MFS Municipal Income R6 (MPMNX) NPORT-P MFS Municipal Intermediate Fund (Dec 2024 report)

Quarterly Report

December 31, 2024

MFS^®Municipal
Intermediate Fund

MIU-Q3

Portfolio of Investments

12/31/24 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

Issuer		Shares/Par	Value ($)
Municipal Bonds – 93.1%
Alabama – 3.7%
Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), “F”, 4%, 10/01/2025 (Put Date 4/01/2025)	$	355,000	$355,243
Alabama Southeast Energy, Cooperative District Energy Supply Rev., “B-1”, 5.75%, 4/01/2054 (Put Date 11/01/2031)		345,000	379,796
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031)		185,000	185,023
Black Belt Energy Gas District, AL, Gas Project Rev., “C”, 5.5%, 10/01/2054 (Put Date 6/01/2032)		250,000	270,759
Black Belt Energy Gas District, AL, Gas Project Rev., “C”, 5%, 5/01/2055 (Put Date 7/01/2031)		365,000	385,464
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028)		345,000	362,667
Black Belt Energy Gas District, AL, Gas Supply Rev., “D-1”, 4%, 7/01/2052 (Put Date 6/01/2027)		315,000	316,750
Jacksonville, AL, Public Educational Building Authority Rev. (Jacksonville State University Foundation), “A”, BAM, 5%, 8/01/2037		1,275,000	1,386,256
Jefferson County, AL, Sewer Rev. Warrants, 5%, 10/01/2038		750,000	815,553
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2037		1,110,000	1,072,074
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031)		750,000	746,062
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029)		215,000	229,007
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)		1,000,000	1,053,006
Southeast Alabama Energy Authority Energy Supply Rev., “A”, 5%, 11/01/2035		515,000	533,844
Southeast Alabama Gas Supply District Refunding Rev. (Project No. 2), “B”, 5%, 6/01/2049 (Put Date 5/01/2032)		500,000	531,702
			$8,623,206
Alaska – 0.1%
Alaska Housing Finance Corp., General Mortgage Rev. II, “C”, 5.75%, 12/01/2052	$	325,000	$343,557
Arizona – 3.0%
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 4.5%, 7/01/2033	$	515,000	$516,282
Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 4.43%, 7/01/2033		500,000	501,757
Arizona Industrial Development Authority Multi-Family (Hacienda Del Rio Project), FNMA, 4.5%, 6/01/2041		802,730	807,074
Arizona Industrial Development Authority Multi-Family Housing Rev. (Unity at West Glendale Project), 5%, 3/01/2045 (Put Date 9/01/2026)		67,000	68,383
Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027)		1,255,000	1,279,514
Coconino County, AZ, Pollution Control Refunding Rev. (Nevada Power Co. Projects), “A”, 4.125%, 9/01/2032 (Put Date 3/31/2026)		155,000	154,692
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	14,159
Phoenix, AZ, Industrial Development Authority, Single Family Mortgage Rev., “A”, GNMA, 6.5%, 3/01/2055		290,000	321,544
Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 4.25%, 12/01/2035 (Put Date 2/01/2025)		1,600,000	1,600,308
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	203,170
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n)		245,000	246,167
Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., “B”, GNMA, 6.5%, 1/01/2055		345,000	381,964
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.25%, 6/15/2038		500,000	513,562
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2026		245,000	243,322
			$6,851,898
Arkansas – 0.1%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028	$	135,000	$133,304
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027		125,000	123,800
			$257,104
California – 4.0%
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)	$	770,000	$817,961
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5%, 8/01/2055 (Put Date 10/01/2032)		285,000	302,032
California Community Choice Financing Authority, Clean Energy Project Rev., “F”, 5.5%, 10/01/2054 (Put Date 11/01/2030)		395,000	429,854
California Community Choice Financing Authority, Clean Energy Project Rev., “H”, 5%, 1/01/2056 (Put Date 8/01/2033)		345,000	376,086

1

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
California – continued
California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “A”, 3.875%, 3/01/2054 (Put Date 3/01/2034)	$	655,000	$649,595
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.1%, 10/01/2045 (Put Date 3/03/2025)		295,000	295,006
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	50,003
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.1%, 12/01/2044 (Put Date 12/01/2025)		200,000	199,981
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2032 (n)		500,000	517,868
California School Finance Authority, Charter School Rev. (Partnerships to Uplift Communities Project), 5%, 8/01/2033		620,000	647,987
California Statewide Communities Development Authority Rev. (Adventist Health System West), “A”, 4.125%, 3/01/2034		90,000	89,365
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 5%, 10/01/2027		90,000	90,804
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034		715,000	715,373
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044		130,000	130,014
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	82,703
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	225,383
Los Angeles, CA, Harbor Department Refunding Rev., “A-2”, AGM, 5%, 8/01/2036		780,000	849,278
Los Angeles, CA, Housing Authority, Multi-Family Housing Rev. (M-TEBS) + (Homekey Portfolio), “B”, 3.75%, 4/01/2034		56,737	56,360
Los Angeles, CA, Housing Authority, Multi-Family Housing Rev. (M-TEBS) + (Homekey Portfolio), “C”, 3.75%, 4/01/2034		141,842	140,899
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2029		90,000	95,032
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2030		240,000	256,666
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2039		1,000,000	1,071,520
San Francisco, CA, City & County Airports Commission, International Airport Rev., “C”, 5.5%, 5/01/2037		750,000	841,611
Southern California Public Power Authority, Clean Energy Project Rev., “A”, 5%, 4/01/2055 (Put Date 9/01/2030)		190,000	200,661
			$9,132,042
Colorado – 1.0%
Bromley Park Metropolitan District No. 3, Adams County, Colorado Limited Tax, General Obligation, AGM, 5%, 12/01/2039	$	905,000	$971,885
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026		125,000	124,704
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2037		1,000,000	1,109,575
			$2,206,164
Connecticut – 1.8%
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 4%, 7/01/2030	$	1,000,000	$975,335
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 5%, 11/15/2031		1,530,000	1,608,356
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “E-1”, GNMA, 5.5%, 11/15/2052		555,000	581,296
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5%, 10/01/2035 (n)		890,000	914,354
			$4,079,341
Delaware – 0.8%
Delaware Housing Authority, Multi-Family Rev. (Luther Towers Apartments), 4.65%, 1/01/2041	$	740,000	$755,493
Delaware Housing Authority, Senior Single Family Rev., “A”, GNMA, 5.75%, 1/01/2055		990,000	1,068,046
			$1,823,539
District of Columbia – 1.0%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n)	$	250,000	$235,221
District of Columbia Rev. (Rocketship DC Obligated Group - Issue No. 3), “A”, 5%, 6/01/2034 (n)		250,000	251,208
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045		100,000	96,414
District of Columbia, Housing Finance Agency, Multi-Family Development Program, “A-2”, 4.1%, 9/01/2046 (Put Date 9/01/2030)		1,250,000	1,277,104
District of Columbia, Housing Finance Agency, Multi-Family Housing Mortgage Rev. (Edmonson), 5%, 12/01/2028 (Put Date 12/01/2027)		327,000	339,798
			$2,199,745

2

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Florida – 5.7%
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2028 (n)	$	500,000	$490,089
Florida Development Finance Corp., Solid Waste Disposal Rev. (GFL Solid Waste Southeast LLC Project), “A”, 4.375%, 10/01/2054 (Put Date 10/01/2031)		520,000	518,533
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n)		500,000	467,964
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Hampton Point Apartments), “E”, 5%, 5/01/2026 (Put Date 5/01/2025)		400,000	401,845
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Northside Transit Village III), “B”, GNMA, 5%, 2/01/2027 (Put Date 2/01/2026)		450,000	457,371
Jacksonville, FL, Housing Authority, General Rev. (Westwood Apartments), 5%, 2/01/2034		1,380,000	1,474,499
Lee County, FL, Airport Rev., 5.25%, 10/01/2043		365,000	393,458
Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Obligated Group), “B-1”, 4.75%, 11/15/2029		30,000	30,050
Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Obligated Group), “B-2”, 4.375%, 11/15/2029		25,000	25,044
Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Quail Roost Transit Village I), 5%, 9/01/2026 (Put Date 9/01/2025)		500,000	504,846
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5%, 10/01/2036		1,000,000	1,064,256
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2036		1,000,000	982,616
Palm Beach County, FL, Airport System Rev., “B”, 5.25%, 10/01/2042		500,000	542,872
Palm Beach County, FL, Airport System Rev., “B”, 5.25%, 10/01/2043		500,000	540,641
Palm Beach County, FL, Airport System Rev., “B”, 5.25%, 10/01/2044		500,000	539,287
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2033		350,000	372,264
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2026		300,000	299,033
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2031		750,000	734,522
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5.5%, 9/01/2038		1,000,000	1,118,353
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040		100,000	92,631
Pompano Beach, FL, Rev. (John Knox Village Project), “A”, 4%, 9/01/2036		550,000	523,273
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2026		190,000	186,657
Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), “B2”, 4.5%, 1/01/2030		130,000	129,875
Wildwood, FL, Middleton Community Development District A Special Assessment Rev., 4.2%, 5/01/2039		105,000	102,398
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.375%, 5/01/2033		1,000,000	1,020,799
Wildwood, FL, Village Community Development District No. 15 Special Assessment Rev., 3.75%, 5/01/2029		100,000	99,513
			$13,112,689
Georgia – 3.6%
Atlanta, GA, Development Authority Senior Rev. (Westside Gulch Area Project), “A-1”, 5%, 4/01/2034 (n)	$	185,000	$185,496
Atlanta, GA, Urban Residential Finance Authority Multi-Family Mortgage (Trinity Towers), “A”, 4.85%, 9/01/2043		1,000,000	1,025,344
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	251,619
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), “A”, 5%, 6/01/2040		250,000	253,692
DeKalb County, GA, Housing Authority, Affordable Multi-Family Rev. (Park at 500 Project), 4%, 3/01/2034		840,000	828,625
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030)		1,000,000	1,046,632
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 5%, 12/01/2052 (Put Date 6/01/2029)		500,000	520,638
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030)		455,000	479,669
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “D”, 5%, 4/01/2054 (Put Date 4/01/2031)		865,000	918,674
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2037		250,000	274,015
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2038		250,000	273,026
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2039		250,000	271,594
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2040		500,000	541,042
Georgia Private Colleges & Universities Authority Rev. (Emory University), “B”, 4%, 9/01/2039		985,000	998,373
Maine Health and Higher Educational Facilities Authority Rev. (University of New England), 5%, 5/01/2055 (Put Date 12/01/2032)		500,000	527,672
			$8,396,111

3

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Guam – 0.5%
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042	$	30,000	$28,507
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031		270,000	272,354
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036		60,000	60,736
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046		175,000	175,028
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040		380,000	388,129
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046		300,000	302,760
			$1,227,514
Idaho – 0.8%
Idaho Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%, 7/01/2039 (n)	$	735,000	$756,654
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 4%, 5/01/2031		220,000	219,350
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 4%, 5/01/2035		425,000	416,187
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (White Pine Charter School Project), “A”, 5.5%, 5/01/2043		350,000	368,906
			$1,761,097
Illinois – 5.0%
Bellwood, IL, Tax Increment Rev., Taxable (Workforce Housing Project), 5%, 12/01/2036	$	750,000	$789,543
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036		245,000	219,171
Chicago, IL, Board of Education, “A”, NPFG, 5.5%, 12/01/2026		50,000	50,429
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6.1%, 4/01/2036		455,000	474,761
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2041		1,000,000	1,042,720
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 7%, 12/01/2044		390,000	396,682
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2030		500,000	513,418
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5.25%, 12/01/2036		500,000	524,549
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041		225,000	198,148
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037		45,000	45,052
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2038		1,000,000	1,051,723
Chicago, IL, Midway Airport Rev., “A”, BAM, 5.5%, 1/01/2040		1,000,000	1,092,496
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033		170,000	173,720
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2033		400,000	428,235
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2034		200,000	212,945
Cook County, IL, Community College District No. 508, Unlimited Tax General Obligation Refunding Dedicated Rev. (City Colleges), BAM, 5%, 12/01/2038		1,000,000	1,077,289
East Moline, IL, General Obligation, Taxable, BAM, 1.665%, 1/15/2025		250,000	249,711
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2032		655,000	664,314
Illinois Finance Authority Rev. (OSF Healthcare System), “A”, 4.125%, 11/15/2037		70,000	68,118
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.625%, 5/15/2030		855,000	885,875
Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), “B”, 3.25%, 5/15/2027 (a)(d)		66,698	48,689
Illinois Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 11/01/2044 (Put Date 11/03/2025)		435,000	435,597
Illinois Finance Authority, Water Facilities Refunding Rev. (American Water Capital Corp. Project), 3.875%, 5/01/2040 (Put Date 9/01/2028)		250,000	248,249
Illinois Housing Development Authority, Multi-Family Housing Rev. (South Shore), GNMA, 4%, 6/01/2026 (Put Date 6/01/2025)		325,000	325,443
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2027		30,000	30,922
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2037		115,000	124,913
State of Illinois, General Obligation, 5.5%, 5/01/2039		150,000	161,558
			$11,534,270
Indiana – 1.5%
Beech Grove, IN, Central Schools Building Corp., “B”, 2%, 7/15/2025	$	100,000	$98,891
Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), “B”, 2.45%, 11/15/2025		30,000	29,307
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026		200,000	203,080
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5%, 6/01/2038		800,000	835,833
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2031		1,000,000	1,037,736
Indianapolis, IN, Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel ), “E”, 5.5%, 3/01/2038		500,000	535,357

4

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Indiana – continued
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031)	$	750,000	$762,704
			$3,502,908
Iowa – 0.7%
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2033	$	1,150,000	$1,220,497
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2034		350,000	369,589
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039		5,000	4,695
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044		115,000	92,568
			$1,687,349
Kansas – 0.4%
Kansas Development Finance Authority, Multi-Family Tax-Exempt Mortgage-Backed Bonds (Sycamore Village), FNMA, 4.17%, 11/01/2041	$	181,663	$178,088
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2025		125,000	124,821
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 5.75%, 12/01/2033		700,000	716,949
			$1,019,858
Kentucky – 0.6%
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2031	$	500,000	$518,584
Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 3.875%, 6/01/2040 (Put Date 9/01/2028)		275,000	274,008
Trimble County, KY, Environmental Facilities Rev. (Kentucky Utilities Co. Project), “A”, 4.7%, 6/01/2054 (Put Date 6/01/2027)		210,000	213,272
Trimble County, KY, Environmental Facilities Rev. (Louisville Gas & Electric Co. Project), “A”, 4.7%, 6/01/2054 (Put Date 6/01/2027)		345,000	350,375
			$1,356,239
Louisiana – 0.6%
Capital Area Finance Authority, LA, Single Family Mortgage Rev., GNMA, 6.5%, 4/01/2054	$	255,000	$283,158
Shreveport, LA, General Obligation, AGM, 5%, 3/01/2041		1,000,000	1,070,844
			$1,354,002
Maine – 0.7%
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 5.25%, 12/01/2031	$	965,000	$1,031,395
Maine Financing Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, 12/01/2047 (Put Date 6/01/2035)		100,000	100,175
Maine Health and Higher Educational Facilities Authority Rev. (University of New England), “B”, 4%, 7/01/2037		500,000	492,330
			$1,623,900
Maryland – 0.7%
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), “A”, 4%, 7/01/2038	$	450,000	$452,383
Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington Internation Thurgood Marshall Airport), AGM, 5%, 8/01/2034		1,000,000	1,089,792
			$1,542,175
Massachusetts – 1.9%
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026	$	100,000	$98,548
Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), “A”, 4.25%, 7/01/2034		500,000	498,098
Massachusetts Development Finance Agency Rev. (Simmons University), “N”, 5.25%, 10/01/2036		500,000	509,033
Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 4%, 7/01/2036		90,000	84,894
Massachusetts Development Finance Agency Rev. (Williams College), “N”, 0.45%, 7/01/2041 (Put Date 7/01/2025)		45,000	44,144
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 3.625%, 7/01/2038		220,000	208,855
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 4.25%, 7/01/2044		375,000	363,786
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 5%, 7/01/2032		1,000,000	1,059,871
Massachusetts Housing Finance Agency, “D-3”, FHA, 3.35%, 6/01/2027		1,000,000	1,001,508
Massachusetts Housing Finance Agency, Single Family Housing Rev., “225”, 5.5%, 12/01/2052		475,000	500,792
			$4,369,529

5

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Michigan – 1.9%
Michigan Finance Authority Hospital Rev. (Bronson Healthcare Group, Inc.), “B”, 5%, 11/15/2044 (Put Date 11/16/2026)	$	325,000	$331,863
Michigan Housing Development Authority Rental Housing Rev., “A”, 3.7%, 4/01/2030		800,000	801,807
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	517,840
Michigan Housing Development Authority, Rental Housing Rev., “A”, 0.55%, 4/01/2025		45,000	44,629
Michigan Housing Development Authority, Single Family Mortgage Rev., “D”, 5.5%, 6/01/2053		325,000	341,422
Michigan Strategic Fund (Waste Management, Inc.), 4.125%, 8/01/2027		300,000	299,988
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	997,064
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035		1,000,000	983,413
			$4,318,026
Minnesota – 0.5%
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026	$	125,000	$121,900
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2042		1,000,000	948,554
			$1,070,454
Mississippi – 0.1%
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040	$	65,000	$66,099
Mississippi Home Corp., Single Family Mortgage Rev., “E”, GNMA, 7.5%, 6/01/2044		125,000	155,445
			$221,544
Missouri – 0.5%
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026	$	150,000	$151,106
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “E”, GNMA, 6.5%, 5/01/2054		300,000	333,674
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026		125,000	122,932
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., “B”, 3.375%, 12/01/2031		85,000	80,936
St. Louis, MO, Industrial Development Authority Tax Increment & Special District Rev. (Union Station Phase 2 Redevelopment Project), “A”, 4.875%, 6/15/2034		405,000	407,220
			$1,095,868
Montana – 0.2%
Forsyth, MT, Pollution Control Rev. (Avista Corp. Colstrip Project), “A”, 3.875%, 10/01/2032	$	410,000	$408,484
Nebraska – 0.5%
Omaha, NE, Airport Authority Facilities Rev., AGM, 5%, 12/15/2036	$	1,000,000	$1,081,858
Nevada – 0.3%
Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2026	$	455,000	$464,649
Washoe County, NV, Water Facilities Rev. (Sierra Pacific Power Company Projects), “F”, 4.125%, 3/01/2036 (Put Date 10/01/2029)		115,000	115,175
			$579,824
New Hampshire – 2.5%
National Finance Authority, NH, Lease Rent Rev. (Centurion Biosquare, Inc.), “A”, 5.88%, 12/15/2038	$	915,000	$941,035
National Finance Authority, NH, Lease Rent Rev. (Centurion Foundation West Main Street LLC), “A”, 5%, 5/15/2034		590,000	588,901
National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Biosquare, Inc.), “B”, 9.58%, 12/15/2038		55,000	54,143
National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Foundation West Main Street, LLC), “B”, 8.33%, 5/15/2034		100,000	99,620
National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%, 12/01/2042		1,070,000	1,162,347
National Finance Authority, NH, Multi-Family Housing Rev., 4.45%, 7/01/2044		490,000	487,720
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036		271,251	269,376
National Finance Authority, NH, Municipal Certificates, “1-A“, 4.25%, 7/20/2041		156,918	152,407
National Finance Authority, NH, Rev., Taxable (Centurion Foundation), “C”, 11%, 12/15/2038		30,000	29,567
National Finance Authority, NH, Special Rev. (Caldwell Ranch Project, Branch and Fort Bend Counties, TX), 4.875%, 12/01/2033		100,000	99,898

6

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
New Hampshire – continued
National Financial Authority, NH, Special Rev. (Highland Project, Montgomery County, TX), 5.125%, 12/15/2030	$	156,000	$154,611
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5%, 4/01/2027		105,000	107,376
New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Edvance Corp. Issue), “B”, 5%, 11/01/2033		100,000	106,114
New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Edvance Corp. Issue), “B”, 4%, 11/01/2044		160,000	149,271
New Hampshire Heath and Education Facility Authority Rev. (Dartmouth Health), “A”, 5%, 8/01/2038		255,000	262,476
New Hampshire Heath and Education Facility Authority Rev. (Riverwoods at Exeter Issue), 5%, 10/01/2038		1,000,000	1,076,378
			$5,741,240
New Jersey – 1.3%
Camden County, NJ, Improvement Authority, Multi-Family Housing Rev. (Northgate I Apartments Project), 5%, 3/01/2027 (Put Date 3/01/2026)	$	375,000	$381,628
New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), “B”, 3.75%, 11/01/2034 (Put Date 6/01/2028)		260,000	259,188
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 5%, 12/01/2033		1,000,000	1,059,010
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041		490,000	481,522
Salem County, NJ, Pollution Control Financing Authority Rev. (Philadelphia Electric Co. Project), “A”, 4.45%, 3/01/2025 (Put Date 3/01/2025)		500,000	500,343
South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5%, 11/01/2037		375,000	409,295
			$3,090,986
New Mexico – 0.7%
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	$1,010,923
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, “E”, GNMA, 6.25%, 9/01/2053		525,000	570,098
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “D”, GNMA, 5.25%, 3/01/2053		95,000	99,387
			$1,680,408
New York – 5.3%
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2032	$	300,000	$314,883
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5%, 7/01/2036		750,000	791,217
Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), “B”, 5%, 7/01/2028		330,000	342,425
Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), “A”, 5%, 12/01/2027		685,000	712,594
Metropolitan Transportation Authority, NY, Transportation Refunding Rev. (Climate Bond Certified), “C-1”, 4%, 11/15/2035		500,000	502,713
Monroe County, NY, Industrial Development Agency Multi-Family Mortgage, 4.84%, 11/01/2040		643,916	665,944
New York Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), “F-2-A”, 3.4%, 11/01/2062 (Put Date 12/22/2026)		560,000	558,917
New York Dormitory Authority Rev. (Peca University), “A”, 5.25%, 5/01/2040		375,000	408,582
New York Dormitory Authority Rev. (White Plain Hospital Obligated Group), AGM, 5.25%, 10/01/2044		560,000	611,058
New York Energy Research & Development Authority, Pollution Control Rev. (New York State Electric & Gas Corp. Project), “C”, 4%, 4/01/2034 (Put Date 4/01/2034)		680,000	690,214
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	494,870
New York Housing Development Corp., Multi-Family Housing Rev., “D1”, 4%, 12/15/2031		100,000	101,537
New York Housing Development, Multy-Family Housing Rev. (Sustainable Development Bonds), “D1”, 4.35%, 11/01/2044		625,000	618,372
New York Housing Finance Agency 320 West 38th Street Housing Rev., “A”, FHLMC, 3.57%, 5/01/2042 (Put Date 11/01/2031)		570,000	565,444
New York Housing Finance Agency Affordable Housing Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027)		895,000	868,240
New York Housing Finance Agency Affordable Housing Rev., “G-2”, 3.45%, 5/01/2062 (Put Date 5/01/2027)		170,000	169,997
New York Housing Finance Agency Affordable Housing Rev., “A”, 3.45%, 11/01/2063 (Put Date 5/01/2029)		1,000,000	991,455
New York Housing Finance Agency, Personal Income Tax Rev., “A-2”, 3.45%, 6/15/2054 (Put Date 12/15/2030)		305,000	302,439
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2025		500,000	500,000
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5.625%, 4/01/2040		165,000	175,272
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040		250,000	255,634
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), 5.5%, 6/30/2041		750,000	801,035

7

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
New York – continued
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), “A”, 5%, 12/01/2032	$	270,000	$282,822
Westchester County, NY, Industrial Development Agency, Multi-Family Housing Rev. (Armory Plaza Housing LP Project), 4.3%, 6/01/2046 (Put Date 5/01/2041)		596,603	583,642
			$12,309,306
North Carolina – 1.6%
Cumberland County, PA, Industrial Facilities and Pollution Control Finance Authority, (Project Aero), 3.75%, 12/01/2027 (Put Date 11/01/2025)	$	50,000	$49,910
Greater Asheville Regional Airport Authority Rev., AGM, 5.25%, 7/01/2038		320,000	345,024
Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2039		320,000	345,934
North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 1.9%, 7/01/2032		780,000	651,773
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2028		125,000	128,287
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2030		145,000	143,450
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), “A”, 5%, 10/01/2039		500,000	525,718
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), “B1”, 4.25%, 10/01/2028		65,000	65,247
North Carolina Medical Care Commission, Retirement Facility Rev. (Penick Village Project), “A”, 5%, 9/01/2034		900,000	920,608
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2040		985,000	516,588
			$3,692,539
North Dakota – 0.4%
Grand Forks, ND, Healthcare System Rev. (Altru Health System), AGM, 3%, 12/01/2039	$	985,000	$825,879
Horace, ND, Temporary Refunding Improvement, “B”, 4.85%, 8/01/2026		160,000	160,009
			$985,888
Ohio – 4.2%
Allen County, OH, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “B-2”, 5%, 10/01/2051 (Put Date 6/04/2030)	$	500,000	$530,143
Columbus, OH, Metropolitan Housing Authority, Affordable Housing Rev. (Country Ridge Apartments Project), 4.375%, 12/01/2041		1,000,000	983,588
Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project and the Eden Park Project), 5%, 12/01/2034		500,000	525,132
Columbus, OH, Metropolitan Housing Authority, General Rev. (Waldren Woods Project), 4%, 6/01/2034		190,000	187,039
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	350,262
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	202,174
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.25%, 1/01/2038		750,000	779,778
Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Company Project), “C”, 3.65%, 12/01/2027		810,000	801,687
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027)		145,000	146,217
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027)		170,000	170,808
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	504,657
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2032		600,000	626,471
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “C”, FNMA, 5.75%, 3/01/2054		570,000	599,803
Ohio Housing Finance Agency, Multi-Family Housing Rev. (Thornwood Commons), 5%, 12/01/2026 (Put Date 12/01/2025)		205,000	207,796
Ohio State Healthcare Facility Rev.Otterbein Homes Obligated Group), 4%, 7/01/2036		200,000	198,102
State of Washington, Various Purposes, “R-A”, 5%, 12/10/2025		1,850,000	1,869,159
Warren County, OH, Healthcare Facilities Rev. (Otterbein Homes Obligation Group), 5%, 7/01/2042		650,000	683,223
Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), “A”, 5%, 5/15/2044		240,000	246,896
			$9,612,935

8

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Oklahoma – 0.4%
Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037	$	355,000	$307,318
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), “D”, GNMA, 6.5%, 9/01/2054		495,000	550,394
			$857,712
Oregon – 0.7%
Lincoln County, OR, Coast Community College District General Obligation, Convertible Capital Appreciation, 0% to 8/15/2024, 5% to 6/15/2041	$	380,000	$398,476
Oregon Facilities Authority Lease Rent Rev. (Legacy Health System - Centurion Foundation), “A”, 4.9%, 9/15/2035		430,000	441,720
Oregon Health & Sciences University Rev., “B”, 3.375%, 7/01/2039		115,000	106,403
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	124,883
Portland, OR, International Airport Rev., 5.25%, 7/01/2041		500,000	541,242
			$1,612,724
Pennsylvania – 6.4%
Adams County, PA, General Authority Rev. (Brethren Home Community Project), “A”, 5%, 6/01/2034	$	1,000,000	$1,084,877
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group Issue), 5%, 4/01/2036		245,000	252,112
Allegheny County, PA, School District, General Obligation Limited Tax, BAM, 5%, 11/01/2039		650,000	702,352
Allegheny County, PA, School District, General Obligation Limited Tax, BAM, 5%, 11/01/2040		845,000	909,515
Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 5.5%, 6/15/2038 (n)		500,000	526,435
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026		10,000	10,179
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-2”, 6%, 6/30/2034		104,000	111,231
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-3”, 5%, 6/30/2039		46,000	44,343
Berks County, PA, Municipal Authority Rev., Convertible Capital Appreciation (Tower Health Project), “B-1”, 0% to 11/15/2029, 6% to 6/30/2044		23,000	16,151
Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), “A-1”, 8%, 6/30/2034		126,000	127,835
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030		455,000	398,807
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%, 12/15/2037		80,000	80,371
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 3.95% ((67% of SOFR - 3mo. + 0.26161%) + 0.75%), 6/01/2037		795,000	749,061
Doylestown, PA, Hospital Authority Rev., 5%, 7/01/2031		100,000	105,456
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045		10,000	9,145
Indiana County, PA, Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2031		440,000	469,982
Indiana County, PA, Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2032		450,000	476,495
Lehigh County, PA, General Purpose Authority, College Rev. (Muhlenberg College Project), 5%, 2/01/2040		1,000,000	1,059,423
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-2”, 5%, 7/01/2038		1,000,000	1,049,698
Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038		665,000	671,225
Pennsylvania Economic Development Financing Authority, Junior Insured Parking Rev. (Capitol Region Parking System), “C”, AGM, 5%, 1/01/2033		1,000,000	1,082,699
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5%, 12/31/2033		1,000,000	1,060,603
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5.5%, 6/30/2042		525,000	562,492
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2028		150,000	152,331
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4%, 3/15/2034		85,000	84,949
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1A”, 5%, 6/01/2033		631,000	669,082
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027		200,000	204,448
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042		10,000	8,885
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053		570,000	602,124
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5%, 6/15/2032		100,000	103,022
Philadelphia, PA, Housing Authority General Rev. (PHA Headquarters Project), 5%, 5/01/2039		355,000	362,190
Philadelphia, PA, School District, “A”, 5.25%, 9/01/2038		410,000	459,646

9

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Pennsylvania – continued
Westmorel and County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026	$	500,000	$494,702
			$14,701,866
Puerto Rico – 1.0%
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029	$	292,016	$311,065
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031		40,810	44,630
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033		38,698	38,110
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037		29,854	28,789
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041		40,591	38,379
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046		42,214	39,202
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033		49,801	33,689
Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2025 (n)		500,000	501,841
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)		100,000	54,000
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)		165,000	89,100
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)		260,000	140,400
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)		40,000	21,600
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)		90,000	48,600
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)		40,000	21,600
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)		130,000	70,200
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034		10,000	9,844
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)		65,000	35,100
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)		70,000	37,800
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)		60,000	32,400
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)		50,000	27,000
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053		1,000	975
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040		23,000	23,006
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053		20,000	19,701
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058		164,000	163,387
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058		39,000	38,302
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031		597,000	458,869
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025		15,000	15,019
			$2,342,608
Rhode Island – 1.2%
Rhode Island Housing and Mortgage Finance Corp., Home Ownership Opportunity, “78-A”, 5.5%, 10/01/2052	$	685,000	$720,407
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042		850,000	806,292
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2033		1,015,000	1,077,222
Rhode Island Student Loan Authority, Student Loan Rev., “B”, 4.125%, 12/01/2043		145,000	138,971
			$2,742,892
South Carolina – 1.2%
Charleston County, SC, Airport District Rev., “A”, 5.25%, 7/01/2044	$	750,000	$807,751
Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 4.5%, 10/01/2033		415,000	410,612
Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.25%, 10/01/2043		280,000	278,096
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042		335,000	312,620
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031)		650,000	694,880
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	281,042
			$2,785,001
Tennessee – 4.3%
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035	$	500,000	$501,716
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041 (Prerefunded 4/01/2025)		10,000	10,012
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041		415,000	386,403
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036		750,000	755,758
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036		1,000,000	1,003,055

10

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Tennessee – continued
Knox County, TN, Health, Educational & Housing Facility Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “A1”, BAM, 5%, 7/01/2040	$	1,000,000	$1,069,203
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	70,262
Knox County, TN, Health, Educational & Housing Facility Board, Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “B-1”, BAM, 5%, 7/01/2044		300,000	316,216
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 4.75%, 7/01/2027		100,000	89,671
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 5.5%, 7/01/2037		100,000	74,840
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), “A”, 5%, 10/01/2041		1,000,000	1,006,678
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.25%, 7/01/2033		1,150,000	1,268,433
Metropolitan Nashville, TN, Airport Authority Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026		195,000	195,331
Nashville, TN, Metropolitan Development and Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n)		500,000	507,184
Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049		550,000	497,113
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)		685,000	731,450
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028)		750,000	773,108
Tennessee Energy Acquisition Corp., Gas Project Rev., “C”, 5%, 2/01/2027		80,000	80,992
Tennessee Housing Development Agency, Residential Finance Program Rev., “4”, 4%, 7/01/2043		645,000	606,098
			$9,943,523
Texas – 6.9%
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029	$	145,000	$146,173
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031		220,000	221,588
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026		95,000	94,790
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028		75,000	74,704
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.125%, 4/01/2043		430,000	447,017
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 4%, 4/01/2045		225,000	211,734
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1-A”, 5%, 4/01/2033		500,000	529,975
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1-A”, 5%, 4/01/2034		435,000	459,402
City of Houston, TX, Texas Airport System Special facilities Rev. (United Airlines, Inc. Terminal Improvement Project), 5.5%, 7/15/2039		500,000	527,656
Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, 2/01/2044 (Put Date 2/01/2026)		145,000	144,673
Dallas, TX, Love Field Airport Modernization Corp., General Airport Rev., 5%, 11/01/2035		1,000,000	1,015,639
Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028)		190,000	190,208
Dowdell, TX, Public Utility District, “A”, BAM, 2%, 9/01/2026		200,000	193,006
El Paso, TX, Residential Development Rev. (EL Paso Royal Apartments Project), 4.25%, 10/01/2039		100,000	98,013
EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4.25%, 12/01/2034		765,000	760,104
EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4.125%, 12/01/2039		155,000	150,450
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2037		95,000	105,235
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2038		70,000	77,040
Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2037		340,000	361,328
Galveston, TX, Wharves and Terminal, First Lien Rev., 5.25%, 8/01/2032		750,000	806,523
Houston, TX, Airport System Rev. (United Airlines, Inc. Terminal Improvement Project), 5.25%, 7/15/2034		500,000	523,628
Houston, TX, Airport System Subordinate Lien Rev., “A”, AGM, 5%, 7/01/2038		665,000	708,515
Matagorda County, TX, Navigation District No. 1, Pollution Control Rev. (Central Power & Light Co.), 4.25%, 5/01/2030		500,000	510,005
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2035		100,000	90,603
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2036		500,000	447,082
Panola County, TX, Carthage Independent School District, Unlimited Tax School Building, Texas PSF, 5%, 8/15/2038		250,000	259,240
Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n)		200,000	177,733
Port Houston, TX, First Lien Rev., 4%, 10/01/2038		1,000,000	1,004,441
Princeton, TX, Special Assessment Rev. (Eastridge Public Improvement District Improvement Area No. 3 Project), 5%, 9/01/2044		500,000	492,658
Reeves & Ward Counties, TX, Pecos-Barstow-Toyah Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 5%, 2/15/2038		1,550,000	1,571,566
Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Rev., “B”, 5.5%, 1/01/2054 (Put Date 1/01/2034)		930,000	1,023,945

11

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Texas – continued
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%, 6/30/2038	$	175,000	$187,463
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2040		635,000	679,879
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2034		1,000,000	1,100,699
Texas Public Finance Authority Rev. (Texas Southern University), “A”, BAM, 5%, 5/01/2026		125,000	126,620
Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), “A”, 4%, 12/01/2033		75,000	75,056
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	336,936
			$15,931,327
U.S. Virgin Islands – 0.0%
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2025	$	100,000	$100,829
Utah – 1.0%
Mapleton City, UT, Municipal Energy Sales Tax & Telecommunications Fee Rev., 3%, 6/15/2025	$	200,000	$199,232
Salt Lake City, UT, Airport Rev. (International Airport), “A”, 5.25%, 7/01/2037		1,000,000	1,094,096
Utah Housing Corp., Single Family Mortgage Rev, “A”, GNMA, 6.5%, 1/01/2054		110,000	120,207
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 2.5%, 8/21/2051		12,884	10,498
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 5%, 9/21/2052		684,957	682,181
Utah Infrastructure Agency Telecommunications & Franchise Tax Rev. (Pleasant Grove City Project), 2%, 10/15/2025		125,000	122,895
			$2,229,109
Vermont – 1.2%
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2032	$	1,700,000	$1,802,040
Vermont Student Assistance Corp., Education Loan Rev., Tax-Exempt, “A”, 5%, 6/15/2032		1,000,000	1,060,023
			$2,862,063
Virginia – 2.2%
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	$307,654
Fairfax County, VA, Redevelopment and Housing Authority, Multi-Family Housing Rev. (One University Senior Apartments), 4%, 12/01/2025 (Put Date 6/01/2025)		1,200,000	1,199,828
James City County, VA, Economic Development Authority, Residential Care Facility Rev. (Williamsburg Landing), “C-3”, 5.25%, 12/01/2027		750,000	750,635
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “A”, 3.65%, 11/01/2035 (Put Date 10/01/2027)		85,000	85,740
Virginia Beach, VA, Development Authority, Residential Care Facility Refunding Rev. (Westminster - Canterbury on Chesapeake Bay), 5%, 9/01/2029		95,000	97,705
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), “B-3”, 5.375%, 9/01/2029		750,000	770,510
Virginia Housing Development Authority, Rental Housing, “A”, 3.65%, 3/01/2029		480,000	477,414
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029		180,000	180,120
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), “C”, 5%, 6/01/2042		500,000	501,141
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	615,309
			$4,986,056
Washington – 2.8%
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037	$	210,000	$205,018
Klickitat County, WA, Public Utility District No. 1 Electric System Refunding Rev., AGM, 5%, 12/01/2034 (w)		1,350,000	1,494,710
Pacific County, WA, Public Healthcare Services District No. 3 Unlimited Tax General Obligation (Ocean Beach Hospital and Medical Clinics), 5.25%, 12/01/2039		500,000	547,402
Spokane County, WA, Airport Rev., 5.25%, 1/01/2044		1,115,000	1,190,267
Vancouver, WA, Housing Authority Rev. (Cougar Creek Project), “A”, 4%, 10/01/2034		220,000	218,413
Vancouver, WA, Housing Authority Rev. (Navalia and Alena Projects), 4%, 8/01/2034		880,000	876,425
Washington Higher Education Facilities Authority Refunding Rev. (Gonzaga University Project), 4%, 4/01/2041		1,000,000	976,281
Washington State Housing Finance Commission, Multi-Family Rev. (Mill at First Hill Apartments Project), FNMA, 4.15%, 7/01/2034		105,000	106,019

12

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Washington – continued
Washington State Housing Finance Commission, Non-Profit Housing Rev. (Eastside Retirement Association DBA Emerald Heights Project), “B-1”, 5%, 7/01/2038	$	795,000	$841,318
			$6,455,853
West Virginia – 0.3%
Ohio County, WV, Commission Tax Increment Refunding & Improvement Rev. (The Highlands Project), 5%, 6/01/2034	$	300,000	$312,647
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	322,323
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 1%, 1/01/2041 (Put Date 9/01/2025)		150,000	146,200
			$781,170
Wisconsin – 5.3%
Jefferson and Dodge Counties, WI, Watertown General Obligation Anticipation Notes, 4%, 10/01/2025	$	75,000	$75,051
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), “A”, 4%, 4/01/2040		1,000,000	977,214
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2027		290,000	287,975
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2028		195,000	193,380
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2029		310,000	307,070
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5%, 12/01/2037		200,000	216,777
Wisconsin Health & Educational Facilities Authority Rev. (Fort HealthCare, Inc.), “B”, 5%, 10/01/2054 (Put Date 10/03/2034)		1,000,000	1,088,431
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 4.5%, 3/15/2033		175,000	177,220
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030		400,000	394,980
Wisconsin Housing and Economic Development Authority Home Ownership Rev., GNMA, 6%, 3/01/2055		1,000,000	1,089,670
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033		1,125,000	1,187,359
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028		155,000	155,083
Wisconsin Public Finance Authority Education Refunding Rev., Taxable, (Pinecrest Academy of Nevada - Sloan Canyon Campus Project), “A”, 4%, 7/15/2039 (n)		1,000,000	943,486
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032		1,100,000	1,154,504
Wisconsin Public Finance Authority Housing Rev. (Aggie Apartment Life Holding Corp. II LLC Project), 5%, 6/01/2034		1,100,000	1,161,081
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)		105,000	101,587
Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), “A-1”, 5.25%, 7/01/2037		670,000	733,479
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2030		535,000	534,658
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.875%, 4/01/2045		155,000	155,460
Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates (Dominium Holdings I), “B-1”, 6.81%, 4/28/2036		305,000	311,142
Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates, “1-A”, FHLMC, 4.1%, 9/25/2039 (n)		805,000	783,971
Wisconsin Public Finance Authority, Senior Living Rev. (Mary's Woods at Marylhurst Project), “A”, 5%, 5/15/2030 (n)		250,000	252,366
			$12,281,944
Total Municipal Bonds			$214,508,274
Other Municipal Bonds – 0.4%
Multi-Family Housing Revenue – 0.4%
Affordable Housing Opportunities Trust Certificates, AH-01 “CL A”, 3.527%, 5/01/2039  (n)	$	275,000	$222,345
Freddie Mac, 4.545%, 10/25/2040		358,349	356,038
Freddie Mac, 4.519%, 8/25/2041  (n)		382,923	380,998
Total Other Municipal Bonds			$959,381

13

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Bonds – 0.3%
Transportation - Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025  (n)	$	149,000	$147,962
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028  (n)		500,000	398,783
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043  (n)		363,682	105,468
Total Bonds			$652,213
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043	$	160,102	$98,063
Mutual Funds (h) – 5.5%
Money Market Funds – 5.5%
MFS Institutional Money Market Portfolio, 4.49% (v)		12,748,818	$12,751,368
Other Assets, Less Liabilities – 0.6%			1,404,209
Net Assets – 100.0%			$230,373,508

(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 $12,751,368 and $216,217,931, 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 $9,610,050, representing 4.2% of net assets.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(w)	When-issued security.

The following abbreviations are used in this report and are defined:
AAC	Ambac Assurance Corp.
AGM	Assured Guaranty Municipal
BAM	Build America Mutual
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FLR	Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
FNMA	Federal National Mortgage Assn.
GNMA	Government National Mortgage Assn.
NPFG	National Public Finance Guarantee Corp.
PSF	Permanent School Fund
SOFR	Secured Overnight Financing Rate

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

14

Supplemental Information

12/31/24 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2024 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$215,565,718	$—	$215,565,718
U.S. Corporate Bonds	—	652,213	—	652,213
Investment Companies	12,751,368	—	—	12,751,368
Total	$12,751,368	$216,217,931	$—	$228,969,299

For further information regarding security characteristics, see the Portfolio of Investments.

15

Supplemental Information (unaudited) – continued

(2) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended December 31, 2024:

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$48,668	$66,956,701	$54,254,461	$(640)	$1,100	$12,751,368

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$206,043	$—

16