Quarterly Report
February 29, 2024
MFS® High Yield
Municipal Trust
Municipal Trust
CMU-Q1
Portfolio of Investments
2/29/24 (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 - 159.0% | ||||
| Alabama - 2.7% | ||||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030 | $ | 85,000 | $82,548 | |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035 | 95,000 | 91,343 | ||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | 135,000 | 118,081 | ||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050 | 135,000 | 119,897 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 505,000 | 502,663 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028) | 345,000 | 366,557 | ||
| Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.5%, 8/01/2058 | 160,000 | 176,132 | ||
| Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053 | 540,000 | 589,291 | ||
| Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2037 | 315,000 | 312,669 | ||
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044 | 245,000 | 256,696 | ||
| $2,615,877 | ||||
| Alaska - 0.3% | ||||
| Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Capital Appreciation, “B-2”, 0%, 6/01/2066 | $ | 2,000,000 | $258,788 | |
| Arizona - 6.8% | ||||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 4%, 7/01/2029 (n) | $ | 25,000 | $24,401 | |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2039 (n) | 30,000 | 29,713 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2049 (n) | 50,000 | 46,860 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2054 (n) | 70,000 | 64,762 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058 | 40,000 | 39,691 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), “A”, 5%, 7/01/2052 | 55,000 | 55,568 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), “B”, 5.5%, 7/01/2038 (n) | 45,000 | 45,547 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), “B”, 5.625%, 7/01/2048 (n) | 90,000 | 90,423 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), “B”, 5.75%, 7/01/2053 (n) | 135,000 | 135,825 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n) | 25,000 | 25,120 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n) | 30,000 | 28,531 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n) | 85,000 | 79,703 | ||
| Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5%, 7/01/2043 | 150,000 | 144,764 | ||
| Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2057 | 55,000 | 55,486 | ||
| Arizona Industrial Development Authority Education Rev. (KIPP NYC Public Charter Schools - Jerome Facility Project), “B”, 4%, 7/01/2051 | 560,000 | 485,308 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 3%, 12/15/2031 (n) | 5,000 | 4,442 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2041 (n) | 155,000 | 131,017 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”, 3.75%, 12/15/2029 (n) | 15,000 | 14,314 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”, 5%, 12/15/2039 (n) | 15,000 | 14,822 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”, 5%, 12/15/2049 (n) | 25,000 | 23,124 | ||
| Glendale, AZ, Industrial Development Authority, Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048 | 55,000 | 48,839 | ||
| Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), “A”, 5%, 5/15/2056 | 245,000 | 207,482 | ||
| Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047 | 135,000 | 134,231 | ||
| Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 5%, 6/01/2053 | 890,000 | 952,552 | ||
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034 | 345,000 | 334,823 | ||
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041 | 220,000 | 205,812 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 100,000 | 100,477 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 35,000 | 35,167 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n) | 165,000 | 159,324 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n) | 90,000 | 86,246 | ||
1
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%, 7/01/2034 | $ | 350,000 | $350,644 | |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044 | 220,000 | 214,590 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034 (n) | 115,000 | 115,842 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 155,000 | 156,014 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044 (n) | 180,000 | 181,003 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 170,000 | 166,063 | ||
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n) | 440,000 | 338,383 | ||
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n) | 250,000 | 197,618 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2042 | 80,000 | 80,701 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n) | 350,000 | 271,649 | ||
| Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 7%, 11/15/2057 (n) | 365,000 | 388,901 | ||
| Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n) | 100,000 | 100,842 | ||
| Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, 6/15/2058 | 240,000 | 241,735 | ||
| $6,608,359 | ||||
| Arkansas - 1.0% | ||||
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033 | $ | 60,000 | $58,966 | |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | 10,000 | 9,428 | ||
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046 | 485,000 | 168,371 | ||
| Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 5.25%, 3/01/2053 | 600,000 | 645,607 | ||
| Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | 125,000 | 125,333 | ||
| $1,007,705 | ||||
| California - 9.9% | ||||
| Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, AGM, 0%, 10/01/2053 | $ | 925,000 | $215,607 | |
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031 | 275,000 | 221,995 | ||
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033 | 560,000 | 424,451 | ||
| California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 1,020,000 | 1,079,040 | ||
| California Community College Financing Authority, Student Housing Rev. (NCCD - Napa Valley Properties LLC - Napa Valley College Project), “A”, 5.75%, 7/01/2060 (n) | 650,000 | 658,948 | ||
| California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | 270,000 | 232,927 | ||
| California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036 | 668,250 | 661,185 | ||
| California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 155,000 | 196,580 | ||
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 85,000 | 86,896 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036 | 85,000 | 85,847 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041 | 80,000 | 80,415 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 15,000 | 14,839 | ||
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 145,000 | 136,805 | ||
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 3.875%, 7/01/2028 (n) | 90,000 | 87,222 | ||
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2049 (n) | 100,000 | 93,202 | ||
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n) | 100,000 | 93,192 | ||
| California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n) | 105,000 | 90,795 | ||
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)(z) | 385,000 | 5,198 | ||
| California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)(z) | 500,000 | 6,750 | ||
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 15,000 | 13,729 | ||
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n) | 70,000 | 67,436 | ||
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n) | 50,000 | 48,298 | ||
2
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| California Public Finance Authority, Senior Living Rev., Bond Anticipation Notes (Kendal at Ventura Project), “A”, 0%, 5/15/2028 (n) | $ | 300,000 | $327,620 | |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 6), “A”, 5%, 8/01/2052 (n) | 340,000 | 340,515 | ||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | 100,000 | 100,037 | ||
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%, 10/01/2044 | 115,000 | 115,235 | ||
| California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n) | 40,000 | 34,194 | ||
| California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.375%, 11/01/2049 (n) | 55,000 | 46,123 | ||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033 | 100,000 | 100,172 | ||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n) | 100,000 | 100,126 | ||
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057 | 255,000 | 280,592 | ||
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033 | 110,000 | 110,129 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 390,000 | 388,659 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 295,000 | 291,432 | ||
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | 145,000 | 145,590 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire - Long Beach), “A-2”, 4%, 9/01/2056 (n) | 165,000 | 124,695 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n) | 100,000 | 72,980 | ||
| Hawthorne, CA, School District (Election of 2018), “A”, BAM, 4%, 8/01/2047 | 710,000 | 710,018 | ||
| Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 4.5%, 11/01/2052 | 180,000 | 184,972 | ||
| Morongo Band of Mission Indians California Rev., “A”, 5%, 10/01/2042 (n) | 140,000 | 139,989 | ||
| Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n) | 150,000 | 149,992 | ||
| River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, “A-1”, AGM, 5.25%, 9/01/2052 | 295,000 | 321,787 | ||
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 25,000 | 25,066 | ||
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n) | 465,000 | 383,013 | ||
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 470,000 | 177,767 | ||
| Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044 | 335,000 | 335,665 | ||
| $9,607,725 | ||||
| Colorado - 4.0% | ||||
| Broomfield, CO, Midcities Metropolitan District No. 2 Special Rev., AGM, 4%, 12/01/2046 | $ | 553,000 | $531,771 | |
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031 | 65,000 | 65,707 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038 | 75,000 | 75,504 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030 | 40,000 | 40,267 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034 | 35,000 | 35,228 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), “A”, 4%, 7/01/2061 (n) | 100,000 | 71,929 | ||
| Colorado Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043 | 375,000 | 373,130 | ||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2042 | 85,000 | 72,792 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2052 | 365,000 | 386,663 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2038 | 450,000 | 477,188 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 110,000 | 102,503 | ||
| Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | 120,000 | 116,893 | ||
| Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 110,000 | 103,873 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036 | 40,000 | 40,534 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 105,000 | 105,690 | ||
| Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048 | 75,000 | 73,898 | ||
| Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040 | 340,000 | 312,281 | ||
| Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 100,000 | 100,050 | ||
| Denver, CO, Multi-Family Housing Authority Rev. (FLO Senior Apartment Project), “A”, 4.5%, 7/01/2041 | 400,000 | 412,858 | ||
3
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Colorado - continued | ||||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | $ | 370,000 | $371,919 | |
| $3,870,678 | ||||
| Connecticut - 1.7% | ||||
| Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2044 (n) | $ | 470,000 | $443,242 | |
| Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n) | 120,000 | 108,658 | ||
| Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n) | 315,000 | 325,227 | ||
| Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 735,000 | 735,230 | ||
| $1,612,357 | ||||
| Delaware - 0.7% | ||||
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2044 (Prerefunded 9/01/2024) | $ | 95,000 | $95,705 | |
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2049 (Prerefunded 9/01/2024) | 110,000 | 110,816 | ||
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043 | 185,000 | 186,024 | ||
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048 | 90,000 | 90,089 | ||
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), “A”, 5%, 7/01/2058 | 175,000 | 170,310 | ||
| $652,944 | ||||
| District of Columbia - 2.5% | ||||
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n) | $ | 250,000 | $220,953 | |
| District of Columbia Rev. (Rocketship D.C.), “A”, 6%, 6/01/2058 (n) | 250,000 | 252,602 | ||
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030 | 145,000 | 145,003 | ||
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035 | 670,000 | 669,976 | ||
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 775,000 | 746,254 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4.5%, 10/01/2053 | 400,000 | 400,125 | ||
| $2,434,913 | ||||
| Florida - 9.0% | ||||
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 5%, 5/01/2036 | $ | 105,000 | $106,553 | |
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | 85,000 | 85,118 | ||
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 40,000 | 40,048 | ||
| Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052 | 170,000 | 157,005 | ||
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z) | 361,661 | 9,765 | ||
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z) | 75,307 | 2,033 | ||
| Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039 | 150,000 | 151,386 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%, 6/15/2048 (n) | 110,000 | 102,855 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (KIPP Miami North Project), “A”, 6.125%, 6/15/2060 | 100,000 | 101,283 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039 (n) | 125,000 | 119,582 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049 (n) | 475,000 | 445,195 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n) | 100,000 | 84,523 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 6.375%, 6/15/2046 (n) | 145,000 | 147,266 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | 30,000 | 24,722 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057 | 20,000 | 19,888 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n) | 100,000 | 101,084 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n) | 155,000 | 153,560 | ||
| Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 300,000 | 247,474 | ||
| Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n) | 235,000 | 147,033 | ||
4
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n) | $ | 100,000 | $98,068 | |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | 110,000 | 100,750 | ||
| Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n) | 135,000 | 121,261 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035 | 100,000 | 100,334 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045 | 140,000 | 135,900 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 | 135,000 | 137,000 | ||
| Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2044 | 100,000 | 99,355 | ||
| Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2049 | 225,000 | 218,332 | ||
| Marshall Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032 | 70,000 | 70,382 | ||
| Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), “B”, 4%, 11/15/2051 | 610,000 | 559,764 | ||
| Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044 | 195,000 | 192,183 | ||
| Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5.25%, 10/01/2052 | 65,000 | 68,886 | ||
| Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029 | 175,000 | 175,041 | ||
| Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Health Obligated Group), “A”, 5%, 10/01/2053 | 340,000 | 361,746 | ||
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2047 | 800,000 | 690,336 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | 155,000 | 83,465 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | 255,000 | 100,973 | ||
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2052 | 75,000 | 76,420 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056 | 285,000 | 219,851 | ||
| Palm Beach County, FL, Provident Group Rev. (Lynn University Housing Project), “A”, 5%, 6/01/2057 (n) | 235,000 | 207,411 | ||
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036 | 100,000 | 99,651 | ||
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047 | 140,000 | 132,346 | ||
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 100,000 | 100,731 | ||
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045 | 105,000 | 110,709 | ||
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046 | 85,000 | 85,227 | ||
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2047 | 55,000 | 50,310 | ||
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2052 | 100,000 | 89,009 | ||
| Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project), “A”, 4%, 6/15/2051 (n) | 100,000 | 75,827 | ||
| South Miami, FL, Health Facilities Authority Hospital Refunding Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2047 | 495,000 | 464,798 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050 | 55,000 | 39,792 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 20,000 | 20,022 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 20,000 | 20,021 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 40,000 | 40,045 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 125,000 | 125,083 | ||
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040 | 335,000 | 336,661 | ||
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044 | 130,000 | 130,259 | ||
| Tampa, FL (University of Tampa Project), 5%, 4/01/2040 | 80,000 | 80,853 | ||
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035 | 170,000 | 171,570 | ||
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045 | 305,000 | 306,381 | ||
| Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037 | 100,000 | 100,048 | ||
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5.25%, 5/01/2054 | 125,000 | 128,251 | ||
| $8,771,425 | ||||
5
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Georgia - 3.5% | ||||
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n) | $ | 100,000 | $91,824 | |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | 180,000 | 161,663 | ||
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2030 | 45,000 | 45,480 | ||
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2033 (Prerefunded 2/15/2025) | 5,000 | 5,128 | ||
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2033 | 75,000 | 75,775 | ||
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2038 (Prerefunded 7/15/2025) | 5,000 | 5,128 | ||
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2038 | 85,000 | 85,227 | ||
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | 335,000 | 355,958 | ||
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | 110,000 | 112,792 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030) | 1,000,000 | 1,052,450 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2064 | 340,000 | 353,130 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), “A”, 5.5%, 7/01/2064 | 180,000 | 190,094 | ||
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051 | 815,000 | 875,965 | ||
| $3,410,614 | ||||
| Guam - 0.0% | ||||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043 | $ | 60,000 | $48,062 | |
| Hawaii - 0.2% | ||||
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n) | $ | 100,000 | $97,529 | |
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n) | 110,000 | 95,596 | ||
| $193,125 | ||||
| Idaho - 0.1% | ||||
| Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037 | $ | 40,000 | $40,285 | |
| Idaho Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%, 7/01/2049 (n) | 100,000 | 102,549 | ||
| $142,834 | ||||
| Illinois - 15.9% | ||||
| Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024 | $ | 91,938 | $91,937 | |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 530,000 | 470,056 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028 | 250,000 | 207,907 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 110,000 | 115,075 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 200,000 | 202,015 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 975,000 | 1,021,939 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 245,000 | 270,483 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042 | 200,000 | 199,502 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 (n) | 310,000 | 335,624 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035 | 110,000 | 116,083 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039 | 100,000 | 96,557 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041 | 100,000 | 93,980 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 250,000 | 250,179 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation, “A”, 6%, 12/01/2049 | 550,000 | 609,380 | ||
| Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2043 | 750,000 | 793,170 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2033 | 775,000 | 845,148 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | 105,000 | 109,165 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2044 | 310,000 | 317,586 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | 405,000 | 419,880 | ||
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | 85,000 | 85,964 | ||
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B”, BAM, 0%, 12/15/2054 | 775,000 | 176,505 | ||
6
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2047 | $ | 1,310,000 | $445,211 | |
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038 | 295,000 | 302,847 | ||
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048 | 250,000 | 251,289 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | 200,000 | 205,463 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053 | 115,000 | 117,436 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055 | 815,000 | 879,076 | ||
| Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | 450,000 | 462,946 | ||
| Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036 | 185,000 | 185,190 | ||
| Illinois Finance Authority Rev. (Lake Forest College), “A”, 5.25%, 10/01/2052 | 405,000 | 406,643 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5%, 5/15/2051 | 235,000 | 190,014 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.75%, 5/15/2058 | 365,000 | 376,071 | ||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 | 500,000 | 487,145 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042 | 35,000 | 35,357 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047 | 70,000 | 70,236 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046 | 55,000 | 55,254 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049 | 55,000 | 55,085 | ||
| Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035 | 420,000 | 427,379 | ||
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050 | 330,000 | 295,288 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 | 20,000 | 20,163 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2047 | 90,000 | 87,367 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2050 | 25,000 | 24,016 | ||
| Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034 | 131,000 | 131,116 | ||
| Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 130,000 | 130,114 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | 75,000 | 75,205 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | 50,000 | 45,434 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | 50,000 | 43,206 | ||
| State of Illinois, General Obligation, 4.5%, 11/01/2039 | 130,000 | 131,365 | ||
| State of Illinois, General Obligation, 5%, 11/01/2040 | 380,000 | 386,964 | ||
| State of Illinois, General Obligation, AGM, 5%, 2/01/2027 | 115,000 | 115,150 | ||
| State of Illinois, General Obligation, “A”, 5%, 11/01/2027 | 475,000 | 504,714 | ||
| State of Illinois, General Obligation, “A”, 5.5%, 3/01/2047 | 815,000 | 892,489 | ||
| State of Illinois, General Obligation, “B”, 4%, 11/01/2038 | 60,000 | 59,541 | ||
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043 | 365,000 | 370,415 | ||
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048 | 365,000 | 367,196 | ||
| $15,460,520 | ||||
| Indiana - 2.4% | ||||
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030 | $ | 40,000 | $40,138 | |
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039 | 100,000 | 98,344 | ||
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2044 | 20,000 | 17,205 | ||
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2049 | 15,000 | 12,254 | ||
| Indiana Finance Authority, Environmental Refunding Rev. (Duke Energy Indian, Inc. Project), “A-2”, 4.5%, 5/01/2035 (Put Date 6/01/2032) | 605,000 | 613,504 | ||
| Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 345,000 | 349,904 | ||
| Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 5%, 1/01/2052 | 710,000 | 736,151 | ||
| Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5.375%, 6/01/2064 | 165,000 | 172,693 | ||
| Indianapolis, IN, Local Public Improvement Bond Bank Subordinate Rev. (Convention Center Hotel), “E”, 6.125%, 3/01/2057 | 80,000 | 86,184 | ||
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | 260,000 | 260,617 | ||
| $2,386,994 | ||||
7
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Iowa - 0.5% | ||||
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033 | $ | 50,000 | $48,973 | |
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038 | 40,000 | 37,398 | ||
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048 | 70,000 | 60,362 | ||
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042 | 25,000 | 25,535 | ||
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047 | 30,000 | 30,725 | ||
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052 | 35,000 | 36,402 | ||
| Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044 | 250,000 | 205,388 | ||
| $444,783 | ||||
| Kansas - 1.6% | ||||
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 200,000 | $203,875 | |
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 100,000 | 101,937 | ||
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 40,000 | 39,426 | ||
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 35,000 | 32,225 | ||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030 | 45,000 | 45,797 | ||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032 | 40,000 | 40,556 | ||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039 | 55,000 | 54,134 | ||
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2046 | 60,000 | 47,613 | ||
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2052 | 145,000 | 108,133 | ||
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.5%, 12/01/2052 | 150,000 | 151,373 | ||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043 | 170,000 | 150,210 | ||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047 | 160,000 | 113,468 | ||
| Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052 | 205,000 | 185,112 | ||
| Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | 45,000 | 42,570 | ||
| Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044 | 200,000 | 200,457 | ||
| $1,516,886 | ||||
| Kentucky - 2.4% | ||||
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 4.45%, 1/01/2042 (n) | $ | 135,000 | $131,585 | |
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%, 11/15/2046 | 285,000 | 223,756 | ||
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%, 11/15/2051 | 270,000 | 209,653 | ||
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042 | 180,000 | 145,248 | ||
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045 | 80,000 | 63,768 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041 | 250,000 | 256,743 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046 | 160,000 | 163,176 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037 | 120,000 | 122,674 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041 | 80,000 | 81,077 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041 | 65,000 | 66,301 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045 | 100,000 | 100,869 | ||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2036 | 125,000 | 107,750 | ||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2046 | 325,000 | 246,611 | ||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2051 | 80,000 | 58,817 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036 | 370,000 | 381,704 | ||
| $2,359,732 | ||||
8
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Louisiana - 3.7% | ||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Cameron Parish GOMESA Project), 5.65%, 11/01/2037 (n) | $ | 100,000 | $106,097 | |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045 | 555,000 | 466,893 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish GOMESA Project), 4%, 11/01/2044 (n) | 135,000 | 120,775 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish GOMESA Project), 3.95%, 11/01/2043 (n) | 130,671 | 117,248 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish GOMESA Project), 3.9%, 11/01/2044 (n) | 160,000 | 141,061 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish GOMESA Project), 5.375%, 11/01/2038 (n) | 100,000 | 104,660 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish GOMESA Project), 5.5%, 11/01/2039 (n) | 100,000 | 104,753 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish GOMESA Project), 4.625%, 11/01/2038 (n) | 80,000 | 81,218 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.125%, 2/01/2037 (n) | 190,000 | 181,761 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.25%, 2/01/2047 (n) | 160,000 | 147,841 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n) | 100,000 | 87,421 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n) | 105,000 | 82,860 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035 | 100,000 | 99,326 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045 | 315,000 | 305,160 | ||
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), “A”, 4%, 6/01/2051 (n) | 280,000 | 204,996 | ||
| Louisiana Public Facilities Authority Rev. (BBR Schools - Mid City Campus Project), “C”, 4%, 6/01/2051 (n) | 115,000 | 84,195 | ||
| Louisiana Public Facilities Authority Rev. (Jefferson Rise Charter School Project), “A”, 6.375%, 6/01/2062 (n) | 105,000 | 101,140 | ||
| Louisiana Public Facilities Authority Rev. (Loyola University Project), 5.25%, 10/01/2046 | 450,000 | 485,824 | ||
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n) | 630,000 | 556,364 | ||
| $3,579,593 | ||||
| Maine - 1.0% | ||||
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n) | $ | 130,000 | $129,164 | |
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n) | 300,000 | 301,179 | ||
| Maine Health & Higher Educational Facilities Authority Rev., “A”, AGM, 4.375%, 7/01/2053 | 515,000 | 507,707 | ||
| $938,050 | ||||
| Maryland - 1.1% | ||||
| Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n) | $ | 120,000 | $111,737 | |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038 | 10,000 | 8,738 | ||
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048 | 25,000 | 19,672 | ||
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058 | 80,000 | 59,617 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036 | 145,000 | 150,381 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033 | 85,000 | 88,023 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038 | 245,000 | 249,429 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2053 | 905,000 | 224,085 | ||
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037 | 40,000 | 38,804 | ||
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 | 70,000 | 64,637 | ||
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047 | 70,000 | 61,934 | ||
| $1,077,057 | ||||
9
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Massachusetts - 4.2% | ||||
| Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d) | $ | 577,352 | $5,774 | |
| Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 4.375%, 7/01/2052 | 110,000 | 109,196 | ||
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | 100,000 | 99,175 | ||
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 190,000 | 181,955 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 | 2,445,000 | 2,153,094 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 | 55,000 | 54,464 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036 | 5,000 | 4,932 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 415,000 | 399,538 | ||
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2046 | 425,000 | 376,878 | ||
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051 | 110,000 | 76,022 | ||
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2052 | 360,000 | 306,242 | ||
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047 | 205,000 | 171,236 | ||
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052 | 130,000 | 103,869 | ||
| $4,042,375 | ||||
| Michigan - 0.6% | ||||
| Board of Regents of Eastern Michigan University, General Rev., “A”, 4%, 3/01/2047 | $ | 245,000 | $232,621 | |
| Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052 | 60,000 | 58,149 | ||
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 (z) | 105,000 | 62,752 | ||
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 (z) | 105,000 | 60,093 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 35,000 | 35,153 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 40,000 | 40,283 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 30,000 | 30,027 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 90,000 | 90,092 | ||
| $609,170 | ||||
| Minnesota - 1.9% | ||||
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036 | $ | 65,000 | $55,566 | |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041 | 145,000 | 114,677 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043 | 100,000 | 97,660 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043 | 155,000 | 158,650 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048 | 125,000 | 120,208 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048 | 125,000 | 126,993 | ||
| Minnesota Higher Education Facilities Authority Rev. (St. Catherine University), 4.25%, 10/01/2038 | 600,000 | 600,064 | ||
| Minnesota Independent School District No. 150 (Hawley Public Schools), General Obligation School Building, “A”, 4.25%, 2/01/2046 | 470,000 | 476,937 | ||
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n) | 100,000 | 99,849 | ||
| $1,850,604 | ||||
| Mississippi - 1.2% | ||||
| Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053 | $ | 800,000 | $755,136 | |
| Mississippi Development Bank Special Obligation (Hancock County GOMESA Project), 4.55%, 11/01/2039 (n) | 170,000 | 171,125 | ||
| Mississippi Development Bank Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n) | 100,000 | 92,627 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046 | 110,000 | 110,793 | ||
| $1,129,681 | ||||
| Missouri - 3.6% | ||||
| Jackson County, MO, Special Obligations, “A”, 5.25%, 12/01/2058 | $ | 1,600,000 | $1,747,141 | |
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2054 | 480,000 | 486,022 | ||
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n) | 310,000 | 290,970 | ||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051 | 125,000 | 106,107 | ||
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030 | 10,000 | 9,134 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030 | 40,000 | 38,526 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035 | 25,000 | 23,087 | ||
10
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Missouri - continued | ||||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045 | $ | 65,000 | $55,833 | |
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Ranken-Jordan Project), 4%, 11/15/2036 | 55,000 | 50,757 | ||
| St. Louis County, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), “A”, 5.25%, 9/01/2053 | 480,000 | 445,460 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029 | 40,000 | 35,612 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035 | 95,000 | 78,378 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047 | 205,000 | 156,758 | ||
| $3,523,785 | ||||
| Montana - 0.4% | ||||
| Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2043 | $ | 160,000 | $163,104 | |
| Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2048 | 235,000 | 237,843 | ||
| $400,947 | ||||
| Nebraska - 0.1% | ||||
| Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036 | $ | 105,000 | $112,762 | |
| Nevada - 0.5% | ||||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n) | $ | 150,000 | $145,115 | |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n) | 100,000 | 93,014 | ||
| Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 (n) | 200,000 | 193,827 | ||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048 | 20,000 | 19,041 | ||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058 | 25,000 | 23,473 | ||
| $474,470 | ||||
| New Hampshire - 1.2% | ||||
| National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%, 6/01/2051 | $ | 130,000 | $142,554 | |
| National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 514,574 | 507,698 | ||
| National Finance Authority, NH, Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042 (n) | 300,000 | 263,926 | ||
| New Hampshire National Finance Authority Municipal Certificates, “2-A”, 4%, 10/20/2036 | 278,936 | 266,454 | ||
| $1,180,632 | ||||
| New Jersey - 3.8% | ||||
| Camden County, NJ, Improvement Authority School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062 | $ | 140,000 | $150,495 | |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 40,000 | 40,038 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | 40,000 | 40,020 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043 | 255,000 | 255,693 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 125,000 | 125,070 | ||
| New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Reclamation Project), 6.5%, 4/01/2031 | 700,000 | 708,884 | ||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030 | 80,000 | 80,103 | ||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035 | 95,000 | 95,069 | ||
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030 | 265,000 | 267,658 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 810,000 | 792,426 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | 215,000 | 207,569 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | 30,000 | 22,836 | ||
| New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., “C”, 5%, 12/01/2053 | 55,000 | 53,380 | ||
| New Jersey Housing & Mortgage Finance Agency, Multi-Family Conduit Rev. (Riverview Towers Apartments), “B”, GNMA, 5.25%, 12/20/2065 | 416,985 | 434,737 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 4.25%, 6/15/2044 | 360,000 | 364,640 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045 | 100,000 | 98,046 | ||
| $3,736,664 | ||||
11
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - 11.3% | ||||
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | $ | 530,000 | $530,747 | |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “B”, 5%, 7/01/2062 | 110,000 | 108,974 | ||
| Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), Tax-Exempt, “A”, 5.25%, 12/01/2052 | 405,000 | 423,738 | ||
| Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052 | 360,000 | 368,661 | ||
| Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052 | 75,000 | 70,942 | ||
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2040 | 165,000 | 165,747 | ||
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2045 | 80,000 | 80,151 | ||
| New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050 | 235,000 | 206,123 | ||
| New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 100,000 | 92,957 | ||
| New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2040 (n) | 100,000 | 97,026 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 1,090,000 | 1,090,068 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | 65,000 | 60,433 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036 | 400,000 | 417,285 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 365,000 | 376,982 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5.625%, 4/01/2040 | 215,000 | 233,195 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040 | 200,000 | 206,089 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | 545,000 | 535,543 | ||
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), 6%, 6/30/2054 | 630,000 | 693,511 | ||
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060 | 895,000 | 938,335 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038 | 70,000 | 68,004 | ||
| New York, NY, Housing Development Corp., Housing Impact (Sustainable Development Bonds), “A”, 4.8%, 2/01/2053 | 225,000 | 230,300 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 542,947 | 539,457 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev., “G”, 4.95%, 11/01/2058 | 700,000 | 719,026 | ||
| New York, NY, Mortgage Agency Homeowner Rev., 4.7%, 10/01/2038 | 195,000 | 200,359 | ||
| Niagara, NY, Area Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042 (n) | 270,000 | 233,761 | ||
| Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052 | 215,000 | 158,535 | ||
| Orange County, NY, Funding Corp. Assisted Living Residence Rev. (Hamlet at Wallkill Assisted Living Project), 6.5%, 1/01/2046 | 165,000 | 132,737 | ||
| Port Authority of NY & NJ (234th Series), 5.5%, 8/01/2052 | 505,000 | 549,957 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029 | 30,000 | 22,652 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032 | 75,000 | 56,539 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | 205,000 | 154,732 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | 110,000 | 83,174 | ||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041 | 715,000 | 726,481 | ||
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | 100,000 | 96,383 | ||
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037 | 400,000 | 328,923 | ||
| $10,997,527 | ||||
| North Carolina - 1.9% | ||||
| Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2048 | $ | 25,000 | $26,997 | |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036 | 50,000 | 44,903 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041 | 15,000 | 12,492 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051 | 190,000 | 140,319 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 | 20,000 | 17,961 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025 | 25,000 | 25,012 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030 | 70,000 | 69,610 | ||
12
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| North Carolina - continued | ||||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | $ | 45,000 | $43,879 | |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 90,000 | 91,458 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 (Prerefunded 9/01/2024) | 75,000 | 75,611 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042 | 30,000 | 30,557 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | 60,000 | 60,824 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051 | 130,000 | 131,585 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054 | 85,000 | 85,914 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., “A”, AGM, 5%, 1/01/2058 | 895,000 | 955,457 | ||
| $1,812,579 | ||||
| North Dakota - 0.2% | ||||
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), “A”, AGM, 5%, 12/01/2053 | $ | 65,000 | $68,295 | |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034 | 40,000 | 38,433 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048 | 10,000 | 8,335 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053 | 70,000 | 56,211 | ||
| $171,274 | ||||
| Ohio - 5.2% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | $ | 1,840,000 | $1,753,323 | |
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2042 | 210,000 | 211,241 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | 285,000 | 276,090 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047 | 70,000 | 70,434 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2057 | 150,000 | 147,031 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 770,000 | 777,365 | ||
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2040 | 30,000 | 26,353 | ||
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045 | 50,000 | 41,131 | ||
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049 | 65,000 | 59,750 | ||
| Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2034 | 120,000 | 120,301 | ||
| Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2044 | 195,000 | 195,025 | ||
| Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049 | 310,000 | 316,989 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 | 130,000 | 122,457 | ||
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) | 110,000 | 111,032 | ||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n) | 100,000 | 98,145 | ||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n) | 125,000 | 119,358 | ||
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042 | 100,000 | 101,282 | ||
| Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.9%, 9/01/2053 | 490,000 | 500,407 | ||
| $5,047,714 | ||||
| Oklahoma - 2.0% | ||||
| Norman, OK, Regional Hospital Authority Rev., 4%, 9/01/2045 | $ | 110,000 | $92,589 | |
| Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 70,000 | 70,616 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2041 | 245,000 | 243,467 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2044 | 250,000 | 245,574 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038 | 215,000 | 215,012 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043 | 195,000 | 197,567 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048 | 215,000 | 217,244 | ||
| Tulsa County, OK, Industrial Authority, Senior Living Community Refunding Rev. (Montereau, Inc. Project), “A”, 5.25%, 11/15/2045 | 645,000 | 637,541 | ||
| $1,919,610 | ||||
13
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Oregon - 1.1% | ||||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051 | $ | 465,000 | $330,770 | |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2056 | 205,000 | 140,810 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028 | 25,000 | 21,961 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 15,000 | 13,549 | ||
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2047 | 100,000 | 100,603 | ||
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2052 | 230,000 | 230,137 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2056 | 280,000 | 216,561 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-1”, 2.5%, 11/15/2028 | 30,000 | 27,069 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-2”, 2.125%, 11/15/2027 | 5,000 | 4,814 | ||
| $1,086,274 | ||||
| Pennsylvania - 10.3% | ||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | $ | 170,000 | $169,942 | |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | 150,000 | 149,949 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2034 | 235,000 | 121,786 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047 | 575,000 | 297,302 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050 | 200,000 | 103,080 | ||
| Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027) | 225,000 | 254,814 | ||
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050 | 365,000 | 341,919 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2035 | 405,000 | 295,323 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051 | 95,000 | 59,755 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030 | 45,000 | 39,758 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 | 100,000 | 68,083 | ||
| Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 (Prerefunded 7/01/2029) | 5,000 | 5,293 | ||
| Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 | 25,000 | 20,257 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038 | 125,000 | 112,530 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043 | 155,000 | 132,557 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048 | 160,000 | 131,664 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053 | 150,000 | 119,709 | ||
| Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037 | 955,000 | 540,775 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 100,000 | 95,924 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%, 5/01/2053 | 105,000 | 79,459 | ||
| Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement - Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045 | 120,000 | 123,989 | ||
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 970,000 | 846,188 | ||
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-1”, 5.25%, 7/01/2049 | 145,000 | 149,124 | ||
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2044 | 540,000 | 225,363 | ||
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-3”, 0%, 1/01/2049 | 250,000 | 48,194 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, 6/30/2053 | 490,000 | 522,743 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5.5%, 6/30/2042 | 405,000 | 457,506 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 560,000 | 589,764 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 6/30/2042 | 505,000 | 506,923 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043 | 365,000 | 366,295 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 | 491,181 | 521,434 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053 | 300,000 | 317,089 | ||
| Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5.25%, 10/01/2044 | 150,000 | 160,454 | ||
14
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.375%, 6/15/2057 | $ | 100,000 | $95,597 | |
| Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Tacony Academy School Project), 5.5%, 6/15/2043 (n) | 165,000 | 166,657 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036 | 100,000 | 102,284 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046 | 125,000 | 126,954 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051 | 120,000 | 120,384 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | 150,000 | 152,845 | ||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.25%, 12/01/2047 (n) | 145,000 | 135,660 | ||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058 (n) | 215,000 | 200,245 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037 | 100,000 | 88,409 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042 | 125,000 | 105,647 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049 | 175,000 | 141,937 | ||
| Philadelphia, PA, School District General Obligation, “A”, 5%, 9/01/2038 | 25,000 | 26,237 | ||
| Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028 | 95,000 | 95,094 | ||
| Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046 | 445,000 | 393,194 | ||
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | 15,000 | 15,080 | ||
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030 | 30,000 | 30,017 | ||
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035 | 35,000 | 34,581 | ||
| $10,005,767 | ||||
| Puerto Rico - 2.8% | ||||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | $ | 406,000 | $375,732 | |
| Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2024 | 15,000 | 15,003 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2025 | 15,000 | 15,003 | ||
| Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033 | 55,000 | 53,582 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d) | 995,000 | 261,187 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024 | 65,000 | 65,037 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026 | 60,000 | 59,472 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 250,000 | 246,679 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d) | 845,000 | 221,812 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026 (a)(d) | 380,000 | 266,000 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 45,000 | 45,039 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 70,000 | 70,144 | ||
| Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 15,000 | 15,094 | ||
| Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/2026 | 80,000 | 85,833 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 42,000 | 42,221 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 777,000 | 780,883 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 3,000 | 2,899 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 69,000 | 68,655 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 129,000 | 41,837 | ||
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 40,000 | 40,042 | ||
| $2,772,154 | ||||
15
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Rhode Island - 1.0% | ||||
| Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042 | $ | 800,000 | $787,987 | |
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034 | 60,000 | 56,558 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | 190,000 | 179,628 | ||
| $1,024,173 | ||||
| South Carolina - 1.2% | ||||
| South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%, 4/01/2044 | $ | 185,000 | $180,191 | |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n) | 100,000 | 72,388 | ||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | 40,000 | 32,425 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048 | 395,000 | 402,685 | ||
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047 | 150,000 | 128,056 | ||
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2052 | 115,000 | 95,554 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048 | 245,000 | 252,987 | ||
| $1,164,286 | ||||
| Tennessee - 2.2% | ||||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | $ | 45,000 | $46,564 | |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031 | 50,000 | 51,655 | ||
| Knox County, TN, Health, Educational & Housing Facility Board, Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “A-1”, BAM, 5.5%, 7/01/2059 | 110,000 | 120,091 | ||
| Nashville and Davidson County, TN, Health & Education Facilities, Board of Metropolitan Government, Multi-Family Tax-Exempt Mortgage-Backed (Ben Allen Ridge Apartments Project), “A”, 4.75%, 2/01/2048 | 325,581 | 334,000 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 515,000 | 550,458 | ||
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 | 165,000 | 169,021 | ||
| Tennessee Energy Acquisition Corp., Gas Project Rev., “C”, 5%, 2/01/2025 | 240,000 | 240,532 | ||
| Tennessee Housing Development Agency, Residential Finance Program, “2A”, 4.7%, 7/01/2053 | 615,000 | 617,414 | ||
| $2,129,735 | ||||
| Texas - 10.4% | ||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036 | $ | 40,000 | $39,446 | |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046 | 185,000 | 172,159 | ||
| Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2057 | 185,000 | 197,943 | ||
| Austin, TX, Airport System Rev., 5%, 11/15/2052 | 270,000 | 281,186 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034 | 10,000 | 10,038 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030 | 25,000 | 25,133 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033 | 105,000 | 105,192 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042 | 410,000 | 410,055 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043 | 165,000 | 165,175 | ||
| Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050 | 55,000 | 42,799 | ||
| Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n) | 100,000 | 82,256 | ||
| Cypress-Fairbanks, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2048 | 80,000 | 78,030 | ||
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025 | 115,000 | 115,001 | ||
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028 | 375,000 | 375,372 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 340,000 | 320,798 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2035 | 85,000 | 87,983 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2036 | 155,000 | 159,966 | ||
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032 | 20,000 | 20,140 | ||
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033 | 40,000 | 40,278 | ||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041 | 70,000 | 31,860 | ||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046 | 175,000 | 61,091 | ||
16
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Houston, TX, Airport System Refunding Rev., Subordinate Lien, “A”, AGM, 5.25%, 7/01/2053 | $ | 255,000 | $272,118 | |
| Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.5%, 7/15/2030 | 445,000 | 445,253 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | 140,000 | 140,272 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030 | 770,000 | 771,763 | ||
| Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 50,000 | 39,301 | ||
| Mission, TX, Economic Development Corp. (NatGasoline Project), 4.625%, 10/01/2031 (n) | 180,000 | 179,369 | ||
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024) | 115,000 | 114,985 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058 | 80,000 | 80,542 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2039 (n) | 75,000 | 73,418 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2049 (n) | 55,000 | 50,972 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5%, 11/15/2026 | 10,000 | 9,732 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.375%, 11/15/2036 | 55,000 | 48,958 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2046 | 35,000 | 29,173 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2052 | 45,000 | 36,503 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2035 | 75,000 | 70,391 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2043 | 170,000 | 146,550 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2049 | 80,000 | 65,472 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035 (n) | 90,000 | 92,030 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045 (n) | 110,000 | 111,755 | ||
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 100,000 | 86,181 | ||
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | 370,000 | 283,825 | ||
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “A”, 6%, 1/01/2025 (n) | 130,000 | 125,507 | ||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 225,000 | 225,097 | ||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.5%, 11/15/2034 (Prerefunded 11/15/2024) | 100,000 | 102,672 | ||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.75%, 11/15/2044 (Prerefunded 11/15/2024) | 185,000 | 190,259 | ||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 8%, 11/15/2049 (Prerefunded 11/15/2024) | 135,000 | 139,020 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 4%, 7/01/2053 | 395,000 | 365,920 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030 | 80,000 | 79,769 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 100,000 | 97,232 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 (a)(d) | 840,422 | 546,275 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044 | 135,000 | 133,341 | ||
| Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, GNMA, 5.25%, 9/01/2053 | 600,000 | 629,091 | ||
| Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 6%, 8/01/2054 | 240,000 | 276,479 | ||
| Texas Transportation Commission, Central Texas Turnpike System Rev., Capital Appreciation, “B”, 0%, 8/15/2036 | 345,000 | 201,030 | ||
| Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057 | 240,000 | 242,747 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037 | 25,000 | 13,851 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038 | 20,000 | 10,436 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039 | 20,000 | 9,860 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040 | 20,000 | 9,304 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041 | 45,000 | 19,791 | ||
17
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%, 8/01/2042 | $ | 60,000 | $24,937 | |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043 | 50,000 | 19,686 | ||
| Tomball, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 3.875%, 2/15/2043 | 720,000 | 703,123 | ||
| $10,135,891 | ||||
| U.S. Virgin Islands - 0.1% | ||||
| Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | $ | 70,000 | $72,109 | |
| Utah - 0.8% | ||||
| Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2043 | $ | 390,000 | $402,260 | |
| Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047 | 245,000 | 226,507 | ||
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n) | 120,000 | 111,250 | ||
| $740,017 | ||||
| Vermont - 1.2% | ||||
| Vermont Housing Finance Agency, Multi-Purpose Rev., “A”, GNMA, 6%, 11/01/2053 | $ | 781,000 | $851,973 | |
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.375%, 6/15/2040 | 210,000 | 200,535 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046 | 145,000 | 133,450 | ||
| $1,185,958 | ||||
| Virginia - 2.8% | ||||
| Cherry Hill Community Development Authority, Prince William County, VA (Potomac Shores Project), 5.4%, 3/01/2045 (n) | $ | 100,000 | $100,530 | |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), “A”, 5%, 10/01/2052 | 70,000 | 71,316 | ||
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of Williamsburg, Inc.), “A”, 4%, 6/01/2047 | 105,000 | 81,932 | ||
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (Williamsburg Landing), “A”, 6.875%, 12/01/2058 | 110,000 | 119,657 | ||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | 115,000 | 114,629 | ||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | 145,000 | 130,437 | ||
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), “A”, 7%, 9/01/2059 | 385,000 | 420,520 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n) | 175,000 | 176,300 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n) | 175,000 | 175,808 | ||
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2045 | 495,000 | 452,004 | ||
| Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 5.25%, 7/01/2053 | 775,000 | 841,249 | ||
| $2,684,382 | ||||
| Washington - 3.6% | ||||
| Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037 | $ | 435,000 | $428,160 | |
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | 115,000 | 119,478 | ||
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | 150,000 | 152,054 | ||
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | 285,000 | 273,841 | ||
| Kalispel Tribe of Indians, WA, Priority District Rev., “A”, 5.25%, 1/01/2038 (n) | 130,000 | 134,063 | ||
| Seattle, WA, Port Intermediate Lien Refunding Rev., “B”, 4%, 8/01/2047 | 50,000 | 46,924 | ||
| Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/2033 | 1,105,000 | 1,105,268 | ||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035 | 90,000 | 92,517 | ||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037 | 90,000 | 91,742 | ||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042 | 200,000 | 178,939 | ||
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048 (n) | 145,000 | 107,549 | ||
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n) | 100,000 | 87,628 | ||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036 (n) | 100,000 | 83,163 | ||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046 (n) | 105,000 | 74,138 | ||
18
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Washington - continued | ||||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051 (n) | $ | 105,000 | $70,924 | |
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2041 (n) | 100,000 | 85,367 | ||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2046 (n) | 115,000 | 94,347 | ||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2051 (n) | 165,000 | 131,071 | ||
| Washington State Housing Finance Commission Municipal Certificates, “X”, 0.725%, 12/20/2035 (i) | 2,228,891 | 100,062 | ||
| $3,457,235 | ||||
| West Virginia - 0.5% | ||||
| Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), Convertible Capital Appreciation, “B”, 0% to 6/01/2043, 8.00% to 6/01/2053 (n) | $ | 562,000 | $125,321 | |
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%, 1/01/2043 | 380,000 | 371,091 | ||
| $496,412 | ||||
| Wisconsin - 11.9% | ||||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040 | $ | 580,000 | $281,771 | |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040 | 250,000 | 121,453 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027 | 85,000 | 79,942 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032 | 105,000 | 90,371 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037 | 55,000 | 44,132 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039 | 55,000 | 42,601 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048 | 1,020,000 | 951,191 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Cedar Crest, Inc. Project), 5.125%, 4/01/2057 | 485,000 | 384,387 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047 | 45,000 | 44,635 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 4%, 2/15/2050 | 100,000 | 82,948 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054 | 465,000 | 364,110 | ||
| Wisconsin Housing & Economic Development Authority Housing Rev., “A”, 4.8%, 11/01/2048 | 300,000 | 310,895 | ||
| Wisconsin Housing & Economic Development Authority Housing Rev., “A”, 4.9%, 11/01/2053 | 280,000 | 289,332 | ||
| Wisconsin Housing & Economic Development Authority Housing Rev., “A”, 4.95%, 11/01/2057 | 320,000 | 329,396 | ||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042 | 85,000 | 85,011 | ||
| Wisconsin Public Finance Authority Charter School Rev. (Alamance Community School Project), “A”, 5%, 6/15/2051 (n) | 75,000 | 62,621 | ||
| Wisconsin Public Finance Authority Charter School Rev. (Alamance Community School Project), “A”, 7%, 6/15/2053 | 130,000 | 136,815 | ||
| Wisconsin Public Finance Authority Charter School Rev. (Unity Classical Charter School; A Challenge Foundation Academy), 7%, 7/01/2058 (n) | 155,000 | 159,837 | ||
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037 | 40,000 | 40,012 | ||
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047 | 55,000 | 52,238 | ||
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n) | 55,000 | 55,391 | ||
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n) | 55,000 | 55,565 | ||
| Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062 | 120,000 | 115,101 | ||
| Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n) | 25,000 | 25,050 | ||
| Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n) | 125,000 | 119,876 | ||
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%, 6/01/2027 (n) | 75,000 | 70,870 | ||
| Wisconsin Public Finance Authority Health Care System Rev. (Cone Health), “A”, 5%, 10/01/2052 | 610,000 | 641,910 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051 | 95,000 | 73,748 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n) | 25,000 | 24,954 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n) | 75,000 | 73,656 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n) | 60,000 | 55,282 | ||
| Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049 | 1,020,000 | 961,437 | ||
| Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), “A”, 4%, 9/01/2051 (n) | 370,000 | 280,693 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 835,000 | 651,300 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 440,000 | 410,886 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 230,000 | 219,056 | ||
19
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (Galloway Ridge Project), “A”, 6.875%, 1/01/2043 | $ | 205,000 | $210,263 | |
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2051 | 50,000 | 43,918 | ||
| Wisconsin Public Finance Authority Rev. (McLemore Hotel & Conference Center), “B”, 6.5%, 6/01/2056 (n) | 195,000 | 168,573 | ||
| Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047 | 285,000 | 248,914 | ||
| Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052 | 475,000 | 400,856 | ||
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035 | 150,000 | 152,793 | ||
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%, 4/01/2052 (n) | 200,000 | 163,237 | ||
| Wisconsin Public Finance Authority Rev., Subordinate-Social Certificates, “B-1”, 4%, 12/28/2044 (n) | 402,082 | 324,004 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n) | 60,000 | 58,272 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n) | 35,000 | 32,925 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n) | 165,000 | 149,785 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n) | 115,000 | 102,190 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 (n) | 110,000 | 111,007 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 (n) | 100,000 | 101,171 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 (n) | 95,000 | 96,274 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 (n) | 115,000 | 116,714 | ||
| Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n) | 565,000 | 470,132 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044 | 20,000 | 20,676 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (CHF - Manoa LLC UH Residences for Graduate Students), “A”, 5.75%, 7/01/2063 (n) | 235,000 | 246,474 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 (n) | 180,000 | 142,104 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “B”, 5.25%, 7/01/2061 (n) | 100,000 | 84,970 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047 | 190,000 | 185,494 | ||
| Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Promenade Apartments), 6.25%, 2/01/2039 (n)(w) | 120,000 | 118,561 | ||
| $11,537,780 | ||||
| Total Municipal Bonds | $154,500,988 | |||
| Other Municipal Bonds – 0.7% | ||||
| Multi-Family Housing Revenue – 0.7% | ||||
| Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040 | $ | 438,477 | $451,066 | |
| FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.224%, 7/25/2041 (i)(n) | 529,877 | 51,864 | ||
| FRETE 2023-ML16 Trust, “X-CA”, 4.632%, 7/25/2038 | 193,283 | 194,160 | ||
| Total Other Municipal Bonds | $697,090 | |||
| Bonds – 0.2% | ||||
| Consumer Services – 0.1% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n) | $ | 175,000 | $88,452 | |
| Medical & Health Technology & Services – 0.1% | ||||
| ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028 | $ | 70,000 | $65,363 | |
| Total Bonds | $153,815 | |||
20
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) - 0.3% | ||||
| Money Market Funds – 0.3% | ||||
| MFS Institutional Money Market Portfolio, 5.37% (v) | 276,497 | $276,497 | ||
| Other Assets, Less Liabilities - 1.5% | 1,493,637 | |||
| Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value of $60,000,000 net of unamortized debt issuance costs of $19,419 (issued by the fund) - (61.7)% | (59,980,581) | |||
| Net assets applicable to common shares - 100.0% | $97,141,446 | |||
| (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 $276,497 and $155,351,893, 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 $27,621,351, representing 28.4% of net assets applicable to common shares. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (w) | When-issued security. |
| (z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
| Restricted Securities | Acquisition Date | Cost | Value |
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 | 5/25/17 | $383,097 | $5,198 |
| California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 | 7/26/19 | 437,875 | 6,750 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 | 12/16/13 | 361,661 | 9,765 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 | 6/30/15 | 75,307 | 2,033 |
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 | 9/30/16 | 104,295 | 62,752 |
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 | 9/30/16 | 103,453 | 60,093 |
| Total Restricted Securities | $146,591 | ||
| % of Net assets applicable to common shares | 0.2% |
| The following abbreviations are used in this report and are defined: | |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FHLMC | Federal Home Loan Mortgage Corp. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
See attached supplemental
information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
21
Supplemental Information
2/29/24 (unaudited)
The fund is an investment company
and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment
Companies.
(1) Investment Valuations
Subject to its oversight, the fund's
Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy
and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the
“valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as
determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy
and procedures, 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.
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 February 29, 2024 in valuing the fund's assets and
liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $— | $155,198,078 | $— | $155,198,078 |
| U.S. Corporate Bonds | — | 153,815 | — | 153,815 |
| Mutual Funds | 276,497 | — | — | 276,497 |
| Total | $276,497 | $155,351,893 | $— | $155,628,390 |
For further information regarding
security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated
Issuers
An affiliated issuer may be
considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $516,909 | $4,476,563 | $4,716,874 | $(67) | $(34) | $276,497 |
22
Supplemental Information (unaudited) –
continued
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $18,004 | $— |
23