150,000 150,906
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B-2”, 2.25%, 6/01/2027 (n)     30,000 26,516
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), “C”, 2.75%, 6/01/2026 (n)     25,000 23,674
Wisconsin Public Finance Authority Hospital Rev., Taxable (UNC Health Southeastern), “B”, 1.143%, 2/01/2024     125,000 118,155
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     105,000 90,452
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2030     270,000 255,115
        $1,997,643
Total Municipal Bonds (Identified Cost, $97,367,161)   $90,317,457
Bonds – 0.2%
Consumer Services – 0.2%  
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025  (n)   $ 149,000 $126,810
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043  (n)     393,666 95,701
Total Bonds (Identified Cost, $277,501)   $222,511
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, $111,703)   $ 193,227 $96,614
25
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Investment Companies (h) - 2.7%
Money Market Funds – 2.7%  
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $2,483,080)     2,483,148 $2,483,396
Other Assets, Less Liabilities - (0.1)%   (81,973)
Net Assets - 100.0%   $93,038,005
    
(a) Non-income producing security.
(d) In default.
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,483,396 and $90,636,582, 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 $2,334,529, representing 2.5% 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.
PSF Permanent School Fund
See Notes to Financial Statements
26
Financial Statements
Statement of Assets and Liabilities
At 9/30/22 (unaudited)
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, $97,756,365) $90,636,582
Investments in affiliated issuers, at value (identified cost, $2,483,080) 2,483,396
Receivables for  
Investments sold 15,100
Fund shares sold 434,093
Interest 1,110,834
Receivable from investment adviser 15,593
Other assets 89
Total assets $94,695,687
Liabilities  
Payables for  
Distributions $8,669
Investments purchased 500,000
Fund shares reacquired 90,468
When-issued investments purchased 995,953
Payable to affiliates  
Administrative services fee 131
Shareholder servicing costs 18,623
Distribution and service fees 886
Accrued expenses and other liabilities 42,952
Total liabilities $1,657,682
Net assets $93,038,005
Net assets consist of  
Paid-in capital $101,434,351
Total distributable earnings (loss) (8,396,346)
Net assets $93,038,005
Shares of beneficial interest outstanding 10,585,189
27
Statement of Assets and Liabilities (unaudited) – continued
  Net assets Shares
outstanding 		Net asset value
per share (a)
Class A $63,825,071 7,260,202 $8.79
Class C 275,519 31,394 8.78
Class I 27,881,377 3,173,312 8.79
Class R6 1,056,038 120,281 8.78
    
(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 $9.18 [100 / 95.75 x $8.79]. 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
28
Financial Statements
Statement of Operations
Six months ended 9/30/22 (unaudited)
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 $1,099,102
Dividends from affiliated issuers 21,776
Other 46
Total investment income $1,120,924
Expenses  
Management fee $149,319
Distribution and service fees 74,009
Shareholder servicing costs 31,625
Administrative services fee 11,726
Independent Trustees' compensation 1,762
Custodian fee 16,366
Shareholder communications 4,363
Audit and tax fees 24,167
Legal fees 190
Registration fees 31,192
Miscellaneous 16,075
Total expenses $360,794
Reduction of expenses by investment adviser (96,042)
Net expenses $264,752
Net investment income (loss) $856,172
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)  
Unaffiliated issuers $(314,893)
Affiliated issuers 235
Futures contracts (24,540)
Net realized gain (loss) $(339,198)
Change in unrealized appreciation or depreciation  
Unaffiliated issuers $(5,654,219)
Affiliated issuers 316
Net unrealized gain (loss) $(5,653,903)
Net realized and unrealized gain (loss) $(5,993,101)
Change in net assets from operations $(5,136,929)
See Notes to Financial Statements
29
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.
  Six months ended Year ended
  9/30/22
(unaudited) 		3/31/22(c)
Change in net assets    
From operations    
Net investment income (loss) $856,172 $750,822
Net realized gain (loss) (339,198) 1,168,752
Net unrealized gain (loss) (5,653,903) (5,799,283)
Change in net assets from operations $(5,136,929) $(3,879,709)
Total distributions to shareholders $(846,886) $(1,148,936)
Change in net assets from fund share transactions $23,556,730 $80,493,735
Total change in net assets $17,572,915 $75,465,090
Net assets    
At beginning of period 75,465,090 —
At end of period $93,038,005 $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
30
Financial Statements
Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal 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  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22(c)
Net asset value, beginning of period $9.41 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.09 $0.13
Net realized and unrealized gain (loss) (0.62) (0.59)
 Total from investment operations  $(0.53)  $(0.46)
Less distributions declared to shareholders
From net investment income $(0.09) $(0.08)
From net realized gain — (0.05)
 Total distributions declared to shareholders  $(0.09)  $(0.13)
 Net asset value, end of period (x)  $8.79  $9.41
 Total return (%) (r)(s)(t)(x) (5.69)(n) (4.62)(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.93(a) 0.97(a)
Expenses after expense reductions (f) 0.70(a) 0.70(a)
Net investment income (loss) 1.94(a) 1.46(a)
Portfolio turnover 20(n) 165(n)
Net assets at end of period (000 omitted)  $63,825  $54,967
See Notes to Financial Statements
31
Financial Highlights – continued
Class C  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22(c)
Net asset value, beginning of period $9.39 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.06 $0.03
Net realized and unrealized gain (loss) (0.62) (0.56)
 Total from investment operations  $(0.56)  $(0.53)
Less distributions declared to shareholders
From net investment income $(0.05) $(0.03)
From net realized gain — (0.05)
 Total distributions declared to shareholders  $(0.05)  $(0.08)
 Net asset value, end of period (x)  $8.78  $9.39
 Total return (%) (r)(s)(t)(x) (5.95)(n) (5.32)(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.67(a) 1.82(a)
Expenses after expense reductions (f) 1.45(a) 1.43(a)
Net investment income (loss) 1.24(a) 0.36(a)
Portfolio turnover 20(n) 165(n)
Net assets at end of period (000 omitted)  $276  $74
See Notes to Financial Statements
32
Financial Highlights – continued
Class I  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22(c)
Net asset value, beginning of period $9.40 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.10 $0.15
Net realized and unrealized gain (loss) (0.61) (0.60)
 Total from investment operations  $(0.51)  $(0.45)
Less distributions declared to shareholders
From net investment income $(0.10) $(0.10)
From net realized gain — (0.05)
 Total distributions declared to shareholders  $(0.10)  $(0.15)
 Net asset value, end of period (x)  $8.79  $9.40
 Total return (%) (r)(s)(t)(x) (5.48)(n) (4.53)(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.67(a) 0.72(a)
Expenses after expense reductions (f) 0.45(a) 0.45(a)
Net investment income (loss) 2.16(a) 1.70(a)
Portfolio turnover 20(n) 165(n)
Net assets at end of period (000 omitted)  $27,881  $20,041
See Notes to Financial Statements
33
Financial Highlights – continued
Class R6  Six months
ended 		Year ended
  9/30/22
(unaudited) 		3/31/22(c)
Net asset value, beginning of period $9.40 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.10 $0.08
Net realized and unrealized gain (loss) (0.62) (0.52)
 Total from investment operations  $(0.52)  $(0.44)
Less distributions declared to shareholders
From net investment income $(0.10) $(0.11)
From net realized gain — (0.05)
 Total distributions declared to shareholders  $(0.10)  $(0.16)
 Net asset value, end of period (x)  $8.78  $9.40
 Total return (%) (r)(s)(t)(x) (5.55)(n) (4.49)(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.60(a) 0.85(a)
Expenses after expense reductions (f) 0.38(a) 0.37(a)
Net investment income (loss) 2.24(a) 0.93(a)
Portfolio turnover 20(n) 165(n)
Net assets at end of period (000 omitted)  $1,056  $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
34
Notes to Financial Statements
(unaudited) 
(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 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
35
Notes to Financial Statements (unaudited) - 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 — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from
36
Notes to Financial Statements (unaudited) - continued
quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of September 30, 2022 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Municipal Bonds $— $90,414,071 $— $90,414,071
U.S. Corporate Bonds — 222,511 — 222,511
Mutual Funds 2,483,396 — — 2,483,396
Total $2,483,396 $90,636,582 $— $93,119,978
For further information regarding security characteristics, see the Portfolio of Investments.
Derivatives — The fund uses 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 the fund uses 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 the fund during the period 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 September 30, 2022, the fund 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 the fund for the six months ended September 30, 2022 as reported in the Statement of Operations:
Risk Futures
Contracts
Interest Rate $(24,540)
There is no change in unrealized appreciation (depreciation) on derivative transactions at period end.
37
Notes to Financial Statements (unaudited) - continued
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the 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 the fund's credit risk to such counterparty equal to any amounts payable by the 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 the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement 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 fund 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 Statement of Operations.
Futures Contracts — The fund 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.
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
38
Notes to Financial Statements (unaudited) - continued
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.
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 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.
39
Notes to Financial Statements (unaudited) - continued
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 six months ended September 30, 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 made during the current period will be determined at fiscal year end. 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
    
(c) For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end.
40
Notes to Financial Statements (unaudited) - continued
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 9/30/22  
Cost of investments $100,239,445
Gross appreciation 86,111
Gross depreciation (7,205,578)
Net unrealized appreciation (depreciation) $(7,119,467)
As of 3/31/22  
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)
Net unrealized appreciation (depreciation) (1,599,713)
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
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 Statements of Changes in Net Assets are presented by class as follows:
  Six months
ended
9/30/22 		  Year
ended
3/31/22(c)
Class A $560,646   $736,479
Class C 1,096   619
Class I 280,094   298,274
Class R6 5,050   113,564
Total $846,886   $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 (unaudited) - 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. 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 six months ended September 30, 2022, this management fee reduction amounted to $6,073, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended September 30, 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, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), 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, 2023. For the six months ended September 30, 2022, this reduction amounted to $89,969, 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 $322 for the six months ended September 30, 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 (unaudited) - 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% $ 73,105
Class C 0.75% 0.25% 1.00% 1.00% 904
Total Distribution and Service Fees         $74,009
(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 six months ended September 30, 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. There were no service fee rebates for the six months ended September 30, 2022.
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. There were no contingent deferred sales charges imposed during the six months ended September 30, 2022.
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 six months ended September 30, 2022, the fee was $1,463, which equated to 0.0034% 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 six months ended September 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $30,162.
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 six months ended September 30, 2022 was equivalent to an annual effective rate of 0.0275% 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.
43
Notes to Financial Statements (unaudited) - continued
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
On the following dates, MFS redeemed fund shares:
Class Date Shares Amount
Class A 12/02/21 15,000 $150,000
Class A 8/03/22 5,143 $48,190
Class I 8/03/22 5,118 $47,904
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
During the six months ended September 30, 2022, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the “Act”), the fund engaged in sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser (“cross-trades”) which amounted to $5,450,828. The sales transactions resulted in net realized gains (losses) of $(48,479).
(4) Portfolio Securities
For the six months ended September 30, 2022, purchases and sales of investments, other than short-term obligations, aggregated $43,056,292 and $16,514,535, respectively.
44
Notes to Financial Statements (unaudited) - 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:
  Six months ended
9/30/22 		  Year ended
3/31/22 (c)
  Shares Amount   Shares Amount
Shares sold          
Class A 2,219,089 $20,308,223   90,933 $887,477
Class C 23,443 215,483   7,805 78,000
Class I 3,555,894 32,611,341   304,947 3,004,964
Class R6 80,043 722,746   2,470,129 24,701,293
  5,878,469 $53,857,793   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 56,153 $512,954   68,156 $671,892
Class C 121 1,096   63 619
Class I 30,559 278,930   29,711 292,402
Class R6 557 5,050   11,341 113,564
  87,390 $798,030   109,271 $1,078,477
Shares reacquired          
Class A (857,339) $(7,874,376)   (1,006,274) $(9,943,602)
Class C (24) (215)   (14) (142)
Class I (2,545,223) (23,214,227)   (716,886) (7,066,014)
Class R6 (1,118) (10,275)   (2,523,577) (25,181,438)
  (3,403,704) $(31,099,093)   (4,246,751) $(42,191,196)
Net change          
Class A 1,417,903 $12,946,801   5,842,299 $58,577,501
Class C 23,540 216,364   7,854 78,477
Class I 1,041,230 9,676,044   2,132,082 21,374,453
Class R6 79,482 717,521   40,799 463,304
  2,562,155 $23,556,730   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 (unaudited) - 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 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each 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. The line of credit expires on March 16, 2023 unless extended or renewed. 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 six months ended September 30, 2022, the fund’s commitment fee and interest expense were $178 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  $4,342,611  $50,060,278  $51,920,044  $235  $316  $2,483,396
    
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio  $21,776  $—
(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
46
Notes to Financial Statements (unaudited) - continued
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) 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.
(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
Board Review of Investment Advisory Agreement
MFS Municipal Intermediate Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Fund’s investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.
In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions Inc. (“Broadridge”), an independent third party, on the Fund’s advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (ii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iii) information as to whether and to what extent applicable expense waivers, reimbursements or fee “breakpoints” are observed for the Fund, (iv) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (v) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the
48
Board Review of Investment Advisory Agreement - continued
other MFS Funds. The comparative fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
The Trustees noted that the Fund commenced operations on May 18, 2021; therefore, no performance data for the one-, three- or five-year periods was available.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered, among other information, the Fund’s advisory fee and the total expense ratio of the Fund’s Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last semi-annual period), the Fund’s effective advisory fee rate and total expense ratio were each lower than the Broadridge expense group median.
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.
49
Board Review of Investment Advisory Agreement - continued
The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund’s advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund’s advisory fee rate on average daily net assets over $1 billion and $2.5 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds’ complex increase above agreed upon thresholds (the “group fee waiver”), enabling the Fund’s shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.
The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research
50
Board Review of Investment Advisory Agreement - continued
from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.
51
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, 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.
Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund’s annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund’s records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
52
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CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Item 1(b):

Not applicable

ITEM 2. CODE OF ETHICS.

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (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.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

A schedule of investments for each series covered by this Form N-CSR 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)(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: Not applicable.

 

(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: November 14, 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: November 14, 2022

By (Signature and Title)*

/S/ JAMES O. YOST

James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer)

Date: November 14, 2022

* Print name and title of each signing officer under his or her signature.