Quarterly Report
June 30, 2023
MFS® Municipal
Intermediate Fund
Intermediate Fund
MIU-Q1
Portfolio of Investments
6/30/23 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - 99.6% | ||||
| Alabama - 4.5% | ||||
| Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), “F”, HUD Section 8, 4%, 10/01/2025 (Put Date 4/01/2025) | $ | 355,000 | $355,060 | |
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031) | 750,000 | 729,028 | ||
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029) | 215,000 | 228,620 | ||
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 4), “B-1”, 5%, 5/01/2053 (Put Date 8/01/2028) | 480,000 | 496,257 | ||
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 1,000,000 | 1,045,595 | ||
| Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | 495,000 | 512,198 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 185,000 | 182,769 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028) | 345,000 | 364,188 | ||
| Black Belt Energy Gas District, AL, Gas Supply Rev., “B”, 5.25%, 12/01/2053 (Put Date 12/01/2030) | 250,000 | 267,013 | ||
| Black Belt Energy Gas District, AL, Gas Supply Rev., “D-1”, 4%, 7/01/2052 (Put Date 6/01/2027) | 315,000 | 314,019 | ||
| Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “C”, 3.78%, 6/01/2034 (Put Date 6/16/2026) | 1,000,000 | 1,000,000 | ||
| Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2037 | 1,110,000 | 1,074,732 | ||
| $6,569,479 | ||||
| Alaska - 0.3% | ||||
| Alaska Housing Finance Corp., General Mortgage Rev. II, “C”, 5.75%, 12/01/2052 | $ | 360,000 | $383,797 | |
| Arizona - 2.9% | ||||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 4.5%, 7/01/2033 | $ | 515,000 | $503,649 | |
| Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 4.43%, 7/01/2033 | 500,000 | 481,609 | ||
| Arizona Industrial Development Authority Education Rev. (Greathearts Arizona Projects), “A”, 5%, 7/01/2026 | 125,000 | 129,483 | ||
| Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2042 (Put Date 9/01/2027) | 755,000 | 772,531 | ||
| Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027) | 500,000 | 511,671 | ||
| Coconino County, AZ, Pollution Control Refunding Rev. (Nevada Power Co. Projects), “A”, 4.125%, 9/01/2032 (Put Date 3/31/2026) | 155,000 | 155,602 | ||
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033 | 5,000 | 4,107 | ||
| Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 0.875%, 6/01/2043 (Put Date 10/01/2026) | 15,000 | 13,258 | ||
| Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 3.875%, 12/01/2035 (Put Date 8/01/2023) | 1,000,000 | 999,976 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2026 | 200,000 | 204,619 | ||
| Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n) | 245,000 | 242,304 | ||
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2026 | 245,000 | 235,700 | ||
| $4,254,509 | ||||
| Arkansas - 0.1% | ||||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027 | $ | 125,000 | $123,313 | |
| California - 5.4% | ||||
| California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | $ | 770,000 | $805,496 | |
| California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | 635,000 | 632,314 | ||
| California Municipal Finance Authority Refunding Rev. (William Jessup University), 5%, 8/01/2027 | 500,000 | 498,526 | ||
| California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2034 | 1,000,000 | 1,124,119 | ||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “B”, 3.6%, 7/01/2051 (Put Date 7/17/2023) | 535,000 | 534,942 | ||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.125%, 10/01/2041 (Put Date 10/01/2025) | 50,000 | 50,289 | ||
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n) | 20,000 | 19,273 | ||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2032 (n) | 500,000 | 519,229 | ||
| California School Finance Authority, Charter School Rev. (Partnerships to Uplift Communities Project), 5%, 8/01/2033 | 815,000 | 830,678 | ||
1
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| California Statewide Communities Development Authority Rev. (Adventist Health System West), “A”, 4.125%, 3/01/2034 | $ | 90,000 | $90,667 | |
| California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 5%, 10/01/2027 | 90,000 | 92,172 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 130,000 | 128,725 | ||
| California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments Phase IV-A CHF Irvine LLC), 5%, 5/15/2030 | 80,000 | 83,736 | ||
| Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 5%, 11/01/2028 | 275,000 | 300,568 | ||
| Los Angeles County, CA, Development Authority, Multi-Family Housing Mortgage Rev. (2111 Firestone), “E”, 5%, 7/01/2043 (Put Date 7/01/2026) | 221,000 | 228,809 | ||
| University of California Regents, Medical Center Pooled Rev., “P”, 5%, 5/15/2035 | 630,000 | 737,348 | ||
| Victorville, CA, Electric Rev., “A”, 5%, 5/01/2033 | 1,000,000 | 1,152,068 | ||
| $7,828,959 | ||||
| Colorado - 1.4% | ||||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026 | $ | 125,000 | $120,440 | |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2037 | 1,000,000 | 1,091,670 | ||
| Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2031 | 750,000 | 832,720 | ||
| $2,044,830 | ||||
| Connecticut - 3.0% | ||||
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 4%, 7/01/2030 | $ | 1,000,000 | $927,097 | |
| Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 5%, 11/15/2031 | 1,530,000 | 1,661,710 | ||
| Connecticut Higher Education Supplemental Loan Authority, “B”, 5%, 11/15/2024 | 250,000 | 254,062 | ||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “E-1”, GNMA, 5.5%, 11/15/2052 | 610,000 | 645,250 | ||
| Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5%, 10/01/2035 (n) | 890,000 | 890,527 | ||
| $4,378,646 | ||||
| District of Columbia - 1.3% | ||||
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n) | $ | 250,000 | $216,740 | |
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 100,000 | 95,848 | ||
| District of Columbia, Housing Finance Agency, Multi-Family Development Program, “B-2”, 0.5%, 3/01/2027 (Put Date 10/01/2024) | 260,000 | 247,097 | ||
| Metropolitan Washington, D.C., Airport Authority System Rev., “A”, 5%, 10/01/2027 | 250,000 | 264,521 | ||
| Metropolitan Washington, D.C., Airport Authority, Airport System Refunding Rev., “A”, 5%, 10/01/2034 | 1,000,000 | 1,011,850 | ||
| $1,836,056 | ||||
| Florida - 5.5% | ||||
| Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2028 (n) | $ | 500,000 | $453,267 | |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n) | 500,000 | 466,990 | ||
| Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Hampton Point Apartments), “E”, 5%, 5/01/2026 (Put Date 5/01/2025) | 400,000 | 408,553 | ||
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., “A”, 5%, 10/01/2031 | 500,000 | 554,526 | ||
| Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Quail Roost Transit Village I), HUD Section 8, 5%, 9/01/2026 (Put Date 9/01/2025) | 500,000 | 510,227 | ||
| Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5%, 10/01/2036 | 1,000,000 | 1,081,444 | ||
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2036 | 1,000,000 | 918,587 | ||
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2033 | 350,000 | 373,024 | ||
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2026 | 300,000 | 292,284 | ||
| Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5.5%, 9/01/2038 | 1,000,000 | 1,144,434 | ||
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040 | 100,000 | 82,307 | ||
| Pompano Beach, FL, Rev. (John Knox Village Project), “A”, 4%, 9/01/2036 | 550,000 | 481,901 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2026 | 190,000 | 182,657 | ||
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.375%, 5/01/2033 (w) | 1,000,000 | 1,003,875 | ||
| $7,954,076 | ||||
2
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Georgia - 4.4% | ||||
| Bartow County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Bowen Project), 3.95%, 12/01/2032 (Put Date 3/08/2028) | $ | 505,000 | $503,779 | |
| Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 3.8%, 10/01/2032 (Put Date 5/21/2026) | 250,000 | 249,747 | ||
| Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2025 | 225,000 | 228,084 | ||
| Columbus, GA, Medical Center Hospital Authority Rev. Anticipation Certificates (Piedmont Healthcare, Inc. Project), “B”, 5%, 7/01/2054 (Put Date 7/01/2029) | 1,000,000 | 1,082,552 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030) | 1,000,000 | 1,035,360 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 5%, 12/01/2052 (Put Date 6/01/2029) | 500,000 | 515,795 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030) | 455,000 | 477,690 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2037 | 250,000 | 273,622 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2038 | 250,000 | 272,127 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2039 | 250,000 | 270,270 | ||
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2040 | 500,000 | 538,040 | ||
| Georgia Private Colleges & Universities Authority Rev. (Emory University), “B”, 4%, 9/01/2039 | 985,000 | 1,003,078 | ||
| $6,450,144 | ||||
| Guam - 1.3% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2028 | $ | 100,000 | $103,566 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | 5,000 | 5,206 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 5,221 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 5,000 | 5,247 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 30,000 | 26,516 | ||
| Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 270,000 | 274,378 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2035 | 105,000 | 107,059 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 60,000 | 60,764 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 175,000 | 169,387 | ||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 2.699%, 10/01/2026 | 25,000 | 22,428 | ||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.489%, 10/01/2031 | 55,000 | 45,230 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 65,000 | 66,360 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 110,000 | 112,968 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 135,000 | 137,961 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 380,000 | 385,932 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 300,000 | 302,905 | ||
| $1,831,128 | ||||
| Idaho - 0.0% | ||||
| Idaho Housing and Finance Association Multi-Family Housing Rev. (Sunset Landing Apartments Project), “A”, 0.7%, 7/01/2024 | $ | 60,000 | $58,277 | |
| Illinois - 5.6% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 245,000 | $221,880 | |
| Chicago, IL, Board of Education, “A”, NPFG, 5.5%, 12/01/2026 | 70,000 | 72,436 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2041 | 1,000,000 | 1,042,798 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2030 | 500,000 | 524,968 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041 | 225,000 | 203,987 | ||
| Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 45,000 | 45,770 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 145,000 | 147,832 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 45,000 | 47,101 | ||
| Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2038 | 1,000,000 | 1,082,486 | ||
| Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031 | 100,000 | 106,233 | ||
| Chicago, IL, Midway Airport Rev., “A”, 5%, 1/01/2026 | 135,000 | 138,648 | ||
| Chicago, IL, Multi-Family Housing Rev. (Covent Apartments Project), 4%, 9/01/2025 (Put Date 9/01/2024) | 132,750 | 132,947 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2033 | 400,000 | 443,195 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2034 | 200,000 | 221,103 | ||
| East Moline, IL, General Obligation, Taxable, BAM, 1.665%, 1/15/2025 | 250,000 | 234,242 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2032 | 655,000 | 672,386 | ||
| Illinois Finance Authority Rev. (OSF Healthcare System), “A”, 4.125%, 11/15/2037 | 70,000 | 67,592 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.625%, 5/15/2030 | 855,000 | 864,380 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-2”, 5.25%, 11/15/2027 | 60,000 | 59,927 | ||
3
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-3”, 4.75%, 11/15/2027 | $ | 120,000 | $119,620 | |
| Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), “B”, 3.25%, 5/15/2027 | 75,000 | 66,358 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033 | 5,000 | 4,166 | ||
| Illinois Highway Authority, Toll Rev., “A”, 5%, 1/01/2040 | 110,000 | 112,215 | ||
| Illinois Housing Development Authority Multifamily Housing Rev. (South Shore), GNMA, 4%, 6/01/2026 (Put Date 6/01/2025) | 325,000 | 325,425 | ||
| Illinois Housing Development Authority, Multi-Family Housing Rev. (Berry Manor), 4%, 9/01/2025 (Put Date 9/01/2024) | 500,000 | 500,405 | ||
| Southern Illinois University Housing and Auxiliary Facilities System Refunding Rev., “A”, 5%, 4/01/2032 | 200,000 | 216,997 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 150,000 | 163,887 | ||
| State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 120,000 | 132,410 | ||
| State of Illinois, General Obligation, “A”, 5%, 10/01/2028 | 100,000 | 108,181 | ||
| State of Illinois, Sales Tax Rev., “A”, 5%, 6/15/2027 | 125,000 | 129,988 | ||
| $8,209,563 | ||||
| Indiana - 3.0% | ||||
| Beech Grove, IN, Central Schools Building Corp., “B”, 2%, 7/15/2025 | $ | 100,000 | $96,040 | |
| Indiana Development Finance Authority Solid Water Disposal Rev. (Waste Management, Inc. Project), 4%, 10/01/2031 (Put Date 10/02/2023) | 500,000 | 499,993 | ||
| Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), “B”, 2.45%, 11/15/2025 | 30,000 | 27,599 | ||
| Indiana Finance Authority Student Housing Rev. (CHF - Tippecanoe, LLC - Student Housing Project), “A”, 5%, 6/01/2038 | 800,000 | 830,357 | ||
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026 | 200,000 | 205,098 | ||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 5%, 1/01/2030 | 500,000 | 547,627 | ||
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 5%, 7/01/2030 | 285,000 | 314,150 | ||
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2031 | 1,000,000 | 1,068,409 | ||
| Whiting, IN, Environmental Facilities Rev. (BP Products North American, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031) | 750,000 | 764,974 | ||
| $4,354,247 | ||||
| Iowa - 0.1% | ||||
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 5,000 | $4,738 | |
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 115,000 | 93,970 | ||
| $98,708 | ||||
| Kansas - 1.0% | ||||
| Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), “B”, 5%, 11/15/2054 (Put Date 11/15/2028) | $ | 530,000 | $575,040 | |
| Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), ETM, “B”, 5%, 11/15/2054 (Prerefunded 11/15/2028) | 70,000 | 77,500 | ||
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2025 | 125,000 | 122,307 | ||
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 5.75%, 12/01/2033 | 750,000 | 747,054 | ||
| $1,521,901 | ||||
| Kentucky - 0.4% | ||||
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 3.7%, 1/01/2032 (n) | $ | 105,000 | $101,939 | |
| Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “A-1”, 5%, 6/01/2031 | 500,000 | 535,606 | ||
| Kentucky State University Certificates of Participation, BAM, 5%, 11/01/2024 | 10,000 | 10,208 | ||
| $647,753 | ||||
| Louisiana - 0.1% | ||||
| Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2025 | $ | 200,000 | $204,291 | |
| Maine - 0.7% | ||||
| State Maine Housing Authority Mortgage Purchase, “B”, 3.125%, 11/15/2054 (Put Date 5/01/2024) | $ | 1,000,000 | $995,683 | |
| Maryland - 0.8% | ||||
| Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), “A”, 4%, 7/01/2038 | $ | 450,000 | $456,963 | |
| Chestertown, MD, Economic Development Rev., Taxable (Washington College Project), “B”, 1.78%, 3/01/2024 | 550,000 | 533,856 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Pooled Loan Program), “B”, VRDN, 2.9%, 4/01/2035 | 215,000 | 215,000 | ||
| $1,205,819 | ||||
4
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Massachusetts - 2.2% | ||||
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026 | $ | 100,000 | $98,041 | |
| Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 4%, 7/01/2036 | 90,000 | 85,124 | ||
| Massachusetts Development Finance Agency Rev. (Williams College), “N”, 0.45%, 7/01/2041 (Put Date 7/01/2025) | 45,000 | 41,488 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., Issue L, “B”, 4.25%, 7/01/2044 | 375,000 | 370,979 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, “B”, 3.625%, 7/01/2038 | 315,000 | 289,187 | ||
| Massachusetts Housing Finance Agency, “D-3”, FHA, 3.35%, 6/01/2027 | 1,000,000 | 995,891 | ||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., “225”, 5.5%, 12/01/2052 | 500,000 | 529,123 | ||
| Milton, MA, General Obligation Anticipation Notes, 4.5%, 8/30/2023 | 739,000 | 740,216 | ||
| $3,150,049 | ||||
| Michigan - 2.4% | ||||
| Michigan Finance Authority Hospital Rev. (Bronson Healthcare Group Inc.), “B”, 5%, 11/15/2044 (Put Date 11/16/2026) | $ | 325,000 | $337,689 | |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 30,000 | 30,444 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 35,000 | 35,355 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 20,000 | 20,261 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 45,000 | 45,473 | ||
| Michigan Housing Development Authority, Multi-Family Housing Rev. (Clark Road Senior Apartments Project), 4.5%, 12/01/2042 (Put Date 4/01/2026) | 515,000 | 523,651 | ||
| Michigan Housing Development Authority, Rental Housing Rev., “A”, 0.55%, 4/01/2025 | 110,000 | 103,094 | ||
| Michigan Housing Development Authority, Single Family Mortgage Rev., “D”, 5.5%, 6/01/2053 | 370,000 | 390,162 | ||
| Michigan Strategic Fund Limited Obligation Rev. (DTE Electric Co. Exempt Facilities Project), “DT”, 3.875%, 6/01/2053 (Put Date 6/03/2030) | 1,000,000 | 999,599 | ||
| Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035 | 1,000,000 | 998,672 | ||
| $3,484,400 | ||||
| Minnesota - 2.2% | ||||
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026 | $ | 125,000 | $117,873 | |
| Minneapolis, MN, Health Care System Rev. (Allina Health System), “B”, 5%, 11/15/2053 (Put Date 11/15/2030) | 910,000 | 1,004,404 | ||
| Minnesota Housing Finance Agency, Rental Housing, “C”, GNMA, 3.8%, 2/01/2025 | 145,000 | 145,031 | ||
| Minnesota Housing Finance Agency, Residential Housing, “D”, 3%, 1/01/2052 | 230,000 | 221,331 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2042 | 1,000,000 | 954,853 | ||
| St. Paul, MN, Housing & Redevelopment Authority, Multi-Family Housing Rev. (Dale Street Project), 3.5%, 12/01/2025 (Put Date 6/01/2024) | 750,000 | 744,723 | ||
| $3,188,215 | ||||
| Mississippi - 0.1% | ||||
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | $ | 65,000 | $65,727 | |
| Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051 | 85,000 | 81,756 | ||
| $147,483 | ||||
| Missouri - 0.9% | ||||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026 | $ | 150,000 | $152,421 | |
| Missouri Health & Educational Facilities Authority Health Facilities Rev. (Saint Luke's Health System, Inc.), 5%, 11/15/2029 | 655,000 | 685,208 | ||
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026 | 125,000 | 119,790 | ||
| Poplar Bluff, MO, Transportation Development District Convertible Transporation Sales Tax Refunding Rev., Taxable, “A”, 5%, 12/01/2027 | 220,000 | 220,000 | ||
| Poplar Bluff, MO, Transportation Development District Convertible Transporation Sales Tax Refunding & Improvement Rev., “B”, 3.375%, 12/01/2031 | 100,000 | 96,942 | ||
| $1,274,361 | ||||
| Nevada - 0.4% | ||||
| Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2026 | $ | 455,000 | $471,709 | |
| Nevada Housing Division, Multi-Unit Housing Rev. (Woodcreek Apartments), 5%, 12/01/2025 (Put Date 12/01/2024) | 140,000 | 141,855 | ||
| $613,564 | ||||
5
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Hampshire - 1.1% | ||||
| National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 276,832 | $271,137 | |
| National Finance Authority, NV, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%, 12/01/2042 | 1,070,000 | 1,173,200 | ||
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5%, 4/01/2027 | 105,000 | 108,554 | ||
| $1,552,891 | ||||
| New Jersey - 4.1% | ||||
| Atlantic City, NJ, Tax Appeal Refunding Bonds, 5%, 12/01/2024 | $ | 85,000 | $84,838 | |
| Monmouth County, NJ, Improvement Authority Rev., Governmental Pooled Loan Project Notes, 4%, 3/15/2024 | 1,000,000 | 1,004,583 | ||
| New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “PP”, 4%, 6/15/2030 (Prerefunded 6/15/2024) | 115,000 | 115,925 | ||
| New Jersey Economic Development Authority Rev. (Portal North Bridge Project), “A”, 5%, 11/01/2034 | 1,000,000 | 1,125,555 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 220,000 | 233,330 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “SSS”, 5%, 6/15/2035 (w) | 1,000,000 | 1,078,804 | ||
| New Jersey Economic Development Authority, Water Facilities Rev. (AmericanWater Co., Inc. Project), “B”, 3.75%, 11/01/2034 (Put Date 6/01/2028) | 260,000 | 258,549 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 600,000 | 593,592 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | 65,000 | 68,938 | ||
| Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2028 | 54,000 | 58,459 | ||
| Salem Country, NJ, Pollution Control Financing Authority Rev. (Philadelphia Electric Co. Project), “A”, 4.45%, 3/01/2025 (Put Date 3/01/2025) | 500,000 | 500,211 | ||
| South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5%, 11/01/2036 | 410,000 | 460,287 | ||
| South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5%, 11/01/2037 | 375,000 | 417,554 | ||
| $6,000,625 | ||||
| New Mexico - 1.2% | ||||
| Farmington, NM, Pollution Control Rev. (Public Service Company of New Mexico San Juan Project), “D”, 3.9%, 6/01/2040 (Put Date 6/01/2028) | $ | 1,000,000 | $1,003,184 | |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Tax Exempt, “E”, GNMA, 6.25%, 9/01/2053 | 555,000 | 607,844 | ||
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “D”, GNMA, 5.25%, 3/01/2053 | 110,000 | 115,201 | ||
| $1,726,229 | ||||
| New York - 5.7% | ||||
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2032 | $ | 300,000 | $316,835 | |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5%, 7/01/2036 | 750,000 | 788,956 | ||
| Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), “B”, 5%, 7/01/2028 | 330,000 | 346,451 | ||
| Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), Tax-Exempt, “A”, 5%, 12/01/2027 | 685,000 | 716,949 | ||
| Long Beach, NY, General Obligation, “B”, BAM, 5.25%, 7/15/2032 | 200,000 | 223,618 | ||
| Metropolitan Transportation Authority, NY, Transportation Refunding Rev. (Climate Bond Certified), “C-1”, 4%, 11/15/2035 | 500,000 | 496,127 | ||
| New York Energy Research and Development Authority, Pollution Control Rev. (New York State Electric & Gas Corp. Project), “C”, 4%, 4/01/2034 (Put Date 4/01/2034) | 680,000 | 684,387 | ||
| New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, 9/01/2050 (Put Date 9/02/2025) (n) | 500,000 | 480,295 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 10/01/2026 | 295,000 | 307,699 | ||
| New York State Housing Finance Agency Affordable Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027) | 950,000 | 905,654 | ||
| New York State Housing Finance Agency, Affordable Housing Rev., “G-2”, HUD Section 8, 3.45%, 5/01/2062 (Put Date 5/01/2027) | 170,000 | 168,890 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2025 | 500,000 | 506,176 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040 | 250,000 | 255,374 | ||
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), “A”, 5%, 12/01/2032 | 270,000 | 289,724 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), 5%, 12/01/2030 | 750,000 | 807,866 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), “F-2-A”, 3.4%, 11/01/2062 (Put Date 12/22/2026) | 560,000 | 551,735 | ||
| Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Taxable, “A-1”, 1.015%, 6/01/2024 | 500,000 | 479,690 | ||
| $8,326,426 | ||||
6
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| North Carolina - 1.1% | ||||
| Greater Asheville Regional Airport Authority, NC, Airport System Rev., AGM, 5.25%, 7/01/2039 | $ | 320,000 | $351,669 | |
| North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 1.9%, 7/01/2032 | 780,000 | 638,593 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2028 | 125,000 | 123,665 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Rev., Capital Appreciation, 0%, 1/01/2040 | 985,000 | 480,792 | ||
| $1,594,719 | ||||
| North Dakota - 1.0% | ||||
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), AGM, 3%, 12/01/2039 | $ | 985,000 | $807,202 | |
| Horace, ND, Temporary Refunding Improvement, “B”, 4%, 1/01/2025 | 590,000 | 590,299 | ||
| $1,397,501 | ||||
| Ohio - 3.2% | ||||
| Akron, Bath, & Copley, OH, Joint Township Hospital District, Hospital Rev. (Children's Hospital Medical Center of Akron), “A”, 5%, 11/15/2025 | $ | 450,000 | $467,135 | |
| Allen County, OH, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “B-2”, 5%, 10/01/2051 (Put Date 6/04/2030) | 500,000 | 542,857 | ||
| Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Carver Park Phase III Project), FHA, 4%, 6/01/2026 (Put Date 6/01/2025) | 350,000 | 350,140 | ||
| Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Wade Park Apartments), 4.75%, 12/01/2027 (Put Date 12/01/2025) | 200,000 | 203,113 | ||
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) | 145,000 | 143,849 | ||
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027) | 170,000 | 168,523 | ||
| Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 4/01/2028 (Put Date 10/01/2024) | 750,000 | 725,389 | ||
| Ohio Air Quality Development Authority Rev. (Dayton Power And Light Co. Project), “A”, 4.25%, 11/01/2040 (Put Date 6/01/2027) | 500,000 | 497,977 | ||
| Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2032 | 600,000 | 631,425 | ||
| Ohio Housing Finance Agency Multifamily Housing Rev. (Thornwood Commons), HUD Section 8, 5%, 12/01/2026 (Put Date 12/01/2025) | 205,000 | 210,111 | ||
| Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “C”, FNMA, 5.75%, 3/01/2054 | 615,000 | 654,624 | ||
| $4,595,143 | ||||
| Oklahoma - 0.6% | ||||
| Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037 | $ | 355,000 | $313,442 | |
| Rogers County, OK, Educational Facilities Lease Rev. (Catoosa Public Schools Project), 5%, 9/01/2032 | 500,000 | 570,406 | ||
| $883,848 | ||||
| Oregon - 1.1% | ||||
| Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.95%, 8/01/2025 (Put Date 5/01/2024) | $ | 225,000 | $225,067 | |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028 | 5,000 | 4,235 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 10,000 | 8,732 | ||
| Oregon Facilities Authority Rev. (Legacy Health Project), “B”, 5%, 6/01/2030 | 1,000,000 | 1,099,145 | ||
| Oregon Health & Sciences University Rev., “B”, 3.375%, 7/01/2039 | 115,000 | 103,998 | ||
| Oregon Housing & Community Services Department, Multi-Family Housing Rev. (Plaza Los Amigos Apartments Project, “T-2”, 3%, 2/01/2026 (Put Date 2/01/2025) | 125,000 | 121,655 | ||
| $1,562,832 | ||||
| Pennsylvania - 4.2% | ||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026 | $ | 10,000 | $10,255 | |
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | 65,000 | 42,182 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030 | 455,000 | 395,267 | ||
| Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%, 12/15/2037 | 80,000 | 78,545 | ||
| Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 4.432% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 795,000 | 710,221 | ||
| Doylestown, PA, Hospital Rev. (Doylestown Hospital), “A”, 4%, 7/01/2045 | 10,000 | 7,264 | ||
| East Bethlehem, PA, Municipal Authority Sewer Rev., 1%, 12/01/2024 | 150,000 | 141,995 | ||
| Indiana County, PA Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2031 | 440,000 | 481,566 | ||
7
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Indiana County, PA Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2032 | $ | 450,000 | $491,672 | |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2023 | 125,000 | 125,358 | ||
| Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038 | 500,000 | 505,709 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5%, 12/31/2033 | 1,000,000 | 1,096,327 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2028 | 150,000 | 154,091 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4%, 3/15/2034 | 85,000 | 85,862 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027 | 200,000 | 208,018 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 10,000 | 8,461 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051 | 290,000 | 281,193 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 | 615,000 | 655,374 | ||
| Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5%, 6/15/2032 | 100,000 | 99,854 | ||
| Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026 | 500,000 | 487,837 | ||
| $6,067,051 | ||||
| Puerto Rico - 1.7% | ||||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | $ | 6,295 | $6,030 | |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 49,801 | 30,447 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 21,501 | 21,501 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 43,099 | 44,163 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 42,709 | 44,971 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 292,016 | 312,730 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 40,810 | 44,573 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 38,698 | 36,766 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 34,785 | 32,330 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 29,854 | 26,792 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 40,591 | 35,244 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 42,214 | 35,666 | ||
| Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2025 (n) | 500,000 | 507,268 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 10,000 | 3,750 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 100,000 | 37,500 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 165,000 | 61,875 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 10,000 | 9,859 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 260,000 | 97,500 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 40,000 | 15,000 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 20,000 | 7,500 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 3,750 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 90,000 | 33,750 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 15,000 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2024 (a)(d) | 40,000 | 15,000 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 3,750 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 130,000 | 48,750 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 3,750 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 5,625 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 65,000 | 24,375 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 70,000 | 26,250 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 20,000 | 7,500 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 60,000 | 22,500 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 50,000 | 18,750 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 23,000 | 22,471 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 20,000 | 19,058 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 164,000 | 159,878 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 76,000 | 72,278 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 920 | ||
8
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Puerto Rico - continued | ||||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | $ | 39,000 | $36,962 | |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 2,000 | 1,921 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 41,000 | 34,817 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 7,000 | 5,438 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 597,000 | 425,896 | ||
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 15,000 | 15,015 | ||
| $2,434,869 | ||||
| Rhode Island - 1.2% | ||||
| Rhode Island Housing and Mortgage Finance Corp., Home Ownership Opportunity, “78-A”, 5.5%, 10/01/2052 | $ | 750,000 | $790,683 | |
| Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042 | 1,000,000 | 972,295 | ||
| $1,762,978 | ||||
| South Carolina - 0.5% | ||||
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | $ | 335,000 | $322,821 | |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Refunding Rev. (South Carolina Episcopal Home at Still Hopes), “A”, 5%, 4/01/2038 | 280,000 | 256,682 | ||
| South Carolina Ports Authority Rev., 5%, 7/01/2025 | 135,000 | 138,280 | ||
| $717,783 | ||||
| South Dakota - 0.0% | ||||
| South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024 | $ | 65,000 | $62,143 | |
| Tennessee - 7.6% | ||||
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5%, 10/01/2044 | $ | 1,000,000 | $1,000,316 | |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035 | 500,000 | 508,431 | ||
| Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041 | 415,000 | 392,520 | ||
| Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), ETM, 4%, 4/01/2041 (Prerefunded 4/01/2025) | 10,000 | 10,131 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 750,000 | 773,519 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036 | 1,000,000 | 1,026,976 | ||
| Knox County, TN, Health, Educational & Housing Facility Board, Multi-Family Housing Rev. (Westview Towers Project), 3.95%, 12/01/2027 (Put Date 12/01/2025) | 70,000 | 69,771 | ||
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 4.75%, 7/01/2027 | 300,000 | 258,316 | ||
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 5.5%, 7/01/2037 | 100,000 | 72,780 | ||
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), “A”, 5%, 10/01/2041 | 1,000,000 | 973,764 | ||
| Metropolitan Nashville Airport Authority Rev., Airport Improvement, “B”, 5.25%, 7/01/2033 | 1,150,000 | 1,307,330 | ||
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2035 | 1,100,000 | 1,120,836 | ||
| Metropolitan Nashville, TN, Airport Authority Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026 | 290,000 | 290,050 | ||
| Nashville, TN, Metropolitan Development and Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n) | 500,000 | 507,223 | ||
| Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049 | 550,000 | 490,987 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 685,000 | 725,207 | ||
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 750,000 | 775,904 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2023 | 110,000 | 110,185 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2027 | 80,000 | 80,632 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., “4”, 4%, 7/01/2043 | 645,000 | 637,116 | ||
| $11,131,994 | ||||
| Texas - 5.4% | ||||
| Arlington, TX, Housing Finance Corp. Multi-Family Housing Rev. (6900 Matlock Road Project), 4.5%, 4/01/2041 (Put Date 4/01/2027) | $ | 500,000 | $508,941 | |
| Austin, TX, Airport System Rev., 5%, 11/15/2033 | 1,000,000 | 1,115,986 | ||
| Central Texas Regional Mobility Authority Subordinate Lien Rev., “D”, 5%, 1/01/2024 | 100,000 | 100,767 | ||
| Central Texas Regional Mobility Authority Subordinate Lien Rev., “D”, 5%, 1/01/2025 | 100,000 | 102,446 | ||
| Dallas and Fort Worth, TX, International Airport Rev., “A”, 5.25%, 11/01/2030 | 85,000 | 85,269 | ||
9
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, 2/01/2044 (Put Date 2/01/2026) | $ | 145,000 | $143,105 | |
| Dowdell, TX, Public Utility District, “A”, BAM, 2%, 9/01/2026 | 200,000 | 186,592 | ||
| El Paso County, TX, Hospital District Rev., 5%, 8/15/2033 | 100,000 | 100,071 | ||
| Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2037 | 95,000 | 107,895 | ||
| Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2038 | 70,000 | 78,771 | ||
| Harlandale, TX, Independent School District, Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024) | 75,000 | 74,164 | ||
| Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2025 | 200,000 | 198,160 | ||
| Houston, TX, Airport System Subordinate Lien Rev., “A”, AGM, 5%, 7/01/2038 (w) | 665,000 | 718,779 | ||
| Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Tax and Special Refunding Rev., 4%, 9/01/2027 | 60,000 | 61,992 | ||
| Houston, TX, Independent School District, “A-2”, Texas PSF, 3.5%, 6/01/2039 (Put Date 6/01/2025) | 400,000 | 400,896 | ||
| McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2035 | 500,000 | 474,022 | ||
| McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2036 | 500,000 | 462,510 | ||
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024) | 185,000 | 185,399 | ||
| North Texas, TX, Municipal Water District Savine Creek Regional Wastewater System Contract Rev., AGM, 5%, 6/01/2032 | 500,000 | 580,264 | ||
| Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n) | 200,000 | 158,189 | ||
| Port Houston, TX, First Lien Rev., 4%, 10/01/2038 | 1,000,000 | 1,017,257 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 5%, 7/01/2053 (Put Date 7/01/2032) | 105,000 | 117,052 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), “F”, 5%, 11/15/2052 (Put Date 11/15/2030) | 250,000 | 276,428 | ||
| Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), “A”, 4%, 12/01/2033 | 75,000 | 75,965 | ||
| Texas Public Finance Authority, Financing System Refunding Rev. (Texas Southern University), “A”, BAM, 5%, 5/01/2026 | 125,000 | 128,418 | ||
| Travis County, TX, Housing Finance Corp., Multi-Family Housing Rev. (Airport Gateway Apartments), 4.125%, 6/01/2045 (Put Date 6/01/2027) | 335,000 | 335,462 | ||
| $7,794,800 | ||||
| U.S. Virgin Islands - 0.1% | ||||
| Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2025 | $ | 100,000 | $101,217 | |
| Utah - 0.7% | ||||
| Mapleton City, UT, Municipal Energy Sales Tax & Telecommunications Fee Rev., 3%, 6/15/2025 | $ | 200,000 | $197,016 | |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 2.5%, 8/21/2051 | 14,377 | 12,378 | ||
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 5%, 9/21/2052 | 742,431 | 739,953 | ||
| Utah Infrastructure Agency Telecommunications & Franchise Tax Rev. (Pleasant Grove City Project), 2%, 10/15/2025 | 125,000 | 119,269 | ||
| $1,068,616 | ||||
| Vermont - 2.0% | ||||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2032 | $ | 1,700,000 | $1,820,318 | |
| Vermont Student Assistance Corp., Education Loan Rev., Tax-Exempt, “A”, 5%, 6/15/2032 | 1,000,000 | 1,066,136 | ||
| $2,886,454 | ||||
| Virginia - 1.7% | ||||
| Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.95%, 8/01/2027 (Put Date 5/01/2024) | $ | 75,000 | $75,021 | |
| Chesapeake, VA, Economic Development Authority Pollution Control Rev. (Virginia Electric and Power Company Project), “A”, 3.65%, 2/01/2032 (Put Date 10/01/2027) | 305,000 | 303,780 | ||
| Gloucester County, VA, Industrial Development Authority Rev. (Waste Management Disposal Services of Virginia, Inc.), “A”, 3.95%, 9/01/2038 (Put Date 5/01/2024) | 60,000 | 59,959 | ||
| Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “A”, 3.65%, 11/01/2035 (Put Date 10/01/2027) | 85,000 | 84,660 | ||
| Sussex County, VA, Industrial Development Authority Solid Waste Disposal Rev. (Atlantic Waste Disposal, Inc. Project), “A”, 3.95%, 6/01/2028 (Put Date 5/01/2024) | 100,000 | 100,029 | ||
| Virginia Beach, VA, Development Authority Residential Care Facility Refunding Rev. (Westminster-Canterbury on Chesapeake Bay), 5%, 9/01/2029 | 95,000 | 95,422 | ||
| Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 180,000 | 183,100 | ||
| Virginia Small Business Financing Authority, Environmental Facilities Rev. (Pure Salmon Virginia LLC Project), 3.5%, 11/01/2052 (Put Date 11/01/2023) | 1,000,000 | 997,969 | ||
10
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Virginia - continued | ||||
| York, VA, Economic Development Authority Pollution Control Rev. (Virginia Electric and Power Company Project), “A”, 3.65%, 5/01/2033 (Put Date 10/01/2027) | $ | 610,000 | $607,561 | |
| $2,507,501 | ||||
| Washington - 1.4% | ||||
| Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037 | $ | 210,000 | $199,096 | |
| Seattle, WA, Housing Authority Rev. (Lam Bow Apartments Project), 4%, 6/01/2027 | 185,000 | 187,920 | ||
| Washington Economic Development Finance Authority, Environmental Facilities Refunding Rev. (Mura Cascade ELP LLC Project), 3.9%, 12/01/2042 (Put Date 12/08/2023) (n) | 680,000 | 678,473 | ||
| Washington Higher Education Facilities Authority Refunding Rev., (Gonzaga University Project), 4%, 4/01/2041 | 1,000,000 | 963,686 | ||
| $2,029,175 | ||||
| West Virginia - 0.3% | ||||
| Parkersburg, WV, Waterworks & Sewerage System Refunding Rev., “A”, BAM, 3%, 8/01/2025 | $ | 200,000 | $198,190 | |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027) | 330,000 | 314,430 | ||
| $512,620 | ||||
| Wisconsin - 3.7% | ||||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), “A”, 4%, 4/01/2040 | $ | 1,000,000 | $975,222 | |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2024 | 205,000 | 203,481 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2027 | 290,000 | 281,371 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2028 | 195,000 | 187,545 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2029 | 310,000 | 295,389 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5%, 12/01/2037 | 200,000 | 214,661 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 4.5%, 3/15/2033 | 175,000 | 178,115 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030 | 400,000 | 365,984 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Saint John's Communities, Inc. Project), 4%, 9/15/2027 (Prerefunded 9/15/2023) | 150,000 | 150,172 | ||
| Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033 | 750,000 | 799,446 | ||
| Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032 | 500,000 | 513,787 | ||
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%, 6/01/2027 (n) | 55,000 | 51,041 | ||
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), “C”, 2.75%, 6/01/2026 (n) | 25,000 | 24,137 | ||
| Wisconsin Public Finance Authority Hospital Rev., Taxable (UNC Health Southeastern), “B”, 1.143%, 2/01/2024 | 125,000 | 121,249 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 105,000 | 80,194 | ||
| Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), “A-1”, 5.25%, 7/01/2037 | 670,000 | 754,018 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2030 | 270,000 | 253,596 | ||
| $5,449,408 | ||||
| Total Municipal Bonds | $144,976,074 | |||
| Bonds – 0.4% | ||||
| Consumer Services – 0.4% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 149,000 | $132,430 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | 500,000 | 362,224 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 378,198 | 119,392 | ||
| Total Bonds | $614,046 | |||
| Contingent Value Instruments - 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 183,229 | $92,302 | |
11
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) - 1.5% | ||||
| Money Market Funds – 1.5% | ||||
| MFS Institutional Money Market Portfolio, 5.04% (v) | 2,127,450 | $2,127,876 | ||
| Other Assets, Less Liabilities - (1.6)% | (2,334,227) | |||
| Net Assets - 100.0% | $145,476,071 | |||
| (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 $2,127,876 and $145,682,422, respectively. |
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $6,643,449, representing 4.6% of net assets. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (w) | When-issued security. |
| The following abbreviations are used in this report and are defined: | |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FHA | Federal Housing Administration |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| LIBOR | London Interbank Offered Rate |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| 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.
12
Supplemental Information
6/30/23 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2023 in valuing the fund's assets and liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $— | $145,068,376 | $— | $145,068,376 |
| U.S. Corporate Bonds | — | 614,046 | — | 614,046 |
| Mutual Funds | 2,127,876 | — | — | 2,127,876 |
| Total | $2,127,876 | $145,682,422 | $— | $147,810,298 |
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 | $3,049,111 | $17,611,341 | $18,532,269 | $(392) | $85 | $2,127,876 |
13
Supplemental Information (unaudited) – continued
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $43,312 | $— |
14