| Pioneer AMT-Free | ||
| Municipal Fund | ||
| Schedule of Investments | September 30, 2019 | ||
Ticker Symbols: Class A PBMFX Class C MNBCX Class Y PBYMX |
| Principal Amount USD ($) | Value | ||||
| UNAFFILIATED ISSUERS - 97.6% | |||||
| MUNICIPAL BONDS - 97.6% of Net Assets(a) | |||||
Arizona - 1.5% | |||||
| 5,680,000 | Arizona Department of Transportation State Highway Fund Revenue, 5.0%, 7/1/30 | $6,964,134 | |||
| 135,000(b) | City of Mesa, Utility System Revenue, 3.25%, 7/1/29 | 146,475 | |||
| 9,865,000 | City of Mesa, Utility System Revenue, 3.25%, 7/1/29 | 10,445,457 | |||
| 9,000 | County of Pima, Industrial Development Authority, Arizona Charter Schools Project, Series C, 6.75%, 7/1/31 | 9,053 | |||
| 1,000,000 | Maricopa County Pollution Control Corp., Southern California Education Co., Series A, 5.0%, 6/1/35 | 1,017,780 | |||
| Total Arizona | $18,582,899 | ||||
California - 8.1% | |||||
| 10,000,000(c) | Alameda Corridor Transportation Authority, California Revenue Capital Appreciation Senior Lien, Series A, 10/1/31 (NATL Insured) | $7,638,500 | |||
| 12,595,000(c) | Anaheim Public Financing Authority, Public Improvements Project, Series C, 9/1/36 (AGM Insured) | 8,042,033 | |||
| 5,250,000(d) | Beverly Hills Unified School District CA, 3.0%, 8/1/44 | 5,402,670 | |||
| 20,000,000(c) | California County Tobacco Securitization Agency, Capital Appreciation, Stanislaus County, Subordinated, Series A, 6/1/46 | 3,999,800 | |||
| 36,350,000(c) | California County Tobacco Securitization Agency, Capital Appreciation, Stanislaus County, Subordinated, Series D, 6/1/55 | 1,499,438 | |||
| 6,400,000 | California Educational Facilities Authority, Stanford University, Series U-A, 5.0%, 5/1/45 | 9,682,112 | |||
| 3,575,000(b) | California Statewide Communities Development Authority, Sutter Health, Series A, 6.0%, 8/15/42 | 3,727,760 | |||
| 5,000,000 | City of San Francisco, Public Utilities Commission Water Revenue, Series A, 4.0%, 11/1/33 | 5,538,050 | |||
| 7,000,000 | City of San Francisco, Public Utilities Commission Water Revenue, Series A, 4.0%, 11/1/34 | 7,737,240 | |||
| 5,000,000(d) | Coast Community College District, Election 2012, Series D, 5.0%, 8/1/31 | 6,314,400 | |||
| 12,000,000 | Golden State Tobacco Securitization Corp., Asset-Backed, Series A-2, 5.0%, 6/1/47 | 12,270,000 | |||
| 3,000,000 | Long Beach Bond Finance Authority, Series A, 5.5%, 11/15/37 | 4,239,930 | |||
| 2,180,000(d) | Pomona Unified School District, Series A, 6.55%, 8/1/29 (NATL Insured) | 2,828,724 | |||
| 5,000,000(d) | San Diego Unified School District, Series R2, 0.0%, 7/1/40 | 5,102,350 | |||
| 3,500,000 | San Francisco City & County Airport Commission-San Francisco International Airport, Series B, 5.0%, 5/1/47 | 4,186,420 | |||
| 1,500,000(b)(d) | San Jose Evergreen Community College District, Election of 2010, Series A, 5.0%, 8/1/41 | 1,656,060 | |||
| 7,000,000(d) | State of California, 3.0%, 10/1/49 | 7,158,200 | |||
| 5,000,000 | University of California, Series AV, 5.0%, 5/15/35 | 6,139,950 | |||
| Total California | $103,163,637 | ||||
Colorado - 1.5% | |||||
| 2,500,000 | Regional Transportation District, Denver Trans Partners, 6.0%, 1/15/26 | $2,567,050 | |||
| 1,250,000 | Regional Transportation District, Denver Trans Partners, 6.0%, 1/15/34 | 1,280,913 | |||
| 1,000,000 | Regional Transportation District, Denver Trans Partners, 6.0%, 1/15/41 | 1,022,560 | |||
| 2,000,000 | Regional Transportation District, Denver Trans Partners, 6.5%, 1/15/30 | 2,059,960 | |||
| 5,000,000 | University of Colorado, Series A-2, 4.0%, 6/1/38 | 5,711,400 | |||
| 5,000,000 | University of Colorado, Series A-2, 4.0%, 6/1/39 | 5,684,300 | |||
| Total Colorado | $18,326,183 | ||||
Connecticut - 0.4% | |||||
| 3,000,000(d) | Metropolitan District, 3.0%, 3/1/29 | $3,106,920 | |||
| 2,000,000 | Mohegan Tribal Finance Authority, Connecticut Tribal Economic Development, 7.0%, 2/1/45 (144A) | 2,054,500 | |||
| Total Connecticut | $5,161,420 | ||||
Delaware - 0.4% | |||||
| 4,975,000 | Delaware State Economic Development Authority, Facility-Indian River Power, 5.375%, 10/1/45 | $5,079,276 | |||
| Total Delaware | $5,079,276 | ||||
District of Columbia - 1.3% | |||||
| 10,000,000 | District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.75%, 5/15/40 | $10,575,300 | |||
| 84,000,000(c) | District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, Series C, 6/15/55 | 6,090,000 | |||
| Total District of Columbia | $16,665,300 | ||||
Florida - 6.7% | |||||
| 1,000,000 | Central Florida Expressway Authority, 5.0%, 7/1/39 | $1,202,910 | |||
| 2,000,000 | Central Florida Expressway Authority, Senior Lien, 5.0%, 7/1/38 | 2,405,820 | |||
| 2,615,000 | City of Tampa, Baycare Health Care, Series A, 5.0%, 11/15/46 | 3,028,955 | |||
| 6,145,000 | County of Hillsborough FL, 3.0%, 8/1/41 | 6,282,279 | |||
| 4,500,000 | County of Hillsborough, Utility Revenue, 3.0%, 8/1/37 | 4,713,390 | |||
| 5,000,000(b) | County of Miami-Dade, Aviation Revenue, Series B, 5.5%, 10/1/41 | 5,000,000 | |||
| 2,500,000 | County of Orange, Water Utility System Revenue, 3.0%, 10/1/32 | 2,610,200 | |||
| 4,645,000 | County of Orange, Water Utility System Revenue, 3.0%, 10/1/34 | 4,825,087 | |||
| 3,000,000 | Escambia County Health Facilities Authority, Baptist Hospital, Inc. Project, Series A, 6.0%, 8/15/36 | 3,113,460 | |||
| 1,390,000 | Florida Development Finance Corp., Renaissance Charter School, Series A, 6.0%, 9/15/30 | 1,427,558 | |||
| 5,000,000 | Florida's Turnpike Enterprise, Department Transportation, Series A, 4.0%, 7/1/30 | 5,520,550 | |||
| 6,850,000 | JEA Water & Sewer System Revenue, Series A, 4.0%, 10/1/34 | 7,730,910 | |||
| 3,400,000(b) | St. Johns County Industrial Development Authority, Presbyterian Retirement, Series A, 6.0%, 8/1/45 | 3,530,628 | |||
| 8,000,000(d) | State of Florida, Capital Outlay, Series A, 3.0%, 6/1/29 | 8,444,800 | |||
| 8,000,000(d) | State of Florida, Capital Outlay, Series C, 3.0%, 6/1/30 | 8,496,880 | |||
| 4,645,000(d) | State of Florida, Department Transportation Right of Way, 3.25%, 7/1/37 | 4,948,597 | |||
| Principal Amount USD ($) | Value | ||||
| Florida - (continued) | |||||
| 10,660,000(d) | State of Florida, Department Transportation Right of Way, 4.0%, 7/1/39 | $12,108,054 | |||
| Total Florida | $85,390,078 | ||||
Georgia - 2.9% | |||||
| 1,500,000 | Brookhaven Development Authority, 3.0%, 7/1/46 | $1,501,845 | |||
| 1,000,000 | Brookhaven Development Authority, 4.0%, 7/1/44 | 1,119,920 | |||
| 3,000,000 | Brookhaven Development Authority, 4.0%, 7/1/49 | 3,370,470 | |||
| 8,000,000(d) | City of Atlanta, Public Improvement, 4.5%, 12/1/29 | 9,170,960 | |||
| 2,040,000(d) | County of Fulton, Library Bond, 3.25%, 7/1/37 | 2,167,072 | |||
| 2,870,000(d) | County of Fulton, Library Bond, 3.5%, 7/1/39 | 3,085,393 | |||
| 4,790,000(d) | County of Fulton, Library Bond, 4.0%, 7/1/40 | 5,316,565 | |||
| 2,000,000 | Main Street Natural Gas, Inc., Series A, 4.0%, 5/15/39 | 2,192,100 | |||
| 5,000,000 | Metropolitan Atlanta Rapid Transit Authority, Series C, 3.5%, 7/1/38 | 5,380,350 | |||
| 2,750,000 | Private Colleges & Universities Authority, Emory University, Series A, 5.0%, 10/1/43 | 3,081,842 | |||
| Total Georgia | $36,386,517 | ||||
Illinois - 3.0% | |||||
| 1,000,000 | Illinois Finance Authority, American Water Capital Corp., Project, 5.25%, 5/1/40 | $1,013,210 | |||
| 1,000,000 | Illinois Finance Authority, Art Institute Of Chicago, 4.0%, 3/1/38 | 1,101,140 | |||
| 1,500,000 | Illinois Finance Authority, Art Institute Of Chicago, 5.0%, 3/1/30 | 1,801,275 | |||
| 5,000,000 | Illinois Finance Authority, Centegra Health System, Series A, 5.0%, 9/1/42 | 5,645,850 | |||
| 1,500,000 | Illinois Finance Authority, Northwestern Memorial Healthcare, 4.0%, 7/15/36 | 1,680,585 | |||
| 2,175,000 | Illinois Finance Authority, Northwestern Memorial Healthcare, 4.0%, 7/15/37 | 2,428,170 | |||
| 3,000,000 | Illinois Finance Authority, Northwestern Memorial Healthcare, 4.0%, 7/15/47 | 3,283,140 | |||
| 8,540,000 | Illinois Finance Authority, Presence Health Network, Series C, 5.0%, 2/15/33 | 10,373,965 | |||
| 1,000,000 | Illinois Finance Authority, Presence Health Network, Series C, 5.0%, 2/15/36 | 1,198,450 | |||
| 5,000,000(b) | Illinois Finance Authority, Roosevelt University Project, 6.5%, 4/1/39 | 5,000,000 | |||
| 4,130,000(e) | Metropolitan Pier & Exposition Authority, Mccormick Place Convention, 7.0%, 7/1/26 | 5,050,371 | |||
| Total Illinois | $38,576,156 | ||||
Indiana - 0.3% | |||||
| 3,000,000 | Indiana University, Series A, 4.0%, 6/1/42 | $3,250,710 | |||
| 85,000 | Indianapolis Local Public Improvement Bond Bank, Series B, 6.0%, 1/10/20 | 85,966 | |||
| Total Indiana | $3,336,676 | ||||
Louisiana - 0.6% | |||||
| 6,000,000 | Jefferson Parish Hospital Service District No. 2, East Jefferson General Hospital, 6.375%, 7/1/41 | $6,111,360 | |||
| 400,000(b) | Louisiana State Citizens Property Insurance Corp., 5.0%, 6/1/24 | 438,520 | |||
| 500,000(b) | Louisiana State Citizens Property Insurance Corp., 5.0%, 6/1/24 (AGM Insured) | 549,495 | |||
| Total Louisiana | $7,099,375 | ||||
Maine - 0.9% | |||||
| 4,500,000 | Maine Health & Higher Educational Facilities Authority, Maine General Medical Center, 6.75%, 7/1/36 | $4,822,335 | |||
| 3,040,000 | Maine Health & Higher Educational Facilities Authority, Maine General Medical Center, 6.95%, 7/1/41 | 3,265,386 | |||
| 2,745,000 | University of Maine, 5.0%, 3/1/25 (AGM Insured) | 3,282,361 | |||
| Total Maine | $11,370,082 | ||||
Maryland - 2.6% | |||||
| 900,000(f) | Maryland Economic Development Corp., Senior Lien-Chesapeake Bay, Series A, 5.0%, 12/1/16 | $562,500 | |||
| 400,000(f) | Maryland Economic Development Corp., Senior Lien-Chesapeake Bay, Series B, 5.0%, 12/1/16 | 250,000 | |||
| 6,250,000 | Maryland Health & Higher Educational Facilities Authority, Ascension Health, Series B, 5.0%, 11/15/51 | 6,696,563 | |||
| 5,000,000(d) | State of Maryland, Series A, 5.0%, 3/15/29 | 6,225,600 | |||
| 5,175,000(d) | Washington Suburban Sanitary Commission, Consolidated Public Improvement, 3.0%, 6/1/35 | 5,433,491 | |||
| 5,180,000(d) | Washington Suburban Sanitary Commission, Consolidated Public Improvement, 3.0%, 6/1/37 | 5,413,514 | |||
| 3,880,000(d) | Washington Suburban Sanitary Commission, Consolidated Public Improvement, Second Series, 4.0%, 6/1/43 | 4,144,500 | |||
| 3,735,000(d) | Washington Suburban Sanitary Commission, Consolidated Public Improvement, Second Series, 4.0%, 6/1/44 | 3,985,693 | |||
| Total Maryland | $32,711,861 | ||||
Massachusetts - 19.0% | |||||
| 3,485,000(d) | Cape Cod Regional Technical High School District, School Project Loan Chapter 70 B, 4.0%, 11/15/37 | $3,919,231 | |||
| 3,485,000(d) | Cape Cod Regional Technical High School District, School Project Loan Chapter 70 B, 4.0%, 11/15/38 | 3,909,090 | |||
| 1,475,000(d) | City of Attleboro, Municipal Purpose Loan, 3.125%, 2/15/35 | 1,546,906 | |||
| 1,520,000(d) | City of Attleboro, Municipal Purpose Loan, 3.25%, 2/15/36 | 1,608,662 | |||
| 1,565,000(d) | City of Attleboro, Municipal Purpose Loan, 3.25%, 2/15/37 | 1,652,593 | |||
| 1,055,000(d) | City of Beverly, 3.125%, 10/15/39 | 1,104,142 | |||
| 2,000,000(d) | City of Boston, Series A, 5.0%, 3/1/39 | 2,536,440 | |||
| 1,375,000(d) | City of Cambridge, Municipal Purpose Loan, 4.0%, 2/15/26 | 1,651,568 | |||
| 5,075,000(d) | City of Cambridge, Municipal Purpose Loan, Series A, 3.0%, 2/15/35 | 5,288,911 | |||
| 1,300,000(d) | Concord & Carlisle Regional School District, 3.0%, 3/15/29 | 1,340,040 | |||
| 1,300,000(d) | Concord & Carlisle Regional School District, 3.0%, 3/15/31 | 1,335,256 | |||
| 1,300,000(d) | Concord & Carlisle Regional School District, 3.0%, 3/15/33 | 1,332,032 | |||
| 7,175,000(c) | Massachusetts Bay Transportation Authority, Series A, 7/1/28 | 6,052,830 | |||
| 5,000,000(c) | Massachusetts Department of Transportation, Series A, 1/1/28 (NATL Insured) | 4,299,350 | |||
| 4,200,000 | Massachusetts Development Finance Agency, Agency Williams College, Series P, 5.0%, 7/1/43 | 4,709,922 | |||
| 1,000,000 | Massachusetts Development Finance Agency, Babson College, 5.0%, 10/1/21 | 1,069,920 | |||
| Principal Amount USD ($) | Value | ||||
| Massachusetts - (continued) | |||||
| 1,000,000 | Massachusetts Development Finance Agency, Babson College, 5.0%, 10/1/22 | $1,067,590 | |||
| 1,500,000 | Massachusetts Development Finance Agency, Berklee College Music, 5.0%, 10/1/35 | 1,805,835 | |||
| 1,000,000 | Massachusetts Development Finance Agency, Berkshire Health System, Series G, 5.0%, 10/1/30 | 1,059,380 | |||
| 4,000,000 | Massachusetts Development Finance Agency, Boston University, Series X, 5.0%, 10/1/48 | 4,457,160 | |||
| 12,690,000 | Massachusetts Development Finance Agency, Broad Institute, 4.0%, 4/1/41 | 14,215,338 | |||
| 2,000,000 | Massachusetts Development Finance Agency, Broad Institute, 5.0%, 4/1/37 | 2,440,560 | |||
| 6,255,000(b) | Massachusetts Development Finance Agency, Broad Institute, Inc., Series A, 5.375%, 4/1/41 | 6,632,802 | |||
| 1,000,000(b) | Massachusetts Development Finance Agency, Foxborough Regional Charter School, Series A, 7.0%, 7/1/42 | 1,042,570 | |||
| 5,000,000 | Massachusetts Development Finance Agency, Harvard University, Series A, 4.0%, 7/15/36 | 5,765,200 | |||
| 1,000,000 | Massachusetts Development Finance Agency, Harvard University, Series A, 5.0%, 7/15/40 | 1,459,570 | |||
| 5,000,000 | Massachusetts Development Finance Agency, Lawrence General Hospital, Series A, 5.5%, 7/1/44 | 5,571,750 | |||
| 4,000,000 | Massachusetts Development Finance Agency, Lowell General Hospital, Series G, 5.0%, 7/1/44 | 4,399,680 | |||
| 400,000 | Massachusetts Development Finance Agency, Milford Regional Medical Center, Series F, 5.625%, 7/15/36 | 431,228 | |||
| 500,000 | Massachusetts Development Finance Agency, Milford Regional Medical Center, Series F, 5.75%, 7/15/43 | 536,440 | |||
| 2,000,000 | Massachusetts Development Finance Agency, Northeastern University, 4.0%, 10/1/35 | 2,104,040 | |||
| 450,000 | Massachusetts Development Finance Agency, Northeastern University, Series A, 5.0%, 3/1/39 | 507,789 | |||
| 9,930,000 | Massachusetts Development Finance Agency, Partners Healthcare System, 5.0%, 7/1/31 | 11,647,791 | |||
| 2,700,000 | Massachusetts Development Finance Agency, Partners Healthcare System, Series O, 4.0%, 7/1/45 | 2,878,497 | |||
| 8,000,000 | Massachusetts Development Finance Agency, Partners Healthcare System, Series S, 4.0%, 7/1/35 | 9,065,600 | |||
| 5,000,000 | Massachusetts Development Finance Agency, Partner's Healthcare System, Series S-1, 4.0%, 7/1/41 | 5,486,850 | |||
| 400,000(b) | Massachusetts Development Finance Agency, Tufts Medical, Series I, 6.75%, 1/1/36 | 427,040 | |||
| 600,000(b) | Massachusetts Development Finance Agency, Tufts Medication Center, Series, 6.75%, 1/1/36 | 637,572 | |||
| 125,000(b) | Massachusetts Development Finance Agency, Tufts University, Series Q, 4.0%, 8/15/38 | 144,271 | |||
| 875,000 | Massachusetts Development Finance Agency, Tufts University, Series Q, 4.0%, 8/15/38 | 947,511 | |||
| 1,000,000 | Massachusetts Development Finance Agency, UMass Memorial, Series H, 5.125%, 7/1/26 | 1,066,080 | |||
| 6,600,000 | Massachusetts Development Finance Agency, WGBH Educational Foundation, Series A, 5.75%, 1/1/42 (AMBAC Insured) | 10,229,538 | |||
| 4,080,000(c) | Massachusetts Development Finance Agency, WGBH Educational Foundation, Series B, 1/1/38 (AGC Insured) | 2,514,627 | |||
| 1,585,000 | Massachusetts Development Finance Agency, Whitehead Institute Biomedical Research, 5.0%, 6/1/25 | 1,676,597 | |||
| 835,000 | Massachusetts Development Finance Agency, Woods Hole Oceanographic Institution, 5.0%, 6/1/38 | 1,023,435 | |||
| 1,000,000 | Massachusetts Development Finance Agency, Woods Hole Oceanographic Institution, 5.0%, 6/1/43 | 1,206,600 | |||
| 500,000 | Massachusetts Development Finance Agency, Woods Hole Oceanographic Institution, 5.0%, 6/1/48 | 602,780 | |||
| 2,500,000 | Massachusetts Development Finance Agency, Worcester Polytechnic Institute, 4.0%, 9/1/49 | 2,612,325 | |||
| 1,250,000 | Massachusetts Development Finance Agency, Worcester Polytechnic Institute, 5.0%, 9/1/50 | 1,353,400 | |||
| 2,335,000(b) | Massachusetts Health & Educational Facilities Authority, Massachusetts Eye And Ear Infirmary, Series C, 5.375%, 7/1/35 | 2,403,672 | |||
| 16,950,000 | Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series K, 5.5%, 7/1/32 | 24,431,052 | |||
| 2,000,000 | Massachusetts Health & Educational Facilities Authority, Northeastern University, Series T-2, 4.125%, 10/1/37 | 2,099,260 | |||
| 1,000,000 | Massachusetts Port Authority, Series B, 5.0%, 7/1/32 | 1,097,720 | |||
| 1,000,000 | Massachusetts Port Authority, Series B, 5.0%, 7/1/33 | 1,088,750 | |||
| 3,000,000 | Massachusetts Port Authority, Series C, 5.0%, 7/1/33 | 3,454,050 | |||
| 1,960,000(b) | Massachusetts State College Building Authority, Series A, 5.0%, 5/1/28 (ST INTERCEPT Insured) | 2,144,103 | |||
| 2,015,000 | Massachusetts State College Building Authority. Series A, 5.0%, 5/1/28 (ST INTERCEPT Insured) | 2,201,972 | |||
| 2,420,000 | Massachusetts Water Resources Authority, General, Series B, 5.25%, 8/1/36 (AGM Insured) | 3,580,390 | |||
| 1,600,000(d) | Town of Lexington, Municipal Purpose Loan, 3.125%, 2/1/36 | 1,761,872 | |||
| 1,150,000(d) | Town of Lexington, Municipal Purpose Loan, 3.125%, 2/1/37 | 1,256,651 | |||
| 1,635,000(d) | Town of Lexington, Municipal Purpose Loan, 3.25%, 2/1/38 | 1,792,532 | |||
| 1,305,000(d) | Town of Nantucket, 2.0%, 12/15/27 | 1,366,661 | |||
| 5,000,000(d) | Town of Natick, Municipal Purpose Loan, 4.0%, 7/15/37 | 5,611,750 | |||
| 1,955,000(d) | Town of Norwood, Municipal Purpose Loan, 2.125%, 7/15/30 | 1,975,879 | |||
| 2,000,000(d) | Town of Plymouth, Municipal Purpose Loan, 3.0%, 5/1/31 | 2,113,720 | |||
| 1,535,000(d) | Town of Plymouth, Municipal Purpose Loan, 3.375%, 5/1/32 | 1,627,392 | |||
| 1,265,000(d) | Town of Plymouth, Municipal Purpose Loan, 3.5%, 5/1/35 | 1,343,784 | |||
| 3,500,000(d) | Town of Plymouth, Municipal Purpose Loan, 3.5%, 5/1/44 | 3,711,435 | |||
| 2,635,000(d) | Town of Plymouth, Municipal Purpose Loan, 5.0%, 5/1/29 | 3,326,424 | |||
| 4,160,000(d) | Town of Stoughton, Municipal Purpose Loan, 3.0%, 10/15/37 | 4,323,488 | |||
| 1,000,000(d) | Town of Wellesley, Municipal Purpose Loan, 4.0%, 6/1/41 | 1,088,770 | |||
| 4,000,000(d) | Town of Wellesley, Municipal Purpose Loan, 4.0%, 6/1/45 | 4,337,400 | |||
| 4,500,000(d) | Town of Wilmington, School, 4.0%, 3/15/37 | 4,709,385 | |||
| 2,500,000 | University of Massachusetts Building Authority, Series 1, 5.0%, 11/1/39 | 2,736,925 | |||
| Principal Amount USD ($) | Value | ||||
| Massachusetts - (continued) | |||||
| 4,160,000 | Woods Hole Marthas Vineyard & Nantucket Steamship Authority, Series A, 4.0%, 3/1/28 (ST GTD Insured) | $4,719,894 | |||
| Total Massachusetts | $240,679,270 | ||||
Michigan - 0.7% | |||||
| 2,870,000 | Michigan Public Educational Facilities Authority, Limited Obligation-David Ellis-West Project, 5.875%, 6/1/37 | $3,121,096 | |||
| 5,000,000 | University of Michigan, 5.0%, 4/1/36 | 6,006,150 | |||
| Total Michigan | $9,127,246 | ||||
Minnesota - 2.1% | |||||
| 5,000,000 | City of Rochester, Health Care Facilities, Mayo Clinic, 4.0%, 11/15/48 | $5,561,000 | |||
| 3,000,000 | City of Rochester, Mayo Clinic, Series B, 5.0%, 11/15/29 | 3,930,120 | |||
| 5,350,000 | City of Rochester, Mayo Clinic, Series B, 5.0%, 11/15/36 | 7,715,182 | |||
| 3,000,000(d) | State of Minnesota, Series B, 3.0%, 10/1/36 | 3,138,510 | |||
| 2,875,000 | University of Minnesota, Series A, 5.0%, 4/1/33 | 3,441,605 | |||
| 600,000 | University of Minnesota, Series B, 4.0%, 1/1/20 | 603,654 | |||
| 1,000,000 | University of Minnesota, Series B, 4.0%, 1/1/29 | 1,101,050 | |||
| 860,000 | University of Minnesota, Series B, 4.0%, 1/1/30 | 945,527 | |||
| Total Minnesota | $26,436,648 | ||||
Mississippi - 0.9% | |||||
| 2,750,000 | County of Warren, International Paper Co., Series A, 5.8%, 5/1/34 | $2,815,065 | |||
| 9,150,000(g) | Mississippi Business Finance Corp., Chevron USA, Inc. Project, Series C, 1.77%, 12/1/30 | 9,150,000 | |||
| Total Mississippi | $11,965,065 | ||||
Missouri - 0.8% | |||||
| 2,500,000 | Health & Educational Facilities Authority of the State of Missouri, CoxHealth Hospital, Series A, 5.0%, 11/15/35 | $2,869,050 | |||
| 4,000,000 | Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Series F, 4.0%, 11/15/45 | 4,288,560 | |||
| 2,000,000 | Missouri Development Finance Board, City of Independence-Annual Appropiation Sewer System, 5.25%, 11/1/42 | 2,260,000 | |||
| 75,000 | Missouri State Environmental Improvement & Energy Resources Authority, Unrefunded Balance-St. Revolving, 5.125%, 1/1/20 | 75,195 | |||
| Total Missouri | $9,492,805 | ||||
Nebraska - 0.2% | |||||
| 2,000,000 | University of Nebraska, University Nebraska Lincoln Student, Series A, 3.0%, 7/1/35 | $2,080,260 | |||
| Total Nebraska | $2,080,260 | ||||
New Hampshire - 1.0% | |||||
| 4,000,000 | New Hampshire Health & Education Facilities Authority Act, Catholic Medical Centre, 3.75%, 7/1/40 | $4,271,800 | |||
| 7,850,000(b) | New Hampshire Health & Education Facilities Authority Act, Wentworth Douglas Hospital, Series A, 6.5%, 1/1/41 | 8,341,410 | |||
| Total New Hampshire | $12,613,210 | ||||
New Jersey - 1.0% | |||||
| 5,000,000 | New Jersey Educational Facilities Authority, Princeton University, Series B, 5.0%, 7/1/27 | $6,239,950 | |||
| 3,000,000 | New Jersey Educational Facilities Authority, Princeton University, Series B, 5.0%, 7/1/39 | 3,183,330 | |||
| 2,000,000 | New Jersey Transportation Trust Fund Authority, Transportation System, Series A, 5.5%, 6/15/41 | 2,106,960 | |||
| 1,640,000(d) | Township of Plainsboro, General Improvement, 2.0%, 8/1/24 | 1,690,758 | |||
| Total New Jersey | $13,220,998 | ||||
New York - 3.9% | |||||
| 5,030,000 | New York State Dormitory Authority, Columbia University, 5.0%, 10/1/41 | $5,303,129 | |||
| 10,000,000 | New York State Dormitory Authority, Columbia University, Series A-2, 5.0%, 10/1/46 | 15,574,000 | |||
| 5,515,000 | New York State Dormitory Authority, Insured-FIT Student Housing Corp., 5.25%, 7/1/24 (NATL Insured) | 6,194,724 | |||
| 4,500,000 | New York State Dormitory Authority, New York University, Series A, 4.0%, 7/1/36 | 5,085,585 | |||
| 1,000,000 | New York State Dormitory Authority, Series A, 4.0%, 7/1/35 | 1,153,410 | |||
| 5,015,000 | New York State Dormitory Authority, Series A, 5.0%, 3/15/31 | 5,922,614 | |||
| 3,250,000 | New York State Dormitory Authority, Trustees of Columbia University, 5.0%, 10/1/45 | 4,923,295 | |||
| 1,500,000 | Port Authority of New York & New Jersey, Consolidated Ninety-Third Series, 6.125%, 6/1/94 | 1,809,750 | |||
| 2,925,000(d) | White Plains City School District, 2.0%, 5/15/28 (ST AID WITHHLDG Insured) | 2,975,427 | |||
| Total New York | $48,941,934 | ||||
North Carolina - 2.9% | |||||
| 3,000,000 | City of Charlotte, Storm Water Revenue, 4.0%, 12/1/43 | $3,272,880 | |||
| 5,000,000 | City of Fayetteville, Public Works Commission Revenue, 4.0%, 3/1/44 | 5,495,700 | |||
| 10,000,000 | North Carolina Turnpike Authority, Series A, 4.0%, 1/1/35 | 11,568,500 | |||
| 5,000,000(d) | State of North Carolina, Series A, 5.0%, 6/1/28 | 6,102,200 | |||
| 9,615,000(d) | State of North Carolina, St. Public Improvement Connecourt, Series A, 3.0%, 6/1/35 | 10,226,418 | |||
| Total North Carolina | $36,665,698 | ||||
North Dakota - 0.4% | |||||
| 5,000,000 | County of McLean, Great River Energy, Series B, 5.15%, 7/1/40 | $5,113,050 | |||
| Total North Dakota | $5,113,050 | ||||
Ohio - 1.7% | |||||
| 50,000,000(c) | Buckeye Tobacco Settlement Financing Authority, Asset-Backed, 2nd Subordinated, Series C, 6/1/52 | $2,063,000 | |||
| 10,000,000 | Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Series A-2, 5.75%, 6/1/34 | 9,975,000 | |||
| 9,000,000 | Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Series A-2, 6.5%, 6/1/47 | 9,191,250 | |||
| Principal Amount USD ($) | Value | ||||
| Ohio - (continued) | |||||
| 800,000 | County of Lake, Lake Hospital, Series S, 6.0%, 8/15/43 | $802,960 | |||
| Total Ohio | $22,032,210 | ||||
Oklahoma - 0.2% | |||||
| 2,630,000 | McGee Creek Authority, Oklahoma Water Revenue, 6.0%, 1/1/23 (NATL Insured) | $2,823,621 | |||
| Total Oklahoma | $2,823,621 | ||||
Oregon - 2.2% | |||||
| 1,800,000 | City of Portland, Sewer System Revenue, First Lien, Series A, 2.0%, 6/15/29 | $1,816,812 | |||
| 5,000,000(d) | Clackamas County School District No. 7J Lake Oswego, School District, 4.0%, 6/1/43 (SCH-BD GTY Insured) | 5,566,100 | |||
| 3,000,000(d) | Deschutes & Jefferson Counties School District No. 2J Redmond, 3.0%, 6/15/32 (SCH-BD GTY Insured) | 3,082,800 | |||
| 2,000,000(c)(d) | Multnomah County School District No. 40, Deferred Interest, Series B, 6/15/30 (SCH-BD GTY Insured) | 1,600,300 | |||
| 2,000,000(c)(d) | Multnomah County School District No. 40, Deferred Interest, Series B, 6/15/31 (SCH-BD GTY Insured) | 1,541,580 | |||
| 1,715,000(c)(d) | Multnomah County School District No. 40, Deferred Interest, Series B, 6/15/32 (SCH-BD GTY Insured) | 1,271,895 | |||
| 2,000,000 | Oregon Health & Science University, Series A, 5.0%, 7/1/42 | 2,390,520 | |||
| 1,500,000 | Oregon Health & Science University, Series B, 5.0%, 7/1/28 | 1,824,165 | |||
| 7,030,000(d) | State of Oregon, Series J, 5.0%, 8/1/42 | 8,544,614 | |||
| Total Oregon | $27,638,786 | ||||
Pennsylvania - 4.7% | |||||
| 825,000 | Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.125%, 10/15/37 | $895,587 | |||
| 175,000 | Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.25%, 10/15/47 | 188,543 | |||
| 4,095,000 | Dauphin County General Authority, Pinnacle Health System Project, 5.0%, 6/1/42 | 4,432,919 | |||
| 3,725,000 | Delaware County Industrial Development Authority, Chester Charter School Arts Project, Series A, 5.125%, 6/1/46 (144A) | 3,891,545 | |||
| 605,000 | Pennsylvania Higher Educational Facilities Authority, 4.0%, 12/1/44 | 682,688 | |||
| 2,500,000 | Pennsylvania Higher Educational Facilities Authority, 4.0%, 12/1/48 | 2,811,875 | |||
| 1,000,000(b) | Pennsylvania Higher Educational Facilities Authority, Edinboro University Foundation, 6.0%, 7/1/43 | 1,034,120 | |||
| 4,750,000 | Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, 5.0%, 9/1/39 | 5,394,053 | |||
| 1,000,000 | Pennsylvania Higher Educational Facilities Authority, University Properties, Inc., East Stroudsburg, 5.0%, 7/1/42 | 1,015,740 | |||
| 1,000,000 | Pennsylvania Housing Finance Agency, 3.35%, 10/1/45 | 1,028,060 | |||
| 2,000,000 | Pennsylvania Housing Finance Agency, 3.4%, 10/1/49 | 2,037,640 | |||
| 2,000,000 | Pennsylvania Turnpike Commission, Series A-1, 5.0%, 12/1/42 | 2,393,040 | |||
| 5,000,000 | Pennsylvania Turnpike Commission, Series A-1, 5.0%, 12/1/47 | 5,916,150 | |||
| 2,500,000 | Philadelphia Authority for Industrial Development, Childrens Hospital Philadelphia, 4.0%, 7/1/35 | 2,829,325 | |||
| 3,750,000 | Philadelphia Authority for Industrial Development, Childrens Hospital Philadelphia, 4.0%, 7/1/36 | 4,241,400 | |||
| 2,500,000 | Philadelphia Authority for Industrial Development, Childrens Hospital Philadelphia, 4.0%, 7/1/37 | 2,824,550 | |||
| 2,500,000 | Philadelphia Authority for Industrial Development, Childrens Hospital Philadelphia, 5.0%, 7/1/42 | 2,848,200 | |||
| 3,000,000 | Philadelphia Authority for Industrial Development, Thomas Jefferson University, Series A, 4.0%, 9/1/42 | 3,288,720 | |||
| 3,680,000 | Swarthmore Borough Authority, Swarthmore College, 5.0%, 9/15/39 | 4,605,115 | |||
| 5,015,000 | Swarthmore Borough Authority, Swarthmore College, 5.0%, 9/15/44 | 6,212,933 | |||
| 1,195,000 | Swarthmore Borough Authority, Swarthmore College, 5.0%, 9/15/45 | 1,473,626 | |||
| Total Pennsylvania | $60,045,829 | ||||
Puerto Rico - 0.3% | |||||
| 7,000,000(d)(f) | Commonwealth of Puerto Rico, Series A, 8.0%, 7/1/35 | $4,173,750 | |||
| Total Puerto Rico | $4,173,750 | ||||
Rhode Island - 1.1% | |||||
| 5,140,000 | Rhode Island Health & Educational Building Corp., Brown University, Series A, 4.0%, 9/1/37 | $5,824,134 | |||
| 3,750,000(g) | Tender Option Bond Trust Receipts/Certificates, Series 2019-XM0721, 0.0%, 9/1/47 (144A) | 5,419,950 | |||
| 20,000,000(c) | Tobacco Settlement Financing Corp., Asset-Backed, Series B, 6/1/52 | 2,400,200 | |||
| Total Rhode Island | $13,644,284 | ||||
South Carolina - 1.0% | |||||
| 5,000,000 | City of Charleston SC Waterworks & Sewer System Revenue, 4.0%, 1/1/49 | $5,728,650 | |||
| 1,000,000 | SCAGO Educational Facilities Corp. for Pickens School District, 3.25%, 12/1/28 | 1,075,160 | |||
| 5,675,000 | South Carolina Transportation Infrastructure Bank, Series A, 3.0%, 10/1/33 | 5,897,346 | |||
| 500,000(d) | State of South Carolina, St. Economic Development, Series A, 5.0%, 4/1/20 | 508,105 | |||
| Total South Carolina | $13,209,261 | ||||
Texas - 8.6% | |||||
| 3,550,000(c) | Central Texas Regional Mobility Authority, Capital Appreciation, 1/1/26 | $3,162,269 | |||
| 3,000,000(c) | Central Texas Regional Mobility Authority, Capital Appreciation, 1/1/27 | 2,604,540 | |||
| 7,100,000(c) | Central Texas Regional Mobility Authority, Capital Appreciation, Senior Lien, 1/1/25 | 6,493,802 | |||
| 2,500,000(b) | Central Texas Regional Mobility Authority, Sub Lien, 6.75%, 1/1/41 | 2,667,125 | |||
| 5,000,000 | City of Austin TX Airport System Revenue, 5.0%, 11/15/49 | 6,212,500 | |||
| 5,080,000(d) | Eagle Mountain & Saginaw Independent School District, 3.0%, 8/15/29 (PSF-GTD Insured) | 5,311,851 | |||
| Principal Amount USD ($) | Value | ||||
| Texas - (continued) | |||||
| 1,000,000 | Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, 5.0%, 6/1/28 | $1,065,070 | |||
| 500,000 | Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, 5.0%, 6/1/33 | 528,220 | |||
| 2,750,000(b) | Houston Higher Education Finance Corp., Rice University Project, Series A, 5.0%, 5/15/35 | 2,809,620 | |||
| 1,350,000(g) | Lower Neches Valley Authority Industrial Development Corp., Exxonmobil, 1.75%, 11/1/38 | 1,350,000 | |||
| 5,000,000(d) | Lubbock-Cooper Independent School District, 4.0%, 2/15/49 (PSF-GTD Insured) | 5,382,900 | |||
| 2,000,000 | New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Village On The Park, 4.75%, 7/1/51 | 1,986,880 | |||
| 2,000,000 | North Texas Tollway Authority, First Tier, Series D, 5.0%, 1/1/38 | 2,145,500 | |||
| 4,000,000 | North Texas Tollway Authority, Second Tier, Series A, 5.0%, 1/1/30 | 4,644,600 | |||
| 5,000,000 | North Texas Tollway Authority, Second Tier, Series A, 5.0%, 1/1/35 | 5,741,650 | |||
| 7,525,000(d) | State of Texas, Highway Improvement, 5.0%, 4/1/29 | 8,685,732 | |||
| 2,000,000 | Texas Department of Housing & Community Affairs, Series A, 3.5%, 7/1/34 (GNMA/FNMA Insured) | 2,196,620 | |||
| 2,500,000 | Texas Department of Housing & Community Affairs, Series A, 3.8%, 7/1/39 (GNMA/FNMA Insured) | 2,724,100 | |||
| 4,000,000 | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/31 | 4,318,640 | |||
| 10,410,000 | Texas Private Activity Bond Surface Transportation Corp., Senior Lien-LBJ Infrastructure, 7.0%, 6/30/40 | 10,852,633 | |||
| 2,755,000(b) | Texas State Public Finance Authority Charter School Finance Corp., Education-Cosmos Foundation, Inc., Series A, 6.2%, 2/15/40 | 2,802,689 | |||
| 5,000,000 | Texas Water Development Board, St. Water Implementation Fund, Series A, 4.0%, 4/15/48 | 5,559,450 | |||
| 5,000,000 | Texas Water Development Board, State Water Implementation Fund, Series B, 5.0%, 4/15/49 | 6,123,150 | |||
| 5,000,000 | University of Texas System, Financing System, Series A, 5.0%, 8/15/24 | 5,874,750 | |||
| 5,000,000 | University of Texas System, Financing System, Series A, 5.0%, 8/15/49 | 7,733,300 | |||
| Total Texas | $108,977,591 | ||||
Utah - 0.6% | |||||
| 1,000,000 | Salt Lake City Corp. Airport Revenue, Series B, 5.0%, 7/1/34 | $1,216,290 | |||
| 110,000 | Utah Charter School Finance Authority, North Davis Preparatory, 5.75%, 7/15/20 | 111,792 | |||
| 4,835,000 | Utah Transit Authority, Series A, 5.0%, 6/15/31 | 5,739,628 | |||
| Total Utah | $7,067,710 | ||||
Virginia - 7.6% | |||||
| 1,170,000(d) | City of Manassas, 2.0%, 7/1/31 (ST AID WITHHLDG Insured) | $1,141,592 | |||
| 1,500,000(d) | County of Arlington, 4.0%, 8/15/35 | 1,705,710 | |||
| 10,000,000(d) | County of Fairfax, Series A, 4.0%, 10/1/33 (ST AID WITHHLDG Insured) | 11,402,200 | |||
| 5,000,000 | County of Henrico, Water & Sewer Revenue, 5.0%, 5/1/46 | 5,904,300 | |||
| 18,490,000 | Tobacco Settlement Financing Corp., Senior, Series B-1, 5.0%, 6/1/47 | 18,490,000 | |||
| 4,000,000(b) | University of Virginia, Series A, 5.0%, 6/1/37 | 4,534,400 | |||
| 7,075,000 | University of Virginia, Series A, 5.0%, 4/1/42 | 8,601,927 | |||
| 5,000,000(b) | University of Virginia, Series A, 5.0%, 6/1/43 | 5,668,000 | |||
| 12,000,000 | University of Virginia, Series A-1, 4.0%, 4/1/45 | 13,154,400 | |||
| 5,000,000 | Upper Occoquan Sewage Authority, 4.0%, 7/1/41 | 5,435,650 | |||
| 5,000,000 | Virginia Commonwealth Transportation Board, 3.0%, 5/15/37 | 5,215,100 | |||
| 14,105,000 | Virginia Public Building Authority, Series A, 3.0%, 8/1/38 | 14,701,359 | |||
| Total Virginia | $95,954,638 | ||||
Washington - 6.5% | |||||
| 16,000,000 | Central Puget Sound Regional Transit Authority, Series S-1, 5.0%, 11/1/46 | $24,131,840 | |||
| 10,250,000 | City of Seattle, Municipal Light & Power Revenue Improvement, Series A, 4.0%, 1/1/48 | 11,270,387 | |||
| 10,000,000 | King County Housing Authority, Birch Creek Apartments Project, 5.5%, 5/1/38 (CNTY GTD Insured) | 10,024,500 | |||
| 3,000,000(d) | King County Issaquah School District No. 411, 4.5%, 12/1/30 (SCH-BD GTY Insured) | 3,396,660 | |||
| 1,500,000 | Public Utility District No. 1 of Franklin County, Series A, 5.0%, 9/1/38 | 1,649,370 | |||
| 10,390,000(d) | State of Washington, Series 2015-D, 5.0%, 7/1/30 | 12,252,719 | |||
| 5,000,000(d) | State of Washington, Series 2017-A, 5.0%, 8/1/30 | 6,070,500 | |||
| 5,000,000(d) | State of Washington, Series A, 5.0%, 8/1/36 | 5,627,100 | |||
| 6,685,000 | University of Washington, Series B, 5.0%, 6/1/28 | 8,003,015 | |||
| Total Washington | $82,426,091 | ||||
| TOTAL MUNICIPAL BONDS | |||||
| (Cost $1,137,961,396) | $1,236,179,415 | ||||
| Shares | Value | ||||
| CLAIM - 0.0%† of Net Assets | |||||
| 200(h) | CMS Liquidating Trust | $594,000 | |||
| TOTAL CLAIM | |||||
| (Cost $640,000) | $594,000 | ||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 97.6% | |||||
| (Cost $1,138,601,396) | $1,236,773,415 | ||||
| OTHER ASSETS AND LIABILITIES - 2.4% | $29,917,407 | ||||
| NET ASSETS - 100.0% | $1,266,690,822 | ||||
(144A) AGC AGM AMBAC CNTY GTD FNMA GNMA NATL PSF-GTD SCH-BD GTY ST AID WITHHLDG ST GTD ST INTERCEPT | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At September 30, 2019, the value of these securities amounted to $11,365,995, or 0.9% of net assets. Assured Guaranty Municipal Assured Guaranty Municipal Corp. Ambac Assurance Corp. County Guaranteed Federal National Mortgage Association Government National Mortgage Association National Public Finance Guaranty Corp. Permanent School Fund Guaranteed School Board Guaranty State Aid Withholding State Guaranteed State AID Intercept |
| † | Amount rounds to less than 0.1%. |
| (a) | Consists of Revenue Bonds unless otherwise indicated. |
| (b) | Pre-refunded bonds have been collateralized by U.S. Treasury or U.S. Government Agency securities which are held in escrow to pay interest and principal on the tax exempt issue and to retire the bonds in full at the earliest refunding date. |
| (c) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (d) | Represents a General Obligation Bond. |
| (e) | Escrow to maturity. |
| (f) | Security is in default. |
| (g) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread is shown at September 30, 2019. |
| (h) | Non-income producing security. |
| Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below. | ||||||||||||||||
| Level 1 - quoted prices in active markets for identical securities. | ||||||||||||||||
| Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). | ||||||||||||||||
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments). | ||||||||||||||||
| The following is a summary of the inputs used as of September 30, 2019, in valuing the Fund's investments: | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Municipal Bonds | $ | – | $ | 1,236,179,415 | $ | – | $ | 1,236,179,415 | ||||||||
| Claim | – | 594,000 | – | 594,000 | ||||||||||||
| Total Investments in Securities | $ | – | $ | 1,236,773,415 | $ | – | $ | 1,236,773,415 | ||||||||
