UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04841
MFS MUNICIPAL INCOME TRUST
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111Huntington Avenue Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2024
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
Semiannual Report
April 30, 2024
MFS® Municipal
Income Trust
Income Trust
MFM-SEM
MFS® Municipal
Income Trust
Income Trust
New York Stock Exchange Symbol: MFM
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NOT FDIC INSURED
• MAY LOSE VALUE • NO BANK GUARANTEE
Portfolio Composition
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
1
Portfolio Composition - continued
| (b) | Cash & Cash Equivalents (Less Liabilities) includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Liabilities include the value of the aggregate liquidation preference of the remarketable variable rate munifund term preferred shares (RVMTP shares) issued by the fund. Cash & Cash Equivalents (Less Liabilities) is negative due to the aggregate liquidation value of RVMTP shares. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities. Please see Note 8 in the Notes to Financial Statements for more information on the RVMTP shares issued by the fund. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. This calculation is based on net assets applicable to common shares as of April 30, 2024. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. This calculation is based on gross assets, which consists of net assets applicable to common shares plus the value of preferred shares, as of April 30, 2024. |
| (o) | Less than 0.1%. |
Percentages are based on net assets
applicable to common shares as of April 30, 2024.
The portfolio is actively managed
and current holdings may be different.
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Portfolio Managers' Profiles
| Portfolio Manager | Primary Role | Since | Title and Five Year History |
| Michael Dawson | Portfolio Manager | 2022 | Investment Officer of MFS; employed in the investment management area of MFS since 1999. |
| Jason Kosty | Portfolio Manager | 2021 | Investment Officer of MFS; employed in the investment management area of MFS since 2014. |
| Geoffrey Schechter | Portfolio Manager | 2004 | Investment Officer of MFS; employed in the investment management area of MFS since 1993. |
Effective September 30, 2025,
Geoffrey Schechter will no longer be a Portfolio Manager of the fund.
Other Notes
The fund’s shares may trade at
a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value of the underlying fund shares, and shares purchased at a premium would receive less than the
amount paid for them in the event of the fund’s concurrent liquidation.
The fund’s monthly
distributions may include a return of capital to shareholders to the extent that distributions are in excess of the fund’s net investment income and net capital gains, determined in accordance with federal
income tax regulations. Distributions that are treated for federal income tax purposes as a return of capital will reduce each shareholder’s basis in his or her shares and, to the extent the return of capital
exceeds such basis, will be treated as gain to the shareholder from a sale of shares. Returns of shareholder capital may have the effect of reducing the fund’s assets and increasing the fund’s expense
ratio.
In accordance with Section 23(c)
of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the
Trustees shall determine.
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Portfolio of Investments
4/30/24 (unaudited)
The Portfolio of Investments is a
complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - 143.8% | ||||
| Alabama - 3.6% | ||||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030 | $ | 180,000 | $175,461 | |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035 | 190,000 | 183,651 | ||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | 285,000 | 251,143 | ||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050 | 285,000 | 255,088 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 1,035,000 | 1,019,506 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 3,250,000 | 3,391,073 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028) | 515,000 | 542,392 | ||
| Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 1/01/2028 (a)(d) | 340,000 | 193,800 | ||
| Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 1/01/2043 (a)(d) | 440,000 | 250,800 | ||
| Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.5%, 8/01/2058 | 325,000 | 348,933 | ||
| Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053 | 1,240,000 | 1,325,179 | ||
| Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2037 | 640,000 | 620,376 | ||
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 295,000 | 302,218 | ||
| $8,859,620 | ||||
| Alaska - 0.3% | ||||
| Alaska Industrial Development & Export Authority Power Rev. (Snettisham Hydroelectric Project), 5%, 1/01/2030 | $ | 125,000 | $125,873 | |
| Alaska Industrial Development & Export Authority Power Rev. (Snettisham Hydroelectric Project), 5%, 1/01/2031 | 180,000 | 181,270 | ||
| Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Capital Appreciation, “B-2”, 0%, 6/01/2066 | 3,950,000 | 482,357 | ||
| $789,500 | ||||
4
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arizona - 5.8% | ||||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 4%, 7/01/2029 (n) | $ | 25,000 | $24,367 | |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2039 (n) | 60,000 | 59,162 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2049 (n) | 100,000 | 93,217 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2054 (n) | 155,000 | 142,566 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058 | 80,000 | 78,896 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n) | 35,000 | 35,055 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n) | 65,000 | 61,006 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n) | 170,000 | 157,161 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2037 (n) | 70,000 | 70,110 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2047 (n) | 65,000 | 61,006 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2051 (n) | 60,000 | 55,469 | ||
| Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5%, 7/01/2043 | 305,000 | 292,948 | ||
| Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2057 | 105,000 | 103,116 | ||
| Arizona Industrial Development Authority Education Rev. (KIPP NYC Public Charter Schools - Jerome Facility Project), “B”, 4%, 7/01/2051 | 1,145,000 | 938,673 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 3%, 12/15/2031 (n) | 25,000 | 22,194 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2041 (n) | 360,000 | 303,112 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”, 3.75%, 12/15/2029 (n) | 25,000 | 23,833 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”, 5%, 12/15/2039 (n) | 30,000 | 29,510 | ||
5
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arizona - continued | ||||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”, 5%, 12/15/2049 (n) | $ | 45,000 | $41,402 | |
| Glendale, AZ, Industrial Development Authority, Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048 | 115,000 | 101,216 | ||
| Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), “A”, 5%, 5/15/2056 | 490,000 | 419,995 | ||
| La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions - Harmony Public Schools Project), “A”, 5%, 2/15/2048 | 100,000 | 92,895 | ||
| Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047 | 275,000 | 266,066 | ||
| Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 5%, 6/01/2053 | 1,815,000 | 1,897,844 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2034 | 15,000 | 14,951 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039 | 25,000 | 25,698 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039 (n) | 80,000 | 78,800 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n) | 50,000 | 50,377 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054 | 65,000 | 65,164 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054 (n) | 240,000 | 220,747 | ||
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034 | 675,000 | 636,905 | ||
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041 | 525,000 | 471,715 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 240,000 | 240,727 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 80,000 | 80,242 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n) | 380,000 | 362,306 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n) | 190,000 | 179,732 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034 | 850,000 | 850,222 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036 | 100,000 | 100,050 | ||
6
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%, 7/01/2041 | $ | 85,000 | $81,053 | |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044 | 530,000 | 493,487 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046 | 150,000 | 137,609 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034 (n) | 270,000 | 270,897 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 310,000 | 311,110 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044 (n) | 430,000 | 431,043 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 340,000 | 324,160 | ||
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n) | 870,000 | 634,673 | ||
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n) | 500,000 | 377,989 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2044 | 40,000 | 39,042 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2049 | 95,000 | 89,897 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2059 | 75,000 | 69,710 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2042 | 160,000 | 158,069 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n) | 690,000 | 532,883 | ||
| Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 7%, 11/15/2057 (n) | 720,000 | 763,091 | ||
| Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n) | 100,000 | 100,664 | ||
7
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arizona - continued | ||||
| Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, 6/15/2058 | $ | 520,000 | $521,008 | |
| $14,084,840 | ||||
| Arkansas - 1.1% | ||||
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033 | $ | 135,000 | $132,275 | |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | 15,000 | 14,082 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.5%, 7/01/2046 | 125,000 | 82,615 | ||
| Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 5.25%, 3/01/2053 | 1,225,000 | 1,302,355 | ||
| Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2039 (Prerefunded 12/01/2024) | 920,000 | 925,183 | ||
| Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | 230,000 | 230,085 | ||
| $2,686,595 | ||||
| California - 8.5% | ||||
| Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2053 | $ | 2,125,000 | $495,288 | |
| California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 2,085,000 | 2,175,120 | ||
| California Community College Financing Authority, Student Housing Rev. (NCCD - Napa Valley Properties LLC - Napa Valley College Project), “A”, 5.75%, 7/01/2060 (n) | 1,040,000 | 1,047,311 | ||
| California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036 | 1,360,605 | 1,305,380 | ||
| California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 210,000 | 258,128 | ||
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 170,000 | 171,468 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036 | 170,000 | 170,785 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041 | 160,000 | 155,567 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 25,000 | 24,073 | ||
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 390,000 | 347,307 | ||
| California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052 | 265,000 | 280,337 | ||
8
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n) | $ | 130,000 | $120,310 | |
| California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n) | 205,000 | 174,065 | ||
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)(z) | 750,000 | 10,125 | ||
| California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)(z) | 960,836 | 96 | ||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037 | 55,000 | 55,703 | ||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 55,000 | 52,914 | ||
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 25,000 | 23,319 | ||
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n) | 150,000 | 145,531 | ||
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n) | 85,000 | 82,656 | ||
| California Public Finance Authority, Senior Living Rev., Bond Anticipation Notes (Kendal at Ventura Project), Capital Appreciation, “A”, 0%, 5/15/2028 (n) | 615,000 | 680,767 | ||
| California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033 | 1,985,000 | 1,992,219 | ||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 6), “A”, 5%, 8/01/2052 (n) | 670,000 | 643,278 | ||
| California School Finance Authority, Charter School Rev. (Hawking STEAM Charter School Project)., “A”, 5%, 7/01/2042 (n) | 250,000 | 252,007 | ||
| California School Finance Authority, Charter School Rev. (Hawking STEAM Charter School Project)., “A”, 5.25%, 7/01/2052 (n) | 255,000 | 256,694 | ||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | 180,000 | 177,965 | ||
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%, 10/01/2044 | 190,000 | 190,182 | ||
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 6%, 10/01/2049 | 100,000 | 100,117 | ||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033 | 325,000 | 325,572 | ||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n) | 190,000 | 188,664 | ||
9
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057 | $ | 385,000 | $411,208 | |
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033 | 145,000 | 145,170 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 855,000 | 857,405 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 585,000 | 585,981 | ||
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | 175,000 | 174,502 | ||
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2052 (n) | 115,000 | 114,155 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n) | 165,000 | 118,435 | ||
| Hawthorne, CA, School District (Election of 2018), “A”, BAM, 4%, 8/01/2047 | 1,395,000 | 1,365,156 | ||
| Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 4.5%, 11/01/2052 | 355,000 | 360,197 | ||
| Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n) | 300,000 | 300,340 | ||
| 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 | 585,000 | 629,578 | ||
| San Francisco, CA, City & County Airports Commission, Refunding Rev., “C”, 5.75%, 5/01/2048 | 1,475,000 | 1,621,579 | ||
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 50,000 | 50,070 | ||
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n) | 915,000 | 816,477 | ||
| 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) | 935,000 | 402,172 | ||
| Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044 | 810,000 | 810,269 | ||
| $20,665,642 | ||||
10
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Colorado - 3.3% | ||||
| Broomfield, CO, Midcities Metropolitan District No. 2 Special Rev., AGM, 4%, 12/01/2046 | $ | 1,094,000 | $1,023,449 | |
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031 | 130,000 | 130,825 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037 | 75,000 | 75,080 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030 | 70,000 | 70,216 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034 | 70,000 | 70,213 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (American Academy Project), 5%, 12/01/2055 | 1,875,000 | 1,865,348 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Aspen View Academy Project), 4%, 5/01/2061 | 85,000 | 61,677 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), “A”, 4%, 7/01/2061 (n) | 220,000 | 157,291 | ||
| Colorado Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043 | 400,000 | 395,287 | ||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2042 | 170,000 | 144,495 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2052 | 735,000 | 775,560 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 225,000 | 204,342 | ||
| Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | 240,000 | 227,888 | ||
| Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 220,000 | 203,127 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036 | 75,000 | 76,086 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 205,000 | 206,227 | ||
| Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048 | 155,000 | 144,217 | ||
| Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040 | 680,000 | 596,985 | ||
| Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 175,000 | 175,041 | ||
| Denver, CO, Multi-Family Housing Authority Rev. (FLO Senior Apartment Project), “A”, 4.5%, 7/01/2041 | 820,000 | 829,845 | ||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | 710,000 | 706,420 | ||
| $8,139,619 | ||||
11
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Connecticut - 1.4% | ||||
| Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2044 (n) | $ | 955,000 | $860,334 | |
| Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n) | 230,000 | 198,151 | ||
| Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n) | 635,000 | 644,475 | ||
| Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 1,680,000 | 1,680,402 | ||
| $3,383,362 | ||||
| Delaware - 0.5% | ||||
| Delaware Economic Development Authority, Charter School Rev. (Aspira of Delaware Charter Operations, Inc. Project), “A”, 5%, 6/01/2036 | $ | 260,000 | $256,894 | |
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043 | 355,000 | 344,692 | ||
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048 | 180,000 | 171,742 | ||
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), “A”, 5%, 7/01/2048 | 115,000 | 113,720 | ||
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), “A”, 5%, 7/01/2053 | 105,000 | 102,474 | ||
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), “A”, 5%, 7/01/2058 | 140,000 | 134,673 | ||
| $1,124,195 | ||||
| District of Columbia - 0.8% | ||||
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2051 (n) | $ | 625,000 | $568,938 | |
| District of Columbia Rev. (Rocketship D.C.), “A”, 5.75%, 6/01/2054 (n) | 250,000 | 250,552 | ||
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n) | 280,000 | 247,520 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4.5%, 10/01/2053 | 815,000 | 801,589 | ||
| $1,868,599 | ||||
| Florida - 9.0% | ||||
| Arborwood Community Development District, FL, Capital Improvement Rev., “A-1”, 6.9%, 5/01/2036 | $ | 70,000 | $70,024 | |
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | 145,000 | 145,054 | ||
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 70,000 | 70,020 | ||
| Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052 | 335,000 | 294,782 | ||
12
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035 (a)(d)(z) | $ | 82,026 | $2,215 | |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z) | 782,979 | 21,140 | ||
| Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039 | 265,000 | 266,672 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%, 6/15/2038 (n) | 100,000 | 97,979 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%, 6/15/2048 (n) | 120,000 | 111,643 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (KIPP Miami North Project), “A”, 6.125%, 6/15/2060 | 130,000 | 132,187 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039 (n) | 240,000 | 229,840 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049 (n) | 950,000 | 869,941 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), “A”, 5%, 10/15/2047 (n) | 110,000 | 102,930 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), “A”, 5%, 10/15/2052 (n) | 100,000 | 91,902 | ||
| 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 | 81,508 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 6.25%, 6/15/2036 (n) | 110,000 | 112,473 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 6.375%, 6/15/2046 (n) | 185,000 | 187,554 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2056 | 180,000 | 168,481 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 5%, 9/15/2050 (n) | 135,000 | 117,057 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | 65,000 | 49,416 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057 | 45,000 | 41,327 | ||
13
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n) | $ | 135,000 | $136,235 | |
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n) | 350,000 | 345,061 | ||
| Florida Development Finance Corp. Rev. (Brightline Florida Passenger Rail Project), AGM, 5.25%, 7/01/2053 (w) | 4,275,000 | 4,452,163 | ||
| Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 520,000 | 425,162 | ||
| Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n) | 465,000 | 288,367 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n) | 170,000 | 167,334 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n) | 350,000 | 333,957 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | 390,000 | 356,345 | ||
| Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n) | 185,000 | 165,731 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 | 270,000 | 273,301 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.3%, 5/01/2054 | 225,000 | 234,067 | ||
| Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2044 | 140,000 | 137,878 | ||
| Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2049 | 455,000 | 437,238 | ||
| Legends Bay Community Development District, FL, “A”, 5.875%, 5/01/2038 | 275,000 | 275,206 | ||
| Marshall Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032 | 125,000 | 125,506 | ||
| Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), “B”, 4%, 11/15/2051 | 1,245,000 | 1,101,779 | ||
| Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044 | 540,000 | 508,267 | ||
| Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5.25%, 10/01/2052 | 135,000 | 141,427 | ||
| Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029 | 200,000 | 200,038 | ||
| Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2037 | 115,000 | 114,993 | ||
14
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037 | $ | 100,000 | $99,994 | |
| NatureWalk Community Development District, FL, Capital Improvement Rev., “B”, 5.3%, 5/01/2016 (a)(d) | 445,000 | 169,100 | ||
| Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Health Obligated Group), “A”, 5%, 10/01/2053 | 685,000 | 711,894 | ||
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2047 | 1,635,000 | 1,351,990 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | 305,000 | 158,864 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | 495,000 | 186,895 | ||
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2052 | 150,000 | 147,925 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056 | 570,000 | 444,032 | ||
| Palm Beach County, FL, Provident Group Rev. (Lynn University Housing Project), “A”, 5%, 6/01/2057 (n) | 475,000 | 412,489 | ||
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036 | 180,000 | 178,179 | ||
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047 | 330,000 | 309,078 | ||
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 190,000 | 190,727 | ||
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045 | 265,000 | 278,143 | ||
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046 | 95,000 | 95,160 | ||
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2047 | 110,000 | 99,743 | ||
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2052 | 200,000 | 176,323 | ||
| Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project), “A”, 4%, 6/15/2051 (n) | 125,000 | 95,403 | ||
| South Miami, FL, Health Facilities Authority Hospital Refunding Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2047 | 1,005,000 | 918,703 | ||
15
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050 | $ | 110,000 | $78,757 | |
| Sterling Hill Community Development District, FL, Special Assessment, 5.5%, 11/01/2010 (d) | 152,048 | 71,463 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 35,000 | 35,027 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 35,000 | 35,027 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 70,000 | 70,064 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 215,000 | 215,087 | ||
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040 | 295,000 | 295,069 | ||
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044 | 230,000 | 224,149 | ||
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2055 | 75,000 | 70,772 | ||
| Tampa, FL (University of Tampa Project), 5%, 4/01/2040 | 150,000 | 150,936 | ||
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035 | 330,000 | 332,413 | ||
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045 | 590,000 | 591,944 | ||
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5.25%, 5/01/2054 | 260,000 | 265,588 | ||
| $21,945,138 | ||||
| Georgia - 3.5% | ||||
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n) | $ | 105,000 | $98,052 | |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2036 (n) | 100,000 | 99,342 | ||
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | 450,000 | 399,718 | ||
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2030 | 85,000 | 85,406 | ||
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2033 | 145,000 | 145,673 | ||
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2038 | 155,000 | 152,377 | ||
16
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Georgia - continued | ||||
| Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.75%, 4/01/2053 | $ | 960,000 | $1,062,817 | |
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026 | 285,000 | 290,544 | ||
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | 210,000 | 211,649 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030) | 2,500,000 | 2,596,412 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2064 | 695,000 | 718,531 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, 5%, 1/01/2056 | 190,000 | 192,605 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), “A”, 5.5%, 7/01/2064 | 365,000 | 379,175 | ||
| Georgia Ports Authority Rev., 4%, 7/01/2052 | 420,000 | 402,665 | ||
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051 | 1,605,000 | 1,686,083 | ||
| $8,521,049 | ||||
| Guam - 0.0% | ||||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043 | $ | 120,000 | $93,512 | |
| Hawaii - 0.2% | ||||
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n) | $ | 165,000 | $160,206 | |
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2035 (n) | 125,000 | 115,863 | ||
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n) | 125,000 | 107,382 | ||
| $383,451 | ||||
| Idaho - 0.1% | ||||
| Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037 | $ | 80,000 | $79,171 | |
| Idaho Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%, 7/01/2049 (n) | 105,000 | 107,428 | ||
| $186,599 | ||||
17
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - 12.3% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 1,030,000 | $892,593 | |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2028 | 530,000 | 435,000 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2029 | 460,000 | 360,679 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2030 | 190,000 | 142,715 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2036 | 100,000 | 102,158 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2037 | 100,000 | 101,801 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 220,000 | 229,514 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 260,000 | 260,355 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 2,350,000 | 2,443,846 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 500,000 | 547,378 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042 | 400,000 | 396,577 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 (n) | 680,000 | 731,908 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039 | 155,000 | 144,366 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041 | 150,000 | 137,041 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 480,000 | 470,434 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation, “A”, 6%, 12/01/2049 | 1,210,000 | 1,323,684 | ||
| Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2043 | 2,250,000 | 2,366,559 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2033 | 1,520,000 | 1,633,261 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | 205,000 | 211,549 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | 790,000 | 814,514 | ||
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | 170,000 | 171,321 | ||
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B”, BAM, 0%, 12/15/2054 | 1,520,000 | 323,032 | ||
18
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 | $ | 2,565,000 | $829,336 | |
| Chicago, IL, Midway Airport Refunding Rev., “A”, BAM, 5.5%, 1/01/2053 | 290,000 | 310,546 | ||
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038 | 160,000 | 161,926 | ||
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048 | 490,000 | 482,476 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | 395,000 | 400,870 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053 | 220,000 | 221,691 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055 | 1,605,000 | 1,697,042 | ||
| Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | 905,000 | 919,064 | ||
| Cook County, IL, General Obligation Refunding, 5%, 11/15/2035 | 285,000 | 291,957 | ||
| Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036 | 228,000 | 227,062 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034 | 45,000 | 45,260 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038 | 55,000 | 53,070 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042 | 30,000 | 28,139 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047 | 60,000 | 54,785 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052 | 55,000 | 48,799 | ||
| Illinois Finance Authority Rev. (Lake Forest College), “A”, 5.25%, 10/01/2052 | 805,000 | 770,352 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5%, 5/15/2051 | 475,000 | 380,743 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.75%, 5/15/2058 | 715,000 | 733,126 | ||
| Illinois Finance Authority Rev. (Presence Health Network), 4%, 2/15/2041 (Prerefunded 2/15/2027) | 5,000 | 5,062 | ||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 | 980,000 | 939,799 | ||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | 615,000 | 622,182 | ||
19
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042 | $ | 70,000 | $69,565 | |
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047 | 145,000 | 140,081 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046 | 120,000 | 116,571 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049 | 110,000 | 105,250 | ||
| 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 | 655,000 | 549,273 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 | 45,000 | 45,051 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2047 | 180,000 | 169,712 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2050 | 45,000 | 41,915 | ||
| Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 235,000 | 221,441 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | 135,000 | 129,415 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | 100,000 | 83,250 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | 110,000 | 87,304 | ||
| State of Illinois, General Obligation, 4.5%, 11/01/2039 | 255,000 | 255,446 | ||
| State of Illinois, General Obligation, 5%, 11/01/2040 | 755,000 | 761,885 | ||
| State of Illinois, General Obligation, AGM, 5%, 2/01/2027 | 230,000 | 230,239 | ||
| State of Illinois, General Obligation, “A”, 5.5%, 3/01/2047 | 1,605,000 | 1,713,784 | ||
| State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 280,000 | 299,182 | ||
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043 | 720,000 | 717,988 | ||
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048 | 715,000 | 693,280 | ||
| $29,894,204 | ||||
20
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Indiana - 2.2% | ||||
| Fishers, IN, Town Hall Building Corp., Lease Rental Rev., “A”, BAM, 5.75%, 1/15/2063 | $ | 1,150,000 | $1,280,831 | |
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030 | 70,000 | 70,159 | ||
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039 | 180,000 | 175,752 | ||
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034 | 40,000 | 37,748 | ||
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2044 | 35,000 | 28,679 | ||
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2049 | 35,000 | 27,138 | ||
| Indiana Finance Authority, Environmental Refunding Rev. (Duke Energy Indian, Inc. Project), “A-2”, 4.5%, 5/01/2035 (Put Date 6/01/2032) | 1,205,000 | 1,200,833 | ||
| Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 670,000 | 671,995 | ||
| Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 5%, 1/01/2052 | 1,405,000 | 1,433,053 | ||
| Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5.375%, 6/01/2064 | 335,000 | 341,554 | ||
| Indianapolis, IN, Local Public Improvement Bond Bank Subordinate Rev. (Convention Center Hotel), “E”, 6.125%, 3/01/2057 | 190,000 | 205,623 | ||
| $5,473,365 | ||||
| Iowa - 0.4% | ||||
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033 | $ | 90,000 | $87,737 | |
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038 | 75,000 | 69,678 | ||
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048 | 130,000 | 111,131 | ||
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042 | 55,000 | 54,985 | ||
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047 | 55,000 | 55,195 | ||
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052 | 65,000 | 66,240 | ||
| Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044 | 565,000 | 441,325 | ||
| Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, “B-2”, 0%, 6/01/2065 | 170,000 | 21,220 | ||
| $907,511 | ||||
21
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Kansas - 1.3% | ||||
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 400,000 | $404,704 | |
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 200,000 | 202,352 | ||
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 165,000 | 157,269 | ||
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 75,000 | 66,185 | ||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030 | 85,000 | 86,238 | ||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032 | 75,000 | 75,817 | ||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039 | 100,000 | 97,725 | ||
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2046 | 120,000 | 94,425 | ||
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2052 | 285,000 | 210,518 | ||
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.5%, 12/01/2052 | 300,000 | 301,348 | ||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043 | 465,000 | 424,666 | ||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2038 | 150,000 | 125,583 | ||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047 | 180,000 | 131,777 | ||
| Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052 | 400,000 | 349,499 | ||
| Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | 85,000 | 77,904 | ||
| Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044 | 360,000 | 359,996 | ||
| $3,166,006 | ||||
22
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Kentucky - 2.1% | ||||
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 4.45%, 1/01/2042 (n) | $ | 270,000 | $264,165 | |
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%, 11/15/2046 | 555,000 | 432,857 | ||
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%, 11/15/2051 | 535,000 | 412,451 | ||
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042 | 430,000 | 344,758 | ||
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045 | 200,000 | 158,298 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041 | 495,000 | 502,539 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046 | 320,000 | 322,661 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037 | 250,000 | 253,687 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041 | 165,000 | 165,730 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041 | 125,000 | 126,010 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045 | 205,000 | 204,956 | ||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2036 | 240,000 | 205,934 | ||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2046 | 650,000 | 489,673 | ||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2051 | 165,000 | 120,339 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036 | 725,000 | 733,453 | ||
| Louisville & Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), “A”, 5%, 5/01/2034 | 160,000 | 148,350 | ||
23
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Kentucky - continued | ||||
| Louisville & Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), “A”, 5%, 5/01/2035 | $ | 260,000 | $239,081 | |
| $5,124,942 | ||||
| Louisiana - 2.7% | ||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Cameron Parish GOMESA Project), 5.65%, 11/01/2037 (n) | $ | 100,000 | $105,718 | |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045 | 1,110,000 | 927,019 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish GOMESA Project), 4%, 11/01/2044 (n) | 280,000 | 249,290 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish GOMESA Project), 3.95%, 11/01/2043 (n) | 256,836 | 229,361 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish GOMESA Project), 3.9%, 11/01/2044 (n) | 320,000 | 280,776 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish GOMESA Project), 5.375%, 11/01/2038 (n) | 140,000 | 146,076 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish GOMESA Project), 5.5%, 11/01/2039 (n) | 100,000 | 104,432 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish GOMESA Project), 4.625%, 11/01/2038 (n) | 110,000 | 111,434 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 5.75%, 2/01/2032 (n) | 100,000 | 95,776 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.125%, 2/01/2037 (n) | 325,000 | 309,128 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.25%, 2/01/2047 (n) | 265,000 | 242,926 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2029 (n) | 95,000 | 93,720 | ||
24
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Louisiana - continued | ||||
| 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) | $ | 110,000 | $100,675 | |
| 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) | 185,000 | 155,510 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035 | 170,000 | 167,910 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045 | 650,000 | 624,742 | ||
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), “A”, 4%, 6/01/2051 (n) | 480,000 | 349,694 | ||
| Louisiana Public Facilities Authority Rev. (BBR Schools - Mid City Campus Project), “C”, 4%, 6/01/2051 (n) | 230,000 | 167,562 | ||
| Louisiana Public Facilities Authority Rev. (Jefferson Rise Charter School Project), “A”, 6.375%, 6/01/2062 (n) | 215,000 | 205,961 | ||
| Louisiana Public Facilities Authority Rev. (Loyola University Project), 5.25%, 10/01/2046 | 890,000 | 929,748 | ||
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n) | 1,240,000 | 1,077,699 | ||
| $6,675,157 | ||||
| Maine - 0.7% | ||||
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n) | $ | 135,000 | $134,121 | |
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n) | 595,000 | 596,242 | ||
| Maine Health & Higher Educational Facilities Authority Rev., “A”, AGM, 4.375%, 7/01/2048 | 445,000 | 437,747 | ||
| Maine Health & Higher Educational Facilities Authority Rev., “A”, AGM, 4.375%, 7/01/2053 | 610,000 | 584,664 | ||
| $1,752,774 | ||||
25
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Maryland - 1.0% | ||||
| Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 5%, 9/01/2038 | $ | 205,000 | $203,061 | |
| Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.375%, 2/15/2039 (n) | 100,000 | 93,382 | ||
| Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n) | 240,000 | 215,196 | ||
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038 | 15,000 | 13,050 | ||
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048 | 50,000 | 39,101 | ||
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058 | 160,000 | 118,345 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036 | 285,000 | 292,359 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033 | 175,000 | 178,921 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038 | 480,000 | 482,930 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2053 | 1,795,000 | 404,837 | ||
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037 | 80,000 | 78,538 | ||
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 | 135,000 | 126,481 | ||
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047 | 140,000 | 125,894 | ||
| $2,372,095 | ||||
| Massachusetts - 3.3% | ||||
| Collegiate Charter School of Lowell, MA, Rev., 4%, 6/15/2024 | $ | 5,000 | $4,994 | |
| Collegiate Charter School of Lowell, MA, Rev., 5%, 6/15/2029 | 75,000 | 75,936 | ||
| Collegiate Charter School of Lowell, MA, Rev., 5%, 6/15/2054 | 40,000 | 37,741 | ||
| Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d) | 1,055,017 | 10,550 | ||
| Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 4.375%, 7/01/2052 | 235,000 | 221,640 | ||
| Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 5%, 10/01/2043 | 310,000 | 310,112 | ||
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2040 | 100,000 | 86,774 | ||
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | 130,000 | 129,461 | ||
26
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Massachusetts - continued | ||||
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | $ | 425,000 | $408,971 | |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 | 4,785,000 | 4,071,383 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 | 105,000 | 101,720 | ||
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046 | 120,000 | 118,909 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036 | 5,000 | 4,960 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 425,000 | 406,059 | ||
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2046 | 850,000 | 720,813 | ||
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051 | 225,000 | 146,788 | ||
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2052 | 710,000 | 572,478 | ||
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047 | 415,000 | 322,164 | ||
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052 | 255,000 | 188,138 | ||
| $7,939,591 | ||||
| Michigan - 1.8% | ||||
| Board of Regents of Eastern Michigan University, General Rev., “A”, 4%, 3/01/2047 | $ | 500,000 | $456,733 | |
| Detroit, MI, Downtown Development Authority Tax Increment Refunding Rev. (Catalyst Development Project), “A”, AGM, 5%, 7/01/2048 | 185,000 | 179,764 | ||
| Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at Eastgate Project), “A”, 5%, 11/01/2037 | 45,000 | 42,385 | ||
| Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at Eastgate Project), “A”, 5%, 11/01/2047 | 110,000 | 95,490 | ||
| Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052 | 115,000 | 107,191 | ||
| Michigan Finance Authority ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 4.375%, 2/28/2054 | 95,000 | 90,815 | ||
| Michigan Finance Authority ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 5.5%, 2/28/2057 | 85,000 | 90,899 | ||
| Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047 | 1,595,000 | 1,654,702 | ||
27
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Michigan - continued | ||||
| Michigan Strategic Fund Ltd. (Canterbury Health Care, Inc.), 5%, 7/01/2051 (z) | $ | 100,000 | $56,123 | |
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 (z) | 190,000 | 111,480 | ||
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 (z) | 190,000 | 106,633 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 65,000 | 65,084 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 75,000 | 75,253 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 55,000 | 55,073 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 160,000 | 159,323 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040 | 1,160,000 | 1,174,546 | ||
| $4,521,494 | ||||
| Minnesota - 1.3% | ||||
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036 | $ | 115,000 | $99,563 | |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041 | 285,000 | 225,200 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043 | 210,000 | 199,796 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043 | 310,000 | 315,645 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048 | 235,000 | 219,842 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048 | 240,000 | 243,010 | ||
| Minnesota Higher Educational Facilities Authority Rev. (St. Catherine University), 5.125%, 10/01/2048 | 750,000 | 742,189 | ||
| Minnesota Independent School District No. 150 (Hawley Public Schools), General Obligation School Building, “A”, 4.25%, 2/01/2046 | 955,000 | 959,401 | ||
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n) | 105,000 | 104,242 | ||
| $3,108,888 | ||||
28
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Mississippi - 0.9% | ||||
| Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053 | $ | 1,635,000 | $1,512,034 | |
| Mississippi Development Bank Special Obligation (Hancock County GOMESA Project), 4.55%, 11/01/2039 (n) | 255,000 | 255,380 | ||
| Mississippi Development Bank Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n) | 130,000 | 119,059 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046 | 215,000 | 213,327 | ||
| $2,099,800 | ||||
| Missouri - 2.6% | ||||
| Cape Girardeau County, MO, Industrial Development Authority, Health Facilities Rev. (Southeast Health), 4%, 3/01/2041 | $ | 170,000 | $161,798 | |
| Jackson County, MO, Special Obligations, “A”, 5.25%, 12/01/2058 | 3,270,000 | 3,471,482 | ||
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2054 | 940,000 | 943,037 | ||
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2040 (n) | 100,000 | 94,389 | ||
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n) | 290,000 | 263,665 | ||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051 | 245,000 | 197,488 | ||
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030 | 25,000 | 22,896 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030 | 80,000 | 76,824 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035 | 55,000 | 50,532 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045 | 140,000 | 119,303 | ||
| St. Louis County, MO, Industrial Development Authority Rev. (St. Andrew's Resources for Seniors Obligated Group), “A”, 5.125%, 12/01/2045 | 400,000 | 351,784 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029 | 75,000 | 66,518 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035 | 185,000 | 151,112 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047 | 405,000 | 304,587 | ||
| $6,275,415 | ||||
29
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Nebraska - 0.1% | ||||
| Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036 | $ | 210,000 | $218,362 | |
| Nevada - 0.4% | ||||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2035 (n) | $ | 265,000 | $265,787 | |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n) | 205,000 | 197,330 | ||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n) | 175,000 | 161,921 | ||
| Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 (n) | 275,000 | 253,900 | ||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048 | 40,000 | 37,506 | ||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058 | 50,000 | 46,154 | ||
| $962,598 | ||||
| New Hampshire - 0.9% | ||||
| National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%, 6/01/2051 | $ | 270,000 | $288,008 | |
| National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 956,558 | 922,653 | ||
| National Finance Authority, NH, Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042 (n) | 595,000 | 536,119 | ||
| New Hampshire National Finance Authority Municipal Certificates, “2-A”, 4%, 10/20/2036 | 551,661 | 514,898 | ||
| $2,261,678 | ||||
| New Jersey - 3.6% | ||||
| Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062 | $ | 275,000 | $289,488 | |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 70,000 | 70,064 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | 70,000 | 70,031 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043 | 420,000 | 420,137 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 210,000 | 210,105 | ||
30
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Jersey - continued | ||||
| New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Reclamation Project), 6.5%, 4/01/2031 | $ | 1,230,000 | $1,241,329 | |
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030 | 140,000 | 140,045 | ||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035 | 180,000 | 179,840 | ||
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030 | 250,000 | 252,191 | ||
| New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042 | 365,000 | 373,196 | ||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2032 | 190,000 | 199,490 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 1,610,000 | 1,545,428 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | 420,000 | 399,541 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | 65,000 | 45,852 | ||
| New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., “C”, 5%, 12/01/2053 | 110,000 | 102,118 | ||
| New Jersey Housing & Mortgage Finance Agency, Multi-Family Conduit Rev. (Riverview Towers Apartments), “B”, GNMA, 5.25%, 12/20/2065 | 961,953 | 977,404 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 4.25%, 6/15/2044 | 735,000 | 717,359 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045 | 205,000 | 194,321 | ||
| New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 205,000 | 222,546 | ||
| New Jersey Transportation Trust Fund Authority, Capital Appreciation, “C”, AAC, 0%, 12/15/2035 | 525,000 | 332,849 | ||
| New Jersey Transportation Trust Fund Authority, Capital Appreciation, “C”, AAC, 0%, 12/15/2036 | 1,375,000 | 825,503 | ||
| $8,808,837 | ||||
31
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - 12.6% | ||||
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | $ | 1,230,000 | $1,229,836 | |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “B”, 5%, 7/01/2062 | 215,000 | 200,735 | ||
| Build NYC Resource Corp. Rev. (International Leadership Charter High School Project), “A”, 6.25%, 7/01/2046 (n) | 140,000 | 140,713 | ||
| Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043 | 365,000 | 365,025 | ||
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2062 | 305,000 | 308,968 | ||
| Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), Tax-Exempt, “A”, 5.25%, 12/01/2052 | 805,000 | 820,817 | ||
| Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052 | 710,000 | 719,829 | ||
| Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052 | 155,000 | 139,139 | ||
| New York City Water Finance Authority, Water and Sewer System Second General Resolution Rev., “CC-1”, 5.25%, 6/15/2054 | 4,275,000 | 4,670,347 | ||
| New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050 | 475,000 | 405,153 | ||
| New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2033 (n) | 100,000 | 93,724 | ||
| New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 100,000 | 91,346 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 2,165,000 | 2,142,921 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | 130,000 | 121,838 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036 | 815,000 | 857,504 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 740,000 | 764,406 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5.625%, 4/01/2040 | 475,000 | 516,149 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040 | 300,000 | 309,744 | ||
32
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - continued | ||||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | $ | 1,080,000 | $1,042,558 | |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), 6%, 6/30/2054 | 1,460,000 | 1,599,955 | ||
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060 | 2,070,000 | 2,139,052 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038 | 145,000 | 141,130 | ||
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “A-1”, 4.75%, 11/01/2048 | 1,085,000 | 1,092,984 | ||
| New York, NY, Housing Development Corp., Housing Impact (Sustainable Development Bonds), “A”, 4.8%, 2/01/2053 | 465,000 | 466,449 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 414,392 | 412,677 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048 | 3,039,072 | 3,026,530 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev., “G”, 4.95%, 11/01/2058 | 430,000 | 434,525 | ||
| New York, NY, Mortgage Agency Homeowner Rev., 4.7%, 10/01/2038 | 395,000 | 397,805 | ||
| Niagara, NY, Area Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042 (n) | 530,000 | 472,842 | ||
| Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052 | 425,000 | 321,987 | ||
| Port Authority of NY & NJ (234th Series), 5.5%, 8/01/2052 | 1,005,000 | 1,074,780 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2028 | 130,000 | 99,073 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029 | 180,000 | 136,278 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2031 | 210,000 | 157,967 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032 | 355,000 | 266,619 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | 390,000 | 292,444 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035 | 360,000 | 269,862 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | 300,000 | 224,856 | ||
33
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - continued | ||||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041 | $ | 1,440,000 | $1,463,756 | |
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | 195,000 | 188,476 | ||
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037 | 920,000 | 752,804 | ||
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, 11/01/2047 | 130,000 | 137,486 | ||
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, 11/01/2048 | 230,000 | 259,544 | ||
| $30,770,633 | ||||
| North Carolina - 1.7% | ||||
| Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2048 | $ | 55,000 | $58,361 | |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036 | 95,000 | 84,938 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041 | 35,000 | 28,979 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051 | 375,000 | 274,769 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 | 40,000 | 35,763 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025 | 55,000 | 54,983 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030 | 165,000 | 163,478 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 100,000 | 96,951 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 175,000 | 177,002 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2039 | 110,000 | 101,927 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2044 | 75,000 | 66,289 | ||
34
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| North Carolina - continued | ||||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 (Prerefunded 9/01/2024) | $ | 65,000 | $65,221 | |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042 | 65,000 | 65,616 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | 125,000 | 125,669 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051 | 250,000 | 250,987 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054 | 170,000 | 170,464 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2049 | 165,000 | 170,056 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., “A”, AGM, 5%, 1/01/2058 | 2,065,000 | 2,177,793 | ||
| $4,169,246 | ||||
| North Dakota - 0.7% | ||||
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), “A”, AGM, 5%, 12/01/2053 | $ | 135,000 | $137,515 | |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), “A”, AGM, 5.42%, 12/01/2053 | 230,000 | 233,680 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034 | 575,000 | 565,625 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2038 | 330,000 | 311,203 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048 | 70,000 | 60,895 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053 | 540,000 | 453,005 | ||
| $1,761,923 | ||||
| Ohio - 4.2% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | $ | 3,505,000 | $3,172,969 | |
| Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2037 | 80,000 | 78,037 | ||
| Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2047 | 220,000 | 197,571 | ||
| Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2050 | 85,000 | 74,959 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2042 | 415,000 | 415,868 | ||
35
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Ohio - continued | ||||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | $ | 565,000 | $541,147 | |
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047 | 300,000 | 300,608 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2057 | 295,000 | 283,389 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 1,530,000 | 1,546,911 | ||
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2040 | 65,000 | 54,643 | ||
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045 | 95,000 | 74,441 | ||
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049 | 130,000 | 113,750 | ||
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.75%, 1/01/2053 | 175,000 | 179,058 | ||
| Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049 | 605,000 | 610,031 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 | 255,000 | 240,334 | ||
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) | 225,000 | 225,293 | ||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n) | 200,000 | 195,918 | ||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n) | 260,000 | 249,724 | ||
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042 | 195,000 | 193,677 | ||
| Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.9%, 9/01/2053 | 985,000 | 991,691 | ||
| Riversouth, OH, Authority Rev. (Lazarus Building), “A”, 5.75%, 12/01/2027 | 555,000 | 555,000 | ||
| $10,295,019 | ||||
| Oklahoma - 1.7% | ||||
| Norman, OK, Regional Hospital Authority Rev., 4%, 9/01/2045 | $ | 440,000 | $352,619 | |
| Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 220,000 | 214,705 | ||
| Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042 | 200,000 | 172,089 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2041 | 530,000 | 534,824 | ||
36
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Oklahoma - continued | ||||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2044 | $ | 535,000 | $534,142 | |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038 | 400,000 | 405,248 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043 | 360,000 | 367,219 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048 | 400,000 | 404,181 | ||
| Tulsa County, OK, Industrial Authority, Senior Living Community Refunding Rev. (Montereau, Inc. Project), “A”, 5.25%, 11/15/2045 | 1,315,000 | 1,285,128 | ||
| $4,270,155 | ||||
| Oregon - 0.9% | ||||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051 | $ | 915,000 | $644,045 | |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2056 | 410,000 | 278,462 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028 | 50,000 | 43,996 | ||
| Oregon Facilities Authority Rev. (Willamette University Projects), “A”, 4%, 10/01/2051 | 300,000 | 243,851 | ||
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2047 | 200,000 | 192,711 | ||
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2052 | 450,000 | 427,025 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2056 | 530,000 | 406,177 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-1”, 2.5%, 11/15/2028 | 55,000 | 49,647 | ||
| $2,285,914 | ||||
| Pennsylvania - 9.0% | ||||
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 1,380,000 | $1,274,555 | |
| Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 6%, 6/15/2053 (n) | 100,000 | 101,480 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n) | 100,000 | 101,580 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | 120,000 | 118,554 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2032 (n) | 245,000 | 249,331 | ||
37
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | $ | 175,000 | $172,486 | |
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2034 | 465,000 | 241,467 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 4%, 11/01/2047 | 410,000 | 210,895 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047 | 200,000 | 102,882 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050 | 895,000 | 458,677 | ||
| Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), “A”, 5%, 11/01/2044 | 705,000 | 363,028 | ||
| Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027) | 445,000 | 494,234 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2035 | 805,000 | 565,215 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051 | 185,000 | 111,639 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030 | 90,000 | 77,673 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 | 200,000 | 130,904 | ||
| Doylestown, PA, Hospital Authority Rev., 5.375%, 7/01/2039 | 100,000 | 100,186 | ||
| Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 (Prerefunded 7/01/2029) | 5,000 | 5,181 | ||
| Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 | 50,000 | 40,310 | ||
| Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 (Prerefunded 7/01/2029) | 5,000 | 5,417 | ||
| Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 | 50,000 | 46,164 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038 | 230,000 | 205,783 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043 | 305,000 | 258,905 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048 | 310,000 | 252,968 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053 | 295,000 | 233,308 | ||
| Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037 | 1,850,000 | 1,003,735 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 205,000 | 190,716 | ||
38
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%, 5/01/2053 | $ | 205,000 | $149,174 | |
| Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement - Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045 | 235,000 | 238,263 | ||
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 1,435,000 | 1,233,008 | ||
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-1”, 5.25%, 7/01/2049 | 300,000 | 302,953 | ||
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2044 | 1,075,000 | 420,365 | ||
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-3”, 0%, 1/01/2049 | 495,000 | 94,263 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, 6/30/2053 | 1,000,000 | 1,036,224 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5.5%, 6/30/2042 | 815,000 | 905,614 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 1,145,000 | 1,190,632 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 6/30/2042 | 1,030,000 | 1,012,805 | ||
| Pennsylvania Economic Development Financing Authority, UPMC Rev., “A”, 4%, 5/15/2053 | 415,000 | 369,630 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5%, 6/01/2051 (w) | 245,000 | 233,392 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043 | 710,000 | 695,020 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 | 970,491 | 1,020,712 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053 | 595,000 | 623,587 | ||
| Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5.25%, 10/01/2044 | 305,000 | 318,774 | ||
39
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 | $95,030 | |
| Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Tacony Academy School Project), 5.5%, 6/15/2043 (n) | 335,000 | 337,340 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036 | 100,000 | 102,042 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046 | 275,000 | 278,781 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051 | 235,000 | 227,873 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | 335,000 | 340,651 | ||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2037 | 255,000 | 259,773 | ||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2058 | 1,060,000 | 1,024,041 | ||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.25%, 12/01/2047 (n) | 280,000 | 259,314 | ||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058 (n) | 405,000 | 372,847 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037 | 220,000 | 197,744 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042 | 245,000 | 206,592 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049 | 350,000 | 281,678 | ||
| Philadelphia, PA, School District General Obligation, “B”, 5%, 9/01/2043 | 150,000 | 154,064 | ||
| Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046 | 885,000 | 772,514 | ||
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | 30,000 | 29,737 | ||
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030 | 60,000 | 59,933 | ||
40
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035 | $ | 60,000 | $58,939 | |
| $22,020,582 | ||||
| Puerto Rico - 3.4% | ||||
| AES Puerto Rico LP, Taxable, 12.5%, 3/04/2026 | $ | 118,822 | $115,257 | |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041 | 804,000 | 745,329 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2024 | 30,000 | 30,003 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2025 | 30,000 | 30,003 | ||
| Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033 | 105,000 | 101,583 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d) | 1,960,000 | 514,500 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024 | 125,000 | 125,061 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2026 | 10,000 | 10,005 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2025 | 55,000 | 54,663 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026 | 125,000 | 123,722 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 490,000 | 481,124 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d) | 1,650,000 | 433,125 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico Project), 6.625%, 1/01/2027 | 67,059 | 65,913 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico Project), 6.625%, 1/01/2028 | 511,449 | 501,562 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 70,000 | 70,060 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 125,000 | 125,267 | ||
| Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 25,000 | 25,165 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 82,000 | 82,026 | ||
41
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Puerto Rico - continued | ||||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | $ | 197,000 | $191,860 | |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 2,543,000 | 2,532,496 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 507,000 | 494,815 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 5,000 | 4,705 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 93,000 | 90,762 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 144,000 | 127,515 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 1,498,000 | 1,032,735 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 252,000 | 78,580 | ||
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 70,000 | 70,072 | ||
| $8,257,908 | ||||
| Rhode Island - 0.8% | ||||
| Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042 | $ | 1,595,000 | $1,506,347 | |
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034 | 110,000 | 102,355 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | 350,000 | 322,139 | ||
| $1,930,841 | ||||
| South Carolina - 1.8% | ||||
| Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.25%, 10/01/2043 | $ | 415,000 | $397,717 | |
| Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.5%, 10/01/2051 | 1,115,000 | 1,060,314 | ||
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n) | 100,000 | 72,103 | ||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | 105,000 | 84,755 | ||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”, 5%, 5/01/2037 | 75,000 | 66,863 | ||
42
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| South Carolina - continued | ||||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”, 5%, 5/01/2042 | $ | 40,000 | $33,354 | |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 4%, 11/01/2029 | 160,000 | 157,876 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2033 | 170,000 | 171,814 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037 | 120,000 | 118,882 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2042 | 300,000 | 269,469 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2046 | 165,000 | 144,625 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048 | 770,000 | 776,081 | ||
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047 | 310,000 | 263,117 | ||
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2052 | 225,000 | 185,254 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048 | 490,000 | 499,143 | ||
| $4,301,367 | ||||
| Tennessee - 3.2% | ||||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | $ | 85,000 | $86,852 | |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031 | 100,000 | 102,062 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 130,000 | 131,638 | ||
| Knox County, TN, Health, Educational & Housing Facility Board, Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “A-1”, BAM, 5.5%, 7/01/2059 | 250,000 | 266,799 | ||
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.5%, 7/01/2052 | 425,000 | 453,666 | ||
| Nashville and Davidson County, TN, Health & Education Facilities, Board of Metropolitan Government, Multi-Family Tax-Exempt Mortgage-Backed (Ben Allen Ridge Apartments Project), “A”, 4.75%, 2/01/2048 | 666,015 | 650,004 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 2,060,000 | 2,165,103 | ||
43
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Tennessee - continued | ||||
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 | $ | 905,000 | $918,837 | |
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 1,250,000 | 1,287,723 | ||
| Tennessee Energy Acquisition Corp., Gas Project Rev., “C”, 5%, 2/01/2025 | 450,000 | 449,367 | ||
| Tennessee Housing Development Agency, Residential Finance Program, “2A”, 4.7%, 7/01/2053 | 1,265,000 | 1,261,769 | ||
| $7,773,820 | ||||
| Texas - 10.2% | ||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036 | $ | 90,000 | $88,575 | |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046 | 385,000 | 356,118 | ||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Trinity Basin Preparatory, Inc.), Texas PSF, 4.25%, 8/15/2047 | 520,000 | 506,859 | ||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), “A”, 5%, 8/15/2038 | 95,000 | 93,440 | ||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), “A”, 5%, 8/15/2048 | 150,000 | 138,860 | ||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), “A”, 5%, 8/15/2053 | 155,000 | 141,459 | ||
| Arlington, TX, Higher Education Finance Corp. Rev. (Basis Charter Schools, Inc.), 4.5%, 6/15/2056 (Put Date 6/15/2026) (n) | 100,000 | 99,849 | ||
| Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2057 | 365,000 | 377,165 | ||
| Austin, TX, Airport System Rev., 5%, 11/15/2052 | 535,000 | 550,242 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034 | 20,000 | 19,649 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030 | 50,000 | 49,504 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.125%, 4/01/2043 | 995,000 | 1,028,505 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033 | 170,000 | 170,294 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042 | 915,000 | 915,139 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043 | 275,000 | 275,290 | ||
| Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050 | 120,000 | 75,379 | ||
44
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n) | $ | 100,000 | $72,759 | |
| Crowley, TX, Independent School District (Tarrant and Johnson Counties), Texas PSF, 4.25%, 2/01/2053 | 650,000 | 632,334 | ||
| Cypress-Fairbanks, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2048 | 160,000 | 151,448 | ||
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025 | 405,000 | 404,902 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 665,000 | 609,881 | ||
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032 | 30,000 | 30,102 | ||
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033 | 75,000 | 75,253 | ||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2038 | 1,205,000 | 558,743 | ||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041 | 125,000 | 53,960 | ||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046 | 425,000 | 137,276 | ||
| Houston, TX, Airport System Refunding Rev., Subordinate Lien, “A”, AGM, 5.25%, 7/01/2053 | 515,000 | 542,034 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.625%, 7/15/2038 | 470,000 | 470,306 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | 265,000 | 265,259 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029 | 100,000 | 100,009 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030 | 1,355,000 | 1,358,448 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-2”, 5%, 7/15/2027 | 100,000 | 101,397 | ||
| Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 85,000 | 65,246 | ||
| Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2044 | 145,000 | 145,423 | ||
| Mission, TX, Economic Development Corp. (NatGasoline Project), 4.625%, 10/01/2031 (n) | 355,000 | 351,061 | ||
45
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024) | $ | 235,000 | $234,884 | |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5%, 11/15/2026 | 15,000 | 14,593 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.375%, 11/15/2036 | 110,000 | 97,338 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2046 | 80,000 | 66,100 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2052 | 90,000 | 72,301 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 4%, 1/01/2029 | 30,000 | 27,451 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%, 1/01/2039 | 50,000 | 41,359 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%, 1/01/2050 | 60,000 | 44,367 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%, 1/01/2055 | 150,000 | 107,828 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035 (n) | 175,000 | 177,721 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045 (n) | 225,000 | 227,149 | ||
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 400,000 | 342,876 | ||
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | 625,000 | 482,589 | ||
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “A”, 6%, 1/01/2025 (n) | 460,000 | 452,710 | ||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 445,000 | 445,096 | ||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.5%, 11/15/2034 (Prerefunded 11/15/2024) | 195,000 | 198,488 | ||
46
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.75%, 11/15/2044 (Prerefunded 11/15/2024) | $ | 360,000 | $366,911 | |
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 8%, 11/15/2049 (Prerefunded 11/15/2024) | 265,000 | 270,364 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 4%, 7/01/2053 | 785,000 | 706,742 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), “D”, 5%, 11/15/2051 | 1,000,000 | 1,029,140 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030 | 160,000 | 158,941 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 195,000 | 188,525 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 (a)(d) | 1,637,959 | 1,064,673 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044 | 265,000 | 249,708 | ||
| Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, GNMA, 5.25%, 9/01/2053 | 1,225,000 | 1,258,239 | ||
| Texas Municipal Gas Acquisition and Supply Corp IV, Gas Supply Rev., “B”, 5.5%, 1/01/2054 (Put Date 1/01/2034) | 2,140,000 | 2,359,528 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2043 | 505,000 | 534,640 | ||
| Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 6%, 8/01/2054 | 480,000 | 538,866 | ||
| Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057 | 470,000 | 474,262 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037 | 50,000 | 27,670 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038 | 40,000 | 20,834 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039 | 45,000 | 22,101 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040 | 45,000 | 20,792 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041 | 85,000 | 37,079 | ||
47
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 | $ | 115,000 | $47,356 | |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043 | 95,000 | 36,845 | ||
| Tomball, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 3.875%, 2/15/2043 | 1,425,000 | 1,331,618 | ||
| $24,789,852 | ||||
| Utah - 0.6% | ||||
| Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2043 | $ | 770,000 | $785,230 | |
| Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047 | 475,000 | 416,832 | ||
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2036 (n) | 100,000 | 97,443 | ||
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n) | 150,000 | 138,378 | ||
| $1,437,883 | ||||
| Vermont - 1.0% | ||||
| Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%, 4/01/2036 (Put Date 4/03/2028) (n) | $ | 120,000 | $119,408 | |
| Vermont Housing Finance Agency, Multi-Purpose Rev., “A”, GNMA, 6%, 11/01/2053 | 1,562,000 | 1,681,942 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.75%, 6/15/2030 | 50,000 | 49,881 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.375%, 6/15/2040 | 410,000 | 386,959 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046 | 150,000 | 131,370 | ||
| $2,369,560 | ||||
| Virginia - 2.0% | ||||
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), “A”, 5%, 10/01/2052 | $ | 145,000 | $147,963 | |
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of Williamsburg, Inc.), “A”, 4%, 6/01/2047 | 210,000 | 161,351 | ||
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (Williamsburg Landing), “A”, 6.875%, 12/01/2058 | 255,000 | 276,079 | ||
48
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Virginia - continued | ||||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | $ | 115,000 | $111,597 | |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | 290,000 | 251,483 | ||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | 210,000 | 192,664 | ||
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), “A”, 7%, 9/01/2059 | 890,000 | 981,931 | ||
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2045 | 975,000 | 876,112 | ||
| Virginia Small Business Financing Authority Rev., Solid Waste Disposal (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n) | 100,000 | 96,064 | ||
| Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 5.25%, 7/01/2053 | 1,225,000 | 1,307,287 | ||
| Williamsburg, VA, Economic Development Authority Student Housing Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “A”, AGM, 5.25%, 7/01/2053 | 355,000 | 380,232 | ||
| $4,782,763 | ||||
| Washington - 2.3% | ||||
| Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037 | $ | 860,000 | $828,246 | |
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | 225,000 | 229,893 | ||
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | 290,000 | 288,521 | ||
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | 560,000 | 511,850 | ||
| Kalispel Tribe of Indians, WA, Priority District Rev., “A”, 5.25%, 1/01/2038 (n) | 210,000 | 213,974 | ||
| Kalispel Tribe of Indians, WA, Priority District Rev., “B”, 5.25%, 1/01/2038 (n) | 100,000 | 101,892 | ||
| Seattle, WA, Port Intermediate Lien Refunding Rev., “B”, 4%, 8/01/2047 | 100,000 | 90,413 | ||
| Seattle, WA, Port Rev., 4%, 4/01/2044 | 165,000 | 151,501 | ||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035 | 185,000 | 188,501 | ||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037 | 180,000 | 181,864 | ||
49
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Washington - continued | ||||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042 | $ | 400,000 | $341,566 | |
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048 (n) | 160,000 | 117,769 | ||
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2053 (n) | 125,000 | 89,317 | ||
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n) | 100,000 | 86,861 | ||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036 (n) | 140,000 | 126,942 | ||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046 (n) | 225,000 | 180,275 | ||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051 (n) | 260,000 | 199,339 | ||
| Washington State Housing Finance Commission Municipal Certificates, “X”, 0.725%, 12/20/2035 (i) | 4,392,122 | 191,361 | ||
| Washington State Housing Finance Commission Municipal Certificates, “X”, 3.5%, 12/20/2035 | 1,084,152 | 985,465 | ||
| Washington State Housing Finance Commission Non-Profit Refunding Rev. (Seattle Academy of Arts and Sciences Project), 6.375%, 7/01/2063 (n) | 310,000 | 333,626 | ||
| Washington State Housing Finance Commission, Non-Profit Housing Rev. (Emerald Heights Project), “A”, 5%, 7/01/2048 | 140,000 | 141,393 | ||
| $5,580,569 | ||||
| West Virginia - 0.6% | ||||
| Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic Opportunity Development District), “A”, 4.125%, 6/01/2043 (n) | $ | 95,000 | $81,622 | |
| Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), “A”, 7%, 6/01/2043 (n) | 163,000 | 171,512 | ||
| Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), “B”, 4.875%, 6/01/2043 (n) | 210,000 | 196,784 | ||
| Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), Convertible Capital Appreciation, “B”, 0% to 6/01/2043, 8.00% to 6/01/2053 (n) | 1,143,000 | 242,886 | ||
50
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| West Virginia - continued | ||||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%, 1/01/2043 | $ | 750,000 | $705,509 | |
| $1,398,313 | ||||
| Wisconsin - 11.4% | ||||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040 | $ | 1,145,000 | $532,565 | |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040 | 495,000 | 229,117 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027 | 155,000 | 145,860 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032 | 205,000 | 176,030 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037 | 110,000 | 87,857 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039 | 110,000 | 84,754 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048 | 2,000,000 | 1,831,023 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5.5%, 12/01/2052 | 365,000 | 392,230 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Cedar Crest, Inc. Project), 5.125%, 4/01/2057 | 965,000 | 757,711 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047 | 80,000 | 77,314 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 4%, 2/15/2050 | 190,000 | 148,658 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2039 | 75,000 | 67,711 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2046 | 150,000 | 126,239 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054 | 450,000 | 357,439 | ||
| Wisconsin Housing & Economic Development Authority Housing Rev., “A”, 4.8%, 11/01/2048 | 615,000 | 622,072 | ||
| Wisconsin Housing & Economic Development Authority Housing Rev., “A”, 4.9%, 11/01/2053 | 570,000 | 575,917 | ||
| Wisconsin Housing & Economic Development Authority Housing Rev., “A”, 4.95%, 11/01/2057 | 655,000 | 663,090 | ||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 445,000 | 445,199 | ||
51
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042 | $ | 2,575,000 | $2,555,709 | |
| Wisconsin Public Finance Authority Charter School Rev. (Alamance Community School Project), “A”, 5%, 6/15/2051 (n) | 155,000 | 128,772 | ||
| Wisconsin Public Finance Authority Charter School Rev. (Alamance Community School Project), “A”, 7%, 6/15/2053 | 300,000 | 314,674 | ||
| Wisconsin Public Finance Authority Charter School Rev. (Unity Classical Charter School; A Challenge Foundation Academy), 7%, 7/01/2058 (n) | 355,000 | 365,114 | ||
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037 | 75,000 | 74,995 | ||
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047 | 110,000 | 102,649 | ||
| Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062 | 245,000 | 229,745 | ||
| Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n) | 50,000 | 50,010 | ||
| Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n) | 250,000 | 238,454 | ||
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%, 6/01/2027 (n) | 150,000 | 141,835 | ||
| Wisconsin Public Finance Authority Health Care System Rev. (Cone Health), “A”, 5%, 10/01/2052 | 1,205,000 | 1,261,305 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051 | 190,000 | 139,925 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n) | 25,000 | 24,957 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n) | 155,000 | 152,271 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n) | 150,000 | 138,417 | ||
| Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047 | 200,000 | 180,906 | ||
| Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049 | 1,995,000 | 1,826,624 | ||
| 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) | 735,000 | 529,171 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 1,320,000 | 1,029,600 | ||
52
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | $ | 865,000 | $813,894 | |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 350,000 | 337,527 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (Galloway Ridge Project), “A”, 6.875%, 1/01/2043 | 405,000 | 413,516 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2051 | 100,000 | 85,161 | ||
| Wisconsin Public Finance Authority Rev. (McLemore Hotel & Conference Center), “B”, 6.5%, 6/01/2056 (n) | 390,000 | 323,035 | ||
| Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047 | 565,000 | 489,292 | ||
| Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052 | 945,000 | 782,889 | ||
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035 | 355,000 | 360,750 | ||
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%, 4/01/2052 (n) | 275,000 | 228,421 | ||
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%, 4/01/2052 (Prerefunded 4/01/2032) (n) | 5,000 | 5,351 | ||
| Wisconsin Public Finance Authority Rev., Subordinate-Social Certificates, “B-1”, 4%, 12/28/2044 (n) | 796,030 | 635,372 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n) | 125,000 | 123,258 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n) | 70,000 | 66,477 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n) | 330,000 | 301,226 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n) | 240,000 | 213,342 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 (n) | 260,000 | 261,068 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 (n) | 240,000 | 241,457 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 (n) | 225,000 | 226,661 | ||
53
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 (n) | $ | 265,000 | $267,261 | |
| Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n) | 1,105,000 | 871,148 | ||
| Wisconsin Public Finance Authority Special Rev. (Astro Texas Land Projects, Municipal Utility Districts, Brazoria, Galveston, Harris and Waller Counties, TX), 5.5%, 12/15/2028 (n) | 584,000 | 585,584 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044 | 40,000 | 40,730 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (CHF - Manoa LLC UH Residences for Graduate Students), “A”, 5.75%, 7/01/2063 (n) | 470,000 | 490,971 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (CHF - Manoa LLC UH Residences for Graduate Students), “B”, 6.75%, 7/01/2063 (n) | 420,000 | 447,089 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), “B”, 5%, 6/01/2034 | 170,000 | 172,663 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), “B”, 5%, 6/01/2039 | 105,000 | 103,897 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), “B”, 5%, 6/01/2044 | 130,000 | 125,171 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), “B”, 5%, 6/01/2049 | 185,000 | 172,439 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 (n) | 495,000 | 383,704 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “B”, 5.25%, 7/01/2061 (n) | 105,000 | 87,810 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047 | 345,000 | 321,213 | ||
| Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates (Dominium Holdings I), “B-1”, 6.81%, 4/28/2036 | 620,000 | 619,780 | ||
| Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Promenade Apartments), 6.25%, 2/01/2039 (n) | 275,000 | 279,684 | ||
| $27,683,760 | ||||
| Total Municipal Bonds (Identified Cost, $373,146,406) | $350,174,546 | |||
54
Portfolio of Investments (unaudited)
– continued
| Issuer | Shares/Par | Value ($) | ||
| Other Municipal Bonds – 0.6% | ||||
| Multi-Family Housing Revenue – 0.6% | ||||
| Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040 | $ | 893,279 | $912,261 | |
| FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.036%, 7/25/2041 (i)(n) | 1,046,756 | 98,835 | ||
| FRETE 2023-ML16 Trust, “X-CA”, 4.632%, 7/25/2038 | 394,003 | 383,586 | ||
| Total Other Municipal Bonds (Identified Cost, $1,380,495) | $1,394,682 | |||
| Bonds – 0.1% | ||||
| Medical & Health Technology & Services – 0.0% | ||||
| ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028 | $ | 140,000 | $131,137 | |
| Transportation - Services – 0.1% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n) | $ | 340,000 | $165,062 | |
| Total Bonds (Identified Cost, $342,416) | $296,199 | |||
| Preferred Stocks – 0.0% | ||||
| Utilities - Electric Power – 0.0% | ||||
| AES Guayama Holdings B.V. (u) (Identified Cost, $29,247) | 11,249 | $29,247 | ||
| Investment Companies (h) - 2.1% | ||||
| Money Market Funds – 2.1% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $5,023,861) | 5,023,980 | $5,023,979 | ||
| Other Assets, Less Liabilities - 0.1% | 322,214 | |||
| Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value of $113,800,000 net of unamortized debt issuance costs of $18,982 (issued by the fund) - (46.7)% | (113,781,018) | |||
| Net assets applicable to common shares - 100.0% | $243,459,849 | |||
| (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 $5,023,979 and $351,894,674, 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 $53,999,757, representing 22.2% of net assets applicable to common shares. |
55
Portfolio of Investments (unaudited)
– continued
| (u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements. |
| (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 | 5/25/2017 | $746,292 | $10,125 |
| California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 | 7/26/2019 | 835,468 | 96 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035 | 11/15/2017 | 82,026 | 2,215 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 | 12/16/2013-11/15/2017 | 782,978 | 21,140 |
| Michigan Strategic Fund Ltd. (Canterbury Health Care, Inc.), 5%, 7/01/2051 | 9/30/2016 | 98,531 | 56,123 |
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 | 9/30/2016 | 188,729 | 111,480 |
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 | 9/30/2016 | 187,208 | 106,633 |
| Total Restricted Securities | $307,812 | ||
| % of Net assets applicable to common shares | 0.1% |
| 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 |
| FHLMC | Federal Home Loan Mortgage Corp. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
56
Financial Statements
Statement of Assets and
Liabilities
At 4/30/24 (unaudited)
This statement represents your
fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
| Assets | |
| Investments in unaffiliated issuers, at value (identified cost, $374,898,564) | $351,894,674 |
| Investments in affiliated issuers, at value (identified cost, $5,023,861) | 5,023,979 |
| Cash | 2,654 |
| Receivables for | |
| Investments sold | 146,056 |
| Interest | 5,400,456 |
| Other assets | 27,573 |
| Total assets | $362,495,392 |
| Liabilities | |
| Payables for | |
| Distributions on common shares | $38,648 |
| When-issued investments purchased | 4,682,151 |
| Interest expense | 451,345 |
| Payable to affiliates | |
| Investment adviser | 612 |
| Administrative services fee | 335 |
| Transfer agent and dividend disbursing costs | 1,035 |
| Payable for independent Trustees' compensation | 2,816 |
| Accrued expenses and other liabilities | 77,583 |
| RVMTP shares, at liquidation value of $113,800,000 net of unamortized debt issuance costs of $18,982 | 113,781,018 |
| Total liabilities | $119,035,543 |
| Net assets applicable to common shares | $243,459,849 |
| Net assets consist of | |
| Paid-in capital - common shares | $280,253,369 |
| Total distributable earnings (loss) | (36,793,520) |
| Net assets applicable to common shares | $243,459,849 |
| RVMTP shares, at liquidation value of $113,800,000 net of unamortized debt issuance costs of $18,982 (1,138 shares issued and outstanding at $100,000 per share) | 113,781,018 |
| Net assets including preferred shares | $357,240,867 |
| Common shares of beneficial interest issued and outstanding (unlimited number of shares authorized) | 41,187,631 |
| Net asset value per common share (net assets of $243,459,849 / 41,187,631 shares of beneficial interest outstanding) | $5.91 |
See Notes to Financial Statements
57
Financial Statements
Statement of Operations
Six months ended 4/30/24
(unaudited)
This statement describes how much
your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
| Net investment income (loss) | |
| Income | |
| Interest | $8,357,416 |
| Dividends from affiliated issuers | 165,242 |
| Other | 3,565 |
| Total investment income | $8,526,223 |
| Expenses | |
| Management fee | $1,249,835 |
| Transfer agent and dividend disbursing costs | 17,390 |
| Administrative services fee | 30,405 |
| Independent Trustees' compensation | 8,140 |
| Stock exchange fee | 19,988 |
| Custodian fee | 7,004 |
| Shareholder communications | 15,858 |
| Audit and tax fees | 45,832 |
| Legal fees | 9,025 |
| Interest expense and fees and amortization of RVMTP shares debt issuance costs | 2,626,995 |
| Miscellaneous | 34,544 |
| Total expenses | $4,065,016 |
| Reduction of expenses by investment adviser | (120,647) |
| Net expenses | $3,944,369 |
| Net investment income (loss) | $4,581,854 |
| Realized and unrealized gain (loss) | |
| Realized gain (loss) (identified cost basis) | |
| Unaffiliated issuers | $(644,480) |
| Affiliated issuers | (557) |
| Net realized gain (loss) | $(645,037) |
| Change in unrealized appreciation or depreciation | |
| Unaffiliated issuers | $27,432,261 |
| Affiliated issuers | (406) |
| Net unrealized gain (loss) | $27,431,855 |
| Net realized and unrealized gain (loss) | $26,786,818 |
| Change in net assets from operations | $31,368,672 |
See Notes to Financial Statements
58
Financial Statements
Statements of Changes in Net
Assets
These statements describe the
increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
| Six months ended | Year ended | |
| 4/30/24 (unaudited) | 10/31/23 | |
| Change in net assets | ||
| From operations | ||
| Net investment income (loss) | $4,581,854 | $9,264,209 |
| Net realized gain (loss) | (645,037) | (10,624,809) |
| Net unrealized gain (loss) | 27,431,855 | 2,523,057 |
| Change in net assets from operations | $31,368,672 | $1,162,457 |
| Distributions to common shareholders | $(4,695,390) | $(8,875,935) |
| Total change in net assets | $26,673,282 | $(7,713,478) |
| Net assets applicable to common shares | ||
| At beginning of period | 216,786,567 | 224,500,045 |
| At end of period | $243,459,849 | $216,786,567 |
See Notes to Financial Statements
59
Financial Statements
Statement of Cash Flows
Six months ended 4/30/24
(unaudited)
This statement provides a summary
of cash flows from investment activity for the fund.
| Cash flows from operating activities: | |
| Change in net assets from operations | $31,368,672 |
| Adjustments to reconcile change in net assets from operations to net cash provided by operating activities: | |
| Purchase of investment securities | (31,531,682) |
| Proceeds from disposition of investment securities | 24,760,156 |
| Proceeds from disposition of short-term investments, net | 6,750,220 |
| Realized gain/loss on investments | 644,480 |
| Unrealized appreciation/depreciation on investments | (27,431,855) |
| Net amortization/accretion of income | 273,445 |
| Amortization of RVMTP shares debt issuance costs | 42,659 |
| Increase in interest receivable | (139,304) |
| Decrease in accrued expenses and other liabilities | (36,702) |
| Decrease in receivable from investment adviser | 18,724 |
| Increase in other assets | (20,873) |
| Decrease in payable for interest expense | (5,850) |
| Net cash provided by operating activities | $4,692,090 |
| Cash flows from financing activities: | |
| Cash distributions paid on common shares | $(4,692,089) |
| Net increase in cash and restricted cash | $1 |
| Cash and restricted cash: | |
| Beginning of period | $2,653 |
| End of period | $2,654 |
Supplemental disclosure of cash flow
information:
Cash paid during the six months
ended April 30, 2024 for interest was $2,590,186.
See Notes to Financial Statements
60
Financial Statements
Financial Highlights
The financial highlights table is
intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the
table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Common Shares | Six months ended | Year ended | ||||
| 4/30/24 (unaudited) | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
| Net asset value, beginning of period | $5.26 | $5.45 | $7.37 | $7.09 | $7.45 | $7.07 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d) | $0.11 | $0.22 | $0.25 | $0.29 | $0.30 | $0.34 |
| Net realized and unrealized gain (loss) | 0.65 | (0.19) | (1.91) | 0.30 | (0.34) | 0.38 |
| Total from investment operations | $0.76 | $0.03 | $(1.66) | $0.59 | $(0.04) | $0.72 |
| Less distributions declared to common shareholders | ||||||
| From net investment income | $(0.11) | $(0.22) | $(0.26) | $(0.31) | $(0.32) | $(0.34) |
| From net realized gain | — | — | (0.00)(w) | — | — | — |
| Total distributions declared to shareholders | $(0.11) | $(0.22) | $(0.26) | $(0.31) | $(0.32) | $(0.34) |
| Net asset value, end of period (x) | $5.91 | $5.26 | $5.45 | $7.37 | $7.09 | $7.45 |
| Market value, end of period | $5.09 | $4.43 | $4.77 | $6.90 | $6.31 | $7.01 |
| Total return at market value (%) | 17.32(n) | (3.10) | (27.72) | 14.27 | (5.50) | 21.64 |
| Total return at net asset value (%) (j)(r)(s)(x) | 14.84(n) | 0.70 | (22.68) | 8.62 | (0.16) | 10.70 |
| Ratios (%) (to average net assets applicable to common shares) and Supplemental data: | ||||||
| Expenses before expense reductions | 3.35(a) | 3.19 | 1.82 | 1.45 | 1.82 | 2.21 |
| Expenses after expense reductions | 3.25(a) | 3.08 | 1.81 | N/A | 1.77 | 2.14 |
| Net investment income (loss) | 3.77(a) | 3.85 | 3.83 | 3.86 | 4.21 | 4.73 |
| Portfolio turnover | 7(n) | 28 | 20 | 15 | 24 | 18 |
| Net assets at end of period (000 omitted) | $243,460 | $216,787 | $224,500 | $303,595 | $292,049 | $306,652 |
| Supplemental Ratios (%): | ||||||
| Ratios of expenses to average net assets applicable to common shares after expense reductions and excluding interest expense and fees (l) | 1.08(a) | 1.09 | 1.05 | 1.01 | 1.03 | 1.05 |
| Ratios of expenses to average net assets applicable to common and preferred shares after expense reductions and excluding interest expense and fees (l) | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.76 |
61
Financial Highlights – continued
| Six months ended | Year ended | |||||
| 4/30/24 (unaudited) | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
| Senior Securities: | ||||||
| RVMTP shares | 1,138 | 1,138 | 1,138 | 1,138 | — | — |
| VMTP shares | — | — | — | — | 4,550 | 4,550 |
| Asset coverage per preferred share (k) | $313,937 | $290,498 | $297,276 | $366,575 | $89,187 | $92,396 |
| Asset coverage per $1 liquidation preference (v) | $3.14 | $2.90 | $2.97 | $3.67 | $3.57 | $3.70 |
| Involuntary liquidation preference per preferred share (m) | $100,000 | $100,000 | $100,000 | $100,000 | $25,000 | $25,000 |
| Average market value per preferred share (m)(u) | $100,000 | $100,000 | $100,000 | $100,000 | $25,000 | $25,000 |
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (j) | Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value. |
| (k) | Calculated by subtracting the fund’s total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing by the total number of preferred shares outstanding. |
| (l) | Interest expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of RVMTP and VMTP (Variable Rate Municipal Term Preferred) shares, and amortization of RVMTP and VMTP shares debt issuance costs, as applicable. |
| (m) | Amount excludes accrued unpaid distributions on preferred shares. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (u) | Average market value represents the approximate fair value of each of the fund’s preferred shares held at period end. |
| (v) | Calculated by subtracting the fund's total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing by the aggregate liquidation preference of preferred shares outstanding. |
| (w) | Per share amount was less than $0.01. |
| (x) | The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
62
Notes to Financial Statements
(unaudited)
(1) Business and
Organization
MFS Municipal Income Trust (the
fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company.
The fund is an investment company
and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment
Companies.
(2) Significant Accounting
Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations
during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s
Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or
perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal
instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate
government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and
interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in
specific or general market and economic conditions in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited
number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. If the Internal Revenue
Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions
made by the fund could be taxable to shareholders. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can
already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher
quality debt instruments.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International
Swaps and Derivatives Association (ISDA) Master
63
Notes to Financial
Statements (unaudited) - continued
Agreement, or similar agreement, does not result in
an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff
may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the
extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as
the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. 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, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing
service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing
service. 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. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided
by a third-party pricing service.
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
64
Notes to Financial
Statements (unaudited) - continued
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 April 30, 2024 in valuing the fund's assets and
liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Equity Securities: | ||||
| Netherlands | $— | $— | $29,247 | $29,247 |
| Municipal Bonds | — | 351,569,228 | — | 351,569,228 |
| U.S. Corporate Bonds | — | 296,199 | — | 296,199 |
| Mutual Funds | 5,023,979 | — | — | 5,023,979 |
| Total | $5,023,979 | $351,865,427 | $29,247 | $356,918,653 |
For further information regarding
security characteristics, see the Portfolio of Investments.
The following is a reconciliation of
level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.
| Equity Securities | |
| Balance as of 10/31/23 | $— |
| Received as part of a corporate action | 29,247 |
| Balance as of 4/30/24 | $29,247 |
At April 30, 2024, the fund held one
level 3 security.
Statement of Cash Flows — Information on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in the Statement of Cash Flows. Cash as
presented in the fund's Statement of Assets and Liabilities includes cash on hand at the fund's custodian bank and does not include any short-term investments. Restricted cash is presented in the fund's Statement of
Assets
65
Notes to Financial
Statements (unaudited) - continued
and Liabilities as restricted cash for uncleared
derivatives and/or deposits with brokers for cleared derivatives and represents cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts.
The following table provides a
reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities with that shown in the Statement of Cash Flows:
| 4/30/24 | |
| Cash | $2,654 |
| Restricted cash | — |
| Restricted cash included in deposits with brokers | — |
| Total cash and restricted cash in the Statement of Cash Flows | $2,654 |
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to
the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown
as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and
Income — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such
date. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become
doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
The fund may receive proceeds from
litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in
unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded
on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
The fund may purchase or sell
securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond
the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market
fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to
acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are
categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold
66
Notes to Financial
Statements (unaudited) - continued
in the Statement of Assets and Liabilities, as
applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue
the securities due to political, economic or other factors.
Legal fees and other related
expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally
non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of
capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or
legal actions, are expensed.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt
income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue
Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions
that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes
may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax
imposed by those countries.
Distributions to shareholders are
recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital
accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary
differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily
relate to defaulted bonds and non-deductible expenses that result from the treatment of preferred shares as equity for tax purposes.
The tax character of distributions
made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
| Year ended 10/31/23 | |
| Ordinary income (including any short-term capital gains) | $436,208 |
| Tax-exempt income | 13,148,198 |
| Total distributions | $13,584,406 |
67
Notes to Financial
Statements (unaudited) - continued
The federal tax cost and the tax
basis components of distributable earnings were as follows:
| As of 4/30/24 | |
| Cost of investments | $382,674,201 |
| Gross appreciation | 4,311,267 |
| Gross depreciation | (30,066,815) |
| Net unrealized appreciation (depreciation) | $(25,755,548) |
| As of 10/31/23 | |
| Undistributed ordinary income | 317,046 |
| Undistributed tax-exempt income | 4,020,849 |
| Capital loss carryforwards | (14,209,068) |
| Other temporary differences | (494,349) |
| Net unrealized appreciation (depreciation) | (53,101,280) |
The aggregate cost above includes
prior fiscal year end tax adjustments, if applicable.
As of October 31, 2023, the fund had
capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are
characterized as follows:
| Short-Term | $(2,854,021) |
| Long-Term | (11,355,047) |
| Total | $(14,209,068) |
(3) Transactions with
Affiliates
Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.40% of the fund's average weekly net assets (including the value of preferred shares) and 6.32% of gross
income. Gross income is calculated based on tax elections that generally include the amortization of premium and exclude the accretion of discount, which may differ from investment income reported in the Statement of
Operations. The management fee, from net assets and gross income, incurred for the six months ended April 30, 2024 was equivalent to an annual effective rate of 0.70% of the fund's average daily net assets (including
the value of preferred shares).
The investment adviser has agreed in
writing to pay a portion of the fund’s total annual operating expenses, excluding interest expense on RVMTP shares, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery
expenses (including contingency fees and closing agreement expenses), other interest expense, and investment-related expenses, such that total fund operating expenses do not exceed 0.74% annually of the fund’s
average daily net assets (including the value of preferred shares). This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until October
31, 2024. For the six months ended April 30, 2024, this reduction amounted to $120,647, which is included in the reduction of total expenses in the Statement of Operations.
68
Notes to Financial
Statements (unaudited) - continued
Transfer Agent — The fund engages Computershare Trust Company, N.A. (“Computershare”) as the sole transfer agent for the fund's common shares. MFS Service Center, Inc. (MFSC) monitors
and supervises the activities of Computershare for an agreed upon fee approved by the Board of Trustees. For the six months ended April 30, 2024, these fees paid to MFSC amounted to $5,499.
Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the
fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets (including the value of preferred shares). The
administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended April 30, 2024 was equivalent to an annual effective rate of 0.0171% of the
fund’s average daily net assets (including the value of preferred shares).
Trustees’ and Officers’
Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee
chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who
are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and
MFSC.
Prior to December 31, 2001, the fund
had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future
independent Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. The DB plan resulted in a pension expense of $2,600 and is included in
“Independent Trustees’ compensation” in the Statement of Operations for the six months ended April 30, 2024. The liability for deferred retirement benefits payable to those former independent
Trustees under the DB plan amounted to $1,607 at April 30, 2024, and is included in “Payable for independent Trustees’ compensation” in the Statement of Assets and Liabilities. The deferred
retirement benefits compensation fee is accrued daily and paid monthly.
Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money
market fund does not pay a management fee to MFS but does incur investment and operating costs.
During the six months ended April
30, 2024, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the “Act”) and relevant guidance, the fund engaged in
sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser (“cross-trades”) which amounted to $769,099. The sales transactions resulted in net realized gains
(losses) of $(94,879).
(4) Portfolio Securities
For the six months ended April 30,
2024, purchases and sales of investments, other than short-term obligations, aggregated $29,264,714 and $22,965,377, respectively.
69
Notes to Financial
Statements (unaudited) - continued
(5) Shares of Beneficial
Interest
The fund’s Declaration of
Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. The fund reserves the right to repurchase shares of beneficial interest of the fund subject to Trustee
approval. During the six months ended April 30, 2024 and the year ended October 31, 2023, there were no transactions in fund shares.
(6) Line of Credit
The fund and certain other funds
managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of
banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR
(Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion
of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 13, 2025 unless extended or renewed. In addition, the fund and other funds managed by MFS have
established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an
agreed upon spread. For the six months ended April 30, 2024, the fund’s commitment fee and interest expense were $579 and $0, respectively, and are included in “Interest expense and fees and amortization
of RVMTP shares debt issuance costs” in the Statement of Operations.
(7) Investments in Affiliated
Issuers
An affiliated issuer may be
considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $11,774,605 | $25,338,309 | $32,087,972 | $(557) | $(406) | $5,023,979 |
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $165,242 | $— |
(8) Preferred Shares
The fund has 1,138 shares issued and
outstanding of RVMTP shares. The outstanding RVMTP shares are redeemable at the option of the fund in whole or in part at the liquidation preference of $100,000 per share, plus accumulated and unpaid dividends, but
generally solely for the purpose of decreasing the leverage of the fund. The RVMTP shares have a stated maturity date of 2051 but are subject to a mandatory early term redemption date at each 42 month anniversary from
the original date of issue and
70
Notes to Financial
Statements (unaudited) - continued
subsequent extensions of the RVMTP shares,
unless the holder(s) of the RVMTP shares agrees to retain the RVMTP shares. Otherwise, the RVMTP shares are subject to mandatory tender for remarketing to another purchaser. In the event the remarketing is
unsuccessful, the RVMTP shares would be subject to redemption at the liquidation preference of $100,000 per share, plus accumulated and unpaid dividends. There is no assurance that the term of the RVMTP shares will be
extended or that the RVMTP shares will be replaced with any other preferred shares or other form of leverage upon the redemption of the RVMTP shares. Dividends on the RVMTP shares are cumulative and reset weekly to a
fixed spread against the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index. During the six months ended April 30, 2024, the dividend rates on the RVMTP shares ranged from 2.90% to
5.55%. For the six months ended April 30, 2024, the average dividend rate was 4.50%.
In the fund’s Statement of
Assets and Liabilities, the RVMTP shares aggregate liquidation preference is shown as a liability since they have a stated mandatory redemption date. Dividends paid on the RVMTP shares are treated as interest expense
and recorded as incurred. For the six months ended April 30, 2024, interest expense related to the dividends paid on RVMTP shares amounted to $2,583,757 and is included in “Interest expense and fees and
amortization of RVMTP shares debt issuance costs” in the Statement of Operations. Costs directly related to the issuance of the RVMTP shares are considered debt issuance costs. Debt issuance costs are presented
as a direct deduction from the carrying amount of the related debt liability and are amortized into interest expense over the life of the RVMTP shares. The period-end carrying value for the RVMTP shares in the
fund’s Statement of Assets and Liabilities is its liquidation value less any unamortized debt issuance costs, which approximates its fair value. Its fair value would be considered level 2 under the fair value
hierarchy.
Under the terms of a purchase
agreement between the fund and the investor in the RVMTP shares, the fund is subject to various investment restrictions. These investment-related requirements are in various respects more restrictive than those to
which the fund is otherwise subject in accordance with its investment objectives and policies. In addition, the fund is subject to certain restrictions on its investments imposed by guidelines of the rating agency
that rates the RVMTP shares, which guidelines may be changed by the applicable rating agency, in its sole discretion, from time to time. These guidelines may impose asset coverage or portfolio composition requirements
that are more stringent than those imposed on the fund by the Investment Company Act of 1940 (the “1940 Act”).
The fund is required to maintain
certain asset coverage with respect to the RVMTP shares as defined in the fund’s governing documents and the 1940 Act. One of a number of asset coverage-related requirements is that the fund is not permitted to
declare or pay common share dividends unless immediately thereafter the fund has a minimum asset coverage ratio of at least 200% with respect to the RVMTP shares after deducting the amount of such common share
dividends. The fund may be subject to more stringent asset coverage levels which exceed the requirements under the 1940 Act and may change from time to time as agreed to by the fund and the holders of the RVMTP
shares.
The 1940 Act requires that the
preferred shareholders of the fund, voting as a separate class, have the right to elect at least two trustees at all times, and elect a majority of the trustees at any time when dividends on the preferred shares are
unpaid for two full
71
Notes to Financial
Statements (unaudited) - continued
years. Unless otherwise required by law or under
the terms of the preferred shares, each preferred share is entitled to one vote and preferred shareholders will vote together with common shareholders as a single class.
Leverage involves risks and special
considerations for the fund’s common shareholders. To the extent that investments are purchased by the fund with proceeds from the issuance of preferred shares, the fund’s net asset value will increase or
decrease at a greater rate than a comparable unleveraged fund. Changes in the value of the fund’s portfolio will be borne entirely by the common shareholders. It is possible that the fund will be required to
sell assets at a time when it may be disadvantageous to do so in order to redeem preferred shares to comply with asset coverage or other restrictions including those imposed by the 1940 Act and the rating agency that
rates the preferred shares. There is no assurance that the fund’s leveraging strategy will be successful.
72
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees and
Shareholders of MFS Municipal Income Trust:
Results of Review of Interim Financial
Statements
We have reviewed the accompanying
statement of assets and liabilities of MFS Municipal Income Trust (the “Trust”), including the portfolio of investments, as of April 30, 2024, and the related statements of operations, changes in net
assets, and cash flows and the financial highlights for the six-month period ended April 30, 2024, and the related notes. Based on our review, we are not aware of any material modifications that should be made to the
accompanying interim financial statements and financial highlights for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in
accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statement of assets and liabilities, including the portfolio of investments, as of October 31, 2023 (not
presented herein), the related statements of operations and cash flows for the year ended October 31, 2023 (not presented herein), the statements of changes in net assets for the years ended October 31, 2023 and
October 31, 2022 (2022 not presented herein) and the financial highlights for each of the five years in the period ended October 31, 2023, and in our report dated December 14, 2023, we expressed an unqualified opinion
on those financial statements.
Basis for Review Results
These interim financial statements
and financial highlights are the responsibility of the Trust's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Fund in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
and Exchange Commission and the PCAOB.
We conducted our review in
accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 14, 2024
June 14, 2024
We have served as the auditor of
one or more of the MFS investment companies since 1924.
73
Proxy Voting Policies and
Information
MFS votes proxies on behalf of the
fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how the fund
voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio
Disclosure
The fund files a complete schedule
of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s Web site
at http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Reports and Other Documents” tab.
Further Information
From time to time, MFS may post
important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Additional information about the
fund (e.g., performance, dividends and the fund’s price history) is also available at mfs.com/closedendfunds by choosing the fund's name, if any.
INFORMATION ABOUT FUND
CONTRACTS AND LEGAL CLAIMS
The fund has entered into
contractual arrangements with an investment adviser, administrator, transfer agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended
beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them
against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and
Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of
Massachusetts.
74
CONTACT US
TRANSFER AGENT, REGISTRAR, AND
DIVIDEND DISBURSING AGENT
DIVIDEND DISBURSING AGENT
CALL
1-800-637-2304
9 a.m. to 5 p.m. Eastern time
WRITE
Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
New York Stock Exchange Symbol:
MFM
Item 1(b):
A copy of the notice transmitted to the Registrant’s shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.
ITEM 2. CODE OF ETHICS.
The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant’s principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code’s definition enumerated in paragraph
(b)of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit
waiver, from any provision of the Code. David L. DiLorenzo (Principal Executive Officer) and James O. Yost (Principal Financial Officer) were the two persons covered by the Code prior to April 1, 2024. Beginning April 1, 2024, David L. DiLorenzo (Principal Executive Officer) and Kasey L. Phillips (Principal Financial Officer) are the two persons covered by the Code.
A copy of the Code is attached hereto as EX-99.COE.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semi-annual reports.
ITEM 6. INVESTMENTS
A schedule of investments of the Registrant is included as part of the report to shareholders of the Registrant under Item 1(a) of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual reports.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
There were no changes during the period.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
MFS Municipal Income Trust
|
|
|
|
|
(c) Total Number of |
(d) Maximum Number |
|
|
|
|
|
Shares Purchased as |
(or Approximate |
|
|
|
(a) Total number of |
(b) Average |
Part of Publicly |
Dollar Value) of |
|
|
Period |
Shares Purchased |
Price Paid |
Announced Plans or |
Shares that May Yet |
|
|
|
|
per Share |
Programs |
Be Purchased under |
|
|
|
|
|
|
the Plans or Programs |
|
|
|
|
|
|
|
|
|
11/01/23-11/30/23 |
0 |
N/A |
0 |
4,118,763 |
|
|
12/01/23-12/31/23 |
0 |
N/A |
0 |
4,118,763 |
|
|
01/01/24-01/31/24 |
0 |
N/A |
0 |
4,118,763 |
|
|
02/01/24-02/28/24 |
0 |
N/A |
0 |
4,118,763 |
|
|
03/01/24-03/31/24 |
0 |
N/A |
0 |
4,118,763 |
|
|
04/01/24-04/30/24 |
0 |
N/A |
0 |
4,118,763 |
|
|
Total |
0 |
|
0 |
|
|
|
|
|
|
|
|
Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant’s outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2023 plan year is 4,118,763.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b)There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual reports.
ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not Applicable.
ITEM 14. EXHIBITS.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant’s independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
(c)Registrant’s Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS MUNICIPAL INCOME TRUST
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: June 14, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: June 14, 2024
By (Signature and Title)*
/S/ KASEY L. PHILLIPS
Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: June 14, 2024
* Print name and title of each signing officer under his or her signature.