NPORT-EX 2 edgar.htm NPORT PART F EDGAR HTML
MIU-Q1
 
Quarterly Report
June 30, 2026
MFS®  Municipal
Intermediate Fund  
 
Portfolio of Investments
6/30/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction. 
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – 95.7%
Alabama – 5.7%
Alabama Energy Southeast Cooperative District Energy Supply Rev., “B”, 5%, 11/01/2033
 
$
255,000
$271,720
Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), “A”, 5%,
6/01/2055 (Put Date 6/01/2032)
 
 
465,000
483,186
Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), “B”, 4.625%,
6/01/2055 (Put Date 6/01/2032)
 
 
135,000
137,748
Birmingham, AL, Special Care Facilities Financing Authority, Children's Hospital Health Care Facilities Rev., “A”, 5.25%,
6/01/2043
 
 
1,000,000
1,113,650
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 5%, 12/01/2034
 
 
1,925,000
2,037,235
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031)
 
 
185,000
189,038
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 5.25%, 5/01/2056 (Put Date 5/01/2032)
 
 
730,000
745,043
Black Belt Energy Gas District, AL, Gas Project Rev., “B”, 5%, 12/01/2034
 
 
565,000
606,737
Black Belt Energy Gas District, AL, Gas Project Rev., “C”, 5.25%, 6/01/2036
 
 
975,000
1,050,599
Black Belt Energy Gas District, AL, Gas Project Rev., “C”, 5.5%, 10/01/2054 (Put Date 6/01/2032)
 
 
250,000
269,692
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028)
 
 
345,000
361,005
Black Belt Energy Gas District, AL, Gas Project Rev., “I”, 5%, 10/01/2033
 
 
1,850,000
1,972,344
Black Belt Energy Gas District, AL, Gas Project Rev., “I”, 5%, 6/01/2036
 
 
2,000,000
2,100,995
Black Belt Energy Gas District, AL, Gas Project Rev., “J”, 5%, 11/01/2036
 
 
845,000
888,741
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5%, 12/01/2035
 
 
1,565,000
1,655,411
Black Belt Energy Gas District, AL, Gas Supply Rev., “D-1”, 4%, 7/01/2052 (Put Date 6/01/2027)
 
 
315,000
317,842
Board of Trustees of Alabama State University, General Tuition & Fee Rev., AGM, 5.25%, 9/01/2038
 
 
650,000
728,648
Energy Southeast, AL, Cooperative District Energy Supply Rev., “B”, 5%, 9/01/2033
 
 
1,610,000
1,649,316
Energy Southeast, AL, Cooperative District Energy Supply Rev., “B-1”, 5.75%, 4/01/2054 (Put Date 11/01/2031)
 
 
345,000
379,340
Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University
Foundation), “A”, BAM, 5%, 8/01/2037
 
 
1,275,000
1,394,223
Jefferson County, AL, Sewer Rev. Warrants, 5%, 10/01/2038
 
 
750,000
814,856
Mobile, AL, Infirmary Health System Special Care Facilities, Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%,
2/01/2037
 
 
1,110,000
1,094,049
Southeast Alabama Cooperative District, Energy Supply Rev., “C”, 5%, 10/01/2055 (Put Date 11/01/2032)
 
 
1,230,000
1,305,608
Southeast Alabama Energy Authority, “A”, 5%, 11/01/2035
 
 
515,000
537,326
Southeast Alabama Energy Authority, Cooperative District Commodity Supply Rev. (Project No. 2), “B”, 4%,
12/01/2051 (Put Date 12/01/2031)
 
 
750,000
762,299
Southeast Alabama Energy Authority, Cooperative District Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%,
1/01/2053 (Put Date 12/01/2029)
 
 
215,000
228,955
Southeast Alabama Energy Authority, Cooperative District Commodity Supply Rev. (Project No. 5), “A”, 5.25%,
1/01/2054 (Put Date 7/01/2029)
 
 
1,000,000
1,049,439
Southeast Alabama Gas Supply District Refunding Rev. (Project No. 2), “B”, 5%, 6/01/2049 (Put Date 5/01/2032)
 
 
500,000
527,179
 
 
 
$24,672,224
Alaska – 0.4%
Alaska Housing Finance Corp., General Mortgage Rev. II, “C”, 5.75%, 12/01/2052
 
$
245,000
$259,498
Alaska Railroad Corp., Cruise Port Rev., AGM, 5.5%, 10/01/2039
 
 
1,300,000
1,466,028
 
 
 
$1,725,526
Arizona – 2.9%
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 4.5%, 7/01/2033
 
$
415,000
$419,561
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), “A”, 4.875%, 7/01/2060
 
 
1,400,000
1,463,034
Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), “A”, 4.43%, 7/01/2033
 
 
500,000
498,997
Arizona Industrial Development Authority, Multi-Family (Hacienda Del Rio Project), FNMA, 4.5%, 6/01/2041
 
 
797,730
819,388
Arizona Industrial Development Authority, Multi-Family Housing Refunding Rev. (Southgate-Canterbury House Project), 4.05%,
8/01/2036
 
 
1,000,000
1,002,638
Arizona Industrial Development Authority, Multi-Family Housing Rev. (Unity at West Glendale Project), 5%,
3/01/2045 (Put Date 9/01/2026)
 
 
67,000
67,235
Arizona Industrial Development Authority, Senior National Charter School Revolving Loan Fund Rev. (Equitable School
Revolving Fund), “A”, 5%, 11/01/2039
 
 
500,000
546,303
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Arizona – continued
Arizona Industrial Development Authority, Solid Waste Disposal Rev. (Copper World LLC Project), “A”, 4.5%,
7/01/2046 (Put Date 7/02/2036)
 
$
140,000
$142,140
Arizona Industrial Development Authority, Student Housing Rev. (Provident Group - NCCU Properties LLC - North Carolina
Central University Project), “A”, BAM, 5%, 6/01/2049
 
 
1,320,000
1,343,606
Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027)
 
 
1,255,000
1,269,898
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional School Projects), “A”, 5%,
7/01/2035
 
 
1,000,000
1,047,310
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Co. of New Mexico Palo Verde Project), “B”, 0.875%,
6/01/2043 (Put Date 10/01/2026)
 
 
15,000
14,915
Phoenix, AZ, Industrial Development Authority, Single Family Mortgage Rev., “A”, GNMA, 6.5%, 3/01/2055
 
 
260,000
287,831
Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), VRDN, 2.95%,
12/01/2035 (Put Date 8/01/2026)
 
 
1,600,000
1,599,691
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC -
Arizona State University Project), “A”, 5%, 7/01/2026
 
 
200,000
200,000
Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., “B”, GNMA, 6.5%, 1/01/2055
 
 
300,000
330,630
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.25%,
6/15/2038
 
 
500,000
504,132
Tempe, AZ, Industrial Development Authority Refunding Rev. (Friendship Village of Tempe Project), “A”, 4.375%, 12/01/2036
 
 
1,000,000
1,019,657
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2026
 
 
245,000
245,398
 
 
 
$12,822,364
Arkansas – 0.1%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028
 
$
95,000
$94,921
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027
 
 
125,000
125,072
Arkansas Development Finance Authority, Resource Recovery Rev. (Weyerhaeuser Co. Project), 3.875%,
10/15/2065 (Put Date 10/15/2032)
 
 
195,000
196,943
 
 
 
$416,936
California – 5.4%
Burbank, Glendale & Pasadena, CA, Airport Authority Senior Rev., “B”, 5%, 7/01/2037
 
$
1,225,000
$1,380,560
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “B”, 5%, 3/01/2036
 
 
980,000
1,021,877
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 2/01/2036
 
 
335,000
366,791
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%,
1/01/2054 (Put Date 10/01/2031)
 
 
1,200,000
1,270,702
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5%,
8/01/2055 (Put Date 10/01/2032)
 
 
285,000
297,648
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5%,
12/01/2055 (Put Date 10/01/2033)
 
 
490,000
513,799
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “E”, 5%, 7/01/2035
 
 
265,000
291,696
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “E”, 5%,
10/01/2056 (Put Date 5/01/2035)
 
 
1,000,000
1,081,765
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “F”, 5%, 6/01/2036 (w)
 
 
720,000
780,626
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “F”, 5.5%,
10/01/2054 (Put Date 11/01/2030)
 
 
395,000
431,133
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “H”, 5%,
1/01/2056 (Put Date 8/01/2033)
 
 
1,675,000
1,807,776
California Health Facilities Financing Authority Rev. (Providence St. Joseph Health), “C”, 5.25%,
10/01/2050 (Put Date 10/01/2035)
 
 
1,500,000
1,696,800
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036
 
 
1,211,406
1,239,628
California Municipal Finance Authority Rev. (Healthcore NorthBay Properties), “A”, 5.69%, 9/01/2035
 
 
388,000
396,666
California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “A”, 3.875%,
3/01/2054 (Put Date 3/01/2034)
 
 
655,000
664,832
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.45%,
12/01/2044 (Put Date 12/01/2026)
 
 
315,000
315,831
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 5), “A”, 4%,
8/01/2036
 
 
325,000
314,305
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 6), “A”, 5%,
8/01/2032 (n)
 
 
450,000
459,140
California School Finance Authority, Charter School Rev. (Partnerships to Uplift Communities Project), 5%, 8/01/2033
 
 
515,000
517,625
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
California – continued
California Statewide Communities Development Authority Rev, “C-2”, 4.375%, 9/02/2040
 
$
900,000
$907,665
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 4.125%, 3/01/2034
 
 
90,000
90,019
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%,
12/01/2034
 
 
715,000
715,670
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%,
12/01/2044
 
 
130,000
130,061
California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments Phase
IV - A CHF Irvine LLC), 5%, 5/15/2030
 
 
80,000
81,259
Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 8/01/2034
 
 
1,500,000
1,607,603
Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035)
 
 
470,000
503,303
Los Angeles, CA, Harbor Department Refunding Rev., “A-2”, AGM, 5%, 8/01/2036
 
 
780,000
864,606
Los Angeles, CA, Housing Authority, Multi-Family Housing Refunding Rev. (M-TEBS - Homekey Portfolio), “B”, 3.75%,
4/01/2034
 
 
56,635
57,088
Los Angeles, CA, Housing Authority, Multi-Family Housing Refunding Rev. (M-TEBS - Homekey Portfolio), “C”, 3.75%,
4/01/2034
 
 
141,587
142,719
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2029
 
 
90,000
95,307
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2030
 
 
240,000
258,322
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2039
 
 
1,000,000
1,087,878
San Francisco, CA, City & County Airports Commission, International Airport Rev., “C”, 5.5%, 5/01/2037
 
 
750,000
847,271
Santa Barbara County, CA, Lompoc Valley Medical Center Rev., 5%, 2/01/2034
 
 
270,000
283,242
Santa Barbara County, CA, Lompoc Valley Medical Center Rev., 5%, 2/01/2035
 
 
320,000
336,831
Santa Barbara County, CA, Lompoc Valley Medical Center Rev., 5%, 2/01/2036
 
 
340,000
357,069
Southern California Public Power Authority, Clean Energy Project Rev., “A”, 5%, 4/01/2055 (Put Date 9/01/2030)
 
 
190,000
199,435
 
 
 
$23,414,548
Colorado – 3.4%
Adams & Arapahoe Counties, CO, Joint School District No. 28J, Certificates of Participation, BAM, 5.25%, 12/01/2043
 
$
540,000
$593,639
Adams County, CO, Bromley Park Metropolitan District No. 3, General Obligation, AGM, 5%, 12/01/2039
 
 
905,000
976,068
Boulder County, CO, STC Metropolitan District No. 2, General Obligation & First Lien Special Refunding Rev., “A-1”, AGM, 5%,
12/01/2036
 
 
1,285,000
1,385,899
Colorado Health Facilities Authority Refunding Rev. (Frasier Meadows Manor), “A”, 5%, 5/15/2040
 
 
275,000
291,205
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2037
 
 
1,000,000
1,099,087
Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), “A”, 5%, 12/01/2035
 
 
975,000
1,062,635
Colorado Housing Catalyst General Credit Enhanced, Multi-Family Housing Rev. (Village on Eastbrook Apartments Project),
“A”, 5%, 5/01/2044
 
 
1,225,000
1,277,096
Colorado Middle-Income Housing Authority, NHP Foundation (602 Galena Street-Frisco CO), “A”, 4.5%, 7/01/2035
 
 
235,000
236,811
Denver, CO, City & County Housing Authority, Multi-Family Housing Rev. (4965 Washington Street Project), “A”, 5%,
12/01/2045
 
 
60,000
62,100
Douglas County, CO, Mirabelle Metropolitan District No. 2, Limited Tax General Obligation Refunding, “A”, AGM, 5%,
12/01/2040
 
 
720,000
765,463
Douglas County, CO, Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2 Refunding &
Improvement Senior, “A”, BAM, 5%, 12/01/2041
 
 
250,000
266,992
Erie, CO, Parkdale Community Authority, Limited Tax Supported Refunding Rev. (District No. 1), “A”, AGM, 5%, 12/01/2036
 
 
390,000
422,274
Garfield & Mesa Counties, CO, Grand River Hospital District Rev., General Obligation, AGM, 6%, 12/01/2039
 
 
225,000
266,267
Greeley, CO, City Center West Residential Metropolitan District No. 2, Weld County General Obligation Refunding Rev., AGM,
5.25%, 12/01/2040
 
 
302,000
326,074
Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5%, 6/01/2035
 
 
1,000,000
1,108,122
Jefferson County, CO, City of Arvada, Jefferson Center Metropolitan District No. 2, Special Refunding Rev., “A”, 5%, 12/01/2036
 
 
319,000
321,518
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Improvement & Refunding Rev., AGM, 5%,
12/01/2044
 
 
1,700,000
1,803,927
Routt County, CO, Airport Rev. (Yampa Valley Regional Airport), 5.25%, 6/01/2044
 
 
225,000
243,272
Routt County, CO, Airport Rev. (Yampa Valley Regional Airport), 5.25%, 6/01/2045
 
 
500,000
535,652
Routt County, CO, Airport Rev. (Yampa Valley Regional Airport), 5.25%, 6/01/2046
 
 
250,000
265,409
Southern Ute Indian Tribe, CO, Indian Reservation, “A”, 5%, 4/01/2035
 
 
1,250,000
1,355,435
 
 
 
$14,664,945
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Connecticut – 1.4%
Connecticut Health & Educational Facilities Authority Rev. (Hartford HealthCare Issue), “A”, 5%, 7/01/2045
 
$
1,500,000
$1,611,618
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 4%, 7/01/2030
 
 
1,000,000
998,180
Connecticut Higher Education Supplemental Loan Authority, State Supported Refunding Rev. (CHESLA Loan Program), “C”,
5%, 11/15/2036
 
 
160,000
172,265
Connecticut Higher Education Supplemental Loan Authority, State Supported Rev. (CHESLA Loan Program), “B”, 5%,
11/15/2031
 
 
1,530,000
1,628,563
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “E-1”, GNMA, 5.5%, 11/15/2052
 
 
410,000
430,974
Connecticut State Health & Educational Facilities Authority Rev. (Fairview Issue), 4.4%, 12/15/2031 (w)
 
 
810,000
814,200
Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), “D”, 4.25%, 10/01/2030
 
 
470,000
474,555
 
 
 
$6,130,355
Delaware – 0.5%
Delaware Economic Development Authority, Exempt Facility Refunding Rev. (NRG Energy Project), “A”, 4%,
10/01/2045 (Put Date 10/01/2035)
 
$
510,000
$515,396
Delaware Housing Authority, Multi-Family Rev. (Luther Towers Apartments), 4.65%, 1/01/2041
 
 
730,000
762,398
Delaware Housing Authority, Senior Single Family Rev., “A”, GNMA, 5.75%, 1/01/2055
 
 
870,000
941,616
 
 
 
$2,219,410
District of Columbia – 1.1%
District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 1), “A”, 5%, 6/01/2049 (n)
 
$
250,000
$230,175
District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 3), “A”, 5%, 6/01/2034 (n)
 
 
250,000
254,657
District of Columbia, Housing Finance Agency, Collateralized Multi-Family Housing Mortgage Rev. (Belmont Crossing Phase II),
5%, 3/01/2029 (Put Date 2/01/2028)
 
 
110,000
113,340
District of Columbia, Housing Finance Agency, Collateralized Multi-Family Housing Mortgage Rev. (Edmonson), 5%,
12/01/2028 (Put Date 12/01/2027)
 
 
327,000
336,512
District of Columbia, Housing Finance Agency, Multi-Family Development Program, “A-2”, 4.1%,
9/01/2046 (Put Date 9/01/2030)
 
 
1,250,000
1,300,831
District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (2911 Rhode Island Avenue Apartments Project), “A”,
FHA, 5%, 3/01/2028
 
 
1,250,000
1,290,481
District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045
 
 
100,000
97,038
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2034
 
 
960,000
1,069,169
 
 
 
$4,692,203
Florida – 5.3%
Charlotte County, FL, Industrial Development Authority, Utility System Rev. (Town & Country Utilities Project), 5.125%,
10/01/2035
 
$
400,000
$410,369
Collier County, FL, Industrial Development Authority, Healthcare Facilities Refunding Rev. (NCH Healthcare System Projects),
“B”, AGM, 5%, 4/01/2035
 
 
1,500,000
1,668,984
Florida Capital Trust Authority, Educational Facilities Rev. (Madrone - Florida Tech Student Housing I LLC - Florida Institute of
Technology Project), “A”, 4.75%, 7/01/2040
 
 
200,000
201,212
Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Projects), “A”, 4.9%,
6/15/2035
 
 
750,000
781,439
Florida Development Finance Corp., Healthcare Facilities Rev. (Tampa General Hospital Project), “B”, 5%,
8/01/2056 (Put Date 10/01/2031)
 
 
540,000
583,325
Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2028 (n)
 
 
500,000
501,561
Florida Development Finance Corp., Solid Waste Disposal Rev. (GFL Solid Waste Southeast LLC Project), “A”, 4.375%,
10/01/2054 (Put Date 10/01/2031)
 
 
520,000
527,613
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n)
 
 
500,000
490,934
Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), “B-2”, 4.45%,
11/15/2031
 
 
1,300,000
1,309,333
Florida Pompano Beach Rev. (John Knox Village Project), 5%, 9/01/2039
 
 
800,000
800,443
Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., “A”, 5%, 10/01/2031
 
 
1,005,000
1,006,549
Jacksonville, FL, Housing Authority, General Rev. (Westwood Apartments), 5%, 2/01/2034
 
 
1,380,000
1,477,170
Lee County, FL, Airport Rev., 5.25%, 10/01/2043
 
 
365,000
396,583
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), “B-1”, 4.75%,
11/15/2029
 
 
30,000
30,097
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), “B-2”, 4.375%,
11/15/2029
 
 
25,000
25,075
Miami-Dade County, FL, Industrial Development Authority, Educational Facilities Rev. (Mater Academy Projects), 5%, 6/15/2041
 
 
465,000
486,622
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Florida – continued
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5%, 10/01/2036
 
$
1,000,000
$1,074,324
Okaloosa County, FL, Industrial Development Authority Rev. (Air Force Enlisted Village, Inc. Project), 4.375%, 5/15/2035
 
 
900,000
912,681
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%,
8/01/2036
 
 
1,000,000
1,006,772
Palm Beach County, FL, Airport System Rev., “B”, 5.25%, 10/01/2042
 
 
500,000
547,310
Palm Beach County, FL, Airport System Rev., “B”, 5.25%, 10/01/2043
 
 
500,000
545,098
Palm Beach County, FL, Airport System Rev., “B”, 5.25%, 10/01/2044
 
 
500,000
541,400
Palm Beach County, FL, Health Facilities Authority Rev. (Jupiter Medical Center Project), “A”, 5.25%, 11/01/2037
 
 
570,000
621,318
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%,
6/01/2031
 
 
750,000
749,114
Palm Beach County, FL, Health Facilities Authority, Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2033
 
 
350,000
376,124
Palm Beach County, FL, State Rev. (Provident Group - PBAU Properties II LLC - Palm Beach Atlantic University Project), “A”,
5.5%, 10/01/2035
 
 
625,000
696,038
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5.5%, 9/01/2038
 
 
1,000,000
1,112,881
Pasco County, FL, Solid Waste Disposal & Resource Recovery System Rev., “A”, 5%, 10/01/2037
 
 
325,000
343,986
Pasco County, FL, Solid Waste Disposal & Resource Recovery System Rev., “A”, 5%, 10/01/2038
 
 
485,000
511,381
Pasco County, FL, Solid Waste Disposal & Resource Recovery System Rev., “A”, 5%, 10/01/2039
 
 
300,000
315,363
Pensacola, FL, Airport Rev., 5.25%, 10/01/2043
 
 
675,000
737,096
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040
 
 
100,000
97,033
Pompano Beach, FL, Rev. (John Knox Village Project), “A”, 4%, 9/01/2036
 
 
550,000
549,608
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2026
 
 
190,000
189,951
Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), “B2”, 4.5%, 1/01/2030
 
 
130,000
130,035
Wildwood, FL, Middleton Community Development District A, Special Assessment Rev., 4.2%, 5/01/2039
 
 
105,000
104,098
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 3.75%, 5/01/2029
 
 
75,000
75,437
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.375%, 5/01/2033
 
 
1,000,000
1,030,827
 
 
 
$22,965,184
Georgia – 2.9%
Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), “A-1”, 5%, 4/01/2034 (n)
 
$
185,000
$190,124
Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (North Block), 3.4%,
2/01/2029 (Put Date 2/01/2028)
 
 
187,000
188,058
Atlanta, GA, Urban Residential Finance Authority, Multi-Family Mortgage (Trinity Towers), “A”, 4.85%, 9/01/2043
 
 
1,000,000
1,072,911
Cobb County, GA, Development Authority, Student Housing Junior Subordinate Refunding Rev. (KSU Housing Real Estate
Foundations Projects.), “C”, 5%, 6/15/2037
 
 
490,000
526,151
Decatur, GA, Housing Authority, Multi-Family Housing Rev. (Calvin Court Project), 3.6%, 8/01/2028 (Put Date 8/01/2027)
 
 
426,000
428,952
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), “A”, 5%, 6/01/2040
 
 
250,000
253,303
DeKalb County, GA, Housing Authority, Affordable Multi-Family Housing Rev. (Park at 500 Project), 4%, 3/01/2034
 
 
840,000
842,359
Georgia Main Street Energy, Inc., Energy Project Refunding Rev., “C”, 5%, 9/01/2036 (w)
 
 
560,000
588,298
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030)
 
 
1,000,000
1,052,134
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2055 (Put Date 6/01/2032)
 
 
975,000
1,053,367
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 5%, 12/01/2052 (Put Date 6/01/2029)
 
 
500,000
521,682
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030)
 
 
455,000
483,955
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “E”, 5%, 5/01/2055 (Put Date 12/01/2032)
 
 
500,000
533,284
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2037
 
 
250,000
274,741
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2038
 
 
250,000
273,613
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2039
 
 
250,000
272,551
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2040
 
 
500,000
543,062
Georgia Municipal Gas Authority Rev. (Mid-State Energy Commission Project), BAM, 5%, 9/01/2050
 
 
1,000,000
1,027,510
Georgia Private Colleges & Universities Authority Rev. (Emory University), “B”, 4%, 9/01/2039
 
 
985,000
990,167
Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), “A”, 5.25%, 6/01/2040
 
 
500,000
536,413
Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), “B”, 5.5%, 6/01/2040
 
 
865,000
884,569
 
 
 
$12,537,204
Guam – 0.2%
Guam Government Business Privilege Tax Refunding Rev., “F”, 4%, 1/01/2042
 
$
30,000
$29,294
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036
 
 
60,000
60,120
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046
 
 
175,000
174,364
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Guam – continued
Guam Waterworks Authority Rev. (Water & Wastewater System), 5%, 7/01/2040
 
$
380,000
$382,855
Guam Waterworks Authority Rev. (Water & Wastewater System), 5%, 1/01/2046
 
 
300,000
300,119
 
 
 
$946,752
Hawaii – 0.2%
Hawaii Airports System Rev., “C”, 5%, 7/01/2043
 
$
800,000
$860,159
Idaho – 0.5%
Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “C”, 5%, 3/01/2060 (Put Date 3/01/2035)
 
$
480,000
$532,455
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%,
7/01/2039 (n)
 
 
735,000
748,272
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 4%,
5/01/2031
 
 
220,000
224,038
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 4%,
5/01/2035
 
 
425,000
427,841
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (White Pine Charter School Project), “A”, 5.5%, 5/01/2043
 
 
350,000
365,694
 
 
 
$2,298,300
Illinois – 6.0%
Bellwood, IL, Tax Increment Rev. (Workforce Housing Project), 5%, 12/01/2036
 
$
750,000
$793,529
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036
 
 
245,000
229,246
Chicago, IL, Board of Education, “A”, NPFG, 5.5%, 12/01/2026
 
 
25,000
25,148
Chicago, IL, Board of Education, Dedicated Capital Improvement, 6.1%, 4/01/2036
 
 
455,000
461,036
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2041
 
 
1,000,000
1,035,234
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2030
 
 
500,000
511,025
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5.25%, 12/01/2036
 
 
500,000
515,658
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041
 
 
225,000
203,192
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2038
 
 
1,000,000
1,031,910
Chicago, IL, Midway Airport Rev., “A”, BAM, 5.5%, 1/01/2040
 
 
1,000,000
1,098,785
Chicago, IL, Midway Airport Senior Lien Refunding Rev., “A”, 5.25%, 1/01/2043
 
 
820,000
873,441
Chicago, IL, O’Hare International Airport, Senior Special Facilities Rev. (Trips Obligated Group), 5%, 7/01/2033
 
 
170,000
174,677
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2033
 
 
400,000
434,367
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2034
 
 
200,000
216,449
Cook County, IL, City of Markham General Obligation Refunding, “A”, BAM, 5%, 12/01/2031
 
 
250,000
271,281
Cook County, IL, City of Markham General Obligation Refunding, “A”, BAM, 5%, 12/01/2032
 
 
275,000
300,722
Cook County, IL, Community College District No. 508, Unlimited Tax General Obligation Refunding Dedicated Rev. (City
Colleges), BAM, 5%, 12/01/2038
 
 
1,000,000
1,083,697
Illinois Development Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 3.45%,
11/01/2044 (Put Date 11/02/2026)
 
 
100,000
100,196
Illinois Finance Authority Refunding Rev. (Silver Cross Hospital & Medical Centers), “B-2”, 5%, 8/15/2044 (Put Date 8/15/2035)
 
 
625,000
706,399
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2032
 
 
655,000
672,966
Illinois Finance Authority Rev. (OSF Healthcare System), “A”, 4.125%, 11/15/2037
 
 
70,000
69,559
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.625%, 5/15/2030
 
 
855,000
895,076
Illinois Finance Authority Rev. (The Moorings of Arlington Heights), “A”, 5%, 11/01/2036
 
 
845,000
907,712
Illinois Finance Authority Rev. (UChicago Medicine), “A-3”, 5%, 8/15/2064 (Put Date 8/15/2035)
 
 
1,500,000
1,678,220
Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), “B”, 3.25%, 5/15/2027 (a)(d)
 
 
20,116
201
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%,
7/01/2034
 
 
380,000
412,629
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%,
7/01/2035
 
 
450,000
489,315
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%,
7/01/2036
 
 
725,000
788,674
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”,
4.25%, 7/01/2041
 
 
555,000
560,274
Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago
Project), “A”, 5%, 2/15/2037
 
 
1,100,000
1,103,644
Illinois Finance Authority, Surface Freight Transfer Facilities Rev. (Centerpoint Joliet Terminal Railroad Project), 4.8%,
12/01/2043 (Put Date 7/02/2035)
 
 
385,000
398,728
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Illinois – continued
Illinois Finance Authority, Surface Freight Transfer Facilities Rev. (Centerpoint Joliet Terminal Railroad Project), 4.8%,
12/01/2043 (Put Date 7/02/2035)
 
$
670,000
$693,890
Illinois Finance Authority, Water Facilities Refunding Rev. (American Water Capital Corp. Project), 3.875%,
5/01/2040 (Put Date 9/01/2028)
 
 
250,000
254,181
Mount Vernon, IL, General Obligation, BAM, 5%, 12/15/2038
 
 
555,000
589,383
Mount Vernon, IL, General Obligation, BAM, 5%, 12/15/2039
 
 
705,000
746,603
Northeastern, IL, Board of Trustees, University Certificates of Participation (Capital Improvement Projects), BAM, 5.25%,
7/01/2037
 
 
400,000
436,057
Richland County, IL, Community Unit School District Number 1 Richland, Wayne, Jasper, Clay and Lawrence Counties, General
Obligation School (Alternate Rev.), BAM, 5%, 12/01/2037
 
 
875,000
967,820
Rock Island County, IL, School District No. 41, General Obligation, “A”, AGM, 5%, 1/01/2043
 
 
1,000,000
1,064,851
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2027
 
 
30,000
30,316
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2037
 
 
115,000
125,989
St. Clair County, IL, Community Unit School District No. 187, General Obligation School, “A”, AGM, 5%, 1/01/2040
 
 
380,000
415,346
St. Clair County, IL, Community Unit School District NO. 187, General Obligation School, “A”, AGM, 5%, 1/01/2041
 
 
1,275,000
1,379,958
State of Illinois, General Obligation, 5.5%, 5/01/2039
 
 
150,000
159,302
Tazewell County, IL, School District No. 52, General Obligation, BAM, 6.5%, 12/01/2042
 
 
225,000
265,932
Will County, IL, Wilmington Community Unit School District No. 209-U, AGM, 5%, 2/01/2037
 
 
250,000
274,531
Winnebago & Boone Counties, IL, Rockford School District No. 205, General Obligation Limited Tax School, “A”, BAM, 5%,
2/01/2042
 
 
750,000
812,079
 
 
 
$26,259,228
Indiana – 2.3%
Gary/Chicago, IN, International Airport Authority, Development Zone Rev., AGM, 5.25%, 2/01/2042
 
$
490,000
$539,499
Indiana Finance Authority Rev. (Greenwood Village South Project), “C-2”, 3.75%, 5/15/2032
 
 
100,000
100,083
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2036
 
 
780,000
845,141
Indiana Finance Authority, Educational Facilities Rev. (DePauw University Project), 5%, 10/01/2041
 
 
1,245,000
1,316,581
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026
 
 
200,000
199,926
Indiana Finance Authority, Health System Rev. (Indiana University Health), “D-5”, 5%, 10/01/2054 (Put Date 10/01/2037)
 
 
1,000,000
1,091,006
Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), “A”, 4.3%, 5/01/2029
 
 
120,000
121,846
Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), “B”, 5%, 5/01/2035
 
 
530,000
566,666
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5%, 6/01/2038
 
 
800,000
836,499
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2031
 
 
1,000,000
1,047,952
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 4%, 6/01/2046
 
 
670,000
654,446
Indianapolis, IN, Local Public Improvement Bond Bank (Indianapolis Airport Authority Project), “B-2”, 5%, 1/01/2033
 
 
1,130,000
1,242,947
Indianapolis, IN, Local Public Improvement Bond Bank Rev. (Convention Center Hotel), “E”, 5.5%, 3/01/2038
 
 
500,000
538,903
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031)
 
 
750,000
778,312
 
 
 
$9,879,807
Iowa – 0.7%
Bondurant, IA, General Obligation, “B”, 5.25%, 6/01/2038
 
$
1,000,000
$1,092,099
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2033
 
 
1,150,000
1,228,925
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2034
 
 
350,000
373,273
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044
 
 
115,000
95,190
PEFA, Inc., Iowa Gas Project Rev., “A”, 5%, 4/01/2035
 
 
220,000
234,557
 
 
 
$3,024,044
Kansas – 0.3%
Garden City, KS, Sales Tax Special Obligation Rev. (Sports of the World Star Bond Project - Phase II), 4.25%, 6/01/2033
 
$
160,000
$160,974
Kansas Development Finance Authority, Multi-Family Mortgage-Backed (Sycamore Village), FNMA, 4.17%, 11/01/2041
 
 
178,934
180,640
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 5.75%, 12/01/2033
 
 
675,000
700,785
Wyandotte County/Kansas City, KS, Unified Government Sales Tax Special Obligation Rev. (Northwest Speedway Star Bond
District Project), 4%, 3/01/2036
 
 
195,000
192,883
 
 
 
$1,235,282
7
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Kentucky – 0.6%
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2031
 
$
500,000
$521,929
Kentucky Public Energy Authority, Gas Supply Rev., “B”, 5%, 12/01/2033
 
 
1,415,000
1,456,089
Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 3.875%,
6/01/2040 (Put Date 9/01/2028)
 
 
275,000
279,600
Trimble County, KY, Environmental Facilities Rev. (Kentucky Utilities Co. Project), “A”, 4.7%, 6/01/2054 (Put Date 6/01/2027)
 
 
210,000
210,885
Trimble County, KY, Environmental Facilities Rev. (Louisville Gas & Electric Co. Project), “A”, 4.7%,
6/01/2054 (Put Date 6/01/2027)
 
 
345,000
347,986
 
 
 
$2,816,489
Louisiana – 0.7%
Capital Area Finance Authority, LA, Single Family Mortgage Rev., GNMA, 6.5%, 4/01/2054
 
$
230,000
$255,108
Shreveport, LA, General Obligation, AGM, 5%, 3/01/2041
 
 
1,000,000
1,087,684
Shreveport, LA, Water & Sewer Refunding Rev., AGM, 5%, 12/01/2040
 
 
1,500,000
1,647,749
 
 
 
$2,990,541
Maine – 0.6%
Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%,
12/01/2047 (Put Date 6/01/2035)
 
$
100,000
$104,473
Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), “R-3”, 5%, 8/01/2035
 
 
400,000
422,876
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 5.25%, 12/01/2031
 
 
965,000
1,033,389
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 5%, 12/01/2037
 
 
430,000
443,837
Maine Health & Higher Educational Facilities Authority Rev. (University of New England), “B”, 4%, 7/01/2037
 
 
500,000
500,942
 
 
 
$2,505,517
Maryland – 0.7%
Baltimore, MD, Project Rev. (Water Projects), “A”, 4%, 7/01/2038
 
$
450,000
$453,781
Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington International Thurgood
Marshall Airport), “A”, AGM, 5%, 8/01/2034
 
 
1,000,000
1,112,673
Maryland Health & Higher Educational Facilities Authority Rev. (Kennedy Krieger Institute, Inc.), “A”, 5.25%, 7/01/2044
 
 
300,000
319,747
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health Issue), “A”, 5%, 8/15/2041
 
 
1,000,000
1,099,171
 
 
 
$2,985,372
Massachusetts – 2.5%
Massachusetts Development Finance Agency Refunding Rev. (Lasell Village, Inc.), 5%, 7/01/2034
 
$
1,140,000
$1,242,738
Massachusetts Development Finance Agency Refunding Rev. (Mass General Brigham), “A”, 5%, 7/01/2041
 
 
1,750,000
1,951,137
Massachusetts Development Finance Agency Rev. (Brown University Health Obligated Group), “B”, 5%,
8/15/2055 (Put Date 8/15/2031)
 
 
270,000
289,181
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), “Q”, 5%, 12/01/2039
 
 
1,630,000
1,815,584
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026
 
 
100,000
100,000
Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), “A”, 4.25%, 7/01/2034
 
 
500,000
508,723
Massachusetts Development Finance Agency Rev. (Middlesex Sustainable Energy Partners), “A”, 5.5%, 10/01/2038
 
 
1,000,000
1,130,257
Massachusetts Development Finance Agency Rev. (Middlesex Sustainable Energy Partners), “A”, 5.5%, 10/01/2039
 
 
750,000
842,567
Massachusetts Development Finance Agency Rev. (Simmons University), “N”, 5.25%, 10/01/2036
 
 
500,000
488,850
Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 4%, 7/01/2036
 
 
90,000
86,764
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 3.625%, 7/01/2038
 
 
220,000
216,772
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 5%, 7/01/2032
 
 
1,000,000
1,064,682
Massachusetts Housing Finance Agency, “D-3”, FHA, 3.35%, 6/01/2027
 
 
875,000
875,250
Massachusetts Housing Finance Agency, Single Family Housing Rev., “225”, 5.5%, 12/01/2052
 
 
345,000
365,936
 
 
 
$10,978,441
Michigan – 1.6%
Michigan Finance Authority, Higher Education Facilities, Limited Obligation Rev. (Kalamazoo College Project), 5%, 12/01/2036
 
$
330,000
$364,449
Michigan Finance Authority, Hospital Refunding Rev. (Corewell Health), “B-2”, 5%, 8/15/2055 (Put Date 6/01/2035)
 
 
945,000
1,058,252
Michigan Housing Development Authority, Rental Housing Rev., “A”, 3.7%, 4/01/2030
 
 
800,000
800,051
Michigan Housing Development Authority, Single Family Mortgage Rev., “D”, 5.5%, 6/01/2053
 
 
240,000
253,206
Michigan Strategic Fund (Waste Management, Inc.), 4.125%, 8/01/2027
 
 
300,000
302,128
8
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Michigan – continued
Michigan Strategic Fund, Limited Obligation Tax Capture Rev. (Bedrock Detroit - Transformational Brownfield Plan Project),
4.25%, 10/01/2036
 
$
125,000
$126,654
Michigan Strategic Fund, Limited Obligation Rev. (DTE Electric Co. Exempt Facilities Project), “DT”, 3.875%,
6/01/2053 (Put Date 6/03/2030)
 
 
1,000,000
1,001,723
Michigan Strategic Fund, Limited Obligation Rev. (I-75 Improvement Project), 5%, 12/31/2043
 
 
500,000
505,392
Michigan Strategic Fund, Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035
 
 
1,000,000
1,000,250
Wayne County, MI, Airport Authority Refunding Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2036
 
 
300,000
332,542
Wayne County, MI, Airport Authority Refunding Rev. (Detroit Metropolitan Wayne County Airport), “F”, 5%, 12/01/2035
 
 
450,000
501,495
Wayne County, MI, Airport Authority Rev., “B”, 5.25%, 12/01/2039
 
 
700,000
779,902
 
 
 
$7,026,044
Minnesota – 0.7%
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026
 
$
125,000
$125,000
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2042
 
 
1,000,000
960,900
Minnetonka, MN, Independent School District No. 276, General Obligation School Building, Capital Appreciation, “A”, 0%,
2/01/2040
 
 
525,000
316,414
Minnetonka, MN, Independent School District No. 276, General Obligation School Building, Capital Appreciation, “A”, 0%,
2/01/2041
 
 
665,000
378,874
Minnetonka, MN, Independent School District No. 276, General Obligation School Building, Capital Appreciation, “A”, 0%,
2/01/2042
 
 
675,000
364,069
Rum River Special Education Cooperative, Minnesota Joint Powers Entity, Certificates of Participation, “A”, 5%, 2/01/2035
 
 
1,000,000
1,051,239
 
 
 
$3,196,496
Mississippi – 0.0%
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%,
12/01/2040
 
$
65,000
$66,105
Mississippi Home Corp., Single Family Mortgage Rev., “E”, GNMA, 7.5%, 6/01/2044
 
 
125,000
152,651
 
 
 
$218,756
Missouri – 0.2%
Missouri Development Finance Board, Infrastructure Facilities Rev. (City of Independence, Missouri-Public Safety Projects), “A”,
AGM, 5%, 12/01/2036
 
$
285,000
$313,813
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “E”,
GNMA, 6.5%, 5/01/2054
 
 
260,000
290,112
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev.,
“B”, 3.375%, 12/01/2031
 
 
30,000
29,401
St. Louis, MO, Industrial Development Authority, Tax Increment & Special District Rev. (Union Station Phase 2 Redevelopment
Project), “A”, 4.875%, 6/15/2034
 
 
315,000
323,135
 
 
 
$956,461
Montana – 0.6%
Forsyth, MT, Pollution Control Rev. (Avista Corp. Colstrip Project), “A”, 3.875%, 10/01/2032
 
$
410,000
$419,365
Kalispell, MT, Refunding Rev. (Immanuel Living at Buffalo Hill Project), “B-2”, 4.25%, 5/15/2030
 
 
380,000
380,702
Montana Facility Finance Authority Rev. (St. John's United Project), “B-3”, 4.1%, 11/15/2031 (w)
 
 
995,000
999,039
Montana Facility Finance Authority, Health Facilities Rev. (Bozeman Deaconess Health Services Obligated Group), “B”, 5%,
6/01/2056 (Put Date 6/01/2036)
 
 
675,000
753,273
 
 
 
$2,552,379
Nebraska – 0.3%
Omaha, NE, Airport Authority, Facilities Rev., AGM, 5%, 12/15/2036
 
$
1,000,000
$1,104,087
Nevada – 0.2%
Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2026
 
$
455,000
$455,000
Sparks, NV, Tourism Improvement District No. 1, Senior Sales Tax Anticipation Rev. (Legends at Sparks Marina), 3.875%,
6/15/2028
 
 
515,000
518,198
Washoe County, NV, Water Facilities Refunding Rev. (Sierra Pacific Power Co. Projects), “F”, 4.125%,
3/01/2036 (Put Date 10/01/2029)
 
 
115,000
117,038
 
 
 
$1,090,236
9
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
New Hampshire – 2.1%
National Finance Authority, NH, Affordable Housing Certificates (Arc70), “A-1”, 4.125%, 4/20/2043 (Put Date 3/01/2036)
 
$
337,983
$330,603
National Finance Authority, NH, Affordable Housing Certificates, “A-1”, 4.75%, 6/20/2041 (Put Date 6/01/2035)
 
 
1,246,048
1,284,148
National Finance Authority, NH, Lease Rent Rev. (Centurion Biosquare, Inc.), “A”, 5.88%, 12/15/2038
 
 
915,000
952,908
National Finance Authority, NH, Lease Rent Rev. (Centurion Foundation West Main Street LLC), “A”, 5%, 5/15/2034
 
 
590,000
598,567
National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Biosquare, Inc.), “B”, 9.58%, 12/15/2038
 
 
55,000
55,660
National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Foundation West Main Street LLC), “B”, 8.33%, 5/15/2034
 
 
100,000
102,423
National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM,
5.25%, 12/01/2042
 
 
1,070,000
1,166,171
National Finance Authority, NH, Multi-Family Housing Rev., 4.45%, 7/01/2044
 
 
490,000
494,115
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036
 
 
265,266
270,098
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.25%, 7/20/2041
 
 
153,856
154,464
National Finance Authority, NH, Municipal Certificates, “A-1”, 4.167%, 1/20/2041
 
 
212,482
208,977
National Finance Authority, NH, Municipal Certificates, “A-2”, 4.167%, 1/20/2041
 
 
98,829
96,095
National Finance Authority, NH, Rev., Taxable (Centurion Foundation), “C”, 11%, 12/15/2038
 
 
30,000
30,359
National Finance Authority, NH, Solid Waste Disposal Refunding Rev. (Waste Management, Inc. Project), “A-4”, 4%,
8/01/2038 (Put Date 7/01/2026)
 
 
855,000
857,240
National Finance Authority, NH, Special Rev. (Caldwell Ranch Project, Branch & Fort Bend Counties, TX), 4.875%, 12/01/2033
 
 
100,000
99,999
National Finance Authority, NH, Special Rev. (Highland Project, Montgomery County, TX), 5.125%, 12/15/2030
 
 
156,000
156,108
National Finance Authority, NH, Special Rev., Capital Appreciation (The Astro Sunterra Projects, Waller County, Texas Municipal
Utility Districts), 0%, 12/15/2034
 
 
321,000
187,032
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5%, 4/01/2027
 
 
105,000
106,122
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5.75%, 4/01/2035
 
 
110,000
119,436
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5.75%, 4/01/2037
 
 
245,000
263,380
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5.75%, 4/01/2040
 
 
290,000
307,417
New Hampshire Health & Education Facilities Authority Rev. (Dartmouth Hitchcock Obligated Group), “A”, 5%, 8/01/2038
 
 
255,000
259,897
New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Edvance Corp. Issue), “B”, 5%,
11/01/2033
 
 
100,000
107,033
New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Edvance Corp. Issue), “B”, 4%,
11/01/2044
 
 
75,000
74,490
New Hampshire Health & Education Facility Authority Rev. (Riverwoods at Exeter), 5%, 10/01/2038
 
 
1,000,000
1,081,281
 
 
 
$9,364,023
New Jersey – 1.0%
New Jersey Economic Development Authority, Charter School Rev. (Central Jersey College Prep Charter School Project), 5%,
11/01/2035
 
$
500,000
$535,305
New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%,
1/01/2035
 
 
170,000
180,508
New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), “B”, 3.75%,
11/01/2034 (Put Date 6/01/2028)
 
 
260,000
262,685
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., “A”, 5%, 12/01/2036
 
 
735,000
806,993
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 5%, 12/01/2033
 
 
1,000,000
1,092,841
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041
 
 
440,000
428,534
Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology, Inc.
Project), 4.125%, 7/01/2033
 
 
535,000
543,678
South Jersey Transportation Authority, NJ, System Rev., “A”, BAM, 5%, 11/01/2037
 
 
375,000
410,980
 
 
 
$4,261,524
New Mexico – 0.3%
Farmington, NM, Pollution Control Rev. (Public Service Co. of New Mexico San Juan Project), “D”, 3.9%,
6/01/2040 (Put Date 6/01/2028)
 
$
1,000,000
$1,016,265
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “D”, GNMA, 5.25%, 3/01/2053
 
 
75,000
79,222
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “E”, GNMA, 6.25%, 9/01/2053
 
 
405,000
442,290
 
 
 
$1,537,777
New York – 3.0%
Build NYC Resource Corp Rev. (261 Walton Facility LLC - Zeta Charter Schools, Inc. Project), “B”, 5%, 6/01/2036
 
$
750,000
$781,229
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2032
 
 
300,000
314,180
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5%, 7/01/2036
 
 
750,000
797,907
10
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
New York – continued
Build NYC Resource Corp. Rev. (Urban Resource Institute Project), “A”, 4.125%, 12/01/2035
 
$
1,250,000
$1,289,402
Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2041
 
 
340,000
373,854
Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), “B”, 5%, 7/01/2028
 
 
330,000
341,333
Genesee County, NY, Funding Corp. Rev. (Rochester Regional Health Project), “A”, 5%, 12/01/2027
 
 
685,000
703,021
Metropolitan Transportation Authority, NY, Transportation Refunding Rev. (Green Bonds, Climate Bond Certified), “C-1”, 4%,
11/15/2035
 
 
500,000
504,593
Monroe County, NY, Industrial Development Agency Multi-Family Mortgage (Keeler Park Community Partners LP Project),
4.84%, 11/01/2040
 
 
638,052
675,477
New York Dormitory Authority Rev. (New School), “A”, 5%, 7/01/2042
 
 
500,000
517,084
New York Dormitory Authority Rev. (Pace University), “A”, 5.25%, 5/01/2040
 
 
375,000
402,467
New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.25%, 10/01/2044
 
 
560,000
611,290
New York Energy Research & Development Authority, Pollution Control Rev. (New York State Electric & Gas Corp. Project), “C”,
4%, 4/01/2034 (Put Date 4/01/2034)
 
 
680,000
704,880
New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 4.25%,
9/01/2050 (Put Date 9/03/2030) (n)
 
 
250,000
255,399
New York Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), “D-1”, 4.35%, 11/01/2044
 
 
625,000
626,571
New York Housing Finance Agency Affordable Housing Rev. (Green Bonds), “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027)
 
 
260,000
258,013
New York State Energy Research & Development Authority, Pollution Control Rev. (Rochester Gas & Electric Corp. Project), “B”,
4%, 5/15/2032
 
 
1,220,000
1,234,537
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D
Redevelopment Project), 5.625%, 4/01/2040
 
 
165,000
176,286
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D
Redevelopment Project), 5%, 10/01/2040
 
 
250,000
257,381
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project/Green Bonds), 5.5%, 6/30/2041
 
 
750,000
792,425
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project),
“A”, 5%, 12/01/2032
 
 
270,000
286,030
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), “F-2-A”, 3.4%,
11/01/2062 (Put Date 12/22/2026)
 
 
465,000
465,062
New York, NY, Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), “D”, 4%, 12/15/2031
 
 
100,000
101,177
Westchester County, NY, Industrial Development Agency, Multi-Family Housing Rev. (Armory Plaza Housing LP Project), 4.3%,
6/01/2046 (Put Date 5/01/2041)
 
 
586,603
587,027
 
 
 
$13,056,625
North Carolina – 2.5%
Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2039
 
$
320,000
$349,549
Greater Asheville, NC, Regional Airport Authority System Rev., “A”, AGM, 5.25%, 7/01/2038
 
 
320,000
347,030
North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 1.9%, 7/01/2032
 
 
780,000
690,392
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”,
5%, 3/01/2028
 
 
125,000
128,408
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”,
4%, 3/01/2030
 
 
145,000
147,846
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Porters Neck Village), “A”, 4%, 1/01/2036
 
 
960,000
963,472
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Porters Neck Village), “A”, 5%, 1/01/2041
 
 
1,620,000
1,705,970
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrn at Maryfield), 5%,
10/01/2036
 
 
250,000
269,419
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrn at Maryfield),
5.25%, 10/01/2037
 
 
330,000
359,030
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carol Woods Project), 5.25%, 12/01/2045
 
 
500,000
535,444
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Deerfield Episcopal Retirement
Community Project), “A”, 5.25%, 11/01/2046
 
 
1,500,000
1,573,868
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), “A”, 5%,
9/01/2034
 
 
900,000
958,710
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes
Project), “A”, 5%, 10/01/2039
 
 
500,000
526,610
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes
Project), “A”, 5.125%, 10/01/2045
 
 
535,000
566,031
North Carolina State Education Assistance Authority, Student Loan Refunding Rev., “A”, 5%, 6/01/2045
 
 
1,030,000
1,066,037
11
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
North Carolina – continued
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2040
 
$
985,000
$560,515
 
 
 
$10,748,331
North Dakota – 0.2%
Grand Forks, ND, Healthcare System Rev. (Altru Health System), AGM, 3%, 12/01/2039
 
$
985,000
$854,866
Ohio – 2.9%
Allen County, OH, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “B-2”, 5%, 10/01/2051 (Put Date 6/04/2030)
 
$
500,000
$535,688
Buckeye, OH, Tobacco Settlement Financing Authority, Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2035
 
 
110,000
116,375
Buckeye, OH, Tobacco Settlement Financing Authority, Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036
 
 
225,000
236,019
Columbus, OH, Metropolitan Housing Authority, Affordable Housing Rev. (Country Ridge Apartments Project), 4.375%,
12/01/2041
 
 
1,000,000
1,002,320
Columbus, OH, Metropolitan Housing Authority, General Rev. (Demorest Townhomes II Project), “A”, 4%, 5/01/2034
 
 
155,000
154,959
Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 5%, 12/01/2034
 
 
500,000
527,765
Columbus, OH, Metropolitan Housing Authority, General Rev. (Waldren Woods Project), 4%, 6/01/2034
 
 
190,000
190,068
Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), “A”, AGM, 5%, 1/01/2035
 
 
205,000
226,881
Columbus-Franklin County, OH, Finance Authority, Development Rev. (Quarry Trails Phase III Project), “A”, 4.25%, 5/15/2035
 
 
1,115,000
1,144,356
EHOVE Joint Vocational School District, OH, General Obligation School Improvement, 5.5%, 12/01/2036
 
 
350,000
392,222
EHOVE Joint Vocational School District, OH, General Obligation School Improvement, 5.5%, 12/01/2037
 
 
375,000
418,389
Erie & Sandusky Counties, OH, Margaretta Local School District (Ohio Certificates of Participation School Facilities Project),
BAM, 5.5%, 10/01/2036
 
 
500,000
553,119
Erie & Sandusky Counties, OH, Margaretta Local School District (Ohio Certificates of Participation School Facilities Project),
BAM, 5.5%, 10/01/2037
 
 
355,000
392,293
Gahanna-Jefferson and Franklin Counties, OH, City School District Certificates of Participation, 5.25%, 12/01/2042
 
 
250,000
263,822
Gahanna-Jefferson and Franklin Counties, OH, City School District Certificates of Participation, 5.25%, 12/01/2043
 
 
250,000
262,667
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.25%, 1/01/2038
 
 
750,000
793,606
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%,
11/01/2039 (Put Date 6/01/2027)
 
 
145,000
146,266
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027)
 
 
170,000
171,181
Ohio Air Quality Development Authority Rev. (Dayton Power and Light Co. Project), “A”, 4.25%,
11/01/2040 (Put Date 6/01/2027)
 
 
500,000
505,270
Ohio Air Quality Development Authority, Refunding Rev. (American Electric Power Co. Project), “C”, 3.65%, 12/01/2027
 
 
810,000
814,693
Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2032
 
 
600,000
622,073
Ohio Housing Finance Agency, Multi-Family Housing Rev. (Haven's Edge Apartments Project), “A”, 5.7%, 8/01/2043
 
 
250,000
261,260
Ohio Housing Finance Agency, Residential Mortgage Rev. (Mortgage-Backed Securities Program), “C”, FNMA, 5.75%,
3/01/2054
 
 
440,000
463,639
Ohio State Healthcare Facility Rev. (Otterbein Homes Obligated Group), 4%, 7/01/2036
 
 
200,000
202,667
Shelby & Darke Counties, OH, Fort Loramie Local School District, Certificates of Participation, 5.25%, 12/01/2045
 
 
385,000
400,742
Warren County, OH, Healthcare Facilities Improvement & Refunding Rev. (Otterbein Homes Obligated Group), 5%, 7/01/2042
 
 
650,000
680,637
Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), “A”, 5%, 5/15/2044
 
 
240,000
248,589
West Central Ohio Port Authority Rev. (Global Impact Stem Academy Project), “A”, 5%, 12/01/2040
 
 
725,000
751,909
 
 
 
$12,479,475
Oklahoma – 1.0%
Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037
 
$
355,000
$238,342
Oklahoma Country Finance Authority, Educational Facilities Lease Rev., 5%, 9/01/2035
 
 
715,000
769,379
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), “D”, GNMA, 6.5%,
9/01/2054
 
 
440,000
489,264
Oklahoma Turnpike Authority, Turnpike System Refunding Second Senior Rev., “B”, 5%, 1/01/2037
 
 
325,000
374,026
Rogers County, OK, Educational Facilities Authority Lease Rev. (Oologah-Talala Public Schools Project), 5%, 9/01/2033
 
 
495,000
532,959
Rogers County, OK, Educational Facilities Authority Lease Rev. (Oologah-Talala Public Schools Project), 5%, 9/01/2034
 
 
395,000
427,034
Tulsa County, OK, Home Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 5.75%, 7/01/2056
 
 
870,000
943,883
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc. Project), 6.25%, 12/01/2035
 
 
500,000
566,351
 
 
 
$4,341,238
12
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Oregon – 0.7%
Albany, OR, Hospital Facility Authority, Senior Living Rev. (Mennonite Village Project), “A”, 5%, 5/15/2036
 
$
1,040,000
$1,131,804
Albany, OR, Hospital Facility Authority, Senior Living Rev. (Mennonite Village Project), “A”, 5.25%, 5/15/2045
 
 
475,000
498,428
Lincoln County, OR, Coast Community College District General Obligation, 5%, 6/15/2041
 
 
380,000
420,437
Oregon Facilities Authority, Lease Rent Rev. (Legacy Health System - Centurion Foundation), “A”, 4.9%, 9/15/2035
 
 
430,000
448,158
Oregon Health & Sciences University Rev., “B”, 3.375%, 7/01/2039
 
 
115,000
111,419
Portland, OR, International Airport Rev., 5.25%, 7/01/2041
 
 
500,000
547,762
 
 
 
$3,158,008
Pennsylvania – 7.0%
Adams County, PA, General Authority Rev. (Brethren Home Community Project), “A”, 5%, 6/01/2034
 
$
960,000
$1,016,297
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5%, 1/01/2036
 
 
1,285,000
1,415,140
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), 5%, 3/01/2046
 
 
1,500,000
1,599,994
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 5%, 4/01/2036
 
 
245,000
250,546
Allegheny County, PA, Steel Valley School District, General Obligation, BAM, 5%, 11/01/2039
 
 
650,000
704,129
Allegheny County, PA, Steel Valley School District, General Obligation, BAM, 5%, 11/01/2040
 
 
845,000
907,252
Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy
Charter School Project), 5.5%, 6/15/2038 (n)
 
 
500,000
520,947
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-2”, 6%, 6/30/2034
 
 
104,000
110,265
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-3”, 5%, 6/30/2039
 
 
800,000
763,791
Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, “B-1”, 0% to 11/15/2029,
6% to 6/30/2044
 
 
23,000
17,323
Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), “A-1”, 8%, 6/30/2034
 
 
126,000
128,407
Bucks County, PA, Bristol Township School District, General Obligation, BAM, 5%, 6/01/2045
 
 
1,500,000
1,596,899
Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), 5%, 3/15/2036
 
 
135,000
143,154
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030
 
 
455,000
410,612
Chester County, PA, Health & Education Facilities Authority Rev. (Tel Hai Retirement Community Project), 5.125%, 6/01/2046
 
 
1,305,000
1,359,112
Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%,
12/15/2037
 
 
80,000
80,480
Cumberland County, PA, Cumberland Valley School District, General Obligation, AGM, 5%, 11/15/2046
 
 
135,000
142,779
Cumberland County, PA, Municipal Authority Rev. (Dickinson College Project), “A”, 5%, 11/01/2039
 
 
785,000
797,210
Cumberland County, PA, Municipal Authority Rev. (Messiah Village Project), “A”, 5.25%, 6/01/2044
 
 
1,000,000
1,053,732
Cumberland Valley, PA, School District General Obligation, AGM, 5%, 11/15/2048
 
 
600,000
627,451
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 3.378% ((67% of SOFR - 3mo. + 0.26161%) + 0.75%), 6/01/2037
 
 
795,000
766,427
Doylestown, PA, Hospital Authority Rev., 5%, 7/01/2031
 
 
100,000
105,474
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045
 
 
10,000
9,540
Erie County, PA, Sewer Authority Rev., BAM, 5%, 12/01/2042
 
 
835,000
893,408
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program - Gannon University Project), “XX1”, 4%,
5/01/2033
 
 
400,000
392,901
Indiana County, PA, Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of
Pennsylvania Project), BAM, 5%, 5/01/2031
 
 
440,000
469,655
Indiana County, PA, Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of
Pennsylvania Project), BAM, 5%, 5/01/2032
 
 
450,000
478,207
Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), “A”, 4%, 12/01/2035
 
 
1,585,000
1,611,349
Lehigh County, PA, General Purpose Authority, College Rev. (Muhlenberg College Project), 5%, 2/01/2040
 
 
1,000,000
1,018,588
Luzerne County, PA, Hanover Area School District, General Obligation, BAM, 5%, 6/01/2042
 
 
250,000
269,512
Luzerne County, PA, Hanover Area School District, General Obligation, BAM, 5%, 6/01/2043
 
 
150,000
160,892
Pennsylvania Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4%, 6/01/2039
 
 
630,000
622,426
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-2”, 5%, 7/01/2038
 
 
1,000,000
1,052,344
Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038
 
 
865,000
865,313
Pennsylvania Economic Development Financing Authority Rev. (University of Pittsburg Medical Center), “A”, 5%,
3/15/2060 (Put Date 3/15/2035)
 
 
1,035,000
1,139,502
Pennsylvania Economic Development Financing Authority, Junior Insured Parking Rev. (Capitol Region Parking System), “C”,
AGM, 5%, 1/01/2033
 
 
1,000,000
1,092,914
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
5%, 12/31/2033
 
 
1,000,000
1,081,474
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
AGM, 5.5%, 6/30/2042
 
 
775,000
843,748
13
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Pennsylvania – continued
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement
Project), 5%, 12/31/2028
 
$
150,000
$150,174
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement
Project), 4%, 3/15/2034
 
 
85,000
85,063
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1A”, 5%, 6/01/2033
 
 
631,000
678,756
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1A”, 4.75%, 6/01/2046
 
 
340,000
334,960
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027
 
 
200,000
202,832
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042
 
 
5,000
4,419
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053
 
 
415,000
439,157
Pennsylvania School District Authority Rev. (William Penn School District Project), “B”, BAM, 5%, 3/15/2043
 
 
225,000
237,520
Philadelphia, PA, Airport Refunding Rev., “B”, 5%, 7/01/2037
 
 
775,000
786,288
Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), “A”, 5%,
6/15/2032
 
 
100,000
103,199
Philadelphia, PA, Housing Authority, General Rev. (PHA Headquarters Project), 5%, 5/01/2039
 
 
355,000
361,947
Philadelphia, PA, School District, “A”, 5.25%, 9/01/2038
 
 
410,000
457,247
 
 
 
$30,360,756
Puerto Rico – 0.2%
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.625%, 7/01/2029
 
$
292,016
$309,085
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031
 
 
40,810
44,533
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033
 
 
38,698
39,198
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037
 
 
29,854
29,956
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041
 
 
40,591
39,518
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046
 
 
42,214
38,667
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033
 
 
49,801
36,490
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034
 
 
10,000
10,066
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040
 
 
23,000
23,074
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053
 
 
20,000
19,744
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058
 
 
164,000
163,734
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.536%, 7/01/2053
 
 
1,000
952
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058
 
 
39,000
38,148
 
 
 
$793,165
Rhode Island – 1.3%
Pawtucket, RI, General Obligation, “B”, AGM, 5%, 11/01/2040
 
$
450,000
$496,968
Pawtucket, RI, General Obligation, “B”, AGM, 5%, 11/01/2041
 
 
550,000
605,774
Rhode Island Health & Educational Building Corp., Student Housing Rev. (PRG - RI Properties LLC), “A”, AGM, 5%, 7/01/2045
 
 
1,000,000
1,032,574
Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity, “78-A”, 5.5%, 10/01/2052
 
 
525,000
555,914
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2033
 
 
1,015,000
1,101,656
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2034
 
 
1,000,000
1,088,806
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042
 
 
580,000
574,957
Rhode Island Student Loan Authority, Education Loan Rev., “B”, 4.125%, 12/01/2043
 
 
130,000
128,210
 
 
 
$5,584,859
South Carolina – 2.1%
Charleston County, SC, Airport District Rev., “A”, 5.25%, 7/01/2044
 
$
750,000
$811,085
Charleston, SC, Housing Authority Rev. (1800 Ashley West), 4.5%, 9/01/2035
 
 
555,000
563,530
Dorchester County, SC, Summers Corner Improvement District, Assessment Rev., 4.5%, 10/01/2033
 
 
415,000
417,176
Dorchester County, SC, Summers Corner Improvement District, Assessment Rev., 5.25%, 10/01/2043
 
 
280,000
284,803
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031)
 
 
650,000
699,282
South Carolina Jobs-Economic Development Authority Rev. (Charleston Southern University), “C”, 5%, 9/01/2032
 
 
665,000
695,873
South Carolina Jobs-Economic Development Authority Rev. (Wesley Commons Project), “A”, 5%, 10/01/2040
 
 
1,000,000
1,020,374
South Carolina Jobs-Economic Development Authority, Economic Development Rev. (Bishop Gadsden Episcopal Retirement
Community), 5.125%, 4/01/2046
 
 
1,000,000
1,037,303
South Carolina Jobs-Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation -
Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035)
 
 
100,000
100,460
14
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
South Carolina – continued
South Carolina Jobs-Economic Development Authority, Environmental Improvement Refunding Rev. (International Paper
Company Project), “A”, 3.95%, 4/01/2033
 
$
535,000
$538,166
South Carolina Jobs-Economic Development Authority, Health & Facilities Refunding Rev. (Rolling Green Village Project), “A”,
5%, 12/01/2035
 
 
1,000,000
1,044,784
South Carolina Jobs-Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “B-2”, 5%,
11/01/2049 (Put Date 11/01/2032)
 
 
410,000
452,115
South Carolina Jobs-Economic Development Authority, Residential Care Facilities Refunding Rev. (South Carolina Episcopal
Home at Still Hopes), “A”, 5%, 4/01/2038
 
 
280,000
280,963
South Carolina Jobs-Economic Development Authority, Residential Development Rev. (Latitude at Wescott), 4%, 11/01/2035
 
 
1,000,000
1,002,110
South Carolina Medical University Hospital Authority, FHA-Insured Hospital Mortgage Rev. (Nexton Project), 5.25%, 5/15/2039
 
 
150,000
164,575
South Carolina Medical University Hospital Authority, FHA-Insured Hospital Mortgage Rev. (Nexton Project), 5.25%,
11/15/2039
 
 
200,000
219,042
 
 
 
$9,331,641
South Dakota – 0.2%
South Dakota Health & Educational Facilities Authority Rev. (Monument Health), 5%, 9/01/2046
 
$
1,000,000
$1,057,482
Tennessee – 2.6%
Chattanooga, TN, Health, Educational & Housing Facility Board Refunding Rev. (CDFI Phase I LLC - University of Tennessee at
Chattanooga Project), 5%, 10/01/2035
 
$
500,000
$500,129
Jackson, TN, Hospital Rev. (Jackson - Madison County General Hospital), 4%, 4/01/2041
 
 
415,000
383,609
Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036
 
 
750,000
753,907
Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036
 
 
1,000,000
1,001,014
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC -
University of Tennessee Project), “A1”, BAM, 5%, 7/01/2040
 
 
1,000,000
1,079,097
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC -
University of Tennessee Project), “B-1”, BAM, 5%, 7/01/2044
 
 
300,000
318,002
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board Senior Tax Increment Rev.
(Graceland Project), “A”, 5.5%, 7/01/2037
 
 
100,000
76,080
Metropolitan Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), “A”,
5%, 10/01/2041
 
 
1,000,000
999,795
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.25%, 7/01/2033
 
 
1,150,000
1,271,651
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2046
 
 
500,000
525,741
Nashville, TN, Metropolitan Development & Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n)
 
 
500,000
507,369
Rutherford County, Tennessee, Health & Educational Facilities Board, Student Housing Rev. (Madrone - MTSU Student Housing
I, LLC Project), “A-1”, BAM, 5%, 7/01/2040
 
 
300,000
320,739
Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at
Germantown), 5.25%, 12/01/2049
 
 
550,000
509,519
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)
 
 
685,000
730,009
Tennessee Energy Acquisition Corp., Gas Project Refunding Rev., “A”, 5%, 12/01/2035
 
 
750,000
793,031
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028)
 
 
750,000
772,112
Tennessee Energy Acquisition Corp., Gas Project Rev., “C”, 5%, 2/01/2027
 
 
50,000
50,413
Tennessee Housing Development Agency, Residential Finance Program Rev., “4”, 4%, 7/01/2043
 
 
645,000
636,426
 
 
 
$11,228,643
Texas – 10.3%
Arlington, TX, Higher Education Finance Corp., Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.125%, 6/15/2040
 
$
870,000
$894,636
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029
 
 
145,000
145,609
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031
 
 
220,000
220,769
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028
 
 
75,000
75,253
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2033
 
 
500,000
533,978
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2034
 
 
435,000
463,746
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.125%, 4/01/2043
 
 
230,000
238,626
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 4%, 4/01/2045
 
 
160,000
150,789
Celina, TX, Special Assessment Refunding & Improvement Rev. (The Lakes at Mustang Ranch Public Improvement District
Major Improvement Area and Phases #2 - 7 Project), AGM, 5%, 9/01/2039
 
 
750,000
789,896
Central Texas Regional Mobility Authority, Senior Lien Rev., “A”, 5%, 1/01/2044
 
 
2,195,000
2,274,060
Dallas, TX, Love Field Airport Modernization Corp., General Airport Rev., 5%, 11/01/2035
 
 
1,000,000
1,004,808
15
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Texas – continued
Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028)
 
$
100,000
$100,137
Dowdell, TX, Public Utility District, “A”, BAM, 2%, 9/01/2026
 
 
200,000
199,370
El Paso, TX, Residential Development Rev. (EL Paso Royal Apartments Project), 4.25%, 10/01/2039
 
 
100,000
99,949
EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4.25%, 12/01/2034
 
 
760,000
753,271
EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039
 
 
155,000
154,765
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2037
 
 
95,000
103,756
Fort Worth, TX, Chaparral PFC Residential Development Rev. (Chaparral Ranch Project), 4%, 10/01/2035
 
 
830,000
822,215
Fort Worth, TX, Public Facility Corp., Residential Development Rev. (Skyline Prairie Homes Project), 5%, 4/01/2036
 
 
1,445,000
1,566,217
Fort Worth, TX, Special Tax Rev. (Convention Center Venue Project), 5.5%, 3/01/2043
 
 
755,000
822,204
FW Ramble Public Facility Corp., Texas Residential Development Rev. (Ramble & Rose Project), 4%, 10/01/2035
 
 
755,000
740,516
Galveston, TX, Wharves & Terminal, First Lien Rev., 5.25%, 8/01/2032
 
 
750,000
821,644
Galveston, TX, Wharves & Terminal, First Lien Rev., 5.25%, 8/01/2037
 
 
340,000
367,412
Galveston, TX, Wharves & Terminal, First Lien Rev., 5.25%, 8/01/2039
 
 
260,000
278,731
Godley, TX, Combination Tax & Rev., Certificates of Obligation, BAM, 5.25%, 8/15/2042
 
 
865,000
938,474
Grey Forest, TX, Gas System Rev., BAM, 5%, 2/01/2042
 
 
1,240,000
1,326,570
Grey Forest, TX, Gas System Rev., BAM, 5%, 2/01/2043
 
 
795,000
848,324
Harris County, TX, Cultural Education Facilities Finance Corp., Refunding Rev. (Houston Methodist), “A”, 5%, 12/01/2036
 
 
1,500,000
1,713,062
Houston, TX, Airport System Refunding Rev., “A”, AGM, 5%, 7/01/2034
 
 
1,000,000
1,099,724
Houston, TX, Airport System Refunding Rev., “A”, AGM, 5%, 7/01/2038
 
 
665,000
717,088
Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B”, 5.25%, 7/15/2034
 
 
500,000
538,810
Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B”, 5.5%, 7/15/2038
 
 
545,000
584,755
Las Varas, TX, Public Facility Corp., Credit Enhanced Multi-Family Housing Rev. (Central at Commerce), “A”, 3.35%,
11/01/2044 (Put Date 11/01/2029)
 
 
520,000
517,414
Las Varas, TX, Public Facility Corp., Essential Function Housing Development (Amara Apartments), 4.25%, 10/01/2035
 
 
680,000
675,732
Lavon, TX, Special Assessment Rev. (Trails of Lavon Public Improvement District Projects), 4.25%, 9/15/2032
 
 
741,000
752,157
Manvel, TX, South Manvel Development Authority Tax Increment Rev., AGM, 5%, 4/01/2036
 
 
250,000
263,560
Matagorda County, TX, Navigation District No. 1, Pollution Control Rev. (Central Power & Light Co.), 4.25%, 5/01/2030
 
 
500,000
517,642
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2036
 
 
500,000
474,647
Memorial, TX, City Redevelopment Authority, Tax Increment Contract Rev., AGM, 5%, 9/01/2040
 
 
1,345,000
1,463,584
Memorial, TX, City Redevelopment Authority, Tax Increment Contract Rev., AGM, 5%, 9/01/2041
 
 
645,000
699,662
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International LLC Project), 5%,
12/01/2064 (Put Date 6/01/2030)
 
 
245,000
253,963
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International LLC Project), 5%,
12/01/2064 (Put Date 6/01/2030)
 
 
225,000
233,329
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), “B-3”,
4.25%, 10/01/2030
 
 
205,000
204,096
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Brazos Presbyterian Homes, Inc. Project),
5.25%, 1/01/2040
 
 
870,000
922,191
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), “A”, 5%,
1/01/2035
 
 
350,000
341,926
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2034
 
 
585,000
640,527
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2035
 
 
455,000
497,314
North Texas Higher Education Authority, Inc., Education Loan Rev., “A”, 5%, 6/01/2033
 
 
400,000
427,508
North Texas Municipal Water District, Water System Refunding Rev., 5%, 9/01/2043
 
 
1,000,000
1,101,735
Panola County, TX, Carthage Independent School District, Unlimited Tax School Building, Texas PSF, 5%, 8/15/2038
 
 
250,000
254,726
Port Houston, TX, First Lien Rev., 4%, 10/01/2038
 
 
1,000,000
1,015,832
Princeton, TX, Special Assessment Rev. (Eastridge Public Improvement District Improvement Area No. 3 Project), 5%, 9/01/2044
 
 
500,000
509,269
Reeves & Ward Counties, TX, Pecos-Barstow-Toyah Independent School District, Unlimited Tax School Building Bonds, Texas
PSF, 5%, 2/15/2038
 
 
1,550,000
1,551,278
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), “E”, 5%,
11/15/2044
 
 
1,500,000
1,631,495
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., GNMA, 5.75%, 1/01/2056
 
 
1,210,000
1,322,033
Texas Grand Parkway Transportation Corp., Grand Parkway System, Subordinate Tier Toll Rev. (TELA Supported), “A”, 5%,
10/01/2043
 
 
360,000
368,956
Texas Metrocare Services Rev., 5%, 11/01/2044
 
 
1,100,000
1,179,603
Texas Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Rev., “B”, 5.5%, 1/01/2054 (Put Date 1/01/2034)
 
 
930,000
1,016,649
Texas Municipal Gas Acquisition & Supply Corp. VI, Gas Supply Rev., 5%, 1/01/2036
 
 
1,500,000
1,588,477
16
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Texas – continued
Texas Municipal Power Agency, Transmission System Refunding Rev., BAM, 5.5%, 9/01/2045
 
$
435,000
$474,855
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%,
6/30/2038
 
 
175,000
184,524
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2040
 
 
635,000
669,341
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2034
 
 
1,000,000
1,118,791
Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), “A”, 4%, 12/01/2033
 
 
75,000
75,147
Travis County, TX, Housing Finance Corp., Multi-Family Housing Rev. (Airport Gateway Apartments), 4.125%,
6/01/2045 (Put Date 6/01/2027)
 
 
335,000
335,727
 
 
 
$44,672,854
Utah – 0.6%
Brook View, UT, Infrastructure Financing District, Special Assessment (Brook View Assessment Area), 6.25%, 12/01/2055
 
$
316,000
$320,349
Salt Lake City, UT, Airport Rev. (International Airport), “A”, 5.25%, 7/01/2037
 
 
1,000,000
1,106,177
Utah Charter School Finance Authority, Charter School Refunding Rev. (Voyage Academy Project), 5%, 4/15/2040
 
 
425,000
447,140
Utah Housing Corp., Mortgage-Backed Securities, “I”, GNMA, 5%, 9/21/2052
 
 
575,448
575,433
Utah Housing Corp., Single Family Mortgage Rev., “A”, GNMA, 6.5%, 1/01/2054
 
 
95,000
102,853
 
 
 
$2,551,952
Vermont – 0.7%
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2032
 
$
1,000,000
$1,065,341
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2032
 
 
1,700,000
1,811,079
 
 
 
$2,876,420
Virginia – 1.1%
Chesapeake, VA, Economic Development Authority, Pollution Control Rev. (Virginia Electric & Power Co. Project), “A”, 3.65%,
2/01/2032 (Put Date 10/01/2027)
 
$
305,000
$308,375
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “A”,
3.65%, 11/01/2035 (Put Date 10/01/2027)
 
 
85,000
85,941
Virginia Beach, VA, Development Authority, Residential Care Facility Refunding Rev. (Westminster - Canterbury on Chesapeake
Bay), 5%, 9/01/2029
 
 
95,000
97,320
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay),
“B-3”, 5.375%, 9/01/2029
 
 
750,000
752,161
Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2038
 
 
695,000
732,159
Virginia Small Business Financing Authority, Residential Care Facilities Refunding Rev. (Lifespire of Virginia), “A”, 5%,
12/01/2037
 
 
1,620,000
1,766,808
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), “C”, 5%, 6/01/2042
 
 
500,000
500,146
York, VA, Economic Development Authority, Pollution Control Rev. (Virginia Electric & Power Co. Project), “A”, 3.65%,
5/01/2033 (Put Date 10/01/2027)
 
 
610,000
616,751
 
 
 
$4,859,661
Washington – 2.5%
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037
 
$
210,000
$206,910
King County, WA, Housing Authority, Pooled Housing Refunding Rev., 5%, 7/01/2040
 
 
865,000
915,300
Klickitat County, WA, Public Utility District No. 1 Electric System Refunding Rev., AGM, 5%, 12/01/2034
 
 
1,350,000
1,520,601
Pacific County, WA, Public Healthcare Services District No. 3 Unlimited Tax General Obligation (Ocean Beach Hospital and
Medical Clinics), 5.25%, 12/01/2039
 
 
500,000
549,453
Pasco, WA, Local Improvement District No. 152, 5.375%, 8/01/2042
 
 
460,000
507,467
Seattle, WA, Port Intermediate Lien Refunding Rev., “A”, 5%, 5/01/2033
 
 
750,000
761,542
Spokane County, WA, Airport Rev., 5.25%, 1/01/2044
 
 
1,115,000
1,185,380
Vancouver, WA, Housing Authority Rev. (Cougar Creek Project), “A”, 4%, 10/01/2034
 
 
220,000
222,894
Vancouver, WA, Housing Authority Rev. (Navalia and Alena Projects), 4%, 8/01/2034
 
 
880,000
871,607
Washington Health Care Facilities Authority Rev. (CommonSpirit Health), “A”, 5%, 9/01/2037
 
 
600,000
663,119
Washington State Higher Education Facilities Authority Refunding Rev. (Gonzaga University Project), 4%, 4/01/2041
 
 
1,000,000
1,004,158
Washington State Housing Finance Commission, Multi-Family Rev. (Mill at First Hill Apartments Project), FNMA, 4.15%,
7/01/2034
 
 
105,000
107,692
Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Horizon House Project), 5%, 1/01/2038 (n)
 
 
500,000
501,302
Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Horizon House Project), “A”, 6%,
1/01/2046
 
 
1,000,000
1,049,077
17
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Washington – continued
Washington State Housing Finance Commission, Nonprofit Housing Rev. (Eastside Retirement Association DBA Emerald
Heights Project), “B-1”, 5%, 7/01/2038
 
$
795,000
$844,289
 
 
 
$10,910,791
West Virginia – 0.3%
Ohio County, WV, Commission Tax Increment Refunding & Improvement Rev. (The Highlands Project), 5%, 6/01/2034
 
$
300,000
$321,384
Ohio County, WV, Special District Excise Tax, Improvement Refunding Rev. (Fort Henry Economic Opportunity Development
District-The Highland Project), “A”, AGM, 5%, 6/01/2040
 
 
425,000
463,217
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell
Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027)
 
 
330,000
328,608
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Commercial Metals Co. Project), 4.625%,
4/15/2055 (Put Date 5/15/2032)
 
 
230,000
237,250
 
 
 
$1,350,459
Wisconsin – 5.1%
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), “A”, 4%,
4/01/2040
 
$
1,000,000
$988,912
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2027
 
 
290,000
291,195
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2028
 
 
195,000
196,537
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2029
 
 
310,000
312,899
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5%, 12/01/2037
 
 
200,000
219,538
Wisconsin Health & Educational Facilities Authority Rev. (Benevolent Corp. Cedar Community), 5%, 6/01/2035
 
 
285,000
306,710
Wisconsin Health & Educational Facilities Authority Rev. (Fort HealthCare, Inc.), “B”, 5%, 10/01/2054 (Put Date 10/03/2034)
 
 
1,000,000
1,084,283
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 4.5%,
3/15/2033
 
 
135,000
134,887
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030
 
 
400,000
403,549
Wisconsin Health & Educational Facilities Authority Rev. (Wisconsin Housing Preservation Corp.), “A”, 5%, 11/01/2035
 
 
880,000
967,726
Wisconsin Housing & Economic Development Authority, Home Ownership Rev., GNMA, 6%, 3/01/2055
 
 
950,000
1,030,506
Wisconsin Public Finance Authority Rev. (Kahala Nui Project), 5%, 11/15/2034
 
 
335,000
366,343
Wisconsin Public Finance Authority Rev. (Kahala Nui Project), 5%, 11/15/2036
 
 
435,000
471,903
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.875%, 4/01/2045
 
 
155,000
155,029
Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033
 
 
1,125,000
1,187,219
Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2037
 
 
315,000
332,651
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028
 
 
45,000
45,041
Wisconsin Public Finance Authority, Education Refunding Rev. (Pinecrest Academy of Nevada - Sloan Canyon Campus Project),
“A”, 4%, 7/15/2039 (n)
 
 
1,000,000
952,718
Wisconsin Public Finance Authority, Education Rev. (Mater Academy of Nevada-Cactus Park Campus Project), “A”, 5%,
12/15/2035
 
 
695,000
715,793
Wisconsin Public Finance Authority, Education Rev. (Pinecrest Academy of Nevada - Pinecrest Academy Springs Campus
Project), “A”, 4%, 7/15/2033
 
 
750,000
748,299
Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032
 
 
1,100,000
1,132,476
Wisconsin Public Finance Authority, Housing Rev. (Aggie Apartment Life Holding Corp. II LLC Project), 5%, 6/01/2034
 
 
1,100,000
1,165,830
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%,
8/01/2027 (a)(d)(n)
 
 
105,000
76,650
Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates (Dominium Holdings I), “B-1”, 6.81%,
4/28/2036
 
 
305,000
316,584
Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates, “1-A”, FHLMC, 4.1%, 9/25/2039 (n)
 
 
605,000
598,867
Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Clipper Cove Apartments Project), 4%, 5/01/2036
 
 
1,630,000
1,622,978
Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Foothill Affordable Housing Foundation-Elliot Baymeadows
Apartments Project), FNMA, 4.5%, 7/01/2067 (Put Date 7/01/2035)
 
 
770,000
788,667
Wisconsin Public Finance Authority, Municipal Certificates (Kawa Fund Limited), “1-A”, 3.625%,
6/15/2063 (Put Date 6/15/2031)
 
 
712,391
714,122
Wisconsin Public Finance Authority, NHP Foundation Rev. (Emle Germantown Apartments), “A-1”, 4%, 5/01/2036
 
 
2,040,000
1,995,730
Wisconsin Public Finance Authority, Project Rev. (Eastern Michigan University Student Housing Project), “A-1”, 5.25%,
7/01/2037
 
 
670,000
735,008
Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%,
10/01/2030
 
 
535,000
552,220
18
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Wisconsin – continued
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5%,
5/15/2030 (n)
 
$
250,000
$251,776
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), “A”, 5%,
6/01/2035
 
 
855,000
906,823
Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), “B”, 5%, 6/15/2030
 
 
165,000
173,278
Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), “B”, 5.25%,
6/15/2035
 
 
175,000
191,626
Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev. (Astro Texas Land Projects),
Capital Appreciation, 0%, 12/15/2037
 
 
244,000
123,389
 
 
 
$22,257,762
Total Municipal Bonds
$416,823,602
Other Municipal Bonds – 0.2%
Multi-Family Housing Revenue – 0.2%
Affordable Housing Opportunities Trust Certificates, AH-01, “A”, 3.528%, 5/01/2039 (n)
 
$
270,000
$229,698
Freddie Mac, 4.687%, 10/25/2040
 
 
353,480
368,194
Freddie Mac, 4.614%, 8/25/2041
 
 
380,075
394,348
Total Other Municipal Bonds
$992,240
Bonds – 0.1%
Transportation & Logistics – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n)
 
$
500,000
$449,291
Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2043 (n)
 
 
186,577
67,804
Total Bonds
$517,095
Contingent Value Instruments – 0.0%
General Obligations - General Purpose – 0.0%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043
 
$
149,061
$107,137
Mutual Funds (h) – 3.4%
Money Market Funds – 3.4%
MFS Institutional Money Market Portfolio, 3.67% (v)
 
 
14,750,721
$14,750,721
 
Other Assets, Less Liabilities – 0.6%
2,438,438
Net Assets – 100.0%
$435,629,233
 
(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 $14,750,721 and
$418,440,074, respectively.
(n)
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in
transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $7,286,684,
representing 1.7% of net assets.
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
(w)
When-issued security.
 
The following abbreviations are used in this report and are defined:
AAC
Ambac Assurance Corp.
AGM
Assured Guaranty Municipal
BAM
Build America Mutual
FHA
Federal Housing Administration
FHLMC
Federal Home Loan Mortgage Corp.
19
Portfolio of Investments (unaudited) – continued
FLR
Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate
reported may not be the current rate. All reference rates are USD unless otherwise noted.
FNMA
Federal National Mortgage Assn.
GNMA
Government National Mortgage Assn.
NPFG
National Public Finance Guarantee Corp.
PSF
Permanent School Fund
SOFR
Secured Overnight Financing Rate
VRDN
Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either
daily or weekly, represents the rate in effect at period end and may not be the current rate.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
20
Supplemental Information
6/30/26 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are
generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at
issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net
asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2026 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Municipal Bonds
$—
$417,922,979
$—
$417,922,979
U.S. Corporate Bonds
—
517,095
—
517,095
Investment Companies
14,750,721
—
—
14,750,721
Total
$14,750,721
$418,440,074
$—
$433,190,795
For further information regarding security characteristics, see the Portfolio of Investments.
21
Supplemental Information (unaudited) – continued
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the period ended June 30, 2026:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$6,069,633
$41,634,384
$32,952,484
$(126
)
$(686
)
$14,750,721
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$97,156
$—
22