Quarterly Report
August 31, 2021
MFS® High Income
Municipal Trust
Municipal Trust
CXE-Q3
Portfolio of Investments
8/31/21 (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 - 156.0% | ||||
| Alabama - 2.9% | ||||
| Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040 | $ | 70,000 | $83,879 | |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030 | 105,000 | 113,153 | ||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035 | 115,000 | 123,512 | ||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | 155,000 | 163,865 | ||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050 | 165,000 | 175,605 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026 | 130,000 | 112,429 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029 | 185,000 | 131,332 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034 | 260,000 | 129,966 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035 | 500,000 | 234,019 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2021 | 95,000 | 95,376 | ||
| Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023 | 140,000 | 154,168 | ||
| Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/2039 | 225,000 | 227,085 | ||
| Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | 585,270 | 638,675 | ||
| Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 1,670,000 | 1,962,972 | ||
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044 | 305,000 | 376,410 | ||
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 190,000 | 233,180 | ||
| $4,955,626 | ||||
| Alaska - 0.3% | ||||
| Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Capital Appreciation, “B2”, 0%, 6/01/2066 | $ | 2,510,000 | $565,731 | |
| Arizona - 4.1% | ||||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 4%, 7/01/2029 (n) | $ | 25,000 | $27,758 | |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2039 (n) | 40,000 | 47,320 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2049 (n) | 65,000 | 75,686 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2054 (n) | 90,000 | 104,381 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2038 | 25,000 | 29,550 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2048 | 55,000 | 63,954 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052 | 70,000 | 81,250 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.5%, 7/01/2038 (n) | 55,000 | 63,990 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.625%, 7/01/2048 (n) | 110,000 | 127,230 | ||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.75%, 7/01/2053 (n) | 175,000 | 203,023 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n) | 25,000 | 29,348 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n) | 40,000 | 46,429 | ||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n) | 105,000 | 121,563 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 3%, 12/15/2031 (n) | 25,000 | 26,507 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2041 (n) | 30,000 | 33,182 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2051 (n) | 40,000 | 43,619 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 3.75%, 12/15/2029 (n) | 25,000 | 27,479 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2039 (n) | 15,000 | 17,386 | ||
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2049 (n) | 30,000 | 34,280 | ||
| Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048 | 70,000 | 74,591 | ||
| Glendale, AZ, Industrial Development Authority Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), “A”, 5%, 5/15/2056 | 310,000 | 352,896 | ||
| La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2048 | 100,000 | 116,378 | ||
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034 | 435,000 | 449,286 | ||
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041 | 280,000 | 290,394 | ||
1
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arizona - continued | ||||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | $ | 125,000 | $140,133 | |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 45,000 | 50,448 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n) | 205,000 | 228,045 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n) | 110,000 | 122,323 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034 | 445,000 | 486,075 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044 | 280,000 | 303,517 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034 (n) | 145,000 | 167,376 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 195,000 | 213,593 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044 (n) | 235,000 | 270,368 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 215,000 | 232,303 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2042 | 100,000 | 119,273 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4.75%, 6/15/2037 (n) | 210,000 | 213,088 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047 (n) | 165,000 | 167,460 | ||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052 (n) | 115,000 | 116,670 | ||
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6%, 12/01/2032 | 75,000 | 75,606 | ||
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/2042 | 220,000 | 221,685 | ||
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/2046 | 85,000 | 85,623 | ||
| Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), 1.3%, 6/01/2027 (Put Date 6/01/2027) | 1,340,000 | 1,355,629 | ||
| $7,056,695 | ||||
| Arkansas - 0.5% | ||||
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028 | $ | 40,000 | $41,717 | |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033 | 80,000 | 83,634 | ||
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | 10,000 | 10,410 | ||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 | 245,000 | 304,211 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.5%, 7/01/2046 | 30,000 | 30,612 | ||
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035 | 40,000 | 44,127 | ||
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033 | 60,000 | 66,365 | ||
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046 | 610,000 | 292,957 | ||
| $874,033 | ||||
| California - 11.0% | ||||
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031 | $ | 350,000 | $307,346 | |
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032 | 355,000 | 305,186 | ||
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033 | 715,000 | 601,505 | ||
| California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | 460,000 | 519,800 | ||
| California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n) | 100,000 | 103,386 | ||
| California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-2”, 4%, 8/01/2046 (n) | 100,000 | 110,689 | ||
| California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 155,000 | 243,599 | ||
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 110,000 | 131,669 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | 45,000 | 49,692 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036 | 115,000 | 135,649 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041 | 105,000 | 123,294 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 15,000 | 17,446 | ||
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 150,000 | 169,524 | ||
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 3.875%, 7/01/2028 (n) | 90,000 | 98,302 | ||
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2049 (n) | 100,000 | 117,112 | ||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040 | 70,000 | 83,964 | ||
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)(z) | 460,000 | 299,000 | ||
2
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)(z) | $ | 630,000 | $192,150 | |
| California Public Finance Authority Senior Living Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 45,000 | 53,732 | ||
| California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n) | 90,000 | 91,662 | ||
| California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n) | 60,000 | 60,909 | ||
| California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n) | 95,000 | 96,218 | ||
| California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2035 (w) | 690,000 | 900,579 | ||
| California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033 | 1,290,000 | 1,461,541 | ||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 45,000 | 51,418 | ||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | 130,000 | 146,053 | ||
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%, 10/01/2044 | 150,000 | 166,282 | ||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033 | 100,000 | 111,011 | ||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n) | 115,000 | 136,155 | ||
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033 | 125,000 | 136,665 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034 | 225,000 | 255,694 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 465,000 | 526,616 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n) | 290,000 | 326,026 | ||
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | 185,000 | 200,923 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n) | 210,000 | 231,264 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n) | 415,000 | 421,341 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 3%, 12/01/2056 (n) | 200,000 | 203,895 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Renaissance at City Center), “A”, 5%, 7/01/2051 (n) | 113,826 | 132,762 | ||
| CMFA Special Finance Agency VIII Essential Housing Rev. (Elan Huntington Beach). “A-1”, 3%, 8/01/2056 (n) | 290,000 | 299,101 | ||
| Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2041 | 1,990,000 | 2,331,159 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036 | 90,000 | 91,446 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5.25%, 6/01/2047 | 175,000 | 181,215 | ||
| Hastings Campus Housing Finance Authority Rev., “A”, 5%, 7/01/2061 (n) | 580,000 | 690,188 | ||
| Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 590,000 | 371,190 | ||
| Hawthorne, CA, School District (Election of 2018), “A”, BAM, 4%, 8/01/2047 | 895,000 | 1,028,247 | ||
| Inland Valley, CA, Development Successor Agency Tax Allocation, “A”, AGM, 5%, 9/01/2044 | 260,000 | 286,841 | ||
| Jurupa, CA, Public Financing Authority, Special Tax Rev., “A”, 5%, 9/01/2042 | 215,000 | 241,092 | ||
| La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036 (Prerefunded 5/15/2022) | 65,000 | 67,848 | ||
| Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035 | 40,000 | 44,576 | ||
| Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034 | 50,000 | 52,452 | ||
| Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044 | 80,000 | 83,721 | ||
| Morongo Band of Mission Indians California Rev., “A”, 5%, 10/01/2042 (n) | 180,000 | 215,221 | ||
| Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n) | 195,000 | 233,156 | ||
| San Diego, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, AGM, 0%, 9/01/2022 | 1,910,000 | 1,907,175 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047 | 255,000 | 310,257 | ||
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 35,000 | 39,166 | ||
| State of California, Various Purpose General Obligation, 5.25%, 10/01/2028 | 425,000 | 426,745 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049 | 95,000 | 119,142 | ||
| Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044 | 430,000 | 477,882 | ||
| $18,817,879 | ||||
3
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Colorado - 7.0% | ||||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030 | $ | 18,000 | $20,840 | |
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 | 76,000 | 94,216 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031 | 85,000 | 94,704 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038 | 95,000 | 105,016 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030 | 50,000 | 55,536 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034 | 50,000 | 55,213 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055 | 1,200,000 | 1,468,419 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055 | 570,000 | 704,054 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050 | 230,000 | 286,316 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Aspen View Academy Project), 4%, 5/01/2061 | 55,000 | 60,390 | ||
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), “A”, 4%, 7/01/2061 (n) | 100,000 | 106,699 | ||
| Colorado Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043 | 250,000 | 267,308 | ||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2042 (w) | 110,000 | 121,964 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 175,000 | 201,391 | ||
| Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023) | 130,000 | 142,294 | ||
| Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038 | 2,975,000 | 3,554,284 | ||
| Denver, CO, Broadway Station Metropolitan District No. 2, “A”, 5.125%, 12/01/2048 | 500,000 | 545,109 | ||
| Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2028 (Prerefunded 11/15/2022) | 205,000 | 216,635 | ||
| Denver, CO, City & County Airport Systems Rev., “C”, ETM, 6.125%, 11/15/2025 | 2,280,000 | 2,598,421 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | 80,000 | 93,288 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036 | 50,000 | 58,200 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 135,000 | 155,987 | ||
| Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048 | 100,000 | 120,457 | ||
| Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040 | 255,000 | 295,592 | ||
| Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 125,000 | 134,974 | ||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | 475,000 | 544,156 | ||
| $12,101,463 | ||||
| Connecticut - 0.8% | ||||
| Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n) | $ | 150,000 | $179,313 | |
| Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 1,090,000 | 1,154,453 | ||
| $1,333,766 | ||||
| Delaware - 0.4% | ||||
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043 | $ | 230,000 | $277,440 | |
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048 | 115,000 | 137,839 | ||
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF-Dover LLC-Delaware State University Project), “A”, 5%, 7/01/2048 | 110,000 | 124,286 | ||
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF-Dover LLC-Delaware State University Project), “A”, 5%, 7/01/2058 | 120,000 | 134,843 | ||
| $674,408 | ||||
| District of Columbia - 1.6% | ||||
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2039 (n) | $ | 250,000 | $287,589 | |
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030 | 175,000 | 182,000 | ||
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035 | 850,000 | 884,003 | ||
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 985,000 | 1,024,403 | ||
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053 | 320,000 | 369,585 | ||
| $2,747,580 | ||||
4
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - 8.3% | ||||
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 5%, 5/01/2036 | $ | 130,000 | $144,962 | |
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | 105,000 | 115,658 | ||
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 50,000 | 55,139 | ||
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034 | 75,000 | 82,810 | ||
| Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039 | 185,000 | 203,704 | ||
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z) | 610,000 | 414,800 | ||
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z) | 100,000 | 68,000 | ||
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2035 | 170,000 | 194,100 | ||
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046 | 235,000 | 266,646 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%, 6/15/2048 (n) | 140,000 | 157,345 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039 (n) | 155,000 | 170,680 | ||
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049 (n) | 610,000 | 664,784 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 6.375%, 6/15/2046 (n) | 175,000 | 204,027 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 6/15/2032 (n) | 140,000 | 144,040 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 6/15/2043 (n) | 295,000 | 302,604 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 8.5%, 6/15/2044 | 555,000 | 634,815 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | 40,000 | 42,809 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n) | 100,000 | 109,368 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n) | 200,000 | 216,696 | ||
| Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 400,000 | 462,078 | ||
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n) | 295,000 | 330,383 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n) | 100,000 | 118,849 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n) | 100,000 | 118,941 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | 110,000 | 130,271 | ||
| Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n) | 115,000 | 135,796 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.25%, 5/01/2025 | 80,000 | 83,994 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035 | 100,000 | 107,526 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045 | 110,000 | 117,146 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 | 165,000 | 185,467 | ||
| Marshall Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032 | 100,000 | 106,611 | ||
| Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046 | 280,000 | 324,303 | ||
| Miami-Dade County, FL, Aviation Rev., “A”, 4%, 10/01/2040 | 445,000 | 528,523 | ||
| Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044 | 370,000 | 407,717 | ||
| Miami-Dade County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045 (w) | 270,000 | 313,611 | ||
| Mid-Bay Bridge Authority Rev., FL, Springing Lien, “A”, 7.25%, 10/01/2040 (Prerefunded 10/01/2021) | 1,015,000 | 1,020,818 | ||
| Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029 | 125,000 | 130,810 | ||
| Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037 | 100,000 | 103,886 | ||
| North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042 | 475,000 | 557,233 | ||
| Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2034 | 30,000 | 37,075 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049 | 105,000 | 131,066 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | 195,000 | 124,655 | ||
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | 320,000 | 166,706 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Sinai Residences of Boca Raton Project), 7.5%, 6/01/2049 | 150,000 | 158,920 | ||
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036 | 105,000 | 113,366 | ||
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047 | 190,000 | 204,961 | ||
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 120,000 | 140,248 | ||
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045 | 135,000 | 161,839 | ||
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046 | 90,000 | 98,085 | ||
5
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2047 | $ | 70,000 | $75,783 | |
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2052 | 130,000 | 140,586 | ||
| Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project), “A”, 4%, 6/15/2051 (n) | 100,000 | 112,117 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050 | 70,000 | 76,958 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 25,000 | 27,491 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 25,000 | 27,454 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 50,000 | 54,992 | ||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 150,000 | 164,856 | ||
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040 | 430,000 | 485,054 | ||
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044 | 165,000 | 185,286 | ||
| Tampa, FL (University of Tampa Project), 5%, 4/01/2040 | 105,000 | 119,398 | ||
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2045 | 1,740,000 | 757,249 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050 | 320,000 | 399,038 | ||
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035 | 215,000 | 232,113 | ||
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045 | 390,000 | 419,776 | ||
| Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037 | 125,000 | 125,131 | ||
| $14,217,153 | ||||
| Georgia - 2.3% | ||||
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “A”, 4%, 1/01/2054 | $ | 240,000 | $273,206 | |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n) | 125,000 | 140,298 | ||
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | 225,000 | 265,584 | ||
| Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030 | 60,000 | 67,455 | ||
| Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033 | 105,000 | 117,252 | ||
| Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2038 | 110,000 | 121,923 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039 | 80,000 | 94,803 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2040 | 5,000 | 6,388 | ||
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050 | 230,000 | 263,906 | ||
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | 430,000 | 550,956 | ||
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | 135,000 | 164,902 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056 | 125,000 | 151,399 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063 | 120,000 | 145,343 | ||
| Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2038 | 315,000 | 382,788 | ||
| Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2039 | 255,000 | 309,050 | ||
| Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2040 | 255,000 | 308,354 | ||
| Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2041 | 510,000 | 615,005 | ||
| $3,978,612 | ||||
| Guam - 0.3% | ||||
| Guam International Airport Authority Rev. (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043 | $ | 75,000 | $78,092 | |
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 320,000 | 391,477 | ||
| $469,569 | ||||
| Hawaii - 0.3% | ||||
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n) | $ | 150,000 | $160,123 | |
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n) | 125,000 | 130,671 | ||
| Hawaii Harbor System Rev., “A”, 4%, 7/01/2036 | 60,000 | 71,499 | ||
6
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Hawaii - continued | ||||
| State of Hawaii, “DZ”, 5%, 12/01/2031 (Prerefunded 12/01/2021) | $ | 95,000 | $96,150 | |
| $458,443 | ||||
| Idaho - 0.3% | ||||
| Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037 | $ | 50,000 | $57,387 | |
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 4%, 3/01/2038 | 230,000 | 264,577 | ||
| Idaho Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%, 7/01/2049 (n) | 100,000 | 121,288 | ||
| $443,252 | ||||
| Illinois - 18.7% | ||||
| Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024 | $ | 332,076 | $328,232 | |
| Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 665,000 | 711,079 | ||
| Chicago, IL, Board of Education, 5%, 12/01/2042 | 165,000 | 172,336 | ||
| Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023 | 625,000 | 669,675 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028 | 315,000 | 282,537 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2037 | 100,000 | 118,997 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 105,000 | 123,670 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 1,225,000 | 1,509,308 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025 | 160,000 | 189,847 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026 | 65,000 | 79,385 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027 | 155,000 | 194,267 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028 | 75,000 | 96,201 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029 | 50,000 | 65,245 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030 | 35,000 | 46,534 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031 | 95,000 | 128,696 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030 | 215,000 | 267,429 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031 | 410,000 | 506,563 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032 | 350,000 | 429,897 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 (n) | 405,000 | 532,651 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029 | 140,000 | 177,289 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035 | 135,000 | 167,653 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034 | 315,000 | 382,812 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036 | 475,000 | 574,993 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 305,000 | 364,817 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 45,000 | 51,406 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 215,000 | 253,200 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 150,000 | 181,520 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | 35,000 | 43,380 | ||
| Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2028 | 40,000 | 44,017 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | 400,000 | 506,097 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2031 | 50,000 | 63,774 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2035 | 60,000 | 64,983 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2036 | 130,000 | 140,667 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | 130,000 | 158,796 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2040 | 25,000 | 30,481 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2044 | 395,000 | 477,812 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | 505,000 | 625,414 | ||
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | 110,000 | 125,468 | ||
| Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/2030 | 1,000,000 | 1,012,106 | ||
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | 435,000 | 533,732 | ||
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038 | 380,000 | 455,086 | ||
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048 | 310,000 | 368,700 | ||
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032 | 95,000 | 101,174 | ||
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033 | 50,000 | 53,215 | ||
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043 | 190,000 | 202,581 | ||
7
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | $ | 255,000 | $311,229 | |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053 | 140,000 | 170,308 | ||
| Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2029 (Prerefunded 12/01/2021) | 215,000 | 217,736 | ||
| Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2030 (Prerefunded 12/01/2021) | 430,000 | 435,472 | ||
| Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2031 (Prerefunded 12/01/2021) | 80,000 | 81,018 | ||
| Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045 | 480,000 | 597,682 | ||
| Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | 580,000 | 678,063 | ||
| Cook County, IL, General Obligation Refunding, 5%, 11/15/2034 | 50,000 | 59,804 | ||
| Cook County, IL, General Obligation Refunding, 5%, 11/15/2035 | 180,000 | 215,023 | ||
| Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2041 | 465,000 | 549,208 | ||
| Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036 | 208,000 | 209,897 | ||
| Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 | 165,000 | 196,948 | ||
| Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 | 165,000 | 196,587 | ||
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023) | 30,000 | 32,266 | ||
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 | 215,000 | 225,028 | ||
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023) | 35,000 | 37,866 | ||
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 | 230,000 | 240,978 | ||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036 | 195,000 | 235,971 | ||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 (Prerefunded 2/15/2027) | 30,000 | 35,217 | ||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 | 630,000 | 714,264 | ||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | 400,000 | 482,328 | ||
| Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043 | 255,000 | 274,311 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042 | 45,000 | 52,746 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047 | 90,000 | 104,782 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046 | 65,000 | 75,724 | ||
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049 | 70,000 | 81,438 | ||
| Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035 | 530,000 | 615,355 | ||
| Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2034 | 5,000 | 5,960 | ||
| Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2034 | 445,000 | 642,615 | ||
| Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035 | 255,000 | 374,283 | ||
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050 | 415,000 | 477,195 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 | 30,000 | 34,990 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2047 | 60,000 | 69,180 | ||
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2050 | 25,000 | 28,780 | ||
| Illinois Finance Authority, Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/2031 | 785,000 | 789,039 | ||
| Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030 | 5,000 | 6,215 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 100,000 | 118,629 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 220,000 | 268,726 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 195,000 | 244,378 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 40,000 | 51,295 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 100,000 | 130,902 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 90,000 | 114,921 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 125,000 | 159,722 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 55,000 | 65,015 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 40,000 | 47,166 | ||
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 60,000 | 70,907 | ||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2028 | 50,000 | 62,592 | ||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029 | 65,000 | 82,438 | ||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2030 | 40,000 | 50,466 | ||
| Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034 | 319,000 | 319,290 | ||
| Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B”, BAM, 0%, 12/15/2054 | 970,000 | 401,136 | ||
8
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2047 | $ | 1,650,000 | $856,783 | |
| Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026 | 195,000 | 184,448 | ||
| Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 165,000 | 180,894 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | 90,000 | 99,068 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | 70,000 | 74,240 | ||
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | 70,000 | 73,859 | ||
| State of Illinois, 4.125%, 11/01/2031 | 115,000 | 129,633 | ||
| State of Illinois, 4.5%, 11/01/2039 | 160,000 | 180,177 | ||
| State of Illinois, 5%, 11/01/2040 | 485,000 | 560,918 | ||
| State of Illinois, AGM, 5%, 2/01/2027 | 145,000 | 160,695 | ||
| State of Illinois, NPFG, 6%, 11/01/2026 | 405,000 | 487,276 | ||
| State of Illinois, “A”, 5%, 11/01/2027 | 595,000 | 732,618 | ||
| State of Illinois, “A”, 5%, 12/01/2024 | 35,000 | 40,006 | ||
| State of Illinois, “A”, 5%, 12/01/2038 | 55,000 | 65,399 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2046 | 870,000 | 1,084,766 | ||
| University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2047 | 625,000 | 728,584 | ||
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043 | 460,000 | 524,794 | ||
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048 | 460,000 | 521,490 | ||
| $32,042,459 | ||||
| Indiana - 1.9% | ||||
| Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041 | $ | 350,000 | $394,678 | |
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030 | 50,000 | 55,995 | ||
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039 | 125,000 | 138,364 | ||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2035 | 235,000 | 253,680 | ||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 | 590,000 | 636,343 | ||
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034 | 130,000 | 151,464 | ||
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035 | 165,000 | 191,998 | ||
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 5%, 9/15/2039 | 85,000 | 102,960 | ||
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2044 | 20,000 | 22,225 | ||
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2049 | 25,000 | 27,635 | ||
| Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 430,000 | 514,032 | ||
| Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 4/01/2042 | 130,000 | 132,735 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032 | 35,000 | 43,451 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033 | 25,000 | 30,922 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035 | 35,000 | 42,996 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038 | 100,000 | 121,855 | ||
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | 325,000 | 365,844 | ||
| $3,227,177 | ||||
| Iowa - 0.6% | ||||
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033 | $ | 60,000 | $65,765 | |
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038 | 45,000 | 49,149 | ||
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048 | 85,000 | 92,314 | ||
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 310,000 | 322,447 | ||
| Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, “B-2”, 0%, 6/01/2065 | 2,395,000 | 450,247 | ||
| $979,922 | ||||
| Kansas - 1.4% | ||||
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 300,000 | $347,867 | |
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 100,000 | 115,956 | ||
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 50,000 | 57,846 | ||
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 50,000 | 57,380 | ||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030 | 55,000 | 62,927 | ||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032 | 50,000 | 56,933 | ||
9
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Kansas - continued | ||||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039 | $ | 65,000 | $73,234 | |
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2046 | 80,000 | 90,132 | ||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043 | 200,000 | 211,729 | ||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047 | 195,000 | 210,566 | ||
| Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 4.2%, 9/01/2027 | 125,000 | 127,515 | ||
| Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2047 | 380,000 | 436,303 | ||
| Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052 | 255,000 | 291,601 | ||
| Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | 70,000 | 73,634 | ||
| Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044 | 255,000 | 286,047 | ||
| $2,499,670 | ||||
| Kentucky - 2.2% | ||||
| Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032 | $ | 50,000 | $62,426 | |
| Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033 | 45,000 | 56,035 | ||
| Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034 | 55,000 | 68,304 | ||
| Hazard, KY, Healthcare Rev. (Appalachian Regional Healthcare Project), 3%, 7/01/2046 | 105,000 | 110,908 | ||
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%, 11/15/2046 | 355,000 | 377,246 | ||
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%, 11/15/2051 | 340,000 | 363,238 | ||
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042 | 225,000 | 228,081 | ||
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045 | 95,000 | 96,338 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037 | 40,000 | 48,303 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041 | 315,000 | 377,547 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046 | 205,000 | 245,515 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037 | 160,000 | 187,563 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041 | 105,000 | 122,886 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041 | 80,000 | 94,952 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045 | 135,000 | 156,254 | ||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2036 | 140,000 | 145,818 | ||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2046 | 395,000 | 405,957 | ||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2051 | 100,000 | 102,560 | ||
| Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “B-1”, 5%, 6/01/2036 | 465,000 | 535,344 | ||
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2056 | 60,000 | 68,901 | ||
| $3,854,176 | ||||
| Louisiana - 4.0% | ||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Cameron Parish Gomesa Project), 5.65%, 11/01/2037 (n) | $ | 100,000 | $121,197 | |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045 | 730,000 | 770,072 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish Gomesa Project), 4%, 11/01/2044 (n) | 190,000 | 208,421 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish Gomesa Project), 3.95%, 11/01/2043 (n) | 185,000 | 202,688 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish Gomesa Project), 3.9%, 11/01/2044 (n) | 225,000 | 245,174 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035 | 105,000 | 115,948 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045 | 420,000 | 461,477 | ||
10
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Louisiana - continued | ||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish Gomesa Project), 5.375%, 11/01/2038 (n) | $ | 115,000 | $136,974 | |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish Gomesa Project), 5.5%, 11/01/2039 (n) | 100,000 | 115,250 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish Gomesa Project), 4.625%, 11/01/2038 (n) | 100,000 | 114,208 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.125%, 2/01/2037 (n) | 240,000 | 268,059 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.25%, 2/01/2047 (n) | 185,000 | 205,170 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n) | 100,000 | 107,496 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n) | 150,000 | 158,134 | ||
| Louisiana Military Department Custody Receipts, 5%, 8/01/2024 | 1,500,000 | 1,505,858 | ||
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n) | 790,000 | 886,074 | ||
| New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025) | 80,000 | 95,370 | ||
| New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045 (Prerefunded 6/01/2025) | 220,000 | 257,780 | ||
| New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045 (Prerefunded 12/01/2025) | 95,000 | 113,252 | ||
| St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022) | 760,000 | 780,703 | ||
| $6,869,305 | ||||
| Maine - 0.6% | ||||
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n) | $ | 160,000 | $179,561 | |
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n) | 365,000 | 414,783 | ||
| Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050 | 375,000 | 433,378 | ||
| $1,027,722 | ||||
| Maryland - 0.8% | ||||
| Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n) | $ | 145,000 | $153,753 | |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038 | 10,000 | 9,939 | ||
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048 | 30,000 | 28,485 | ||
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058 | 110,000 | 101,638 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036 | 190,000 | 230,771 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033 | 115,000 | 132,783 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034 | 70,000 | 80,552 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038 | 315,000 | 358,364 | ||
| Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 100,000 | 112,504 | ||
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037 | 45,000 | 49,342 | ||
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 | 85,000 | 92,738 | ||
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047 | 90,000 | 97,877 | ||
| $1,448,746 | ||||
| Massachusetts - 5.4% | ||||
| Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d) | $ | 895,000 | $402,750 | |
| Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039 | 65,000 | 80,211 | ||
| Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049 | 60,000 | 67,783 | ||
| Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053 | 1,210,000 | 1,467,282 | ||
| Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 11/15/2056 | 56,165 | 38,139 | ||
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | 100,000 | 109,130 | ||
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 255,000 | 277,985 | ||
| Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) (n) | 100,000 | 113,314 | ||
| Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 4%, 7/01/2046 | 255,000 | 300,173 | ||
| Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 5%, 7/01/2050 | 715,000 | 912,709 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033 | 40,000 | 47,905 | ||
11
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Massachusetts - continued | ||||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | $ | 50,000 | $59,678 | |
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036 | 145,000 | 171,622 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 | 3,080,000 | 3,478,862 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 | 65,000 | 78,699 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037 | 20,000 | 20,124 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036 | 75,000 | 78,027 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046 | 405,000 | 433,754 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 475,000 | 486,156 | ||
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051 | 85,000 | 86,012 | ||
| Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/2032 (Prerefunded 10/15/2021) | 490,000 | 492,866 | ||
| $9,203,181 | ||||
| Michigan - 3.8% | ||||
| Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043 | $ | 120,000 | $134,031 | |
| Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039 (Prerefunded 7/01/2022) | 730,000 | 761,140 | ||
| Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047 | 330,000 | 365,196 | ||
| Kentwood, MI, Economic Development Corp Rev. (Holland Home Obligated Group), 4%, 11/15/2045 | 95,000 | 105,848 | ||
| Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047 | 1,025,000 | 1,295,857 | ||
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2035 (Prerefunded 12/01/2021) | 1,250,000 | 1,265,135 | ||
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 280,000 | 346,664 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033 | 80,000 | 93,063 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034 | 180,000 | 209,094 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035 | 115,000 | 133,540 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034 | 75,000 | 87,122 | ||
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 (n) | 135,000 | 131,801 | ||
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 (n) | 135,000 | 130,524 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 45,000 | 51,341 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 50,000 | 57,133 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 40,000 | 45,429 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 110,000 | 124,929 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031 | 190,000 | 240,251 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032 | 200,000 | 252,355 | ||
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038 | 180,000 | 231,657 | ||
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2040 | 335,000 | 429,144 | ||
| $6,491,254 | ||||
| Minnesota - 0.6% | ||||
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2031 | $ | 20,000 | $22,308 | |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036 | 35,000 | 38,611 | ||
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041 | 160,000 | 175,342 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043 | 110,000 | 126,453 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043 | 200,000 | 241,728 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048 | 110,000 | 125,714 | ||
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048 | 155,000 | 186,260 | ||
| Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/2038 | 246 | 246 | ||
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n) | 100,000 | 112,992 | ||
| $1,029,654 | ||||
12
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Mississippi - 0.8% | ||||
| Jackson County, MS, Development Bank Special Obligation (Gomesa Project), 3.625%, 11/01/2036 (n) | $ | 100,000 | $99,938 | |
| Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044 | 195,000 | 196,041 | ||
| Mississippi Development Bank Special Obligation (Hancock County Gomesa Project), 4.55%, 11/01/2039 (n) | 200,000 | 226,874 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2022 | 175,000 | 182,845 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2023 | 455,000 | 494,945 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046 | 135,000 | 158,055 | ||
| $1,358,698 | ||||
| Missouri - 2.9% | ||||
| Cape Girardeau County, MO, Industrial Development Authority, Health Facilities Rev. (SoutheastHealth), 4%, 3/01/2041 | $ | 105,000 | $121,308 | |
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049 | 655,000 | 799,254 | ||
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055 | 395,000 | 479,868 | ||
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046 | 870,000 | 1,062,029 | ||
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2040 (n) | 100,000 | 108,968 | ||
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n) | 280,000 | 303,265 | ||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051 | 155,000 | 177,360 | ||
| Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030 | 15,000 | 15,324 | ||
| Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035 | 10,000 | 10,121 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030 | 45,000 | 49,173 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035 | 35,000 | 37,916 | ||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045 | 80,000 | 85,490 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029 | 60,000 | 60,270 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035 | 125,000 | 126,740 | ||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047 | 255,000 | 260,715 | ||
| St. Louis, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), “A”, 5.25%, 9/01/2053 | 555,000 | 629,852 | ||
| St. Louis, MO, Industrial Development Authority Rev. (St. Andrew's Resources for Seniors Obligated Group), “A”, 5.125%, 12/01/2045 | 230,000 | 253,590 | ||
| St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045 | 335,000 | 418,733 | ||
| $4,999,976 | ||||
| Montana - 0.0% | ||||
| Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A”, 4%, 6/01/2049 | $ | 40,000 | $43,416 | |
| Nebraska - 0.1% | ||||
| Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036 | $ | 135,000 | $190,518 | |
| Nevada - 0.4% | ||||
| Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040 | $ | 160,000 | $190,275 | |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n) | 195,000 | 215,759 | ||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n) | 115,000 | 126,514 | ||
| Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 (n) | 110,000 | 119,782 | ||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033 | 5,000 | 6,094 | ||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038 | 5,000 | 6,022 | ||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048 | 25,000 | 27,772 | ||
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058 | 35,000 | 39,091 | ||
| $731,309 | ||||
13
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Hampshire - 0.8% | ||||
| National Finance Authority, New Hampshire Municipal Certificates “A”, 4.125%, 1/20/2034 | $ | 489,189 | $590,238 | |
| National Finance Authority, New Hampshire Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042 (n) | 375,000 | 396,711 | ||
| New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031 | 150,000 | 179,331 | ||
| New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036 | 150,000 | 178,620 | ||
| $1,344,900 | ||||
| New Jersey - 6.8% | ||||
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2037 | $ | 30,000 | $35,944 | |
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2042 | 35,000 | 41,588 | ||
| Essex County, NJ, Improvement Authority, General Obligation Lease Rev. (CHF-Newark, LLC - New Jersey Student Housing Project. “A”, BAM, 4%, 8/01/2060 | 510,000 | 598,782 | ||
| Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2046 | 190,000 | 222,372 | ||
| Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2051 | 305,000 | 355,478 | ||
| New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | 35,000 | 41,974 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 55,000 | 61,747 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | 55,000 | 60,971 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043 | 315,000 | 350,690 | ||
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 160,000 | 178,046 | ||
| New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Project), 6.5%, 4/01/2031 | 1,035,000 | 1,114,851 | ||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030 | 100,000 | 107,110 | ||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035 | 125,000 | 133,067 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 15,000 | 19,621 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 10,000 | 13,057 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 30,000 | 35,775 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 25,000 | 29,694 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 40,000 | 47,347 | ||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 3.125%, 7/01/2029 | 50,000 | 51,021 | ||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 5%, 7/01/2033 | 335,000 | 400,571 | ||
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030 | 335,000 | 373,757 | ||
| New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042 | 235,000 | 285,000 | ||
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 500,000 | 575,791 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | 405,000 | 432,914 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | 40,000 | 40,820 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w) | 80,000 | 92,834 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w) | 155,000 | 179,299 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2040 (w) | 150,000 | 172,928 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w) | 130,000 | 149,490 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2042 (w) | 130,000 | 148,986 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w) | 155,000 | 191,818 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w) | 140,000 | 176,152 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w) | 225,000 | 287,757 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w) | 160,000 | 208,436 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w) | 205,000 | 265,136 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w) | 195,000 | 250,808 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w) | 190,000 | 242,963 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w) | 195,000 | 248,037 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w) | 95,000 | 120,289 | ||
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 145,000 | 182,952 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029 | 200,000 | 238,354 | ||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031 | 135,000 | 159,983 | ||
14
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Jersey - continued | ||||
| New Jersey Transportation Trust Fund Authority, Transportation Program, “AA”, 5%, 6/15/2038 | $ | 1,000,000 | $1,113,400 | |
| State of New Jersey, COVID-19 General Obligation, “A”, 4%, 6/01/2031 | 1,320,000 | 1,648,722 | ||
| $11,686,332 | ||||
| New Mexico - 0.0% | ||||
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040 | $ | 25,000 | $28,932 | |
| New York - 8.1% | ||||
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | $ | 515,000 | $586,466 | |
| Hudson Yards, NY, Infrastructure Corp. Rev., “A”, Unrefunded Balance, 5.75%, 2/15/2047 | 150,000 | 150,676 | ||
| Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052 | 95,000 | 108,068 | ||
| Metropolitan Transportation Authority, NY, Transportation Rev., “C-1”, 5.25%, 11/15/2055 | 215,000 | 266,665 | ||
| Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 4%, 7/01/2050 | 220,000 | 257,150 | ||
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2034 | 85,000 | 95,263 | ||
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2040 | 205,000 | 228,006 | ||
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2045 | 105,000 | 116,152 | ||
| New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 100,000 | 120,491 | ||
| New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2040 (n) | 100,000 | 114,298 | ||
| New York Environmental Facilities Corp., State Revolving Funds Rev., “C”, 5%, 5/15/2041 | 1,195,000 | 1,199,726 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 625,000 | 690,453 | ||
| New York State Thruway Authority, Personal Income Rev., “A-1”, 4%, 3/15/2046 | 1,015,000 | 1,197,653 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026 | 435,000 | 436,026 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | 80,000 | 86,711 | ||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031 | 260,000 | 260,603 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 455,000 | 554,714 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032 | 135,000 | 164,311 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | 100,000 | 113,749 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | 685,000 | 812,019 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038 | 90,000 | 104,621 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2038 | 365,000 | 466,897 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 100,470 | 101,877 | ||
| New York, NY, Industrial Development Agency Pilot Refunding Rev. (Yankee Stadium Project), “A”, AGM, 4%, 3/01/2045 | 40,000 | 46,849 | ||
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “GG-1”, 4%, 6/15/2050 | 635,000 | 738,941 | ||
| New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037 | 245,000 | 296,366 | ||
| New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038 | 305,000 | 367,125 | ||
| New York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), “A”, 4%, 12/01/2035 | 125,000 | 150,343 | ||
| Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042 (n) | 335,000 | 353,518 | ||
| Orange County, NY, Funding Corp. Assisted Living Residence Rev. (Hamlet at Wallkill Assisted Living Project), 6.5%, 1/01/2046 (Put Date 1/01/2046) | 225,000 | 227,539 | ||
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 835,000 | 963,460 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029 | 40,000 | 40,541 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032 | 90,000 | 90,272 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | 250,000 | 250,175 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | 135,000 | 134,581 | ||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2034 | 70,000 | 84,297 | ||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035 | 35,000 | 42,084 | ||
15
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - continued | ||||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041 | $ | 230,000 | $269,871 | |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”A-2“, 5%, 5/15/2051 | 685,000 | 880,708 | ||
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | 160,000 | 159,232 | ||
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037 | 500,000 | 507,794 | ||
| $13,836,291 | ||||
| North Carolina - 1.6% | ||||
| Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023) | $ | 1,229,636 | $1,318,819 | |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036 | 40,000 | 44,909 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041 | 20,000 | 22,197 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051 | 240,000 | 263,464 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 (w) | 25,000 | 27,384 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 (w) | 10,000 | 10,793 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025 | 70,000 | 75,251 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030 | 85,000 | 91,733 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 55,000 | 59,017 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 115,000 | 139,049 | ||
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 | 95,000 | 103,078 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042 | 40,000 | 45,780 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | 80,000 | 91,085 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051 | 165,000 | 187,514 | ||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054 | 70,000 | 79,448 | ||
| University of North Carolina, Greensboro, Rev., 5%, 4/01/2039 | 135,000 | 151,633 | ||
| $2,711,154 | ||||
| North Dakota - 0.1% | ||||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034 | $ | 45,000 | $52,723 | |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048 | 10,000 | 11,437 | ||
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053 | 95,000 | 108,012 | ||
| $172,172 | ||||
| Ohio - 4.9% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 175,000 | $223,876 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 2,210,000 | 2,569,906 | ||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057 | 3,345,000 | 549,353 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2042 | 265,000 | 312,658 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | 360,000 | 408,952 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047 | 85,000 | 101,492 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2057 | 190,000 | 222,730 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 980,000 | 1,168,612 | ||
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2040 | 45,000 | 48,595 | ||
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045 | 60,000 | 64,067 | ||
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049 | 80,000 | 92,275 | ||
| Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047 | 295,000 | 335,248 | ||
| Gallia County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 7/01/2042 (Prerefunded 7/01/2022) | 890,000 | 945,479 | ||
| Lake County, OH, Hospital Facilities Rev., Unrefunded Balance, “C”, 5.625%, 8/15/2029 | 90,000 | 90,357 | ||
| Lucas County, OH, Hospital Rev. (Promedica Healthcare), “A”, 5.25%, 11/15/2048 | 90,000 | 109,272 | ||
| Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049 | 390,000 | 478,418 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 | 160,000 | 187,225 | ||
16
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Ohio - continued | ||||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047 | $ | 90,000 | $103,143 | |
| Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 4%, 8/01/2041 | 15,000 | 18,061 | ||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n) | 100,000 | 112,376 | ||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n) | 125,000 | 144,899 | ||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n) | 170,000 | 199,626 | ||
| $8,486,620 | ||||
| Oklahoma - 0.9% | ||||
| Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028 | $ | 20,000 | $20,650 | |
| Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 50,000 | 61,621 | ||
| Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042 | 135,000 | 147,924 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029 | 40,000 | 49,851 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033 | 190,000 | 233,075 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038 | 265,000 | 321,512 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043 | 240,000 | 294,842 | ||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048 | 265,000 | 323,566 | ||
| Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 | 70,000 | 77,936 | ||
| $1,530,977 | ||||
| Oregon - 1.5% | ||||
| Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 4.5%, 5/01/2029 | $ | 105,000 | $107,557 | |
| Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036 | 120,000 | 135,522 | ||
| Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2040 | 135,000 | 138,595 | ||
| Medford, OR, Hospital Facility Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050 | 465,000 | 541,199 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051 (w) | 840,000 | 942,871 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B”, 1.2%, 6/01/2028 (w) | 35,000 | 34,955 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 (w) | 90,000 | 89,899 | ||
| Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040 | 40,000 | 50,014 | ||
| Oregon Facilities Authority Rev. (Willamette University Projects), “A”, 4%, 10/01/2051 | 190,000 | 219,210 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), “A”, 5%, 11/15/2056 | 260,000 | 304,949 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-1”, 2.5%, 11/15/2028 | 40,000 | 40,279 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-2”, 2.125%, 11/15/2027 | 15,000 | 15,050 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-3”, 1.75%, 11/15/2026 | 30,000 | 30,092 | ||
| $2,650,192 | ||||
| Pennsylvania - 12.7% | ||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 (w) | $ | 45,000 | $56,468 | |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | 205,000 | 244,031 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | 185,000 | 214,575 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2035 | 125,000 | 128,978 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2042 | 535,000 | 552,027 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2034 | 300,000 | 341,491 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050 | 265,000 | 293,947 | ||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | 35,000 | 42,371 | ||
| Berks County, PA, Reading School District, BAM, 4%, 4/01/2044 | 60,000 | 70,797 | ||
| Blythe Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 | 315,000 | 376,813 | ||
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | 60,000 | 68,567 | ||
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050 | 285,000 | 323,760 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051 | 120,000 | 126,859 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030 | 50,000 | 53,157 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 | 120,000 | 125,989 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 85,000 | 105,295 | ||
17
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | $ | 75,000 | $92,550 | |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 35,000 | 43,048 | ||
| Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045 | 35,000 | 38,872 | ||
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 | 35,000 | 41,143 | ||
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 | 40,000 | 47,021 | ||
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039 | 50,000 | 56,649 | ||
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 | 25,000 | 28,324 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038 | 150,000 | 164,505 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043 | 195,000 | 211,895 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048 | 200,000 | 216,165 | ||
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053 | 195,000 | 210,355 | ||
| Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050 | 1,270,000 | 1,462,599 | ||
| Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049 | 420,000 | 480,874 | ||
| Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037 | 1,200,000 | 808,141 | ||
| Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023) | 765,000 | 846,193 | ||
| Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 | 660,000 | 722,884 | ||
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | 65,000 | 80,213 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 130,000 | 149,382 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049 | 120,000 | 137,070 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2048 | 415,000 | 505,660 | ||
| Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), 5%, 11/15/2028 (Prerefunded 5/15/2022) | 440,000 | 455,142 | ||
| Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045 | 145,000 | 176,390 | ||
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 1,180,000 | 1,270,866 | ||
| Moon Industrial Development Authority Rev. (Baptist Homes Society), 6.125%, 7/01/2050 | 325,000 | 350,839 | ||
| Pennsylvania Economic Development Financing Authority Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2030 | 130,000 | 154,657 | ||
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 0.58%, 8/01/2037 (Put Date 8/01/2024) | 85,000 | 85,024 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 50,000 | 50,561 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 4%, 5/01/2050 | 890,000 | 1,036,135 | ||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2032 | 640,000 | 777,762 | ||
| Pennsylvania Turnpike Commission Rev., “A”, 5%, 12/01/2044 | 120,000 | 151,663 | ||
| Pennsylvania Turnpike Commission Rev., ”A“, 4%, 12/01/2050 | 495,000 | 580,363 | ||
| Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049 | 1,120,000 | 1,306,965 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036 | 100,000 | 112,980 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046 | 165,000 | 184,783 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051 | 155,000 | 177,252 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | 220,000 | 248,331 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 6.875%, 6/15/2033 | 100,000 | 109,865 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 7.375%, 6/15/2043 | 145,000 | 159,600 | ||
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043 | 120,000 | 131,294 | ||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.25%, 12/01/2047 (n) | 180,000 | 192,300 | ||
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058 (n) | 260,000 | 278,910 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037 | 130,000 | 147,451 | ||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042 | 150,000 | 168,577 | ||
18
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049 | $ | 215,000 | $240,029 | |
| Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), “15”, 5%, 8/01/2042 | 620,000 | 745,555 | ||
| Philadelphia, PA, School District, “A”, 5%, 9/01/2033 | 25,000 | 31,415 | ||
| Philadelphia, PA, School District, “A”, 5%, 9/01/2035 | 90,000 | 112,343 | ||
| Philadelphia, PA, School District, “A”, 5%, 9/01/2036 | 30,000 | 37,315 | ||
| Philadelphia, PA, School District, “A”, 5%, 9/01/2037 | 30,000 | 37,202 | ||
| Philadelphia, PA, School District, “A”, 5%, 9/01/2038 | 30,000 | 37,150 | ||
| Philadelphia, PA, School District, “A”, 4%, 9/01/2039 | 190,000 | 222,770 | ||
| Philadelphia, PA, School District, “B”, 5%, 9/01/2043 | 95,000 | 116,615 | ||
| Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028 | 995,000 | 1,000,246 | ||
| Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032 | 50,000 | 68,939 | ||
| Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033 | 40,000 | 56,283 | ||
| Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035 | 20,000 | 24,056 | ||
| Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044 | 130,000 | 163,551 | ||
| Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046 | 555,000 | 600,173 | ||
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044 | 125,000 | 141,075 | ||
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046 | 185,000 | 208,035 | ||
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048 | 125,000 | 140,181 | ||
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023 | 15,000 | 15,381 | ||
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | 20,000 | 21,975 | ||
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030 | 40,000 | 44,764 | ||
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035 | 45,000 | 49,936 | ||
| $21,891,367 | ||||
| Puerto Rico - 6.9% | ||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | $ | 440,000 | $447,088 | |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 45,000 | 46,281 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030 | 325,000 | 354,457 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 225,000 | 245,602 | ||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038 | 45,000 | 46,281 | ||
| Commonwealth of Puerto Rico, “A”, AGM, 5.375%, 7/01/2025 | 60,000 | 60,686 | ||
| Commonwealth of Puerto Rico, Public Improvement, “C-7”, NPFG, 6%, 7/01/2027 | 295,000 | 305,391 | ||
| Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 590,000 | 605,271 | ||
| Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 5.25%, 7/01/2022 | 180,000 | 183,817 | ||
| Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033 | 30,000 | 30,513 | ||
| Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2024 | 20,000 | 20,466 | ||
| Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2025 | 20,000 | 20,570 | ||
| Puerto Rico Electric Power Authority Rev., “RR”, NPFG, 5%, 7/01/2022 | 45,000 | 45,698 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d) | 1,255,000 | 1,226,763 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024 | 80,000 | 81,863 | ||
| Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022 | 50,000 | 50,805 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026 | 70,000 | 75,117 | ||
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 310,000 | 335,988 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d) | 1,060,000 | 1,036,150 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026 | 645,000 | 665,963 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021 | 15,000 | 15,019 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022 | 75,000 | 76,009 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026 | 15,000 | 15,038 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027 | 240,000 | 242,943 | ||
19
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Puerto Rico - continued | ||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031 | $ | 80,000 | $80,200 | |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 90,000 | 91,193 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036 | 90,000 | 90,225 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 70,000 | 71,050 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 55,000 | 55,362 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 90,000 | 91,350 | ||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023 | 405,000 | 424,141 | ||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | 515,000 | 549,089 | ||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2025 | 85,000 | 91,826 | ||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028 | 90,000 | 99,582 | ||
| Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 25,000 | 25,403 | ||
| Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, AGM, 5%, 7/01/2036 | 55,000 | 55,886 | ||
| Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | 490,000 | 517,937 | ||
| Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2027 | 125,000 | 129,403 | ||
| Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2028 | 40,000 | 41,450 | ||
| Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/2026 | 155,000 | 195,297 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 53,000 | 60,856 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 799,000 | 923,132 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 4,000 | 4,514 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 88,000 | 100,486 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 93,000 | 85,735 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 1,010,000 | 817,742 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 984,000 | 740,643 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 594,000 | 197,736 | ||
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 45,000 | 46,281 | ||
| $11,820,298 | ||||
| Rhode Island - 0.3% | ||||
| Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039 | $ | 115,000 | $117,274 | |
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034 | 75,000 | 77,995 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | 240,000 | 252,550 | ||
| $447,819 | ||||
| South Carolina - 2.1% | ||||
| Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023 | $ | 645,000 | $681,120 | |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n) | 100,000 | 107,137 | ||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | 50,000 | 50,878 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048 | 495,000 | 597,909 | ||
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047 | 155,000 | 170,688 | ||
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2052 | 140,000 | 154,017 | ||
| South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/2043 | 355,000 | 390,922 | ||
| South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/2043 | 845,000 | 930,504 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048 | 320,000 | 387,000 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045 | 55,000 | 64,195 | ||
| $3,534,370 | ||||
20
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Tennessee - 2.3% | ||||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045 (Prerefunded 1/01/2023) | $ | 1,295,000 | $1,380,412 | |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044 | 30,000 | 37,212 | ||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 15,000 | 18,499 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | 60,000 | 71,119 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031 | 65,000 | 76,622 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 80,000 | 93,081 | ||
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034 | 10,000 | 12,526 | ||
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2039 | 15,000 | 18,575 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021 | 2,185,000 | 2,185,000 | ||
| $3,893,046 | ||||
| Texas - 10.0% | ||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036 | $ | 50,000 | $55,597 | |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046 | 230,000 | 253,716 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029 | 45,000 | 51,951 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031 | 65,000 | 74,391 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034 | 10,000 | 11,012 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026 | 25,000 | 27,852 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028 | 25,000 | 28,142 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030 | 30,000 | 33,409 | ||
| Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 | 115,000 | 131,968 | ||
| Central Texas Regional Mobility Authority Senior Lien Rev., “B”, 5%, 1/01/2046 | 890,000 | 1,134,883 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033 | 130,000 | 142,730 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042 | 520,000 | 537,412 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043 | 210,000 | 229,073 | ||
| Conroe Local Government Corp., First Lien Hotel Rev. (Conroe Convention Center Hotel), “A”, 4%, 10/01/2050 | 50,000 | 55,088 | ||
| Conroe Local Government Corp., Second Lien Hotel Rev. (Conroe Convention Center Hotel), “B”, 5%, 10/01/2050 (n) | 100,000 | 109,684 | ||
| Conroe Local Government Corp., Third Lien Hotel & Contract Rev. (Conroe Convention Center Hotel), “C”, 4%, 10/01/2050 | 35,000 | 40,488 | ||
| Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 465,000 | 489,843 | ||
| Dallas, TX, Civic Center Convention Complex Rev., AGM, 5.25%, 8/15/2034 | 1,065,000 | 1,069,356 | ||
| Decatur, TX, Hospital Authority Rev. (Wise Regional Health System), “A”, 5.25%, 9/01/2044 | 130,000 | 144,254 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2040 | 355,000 | 428,583 | ||
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025 | 135,000 | 137,886 | ||
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028 | 500,000 | 500,816 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035 | 110,000 | 132,032 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036 | 195,000 | 233,478 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037 | 260,000 | 310,421 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038 | 215,000 | 256,098 | ||
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031 | 140,000 | 156,433 | ||
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032 | 20,000 | 22,345 | ||
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033 | 50,000 | 55,852 | ||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041 | 90,000 | 42,247 | ||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046 | 220,000 | 79,429 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.5%, 7/15/2030 | 555,000 | 558,642 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | 130,000 | 138,934 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030 | 1,360,000 | 1,521,330 | ||
| Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031 (Prerefunded 7/01/2022) | 190,000 | 197,466 | ||
| Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 55,000 | 61,095 | ||
| Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023 | 200,000 | 200,702 | ||
| Mission, TX, Economic Development Corp. (NatGasoline Project), 4.625%, 10/01/2031 (n) | 225,000 | 236,929 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2038 | 30,000 | 36,550 | ||
21
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2048 | $ | 110,000 | $133,276 | |
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058 | 105,000 | 126,807 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 3.375%, 8/15/2029 (n) | 30,000 | 30,734 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2049 (n) | 80,000 | 84,044 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5%, 11/15/2026 | 15,000 | 16,054 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.375%, 11/15/2036 | 20,000 | 21,719 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2046 | 50,000 | 53,975 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2052 | 55,000 | 59,212 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2031 | 20,000 | 21,313 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 4%, 7/01/2036 | 90,000 | 89,597 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030 (Prerefunded 4/01/2025) | 35,000 | 40,827 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025) | 30,000 | 34,994 | ||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025) | 85,000 | 99,151 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035 (n) | 105,000 | 119,034 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045 (n) | 140,000 | 158,098 | ||
| Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, 5.25%, 6/15/2048 (Prerefunded 6/15/2022) | 75,000 | 77,937 | ||
| North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | 215,000 | 222,885 | ||
| North Texas Tollway Authority System Rev., “B”, 4%, 1/01/2041 | 335,000 | 398,968 | ||
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 200,000 | 206,883 | ||
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | 465,000 | 481,239 | ||
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “B”, 6%, 1/01/2025 (n) | 265,000 | 275,343 | ||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 295,000 | 346,427 | ||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.5%, 11/15/2034 | 130,000 | 144,573 | ||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.75%, 11/15/2044 | 235,000 | 260,851 | ||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 8%, 11/15/2049 | 170,000 | 189,965 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030 | 100,000 | 113,024 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 130,000 | 145,586 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040 | 140,000 | 155,888 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), 5.25%, 11/15/2047 | 130,000 | 116,533 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “A”, 5%, 11/15/2045 | 145,000 | 129,985 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2030 | 195,000 | 175,159 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2036 | 440,000 | 394,825 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 | 1,066,979 | 1,142,563 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044 | 75,000 | 82,682 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 210,000 | 237,273 | ||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 170,000 | 191,125 | ||
22
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Texas Transportation Commission, Central Texas Turnpike System Rev., Capital Appreciation, “B”, 0%, 8/15/2036 | $ | 435,000 | $250,833 | |
| Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057 | 300,000 | 350,232 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037 | 35,000 | 20,151 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038 | 25,000 | 13,624 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039 | 25,000 | 12,903 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040 | 25,000 | 12,186 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041 | 55,000 | 25,353 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042 | 80,000 | 34,857 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043 | 60,000 | 24,778 | ||
| $17,251,583 | ||||
| Utah - 0.6% | ||||
| Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043 | $ | 495,000 | $603,998 | |
| Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047 | 305,000 | 325,279 | ||
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n) | 150,000 | 162,808 | ||
| $1,092,085 | ||||
| Vermont - 0.2% | ||||
| Burlington, VT, Airport Rev., “A”, 4%, 7/01/2028 | $ | 110,000 | $112,575 | |
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039 | 75,000 | 75,244 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046 | 185,000 | 193,182 | ||
| $381,001 | ||||
| Virginia - 2.2% | ||||
| Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 | $ | 515,000 | $537,335 | |
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of Williamsburg, Inc.), “A”, 4%, 6/01/2047 | 130,000 | 141,840 | ||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | 145,000 | 159,730 | ||
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | 185,000 | 198,155 | ||
| Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.4%, 3/01/2045 (n) | 120,000 | 127,484 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n) | 215,000 | 239,040 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n) | 215,000 | 236,710 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 490,000 | 512,685 | ||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 950,000 | 988,825 | ||
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2040 | 625,000 | 718,992 | ||
| $3,860,796 | ||||
| Washington - 1.8% | ||||
| Kalispel Tribe Indians, WA, Priority District Rev., “A”, 5%, 1/01/2032 (n) | $ | 155,000 | $185,639 | |
| Kalispel Tribe Indians, WA, Priority District Rev., “A”, 5.25%, 1/01/2038 (n) | 160,000 | 191,894 | ||
| Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/2033 | 1,395,000 | 1,466,592 | ||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035 | 120,000 | 141,818 | ||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037 | 115,000 | 135,342 | ||
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048 (n) | 175,000 | 191,742 | ||
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n) | 100,000 | 108,207 | ||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036 (n) | 100,000 | 110,664 | ||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046 (n) | 130,000 | 142,361 | ||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051 (n) | 150,000 | 164,010 | ||
| Washington State Housing Finance Commission Municipal Certificates, “X”, 0.725%, 12/20/2035 (i) | 2,904,002 | 180,603 | ||
| $3,018,872 | ||||
23
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| West Virginia - 0.3% | ||||
| Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), “B”, 4.875%, 6/01/2043 (n) | $ | 100,000 | $109,107 | |
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%, 1/01/2043 | 385,000 | 468,492 | ||
| $577,599 | ||||
| Wisconsin - 7.6% | ||||
| Green Bay, WI, Redevelopment Authority (Green Bay Packaging, Inc. Project), VRDN, 0.07%, 7/01/2047 (n) | $ | 1,115,000 | $1,115,000 | |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040 | 730,000 | 418,557 | ||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040 | 315,000 | 179,641 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027 | 135,000 | 146,747 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032 | 125,000 | 134,445 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037 | 70,000 | 74,781 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039 | 70,000 | 74,700 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048 | 1,280,000 | 1,439,202 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047 | 45,000 | 53,300 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2038 | 25,000 | 29,547 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2044 | 30,000 | 35,187 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2049 | 115,000 | 134,378 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2040 | 25,000 | 26,795 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2045 | 35,000 | 37,389 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2050 | 155,000 | 165,418 | ||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022 | 20,000 | 20,297 | ||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 1,825,000 | 1,887,132 | ||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042 | 105,000 | 108,155 | ||
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037 | 45,000 | 49,167 | ||
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047 | 70,000 | 75,875 | ||
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n) | 70,000 | 78,035 | ||
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n) | 70,000 | 78,080 | ||
| Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n) | 30,000 | 35,008 | ||
| Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n) | 160,000 | 182,573 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n) | 30,000 | 32,318 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n) | 95,000 | 103,977 | ||
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n) | 80,000 | 86,535 | ||
| Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047 | 100,000 | 114,902 | ||
| Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049 | 1,285,000 | 1,457,040 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 920,000 | 1,036,788 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 550,000 | 623,677 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 285,000 | 327,245 | ||
| Wisconsin Public Finance Authority Rev. (McLemore Hotel & Conference Center), “B”, 6.5%, 6/01/2056 (n) | 250,000 | 253,744 | ||
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035 | 190,000 | 218,763 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n) | 55,000 | 60,801 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n) | 35,000 | 38,626 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n) | 185,000 | 204,167 | ||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n) | 55,000 | 60,698 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 (n) | 140,000 | 152,185 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 (n) | 125,000 | 136,509 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 (n) | 120,000 | 130,805 | ||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 (n) | 155,000 | 169,886 | ||
| Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n) | 625,000 | 633,318 | ||
24
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044 | $ | 30,000 | $36,239 | |
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054 | 35,000 | 41,943 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058 | 40,000 | 47,878 | ||
| Wisconsin Public Finance Authority Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047 | 235,000 | 259,636 | ||
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051 | 120,000 | 138,232 | ||
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045 | 35,000 | 40,205 | ||
| $12,985,526 | ||||
| Total Municipal Bonds | $267,893,325 | |||
| Bonds – 0.1% | ||||
| Consumer Services – 0.1% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, “A”, NPFG, 0%, 2/15/2045 (n) | $ | 25,195 | $6,336 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2033 (n) | 215,000 | 118,730 | ||
| Total Bonds | $125,066 | |||
| Investment Companies (h) - 1.5% | ||||
| Money Market Funds – 1.5% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 2,598,288 | $2,598,288 | ||
| Other Assets, Less Liabilities - (0.9)% | (1,549,117) | |||
| Remarketed Variable Rate MuniFund Preferred Shares (RVMTPS), at liquidation value of $97,500,000 net of unamortized debt issuance costs of $186,532 (issued by the fund) - (56.7)% | (97,313,468) | |||
| Net assets applicable to common shares - 100.0% | $171,754,094 | |||
| (a) | Non-income producing security. |
| (d) | In default. |
| (h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,598,288 and $268,018,391, respectively. |
| (i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $36,213,027, representing 21.1% of net assets applicable to common shares. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (w) | When-issued security. |
| (z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
| Restricted Securities | Acquisition Date | Cost | Value |
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 | 5/25/2017 | $457,726 | $299,000 |
| California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 | 7/26/2019 | 551,723 | 192,150 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 | 12/16/2013 | 610,000 | 414,800 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 | 6/30/2015 | 100,000 | 68,000 |
| Total Restricted Securities | $973,950 | ||
| % of Net assets applicable to common shares | 0.6% |
| The following abbreviations are used in this report and are defined: |
25
Portfolio of Investments (unaudited) –
continued
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| CALHF | California Health Facility Construction Loan Insurance Program |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| 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.
26
Supplemental Information
8/31/21 (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
Debt instruments and floating rate
loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less
may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of
information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as
yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.
The Board of Trustees has delegated
primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the
Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the
oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and
many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines
that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior
to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is
principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost
and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an
investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an
investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an
investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in
determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a
particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or
liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs,
which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2021 in valuing the fund's assets or liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $— | $267,893,325 | $— | $267,893,325 |
| U.S. Corporate Bonds | — | 125,066 | — | 125,066 |
| Mutual Funds | 2,598,288 | — | — | 2,598,288 |
| Total | $2,598,288 | $268,018,391 | $— | $270,616,679 |
For further information regarding
security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated
Issuers
An affiliated issuer may be
considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $1,190,218 | $32,772,868 | $31,364,798 | $— | $— | $2,598,288 |
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $1,623 | $— |
27
Supplemental Information (unaudited) –
continued
(3) Impacts of COVID-19
The pandemic related to the global
spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of
individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. Multiple surges in cases globally, the availability and widespread adoption
of vaccines, and the emergence of variant strains of the virus continue to create uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of the
fund's investments and the fund's performance.
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