UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04992
MFS HIGH YIELD MUNICIPAL TRUST
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: November 30
Date of reporting period: May 31, 2021
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
Semiannual Report
May 31, 2021
MFS® High Yield
Municipal Trust
MFS® High Yield
Municipal Trust
New York Stock Exchange Symbol: CMU
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NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
LETTER FROM THE CEO
Dear Shareholders:
Markets have experienced dramatic swings since the coronavirus pandemic brought the global economy to a standstill for several months early in 2020. While the speedy development of vaccines brightened the economic and market outlook, uncertainty remains as new variants of the virus appear, and questions persist over how fast vaccines can be made widely available in the developing world.
Global central banks have taken aggressive steps to cushion the economic and market fallout related to the virus, and governments are deploying unprecedented levels of fiscal support. Having passed a $1.9 trillion stimulus package in March, the U.S. Congress could approve additional stimulus later this year, some of it focused on infrastructure. Along with extraordinary government expenditures, pent-up consumer demand fueled a surge in economic activity as coronavirus restrictions were eased, pushing up inflation, at least temporarily. Markets reacted by pushing up yields on global government bonds, though some of the rate rise has since been corrected.
A spirited debate is underway among investors over whether the current price pressures will persist or prove to be temporary, caused by pandemic-induced bottlenecks. The policy measures put in place to counteract the pandemic's effects have helped build a supportive environment and are encouraging economic recovery; however, if markets disconnect from fundamentals, they can sow the seeds of instability. As such, recent dramatic increases in speculative trading in cryptocurrencies, special purpose acquisition companies (SPACs), and the like bear watching.
In the aftermath of the crisis, we could see societal changes as households, businesses, and governments adjust to a new reality, and any such alterations could affect the investment landscape. For investors, events such as the COVID-19 outbreak demonstrate the importance of having a deep understanding of company fundamentals, and we have built our global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating the increasing complexity of global markets and economies. Guided by our long-term philosophy and adhering to our commitment to sustainable investing, we tune out the noise and aim to uncover what we believe are the best, most durable investment opportunities in the market. Our unique global investment platform combines collective expertise, long-term discipline, and thoughtful risk management to create sustainable value for investors.
Respectfully,
Michael W. Roberge
Chief Executive Officer
MFS Investment Management
July 16, 2021
The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.
Portfolio structure (i)
Top ten industries (i)
| Healthcare Revenue – Hospitals | 30.8% |
| Healthcare Revenue – Long Term Care | 14.4% |
| Universities – Secondary Schools | 9.1% |
| General Obligations – Schools | 8.9% |
| Universities – Colleges | 8.6% |
| Miscellaneous Revenue – Other | 7.6% |
| General Obligations – General Purpose | 7.0% |
| Water & Sewer Utility Revenue | 6.0% |
| Tax - Other | 6.0% |
| Tax - Sales | 5.9% |
Composition including fixed income credit quality (a)(i)
| AAA | 1.9% |
| AA | 22.3% |
| A | 38.2% |
| BBB | 35.3% |
| BB | 16.4% |
| B | 4.9% |
| CCC | 0.6% |
| CC | 0.8% |
| C | 2.4% |
| D | 1.8% |
| Not Rated | 31.7% |
| Cash & Cash Equivalents (Less Liabilities) | (56.3)% |
Portfolio facts (i)
| Average Duration (d) | 9.9 |
| Average Effective Maturity (m) | 18.5 yrs. |
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
Portfolio Composition - continued
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. This calculation is based on net assets applicable to common shares as of May 31, 2021. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. This calculation is based on gross assets, which consists of net assets applicable to common shares plus the value of preferred shares, as of May 31, 2021. |
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Liabilities include the value of the aggregate liquidation preference of the variable rate municipal term preferred shares (VMTPS) issued by the fund. Cash & Cash Equivalents is negative due to the aggregate liquidation value of VMTPS. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities. Please see Note 8 in the Notes to Financial Statements for more information on the VMTPS issued by the fund.
Percentages are based on net assets applicable to common shares as of May 31, 2021.
The portfolio is actively managed and current holdings may be different.
Portfolio Managers' Profiles
| Portfolio Manager | Primary Role | Since | Title and Five Year History |
| Jason Kosty | Portfolio Manager | March 2021 | Investment Officer of MFS; employed in the investment management area of MFS since 2014. |
| Gary Lasman | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment management area of MFS since 2002. |
| Geoffrey Schechter | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment management area of MFS since 1993. |
Effective March 31, 2021, Jason Kosty was added as a Portfolio Manager of the fund.
Other Notes
The fund’s shares may trade at a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value underlying fund shares, and shares purchased at a premium would receive less than the amount paid for them in the event of the fund’s concurrent liquidation.
The fund’s monthly distributions may include a return of capital to shareholders to the extent that distributions are in excess of the fund’s net investment income and net capital gains, determined in accordance with federal income tax regulations. Distributions that are treated for federal income tax purposes as a return of capital will reduce each shareholder’s basis in his or her shares and, to the extent the return of capital exceeds such basis, will be treated as gain to the shareholder from a sale of shares. Returns of shareholder capital may have the effect of reducing the fund’s assets and increasing the fund’s expense ratio.
In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.
Portfolio of Investments
5/31/21 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - 154.2% |
| Alabama - 2.8% |
| Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040 | | $ | 55,000 | $ 65,276 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030 | | | 85,000 | 90,882 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035 | | | 95,000 | 101,223 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | | | 130,000 | 136,252 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050 | | | 135,000 | 142,490 |
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026 | | | 105,000 | 90,120 |
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029 | | | 150,000 | 105,655 |
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034 | | | 210,000 | 104,115 |
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035 | | | 400,000 | 185,673 |
| Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2021 | | | 75,000 | 76,234 |
| Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023 | | | 115,000 | 128,141 |
| Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/2039 | | | 175,000 | 178,146 |
| Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | | | 464,500 | 493,712 |
| Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | | | 1,360,000 | 1,560,689 |
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044 | | | 245,000 | 303,758 |
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | | | 150,000 | 184,839 |
| | | | | $3,947,205 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Arizona - 3.2% |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 4%, 7/01/2029 (n) | | $ | 25,000 | $ 27,536 |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2039 (n) | | | 30,000 | 35,050 |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2049 (n) | | | 50,000 | 57,475 |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2054 (n) | | | 70,000 | 80,140 |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2038 | | | 15,000 | 17,825 |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2048 | | | 45,000 | 52,613 |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052 | | | 55,000 | 64,141 |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.5%, 7/01/2038 (n) | | | 45,000 | 52,041 |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.625%, 7/01/2048 (n) | | | 90,000 | 103,450 |
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.75%, 7/01/2053 (n) | | | 135,000 | 155,666 |
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n) | | | 25,000 | 28,794 |
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n) | | | 30,000 | 33,989 |
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n) | | | 85,000 | 96,097 |
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 3%, 12/15/2031 (n) | | | 5,000 | 5,250 |
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2041 (n) | | | 10,000 | 10,969 |
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2051 (n) | | | 5,000 | 5,405 |
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 3.75%, 12/15/2029 (n) | | | 15,000 | 16,408 |
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2039 (n) | | | 15,000 | 17,326 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Arizona - continued |
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2049 (n) | | $ | 25,000 | $ 28,456 |
| Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2043 | | | 125,000 | 127,661 |
| Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2054 | | | 205,000 | 207,301 |
| Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048 | | | 55,000 | 58,200 |
| Glendale, AZ, Industrial Development Authority Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), “A”, 5%, 5/15/2056 | | | 245,000 | 275,700 |
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034 | | | 345,000 | 356,902 |
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041 | | | 220,000 | 228,834 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | | | 100,000 | 110,745 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | | | 35,000 | 38,761 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n) | | | 165,000 | 180,234 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n) | | | 90,000 | 98,273 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034 | | | 350,000 | 384,849 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044 | | | 220,000 | 240,102 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034 (n) | | | 115,000 | 133,340 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | | | 155,000 | 169,122 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044 (n) | | | 180,000 | 207,959 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | | | 170,000 | 182,827 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2042 | | | 80,000 | 93,867 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Arizona - continued |
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4.75%, 6/15/2037 (n) | | $ | 150,000 | $ 152,672 |
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6%, 12/01/2032 | | | 60,000 | 60,888 |
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/2042 | | | 180,000 | 182,517 |
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/2046 | | | 70,000 | 70,934 |
| | | | | $4,450,319 |
| Arkansas - 1.0% |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028 | | $ | 30,000 | $ 31,123 |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033 | | | 60,000 | 62,405 |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | | | 10,000 | 10,351 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 | | | 200,000 | 248,191 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035 | | | 30,000 | 33,256 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033 | | | 50,000 | 55,556 |
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046 | | | 485,000 | 227,801 |
| Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2039 (Prerefunded 12/01/2024) | | | 505,000 | 582,544 |
| Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | | | 125,000 | 139,237 |
| | | | | $1,390,464 |
| California - 12.9% |
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029 | | $ | 2,195,000 | $ 1,994,304 |
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031 | | | 275,000 | 237,736 |
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032 | | | 280,000 | 236,788 |
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033 | | | 560,000 | 462,997 |
| California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | | | 370,000 | 418,113 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| California - continued |
| California Department of Water Resources, Center Valley Project Rev., “AJ”, 5%, 12/01/2035 (Prerefunded 12/01/2021) | | $ | 1,010,000 | $ 1,034,852 |
| California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | | | 155,000 | 244,999 |
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | | | 85,000 | 101,656 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | | | 35,000 | 38,813 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036 | | | 85,000 | 100,595 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041 | | | 80,000 | 93,946 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | | | 15,000 | 17,495 |
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | | | 145,000 | 163,615 |
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 3.875%, 7/01/2028 (n) | | | 100,000 | 106,863 |
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2049 (n) | | | 100,000 | 113,627 |
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040 | | | 60,000 | 71,917 |
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)(z) | | | 385,000 | 250,250 |
| California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)(z) | | | 500,000 | 152,500 |
| California Public Finance Authority Senior Living Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)(w) | | | 5,000 | 5,725 |
| California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)(w) | | | 40,000 | 40,378 |
| California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n)(w) | | | 50,000 | 50,382 |
| California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n)(w) | | | 45,000 | 45,345 |
| California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2035 (w) | | | 545,000 | 698,473 |
| California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033 | | | 1,025,000 | 1,169,319 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| California - continued |
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | | $ | 35,000 | $ 39,972 |
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | | | 100,000 | 112,357 |
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%, 10/01/2044 | | | 115,000 | 126,319 |
| California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n) | | | 40,000 | 42,564 |
| California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.375%, 11/01/2049 (n) | | | 55,000 | 58,618 |
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033 | | | 100,000 | 111,327 |
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n) | | | 100,000 | 116,793 |
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033 | | | 110,000 | 120,277 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034 | | | 195,000 | 222,802 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | | | 390,000 | 442,718 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | | | 295,000 | 331,332 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n) | | | 230,000 | 259,471 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | | | 145,000 | 156,573 |
| CSCDA Community Improvement Authority, California Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n) | | | 165,000 | 181,230 |
| CSCDA Community Improvement Authority, California Essential Housing Rev. (Renaissance at City Center), “A”, 5%, 7/01/2051 (n) | | | 100,909 | 118,050 |
| Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2041 | | | 1,585,000 | 1,861,191 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036 | | | 70,000 | 71,311 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5.25%, 6/01/2047 | | | 140,000 | 145,461 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| California - continued |
| Hastings Campus Housing Finance Authority Rev., “A”, 5%, 7/01/2061 (n) | | $ | 465,000 | $ 538,834 |
| Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | | | 470,000 | 271,776 |
| Hawthorne, CA, School District (Election of 2018), “A”, BAM, 4%, 8/01/2047 | | | 710,000 | 817,591 |
| Jurupa, CA, Public Financing Authority, Special Tax Rev., “A”, 5%, 9/01/2042 | | | 170,000 | 192,086 |
| La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036 (Prerefunded 5/15/2022) | | | 50,000 | 52,802 |
| Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035 | | | 30,000 | 33,580 |
| Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034 | | | 35,000 | 37,044 |
| Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044 | | | 65,000 | 68,543 |
| Morongo Band of Mission Indians California Rev., “A”, 5%, 10/01/2042 (n) | | | 140,000 | 163,099 |
| Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n) | | | 150,000 | 174,643 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047 | | | 200,000 | 244,002 |
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | | | 25,000 | 27,682 |
| State of California, 5.25%, 9/01/2030 | | | 790,000 | 800,153 |
| State of California, Various Purpose General Obligation, 5.25%, 10/01/2028 | | | 335,000 | 340,674 |
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049 | | | 75,000 | 94,486 |
| Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044 | | | 335,000 | 374,770 |
| Yorba Linda, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, “A”, NPFG, 0%, 9/01/2024 | | | 1,325,000 | 1,284,274 |
| | | | | $17,885,093 |
| Colorado - 5.2% |
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030 | | $ | 14,000 | $ 16,301 |
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 | | | 61,000 | 75,773 |
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031 | | | 65,000 | 72,887 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Colorado - continued |
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038 | | $ | 75,000 | $ 83,447 |
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030 | | | 40,000 | 44,730 |
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034 | | | 35,000 | 38,935 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055 | | | 950,000 | 1,163,084 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055 | | | 455,000 | 564,723 |
| Colorado Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043 | | | 375,000 | 400,958 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | | | 140,000 | 159,136 |
| Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023) | | | 100,000 | 110,851 |
| Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038 | | | 2,360,000 | 2,800,008 |
| Denver, CO, Broadway Station Metropolitan District No. 2, “A”, 5.125%, 12/01/2048 | | | 500,000 | 545,780 |
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | | | 60,000 | 70,095 |
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036 | | | 40,000 | 46,642 |
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | | | 105,000 | 121,567 |
| Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048 | | | 75,000 | 90,595 |
| Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040 | | | 205,000 | 237,613 |
| Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | | | 100,000 | 108,751 |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | | | 370,000 | 425,204 |
| | | | | $7,177,080 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Connecticut - 1.0% |
| Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n) | | $ | 120,000 | $ 137,243 |
| Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2030 | | | 185,000 | 223,001 |
| Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2031 | | | 160,000 | 192,306 |
| Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | | | 755,000 | 774,765 |
| | | | | $1,327,315 |
| Delaware - 0.6% |
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 4.625%, 9/01/2034 (Prerefunded 9/01/2024) | | $ | 95,000 | $ 107,738 |
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2044 (Prerefunded 9/01/2024) | | | 95,000 | 108,885 |
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2049 (Prerefunded 9/01/2024) | | | 110,000 | 126,077 |
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043 | | | 185,000 | 221,340 |
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048 | | | 90,000 | 106,983 |
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF-Dover LLC-Delaware State University Project), “A”, 5%, 7/01/2058 | | | 175,000 | 196,089 |
| | | | | $867,112 |
| District of Columbia - 1.6% |
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n) | | $ | 250,000 | $ 278,418 |
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030 | | | 145,000 | 151,285 |
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035 | | | 670,000 | 697,234 |
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | | | 775,000 | 803,378 |
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053 | | | 255,000 | 293,121 |
| | | | | $2,223,436 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Florida - 7.6% |
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 5%, 5/01/2036 | | $ | 105,000 | $ 116,527 |
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | | | 85,000 | 94,199 |
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | | | 40,000 | 44,414 |
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034 | | | 60,000 | 66,719 |
| Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039 | | | 150,000 | 164,319 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z) | | | 485,000 | 329,800 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z) | | | 100,000 | 68,000 |
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2035 | | | 135,000 | 152,146 |
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046 | | | 185,000 | 210,726 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%, 6/15/2048 (n) | | | 110,000 | 122,981 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039 (n) | | | 125,000 | 137,339 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049 (n) | | | 475,000 | 516,268 |
| Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 6.375%, 6/15/2046 (n) | | | 145,000 | 169,115 |
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 6/15/2032 (n) | | | 115,000 | 119,186 |
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 6/15/2043 (n) | | | 240,000 | 247,765 |
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 8.5%, 6/15/2044 | | | 445,000 | 497,688 |
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | | | 30,000 | 32,164 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Florida - continued |
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n) | | $ | 100,000 | $ 108,896 |
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n) | | | 155,000 | 167,163 |
| Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)(w) | | | 300,000 | 343,481 |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n) | | | 100,000 | 118,420 |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | | | 110,000 | 129,795 |
| Homestead, FL, Community Development District, Special Assessment, “A”, 6%, 5/01/2037 | | | 365,000 | 312,055 |
| Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n) | | | 135,000 | 158,816 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035 | | | 100,000 | 107,514 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045 | | | 145,000 | 154,311 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 | | | 135,000 | 151,413 |
| Marshall Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032 | | | 80,000 | 85,204 |
| Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046 | | | 220,000 | 255,687 |
| Miami-Dade County, FL, Aviation Rev., “A”, 4%, 10/01/2040 | | | 355,000 | 422,713 |
| Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044 | | | 195,000 | 211,115 |
| Mid-Bay Bridge Authority Rev., FL, Springing Lien, “A”, 7.25%, 10/01/2040 (Prerefunded 10/01/2021) | | | 445,000 | 455,512 |
| Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029 | | | 175,000 | 183,347 |
| North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042 | | | 380,000 | 447,729 |
| Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2034 | | | 25,000 | 31,035 |
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049 | | | 85,000 | 105,220 |
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | | | 155,000 | 96,920 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Florida - continued |
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | | $ | 255,000 | $ 129,866 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Sinai Residences of Boca Raton Project), 7.5%, 6/01/2049 | | | 115,000 | 123,086 |
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036 | | | 100,000 | 107,749 |
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047 | | | 145,000 | 156,232 |
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | | | 100,000 | 116,442 |
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045 | | | 105,000 | 126,842 |
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046 | | | 85,000 | 92,702 |
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2047 | | | 55,000 | 59,339 |
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2052 | | | 100,000 | 107,759 |
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | | | 20,000 | 22,170 |
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | | | 20,000 | 21,964 |
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | | | 40,000 | 43,841 |
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | | | 125,000 | 137,398 |
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040 | | | 335,000 | 375,362 |
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044 | | | 130,000 | 144,991 |
| Tampa, FL (University of Tampa Project), 5%, 4/01/2040 | | | 80,000 | 91,647 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2045 | | | 1,385,000 | 597,037 |
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050 | | | 250,000 | 312,341 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Florida - continued |
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035 | | $ | 170,000 | $ 183,427 |
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045 | | | 305,000 | 328,157 |
| Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037 | | | 100,000 | 100,080 |
| | | | | $10,514,134 |
| Georgia - 2.3% |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “A”, 4%, 1/01/2054 | | $ | 190,000 | $ 221,325 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n) | | | 100,000 | 111,643 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | | | 180,000 | 212,874 |
| Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030 | | | 45,000 | 50,921 |
| Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033 | | | 80,000 | 89,848 |
| Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2038 | | | 90,000 | 100,284 |
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039 | | | 60,000 | 70,826 |
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2040 | | | 5,000 | 6,368 |
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050 | | | 180,000 | 207,719 |
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | | | 335,000 | 430,481 |
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | | | 110,000 | 132,644 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056 | | | 100,000 | 120,358 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063 | | | 95,000 | 113,964 |
| Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2038 | | | 255,000 | 310,025 |
| Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2039 | | | 200,000 | 242,563 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Georgia - continued |
| Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2040 | | $ | 200,000 | $ 242,061 |
| Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2041 | | | 405,000 | 488,819 |
| | | | | $3,152,723 |
| Guam - 0.2% |
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | | $ | 250,000 | $ 304,622 |
| Hawaii - 0.3% |
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n) | | $ | 115,000 | $ 120,360 |
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n) | | | 110,000 | 112,554 |
| Hawaii Harbor System Rev., “A”, 4%, 7/01/2036 | | | 50,000 | 59,704 |
| State of Hawaii, “DZ”, 5%, 12/01/2031 (Prerefunded 12/01/2021) | | | 75,000 | 76,838 |
| | | | | $369,456 |
| Idaho - 0.4% |
| Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037 | | $ | 40,000 | $ 44,595 |
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 4%, 3/01/2038 | | | 180,000 | 207,496 |
| Idaho Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%, 7/01/2049 (n) | | | 100,000 | 119,499 |
| Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2038 | | | 60,000 | 72,726 |
| Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2039 | | | 60,000 | 72,526 |
| | | | | $516,842 |
| Illinois - 18.1% |
| Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024 | | $ | 247,900 | $ 238,969 |
| Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | | | 530,000 | 538,910 |
| Chicago, IL, Board of Education, 5%, 12/01/2042 | | | 125,000 | 131,587 |
| Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023 | | | 495,000 | 534,836 |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028 | | | 250,000 | 215,190 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Illinois - continued |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | | $ | 200,000 | $ 228,832 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | | | 975,000 | 1,174,308 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025 | | | 125,000 | 149,054 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026 | | | 50,000 | 61,307 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027 | | | 120,000 | 150,874 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028 | | | 55,000 | 70,680 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029 | | | 40,000 | 52,218 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030 | | | 30,000 | 39,894 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031 | | | 80,000 | 108,375 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030 | | | 170,000 | 211,757 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031 | | | 325,000 | 402,243 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032 | | | 275,000 | 338,375 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 (n) | | | 310,000 | 403,796 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029 | | | 110,000 | 139,478 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035 | | | 110,000 | 136,992 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034 | | | 260,000 | 312,241 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036 | | | 385,000 | 460,429 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | | | 250,000 | 293,996 |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | | | 35,000 | 39,949 |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | | | 170,000 | 199,004 |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | | | 115,000 | 137,862 |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | | | 25,000 | 30,558 |
| Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2028 | | | 30,000 | 32,976 |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | | | 315,000 | 391,998 |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2031 | | | 40,000 | 50,109 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Illinois - continued |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2035 | | $ | 50,000 | $ 53,995 |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2036 | | | 105,000 | 113,273 |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | | | 105,000 | 125,569 |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2040 | | | 20,000 | 23,875 |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2044 | | | 385,000 | 457,342 |
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | | | 405,000 | 492,101 |
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | | | 85,000 | 96,036 |
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | | | 350,000 | 428,398 |
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038 | | | 295,000 | 352,567 |
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048 | | | 250,000 | 296,885 |
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032 | | | 80,000 | 86,150 |
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033 | | | 40,000 | 43,042 |
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043 | | | 155,000 | 167,012 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | | | 200,000 | 242,859 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053 | | | 115,000 | 138,957 |
| Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2029 (Prerefunded 12/01/2021) | | | 165,000 | 169,248 |
| Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2030 (Prerefunded 12/01/2021) | | | 330,000 | 338,497 |
| Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2031 (Prerefunded 12/01/2021) | | | 60,000 | 61,545 |
| Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045 | | | 380,000 | 470,082 |
| Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | | | 450,000 | 527,841 |
| Cook County, IL, General Obligation Refunding, 5%, 11/15/2034 | | | 40,000 | 48,628 |
| Cook County, IL, General Obligation Refunding, 5%, 11/15/2035 | | | 140,000 | 169,873 |
| Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2041 | | | 370,000 | 440,378 |
| Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036 | | | 207,000 | 207,818 |
| Illinois Finance Authority Rev. (Carle Foundation), “A”, 3%, 8/15/2048 | | | 585,000 | 621,256 |
| Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 | | | 130,000 | 154,986 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Illinois - continued |
| Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 | | $ | 125,000 | $ 148,659 |
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023) | | | 25,000 | 27,180 |
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 | | | 175,000 | 182,764 |
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023) | | | 25,000 | 27,362 |
| Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 | | | 190,000 | 198,667 |
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036 | | | 155,000 | 187,637 |
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 (Prerefunded 2/15/2027) | | | 25,000 | 29,390 |
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 | | | 500,000 | 562,073 |
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | | | 315,000 | 377,594 |
| Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043 | | | 200,000 | 217,025 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042 | | | 35,000 | 40,847 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047 | | | 70,000 | 81,323 |
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046 | | | 55,000 | 63,908 |
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049 | | | 55,000 | 63,826 |
| Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035 | | | 420,000 | 477,200 |
| Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2034 | | | 5,000 | 5,983 |
| Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2034 (w) | | | 355,000 | 498,937 |
| Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035 (w) | | | 200,000 | 284,758 |
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050 | | | 330,000 | 375,429 |
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 | | | 20,000 | 22,733 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Illinois - continued |
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2047 | | $ | 45,000 | $ 50,409 |
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2050 | | | 25,000 | 27,960 |
| Illinois Finance Authority, Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/2031 | | | 615,000 | 621,818 |
| Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030 | | | 5,000 | 6,179 |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | | | 80,000 | 94,958 |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | | | 175,000 | 213,513 |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | | | 155,000 | 193,712 |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | | | 35,000 | 44,668 |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | | | 80,000 | 104,001 |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | | | 75,000 | 95,319 |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | | | 95,000 | 120,399 |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | | | 40,000 | 47,033 |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | | | 35,000 | 41,054 |
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | | | 45,000 | 52,911 |
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2028 | | | 45,000 | 56,073 |
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029 | | | 50,000 | 63,444 |
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2030 | | | 30,000 | 37,862 |
| Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034 | | | 161,000 | 161,126 |
| Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B”, BAM, 0%, 12/15/2054 | | | 775,000 | 286,315 |
| Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2047 | | | 1,310,000 | 628,777 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Illinois - continued |
| Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026 | | $ | 155,000 | $ 145,501 |
| Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | | | 130,000 | 141,395 |
| Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | | | 75,000 | 81,847 |
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | | | 50,000 | 52,393 |
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | | | 50,000 | 52,167 |
| State of Illinois, 4.125%, 11/01/2031 | | | 85,000 | 94,864 |
| State of Illinois, 4.5%, 11/01/2039 | | | 130,000 | 145,463 |
| State of Illinois, 5%, 11/01/2040 | | | 380,000 | 438,471 |
| State of Illinois, AGM, 5%, 2/01/2027 | | | 115,000 | 128,053 |
| State of Illinois, NPFG, 6%, 11/01/2026 | | | 325,000 | 393,226 |
| State of Illinois, “A”, 5%, 11/01/2027 | | | 475,000 | 584,743 |
| State of Illinois, “A”, 5%, 12/01/2024 | | | 30,000 | 34,558 |
| State of Illinois, “A”, 5%, 12/01/2038 | | | 45,000 | 53,181 |
| State of Illinois, General Obligation, “A”, 5%, 3/01/2046 | | | 690,000 | 857,272 |
| University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2047 | | | 500,000 | 571,154 |
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043 | | | 365,000 | 436,844 |
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048 | | | 365,000 | 434,182 |
| | | | | $25,071,150 |
| Indiana - 1.8% |
| Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041 | | $ | 275,000 | $ 298,990 |
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030 | | | 40,000 | 44,433 |
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039 | | | 100,000 | 109,298 |
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2035 | | | 180,000 | 195,963 |
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 | | | 460,000 | 500,540 |
| Indiana Finance Authority, Education Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034 (w) | | | 100,000 | 116,684 |
| Indiana Finance Authority, Education Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035 (w) | | | 135,000 | 157,290 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Indiana - continued |
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 5%, 9/15/2039 | | $ | 65,000 | $ 79,074 |
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2044 | | | 20,000 | 22,283 |
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2049 | | | 15,000 | 16,623 |
| Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | | | 345,000 | 412,687 |
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032 | | | 30,000 | 37,373 |
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033 | | | 20,000 | 24,825 |
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035 | | | 25,000 | 30,830 |
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038 | | | 80,000 | 97,870 |
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | | | 260,000 | 293,360 |
| | | | | $2,438,123 |
| Iowa - 0.5% |
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033 | | $ | 50,000 | $ 54,571 |
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038 | | | 40,000 | 43,421 |
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048 | | | 70,000 | 75,307 |
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | | | 250,000 | 257,516 |
| Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, “B-2”, 0%, 6/01/2065 | | | 1,895,000 | 334,390 |
| | | | | $765,205 |
| Kansas - 1.4% |
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | | $ | 200,000 | $ 233,067 |
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | | | 100,000 | 116,533 |
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | | | 40,000 | 45,320 |
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | | | 35,000 | 39,346 |
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030 | | | 45,000 | 50,597 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Kansas - continued |
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032 | | $ | 40,000 | $ 44,667 |
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039 | | | 55,000 | 60,778 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043 | | | 170,000 | 179,970 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047 | | | 160,000 | 167,842 |
| Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 4.2%, 9/01/2027 | | | 130,000 | 133,158 |
| Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2047 | | | 305,000 | 350,657 |
| Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052 | | | 205,000 | 234,454 |
| Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | | | 60,000 | 62,793 |
| Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044 | | | 200,000 | 226,066 |
| | | | | $1,945,248 |
| Kentucky - 2.1% |
| Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032 | | $ | 35,000 | $ 43,834 |
| Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033 | | | 35,000 | 43,721 |
| Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034 | | | 45,000 | 56,076 |
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%, 11/15/2046 | | | 285,000 | 279,985 |
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%, 11/15/2051 | | | 270,000 | 268,798 |
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042 | | | 180,000 | 181,607 |
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045 | | | 80,000 | 80,775 |
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037 | | | 30,000 | 36,376 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Kentucky - continued |
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041 | | $ | 250,000 | $ 300,433 |
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046 | | | 160,000 | 190,871 |
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037 | | | 120,000 | 138,762 |
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041 | | | 80,000 | 92,056 |
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041 | | | 65,000 | 76,178 |
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045 | | | 100,000 | 114,316 |
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2036 | | | 120,000 | 123,817 |
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2046 | | | 325,000 | 330,692 |
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2051 | | | 80,000 | 81,224 |
| Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “B-1”, 5%, 6/01/2036 | | | 370,000 | 424,462 |
| | | | | $2,863,983 |
| Louisiana - 3.7% |
| Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.25%, 7/01/2031 (Prerefunded 7/01/2021) | | $ | 300,000 | $ 301,475 |
| Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.375%, 7/01/2041 (Prerefunded 7/01/2021) | | | 185,000 | 185,929 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Cameron Parish Gomesa Project), 5.65%, 11/01/2037 (n) | | | 100,000 | 117,932 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045 | | | 575,000 | 603,138 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish Gomesa Project), 4%, 11/01/2044 (n) | | | 150,000 | 158,787 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Louisiana - continued |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish Gomesa Project), 3.95%, 11/01/2043 (n) | | $ | 145,000 | $ 153,292 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish Gomesa Project), 3.9%, 11/01/2044 (n) | | | 175,000 | 183,970 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035 | | | 100,000 | 109,877 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045 | | | 315,000 | 344,310 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish Gomesa Project), 5.375%, 11/01/2038 (n) | | | 100,000 | 115,824 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish Gomesa Project), 5.5%, 11/01/2039 (n) | | | 100,000 | 112,892 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish Gomesa Project), 4.625%, 11/01/2038 (n) | | | 100,000 | 110,868 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.125%, 2/01/2037 (n) | | | 190,000 | 210,574 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.25%, 2/01/2047 (n) | | | 160,000 | 176,031 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n) | | | 100,000 | 103,971 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n) | | | 105,000 | 107,341 |
| Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046 | | | 300,000 | 313,083 |
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n) | | | 630,000 | 698,228 |
| New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025) | | | 60,000 | 71,638 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Louisiana - continued |
| New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045 (Prerefunded 6/01/2025) | | $ | 165,000 | $ 193,704 |
| New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045 (Prerefunded 12/01/2025) | | | 80,000 | 95,517 |
| St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022) | | | 605,000 | 626,446 |
| | | | | $5,094,827 |
| Maine - 0.6% |
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n) | | $ | 130,000 | $ 143,313 |
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n) | | | 300,000 | 335,619 |
| Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050 | | | 295,000 | 343,096 |
| | | | | $822,028 |
| Maryland - 1.0% |
| Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n) | | $ | 120,000 | $ 126,542 |
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n) | | | 100,000 | 114,312 |
| Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2056 | | | 95,000 | 116,172 |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038 | | | 10,000 | 9,688 |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048 | | | 25,000 | 22,948 |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058 | | | 80,000 | 71,116 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare Issue), “A”, 5.5%, 1/01/2036 | | | 145,000 | 173,812 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033 | | | 85,000 | 98,336 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034 | | | 55,000 | 63,431 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038 | | | 245,000 | 279,388 |
| Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | | | 100,000 | 111,572 |
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037 | | | 40,000 | 43,033 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Maryland - continued |
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 | | $ | 70,000 | $ 74,838 |
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047 | | | 70,000 | 74,580 |
| | | | | $1,379,768 |
| Massachusetts - 5.5% |
| Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 7/01/2036 | | $ | 300,000 | $ 301,239 |
| Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d) | | | 695,000 | 312,750 |
| Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039 | | | 55,000 | 68,064 |
| Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049 | | | 45,000 | 50,880 |
| Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053 | | | 960,000 | 1,151,570 |
| Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 11/15/2056 | | | 43,059 | 8,107 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | | | 100,000 | 109,394 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | | | 190,000 | 207,579 |
| Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) (n) | | | 100,000 | 114,875 |
| Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 4%, 7/01/2046 | | | 200,000 | 235,625 |
| Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 5%, 7/01/2050 | | | 565,000 | 722,292 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033 | | | 30,000 | 36,242 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | | | 35,000 | 42,149 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | | | 30,000 | 35,223 |
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036 | | | 110,000 | 130,925 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 | | | 2,445,000 | 2,765,031 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 | | | 55,000 | 66,675 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Massachusetts - continued |
| Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036 | | $ | 60,000 | $ 61,186 |
| Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046 | | | 315,000 | 334,836 |
| Massachusetts Educational Financing Authority, Education Loan Rev., “I-A”, 5.5%, 1/01/2022 | | | 25,000 | 25,309 |
| Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | | | 445,000 | 454,832 |
| Massachusetts Port Authority Special Facilities Rev. (ConRAC Project), “A”, 5.125%, 7/01/2041 (Prerefunded 7/01/2021) | | | 40,000 | 40,159 |
| Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/2032 (Prerefunded 10/15/2021) | | | 390,000 | 397,101 |
| | | | | $7,672,043 |
| Michigan - 4.0% |
| Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043 | | $ | 95,000 | $ 106,769 |
| Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039 (Prerefunded 7/01/2022) | | | 580,000 | 612,250 |
| Detroit, MI, Water Supply System Rev., Senior Lien, “A”, 5%, 7/01/2036 (Prerefunded 7/01/2021) | | | 30,000 | 30,119 |
| Detroit, MI, Water Supply System Rev., Senior Lien, “C”, 5%, 7/01/2041 (Prerefunded 7/01/2021) | | | 40,000 | 40,159 |
| Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047 | | | 255,000 | 282,863 |
| Great Lakes Water Authority, Michigan Water Supply System Rev., “D”, AGM, 5%, 7/01/2034 | | | 295,000 | 356,326 |
| Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047 | | | 810,000 | 1,026,948 |
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2035 (Prerefunded 12/01/2021) | | | 1,000,000 | 1,024,504 |
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | | | 225,000 | 279,571 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033 | | | 60,000 | 70,258 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034 | | | 140,000 | 163,690 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Michigan - continued |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035 | | $ | 95,000 | $ 110,909 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034 | | | 60,000 | 70,153 |
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 (n) | | | 105,000 | 101,217 |
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 (n) | | | 105,000 | 100,133 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | | | 35,000 | 40,117 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | | | 40,000 | 45,998 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | | | 30,000 | 34,052 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | | | 90,000 | 102,156 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031 | | | 150,000 | 191,114 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032 | | | 160,000 | 203,974 |
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038 | | | 145,000 | 186,890 |
| Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2040 | | | 265,000 | 340,096 |
| | | | | $5,520,266 |
| Minnesota - 0.5% |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043 | | $ | 85,000 | $ 97,622 |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043 | | | 155,000 | 186,821 |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048 | | | 90,000 | 102,720 |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048 | | | 125,000 | 149,736 |
| Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/2038 | | | 373 | 373 |
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n) | | | 100,000 | 112,615 |
| | | | | $649,887 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Mississippi - 0.6% |
| Mississippi Development Bank Special Obligation (Hancock County Gomesa Project), 4.55%, 11/01/2039 (n) | | $ | 200,000 | $ 220,186 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046 | | | 110,000 | 125,131 |
| Mississippi State University, Educational Building Corp. Rev. (Residence Hall Construction and Refunding Project), 5%, 8/01/2036 (Prerefunded 8/01/2021) | | | 440,000 | 443,554 |
| | | | | $788,871 |
| Missouri - 2.7% |
| Cape Girardeau County, MO, Industrial Development Authority, Health Facilities Rev. (SoutheastHealth), 4%, 3/01/2041 | | $ | 85,000 | $ 97,654 |
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049 | | | 520,000 | 638,796 |
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055 | | | 315,000 | 384,687 |
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046 | | | 695,000 | 851,101 |
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n) | | | 310,000 | 333,783 |
| Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030 (w) | | | 10,000 | 10,112 |
| Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035 (w) | | | 10,000 | 10,007 |
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030 | | | 40,000 | 41,735 |
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035 | | | 25,000 | 25,908 |
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045 | | | 65,000 | 66,962 |
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Ranken-Jordan Project), 4%, 11/15/2036 | | | 55,000 | 56,238 |
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Ranken-Jordan Project), 5%, 11/15/2041 | | | 55,000 | 58,257 |
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029 | | | 50,000 | 50,639 |
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035 | | | 95,000 | 96,197 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Missouri - continued |
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047 | | $ | 205,000 | $ 209,888 |
| St. Louis, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), “A”, 5.25%, 9/01/2053 | | | 440,000 | 496,307 |
| St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045 | | | 270,000 | 338,216 |
| | | | | $3,766,487 |
| Montana - 0.4% |
| Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A”, 4%, 6/01/2049 | | $ | 40,000 | $ 43,694 |
| Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2043 | | | 160,000 | 185,902 |
| Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2048 | | | 235,000 | 271,385 |
| | | | | $500,981 |
| Nebraska - 0.1% |
| Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036 | | $ | 105,000 | $ 148,035 |
| Nevada - 0.4% |
| Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040 | | $ | 125,000 | $ 148,841 |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n) | | | 150,000 | 165,835 |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n) | | | 100,000 | 109,891 |
| Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 (n) | | | 100,000 | 108,826 |
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033 | | | 5,000 | 6,085 |
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038 | | | 5,000 | 6,018 |
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048 | | | 20,000 | 22,168 |
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058 | | | 25,000 | 27,751 |
| | | | | $595,415 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| New Hampshire - 0.8% |
| National Finance Authority, New Hampshire Municipal Certificates “A”, 4.125%, 1/20/2034 | | $ | 390,814 | $ 471,039 |
| National Finance Authority, New Hampshire Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042 (n) | | | 300,000 | 314,476 |
| National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2051 | | | 85,000 | 93,779 |
| New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031 | | | 105,000 | 123,151 |
| New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036 | | | 100,000 | 116,346 |
| | | | | $1,118,791 |
| New Jersey - 7.2% |
| Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 4%, 7/01/2053 | | $ | 70,000 | $ 82,256 |
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2037 | | | 25,000 | 29,933 |
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2042 | | | 30,000 | 35,628 |
| Essex County, NJ, Improvement Authority, General Obligation Lease Rev. (CHF-Newark, LLC - New Jersey Student Housing Project. “A”, BAM, 4%, 8/01/2060 | | | 405,000 | 474,850 |
| Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2046 | | | 155,000 | 181,517 |
| Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2051 | | | 245,000 | 285,792 |
| New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | | | 25,000 | 30,031 |
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2031 | | | 160,000 | 177,903 |
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2032 | | | 65,000 | 72,180 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | | | 40,000 | 45,210 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | | | 40,000 | 44,587 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043 | | | 255,000 | 285,573 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| New Jersey - continued |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | | $ | 125,000 | $ 139,919 |
| New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Project), 6.5%, 4/01/2031 | | | 815,000 | 870,989 |
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030 | | | 80,000 | 85,503 |
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035 | | | 95,000 | 100,871 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | | | 15,000 | 19,405 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | | | 10,000 | 12,886 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | | | 20,000 | 23,587 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | | | 20,000 | 23,501 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | | | 30,000 | 35,183 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2039 | | | 20,000 | 23,391 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2040 | | | 35,000 | 40,826 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2034 | | | 10,000 | 12,043 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2035 | | | 10,000 | 12,028 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2042 | | | 55,000 | 65,341 |
| New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 3.125%, 7/01/2029 | | | 40,000 | 40,411 |
| New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 5%, 7/01/2033 | | | 260,000 | 307,987 |
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030 | | | 265,000 | 297,238 |
| New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042 | | | 180,000 | 216,496 |
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | | | 395,000 | 453,368 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | | | 325,000 | 357,700 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| New Jersey - continued |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | | $ | 30,000 | $ 30,287 |
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w) | | | 60,000 | 67,850 |
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w) | | | 125,000 | 140,963 |
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2040 (w) | | | 120,000 | 135,032 |
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w) | | | 100,000 | 112,197 |
| New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2042 (w) | | | 105,000 | 117,458 |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w) | | | 125,000 | 151,860 |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w) | | | 110,000 | 135,575 |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w) | | | 180,000 | 223,959 |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w) | | | 125,000 | 158,297 |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w) | | | 165,000 | 206,510 |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w) | | | 155,000 | 193,028 |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w) | | | 150,000 | 186,116 |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w) | | | 155,000 | 191,695 |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w) | | | 75,000 | 92,446 |
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | | | 115,000 | 143,350 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029 | | | 155,000 | 184,418 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031 | | | 105,000 | 123,975 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, “AA”, 5%, 6/15/2038 | | | 1,000,000 | 1,114,997 |
| New Jersey Turnpike Authority, Turnpike Rev., “A”, 4%, 1/01/2051 | | | 165,000 | 194,567 |
| State of New Jersey, COVID-19 General Obligation, “A”, 4%, 6/01/2031 | | | 965,000 | 1,209,410 |
| | | | | $9,998,123 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| New Mexico - 0.0% |
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040 | | $ | 20,000 | $ 22,693 |
| New York - 7.9% |
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | | $ | 395,000 | $ 439,752 |
| Hudson Yards, NY, Infrastructure Corp. Rev., “A”, Unrefunded Balance, 5.75%, 2/15/2047 | | | 120,000 | 120,465 |
| Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052 | | | 75,000 | 85,112 |
| Metropolitan Transportation Authority, NY, Transportation Rev., “C-1”, 5.25%, 11/15/2055 | | | 170,000 | 211,740 |
| Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 4%, 7/01/2050 | | | 170,000 | 199,409 |
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2034 | | | 65,000 | 73,297 |
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2040 | | | 165,000 | 184,685 |
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2045 | | | 80,000 | 89,052 |
| New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | | | 100,000 | 121,254 |
| New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2040 (n) | | | 100,000 | 115,005 |
| New York Environmental Facilities Corp., Clean Drinking Water Revolving Funds, 5%, 6/15/2041 | | | 685,000 | 687,295 |
| New York Environmental Facilities Corp., State Revolving Funds Rev., “C”, 5%, 5/15/2041 | | | 945,000 | 948,166 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | | | 500,000 | 552,795 |
| New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053 | | | 185,000 | 210,754 |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026 | | | 350,000 | 352,543 |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031 | | | 210,000 | 211,475 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | | | 365,000 | 445,591 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| New York - continued |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032 | | $ | 75,000 | $ 91,292 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | | | 100,000 | 113,871 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | | | 545,000 | 645,374 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038 | | | 70,000 | 82,312 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2038 | | | 290,000 | 375,040 |
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | | | 100,000 | 101,411 |
| New York, NY, Industrial Development Agency, Pilot Refunding Rev. (Yankee Stadium Project), “A”, AGM, 4%, 3/01/2045 | | | 35,000 | 40,905 |
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “GG-1”, 4%, 6/15/2050 | | | 505,000 | 593,370 |
| New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037 | | | 195,000 | 236,708 |
| New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038 | | | 245,000 | 296,389 |
| New York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), “A”, 4%, 12/01/2035 | | | 100,000 | 119,376 |
| Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042 (n) | | | 270,000 | 282,517 |
| Orange County, NY, Funding Corp. Assisted Living Residence Rev. (Hamlet at Wallkill Assisted Living Project), 6.5%, 1/01/2046 (Put Date 1/01/2046) | | | 175,000 | 176,683 |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | | | 665,000 | 766,537 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029 | | | 30,000 | 30,502 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032 | | | 75,000 | 75,424 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | | | 205,000 | 205,657 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | | | 110,000 | 110,129 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| New York - continued |
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2034 | | $ | 50,000 | $ 60,707 |
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035 | | | 25,000 | 30,290 |
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041 | | | 185,000 | 216,219 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”A-2“, 5%, 5/15/2051 | | | 545,000 | 704,096 |
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | | | 150,000 | 147,729 |
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037 | | | 400,000 | 400,825 |
| | | | | $10,951,753 |
| North Carolina - 1.3% |
| Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023) | | $ | 822,992 | $ 892,998 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036 (w) | | | 15,000 | 16,508 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041 (w) | | | 15,000 | 16,309 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051 (w) | | | 70,000 | 74,948 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 (w) | | | 20,000 | 21,354 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 (w) | | | 10,000 | 10,480 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025 | | | 55,000 | 58,592 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030 | | | 70,000 | 75,093 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | | | 45,000 | 47,816 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | | | 90,000 | 108,058 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| North Carolina - continued |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 | | $ | 75,000 | $ 79,629 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042 | | | 30,000 | �� 34,477 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | | | 60,000 | 68,593 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051 | | | 130,000 | 148,231 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054 | | | 50,000 | 56,934 |
| University of North Carolina, Greensboro, Rev., 5%, 4/01/2039 | | | 110,000 | 122,826 |
| | | | | $1,832,846 |
| North Dakota - 0.1% |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034 | | $ | 40,000 | $ 46,934 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048 | | | 10,000 | 11,464 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053 | | | 70,000 | 79,696 |
| | | | | $138,094 |
| Ohio - 5.3% |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | | $ | 130,000 | $ 167,063 |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | | | 275,000 | 318,116 |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | | | 1,745,000 | 2,021,378 |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057 | | | 2,665,000 | 428,883 |
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2042 | | | 210,000 | 244,755 |
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | | | 285,000 | 316,716 |
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047 | | | 70,000 | 82,223 |
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2057 | | | 150,000 | 172,773 |
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | | | 770,000 | 911,992 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Ohio - continued |
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2040 | | $ | 30,000 | $ 31,504 |
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045 | | | 50,000 | 51,941 |
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049 | | | 65,000 | 73,006 |
| Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2034 | | | 120,000 | 133,267 |
| Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2044 | | | 195,000 | 213,874 |
| Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047 | | | 235,000 | 267,687 |
| Gallia County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 7/01/2042 (Prerefunded 7/01/2022) | | | 710,000 | 765,233 |
| Lake County, OH, Hospital Facilities Rev., Unrefunded Balance, “C”, 5.625%, 8/15/2029 | | | 70,000 | 70,221 |
| Lucas County, OH, Hospital Rev. (Promedica Healthcare), “A”, 5.25%, 11/15/2048 | | | 70,000 | 81,061 |
| Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049 | | | 310,000 | 376,825 |
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 | | | 130,000 | 152,995 |
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047 | | | 70,000 | 79,901 |
| Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 4%, 8/01/2041 | | | 15,000 | 17,795 |
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n) | | | 100,000 | 109,458 |
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n) | | | 100,000 | 112,693 |
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n) | | | 125,000 | 141,793 |
| | | | | $7,343,153 |
| Oklahoma - 0.8% |
| Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028 | | $ | 20,000 | $ 20,593 |
| Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | | | 40,000 | 49,442 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029 | | | 30,000 | 37,299 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033 | | | 155,000 | 189,869 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Oklahoma - continued |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038 | | $ | 215,000 | $ 260,607 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043 | | | 195,000 | 239,287 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048 | | | 215,000 | 262,386 |
| Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 | | | 55,000 | 61,235 |
| | | | | $1,120,718 |
| Oregon - 0.6% |
| Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 4.5%, 5/01/2029 | | $ | 90,000 | $ 92,967 |
| Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036 | | | 90,000 | 102,410 |
| Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2040 | | | 110,000 | 114,034 |
| Medford, OR, Hospital Facility Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050 | | | 370,000 | 430,672 |
| Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040 | | | 30,000 | 37,559 |
| | | | | $777,642 |
| Pennsylvania - 12.0% |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | | $ | 170,000 | $ 202,051 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | | | 150,000 | 173,890 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2035 | | | 100,000 | 103,430 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2042 | | | 420,000 | 433,486 |
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2034 | | | 235,000 | 249,228 |
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | | | 25,000 | 30,317 |
| Berks County, PA, Reading School District, BAM, 4%, 4/01/2044 | | | 45,000 | 53,222 |
| Blythe Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 | | | 250,000 | 287,442 |
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | | | 45,000 | 51,347 |
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050 | | | 230,000 | 260,764 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Pennsylvania - continued |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051 | | $ | 95,000 | $ 96,543 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030 | | | 45,000 | 46,967 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 | | | 100,000 | 102,695 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | | | 65,000 | 80,302 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | | | 60,000 | 73,841 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | | | 30,000 | 36,809 |
| Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045 | | | 30,000 | 32,245 |
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 | | | 25,000 | 27,339 |
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 | | | 35,000 | 38,062 |
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039 | | | 40,000 | 42,482 |
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 | | | 20,000 | 21,108 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038 | | | 125,000 | 136,113 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043 | | | 155,000 | 167,154 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048 | | | 160,000 | 171,575 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053 | | | 150,000 | 160,526 |
| Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050 | | | 1,010,000 | 1,176,159 |
| Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049 | | | 350,000 | 404,816 |
| Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037 | | | 955,000 | 627,851 |
| Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023) | | | 605,000 | 676,335 |
| Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 | | | 530,000 | 585,089 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Pennsylvania - continued |
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | | $ | 50,000 | $ 61,872 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | | | 100,000 | 115,078 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049 | | | 100,000 | 114,378 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2048 | | | 330,000 | 404,075 |
| Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), 5%, 11/15/2028 (Prerefunded 5/15/2022) | | | 350,000 | 366,397 |
| Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045 | | | 120,000 | 144,368 |
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | | | 935,000 | 1,003,585 |
| Moon Industrial Development Authority Rev. (Baptist Homes Society), 6.125%, 7/01/2050 | | | 260,000 | 279,285 |
| Pennsylvania Economic Development Financing Authority Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2030 | | | 100,000 | 117,983 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 (w) | | | 40,000 | 40,073 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 4%, 5/01/2050 | | | 705,000 | 815,666 |
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2032 | | | 510,000 | 621,515 |
| Pennsylvania Turnpike Commission Rev., ”A“, 4%, 12/01/2050 | | | 395,000 | 463,394 |
| Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049 | | | 895,000 | 1,045,170 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036 | | | 100,000 | 112,824 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046 | | | 125,000 | 139,740 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051 | | | 120,000 | 134,280 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | | | 165,000 | 185,984 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 6.875%, 6/15/2033 | | | 100,000 | 110,909 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Pennsylvania - continued |
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 7.375%, 6/15/2043 | | $ | 110,000 | $ 122,252 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043 | | | 140,000 | 154,548 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.25%, 12/01/2047 (n) | | | 145,000 | 155,045 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058 (n) | | | 215,000 | 230,881 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037 | | | 100,000 | 107,187 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042 | | | 125,000 | 132,584 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049 | | | 175,000 | 183,587 |
| Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), “15”, 5%, 8/01/2042 | | | 475,000 | 573,565 |
| Philadelphia, PA, School District, “A”, 5%, 9/01/2033 | | | 20,000 | 25,207 |
| Philadelphia, PA, School District, “A”, 5%, 9/01/2035 | | | 70,000 | 87,665 |
| Philadelphia, PA, School District, “A”, 5%, 9/01/2036 | | | 25,000 | 31,196 |
| Philadelphia, PA, School District, “A”, 5%, 9/01/2037 | | | 25,000 | 31,083 |
| Philadelphia, PA, School District, “A”, 5%, 9/01/2038 | | | 25,000 | 31,059 |
| Philadelphia, PA, School District, “A”, 4%, 9/01/2039 | | | 150,000 | 178,426 |
| Philadelphia, PA, School District, “B”, 5%, 9/01/2043 | | | 70,000 | 86,242 |
| Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028 | | | 490,000 | 492,286 |
| Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032 | | | 40,000 | 55,133 |
| Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033 | | | 30,000 | 42,185 |
| Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035 | | | 15,000 | 18,060 |
| Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044 | | | 105,000 | 132,507 |
| Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046 | | | 445,000 | 474,309 |
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044 | | | 95,000 | 107,531 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Pennsylvania - continued |
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046 | | $ | 150,000 | $ 169,179 |
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048 | | | 100,000 | 112,450 |
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023 | | | 15,000 | 15,294 |
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | | | 15,000 | 16,395 |
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030 | | | 30,000 | 33,223 |
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035 | | | 35,000 | 38,317 |
| | | | | $16,663,160 |
| Puerto Rico - 7.4% |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “A”, NPFG, 4.75%, 7/01/2038 | | $ | 260,000 | $ 263,981 |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | | | 350,000 | 359,384 |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | | | 25,000 | 25,637 |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038 | | | 795,000 | 860,492 |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030 | | | 270,000 | 291,648 |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | | | 175,000 | 189,228 |
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038 | | | 35,000 | 35,892 |
| Commonwealth of Puerto Rico, “A”, AGM, 5.375%, 7/01/2025 | | | 50,000 | 51,269 |
| Commonwealth of Puerto Rico, Public Improvement, “A”, NPFG, 5.5%, 7/01/2021 | | | 30,000 | 30,066 |
| Commonwealth of Puerto Rico, Public Improvement, “C-7”, NPFG, 6%, 7/01/2027 | | | 235,000 | 242,402 |
| Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | | | 470,000 | 480,886 |
| Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 5.25%, 7/01/2022 | | | 140,000 | 143,853 |
| Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033 | | | 25,000 | 25,383 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Puerto Rico - continued |
| Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2024 | | $ | 15,000 | $ 15,313 |
| Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2025 | | | 15,000 | 15,382 |
| Puerto Rico Electric Power Authority Rev., “RR”, NPFG, 5%, 7/01/2022 | | | 35,000 | 35,486 |
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d) | | | 995,000 | 950,225 |
| Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024 | | | 65,000 | 66,355 |
| Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022 | | | 35,000 | 35,938 |
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026 | | | 50,000 | 53,609 |
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | | | 250,000 | 269,308 |
| Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d) | | | 845,000 | 806,975 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026 | | | 420,000 | 433,650 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021 | | | 10,000 | 9,990 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022 | | | 60,000 | 60,807 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026 | | | 10,000 | 9,989 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027 | | | 190,000 | 192,330 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031 | | | 65,000 | 64,921 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Puerto Rico - continued |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | | $ | 75,000 | $ 75,994 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036 | | | 65,000 | 64,923 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | | | 55,000 | 55,825 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | | | 45,000 | 45,296 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | | | 70,000 | 71,050 |
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023 | | | 310,000 | 326,602 |
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | | | 400,000 | 427,845 |
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2025 | | | 60,000 | 64,640 |
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028 | | | 70,000 | 76,752 |
| Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | | | 20,000 | 20,536 |
| Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, AGM, 5%, 7/01/2036 | | | 45,000 | 46,207 |
| Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | | | 390,000 | 409,853 |
| Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2027 | | | 100,000 | 103,150 |
| Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2028 | | | 35,000 | 36,135 |
| Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/2026 | | | 80,000 | 100,679 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | | | 42,000 | 47,091 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | | | 636,000 | 723,962 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | | | 3,000 | 3,320 |
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 | | $ | 69,000 | $ 77,356 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | | | 74,000 | 66,417 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | | | 803,000 | 632,034 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | | | 781,000 | 569,442 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | | | 473,000 | 153,403 |
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | | | 40,000 | 41,019 |
| | | | | $10,259,930 |
| Rhode Island - 0.3% |
| Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039 | | $ | 90,000 | $ 90,073 |
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034 | | | 75,000 | 77,769 |
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | | | 190,000 | 198,494 |
| | | | | $366,336 |
| South Carolina - 2.0% |
| Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023 | | $ | 525,000 | $ 557,145 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | | | 40,000 | 40,613 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048 | | | 395,000 | 472,860 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047 | | | 120,000 | 129,396 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2052 | | | 115,000 | 123,875 |
| South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/2043 | | | 280,000 | 311,107 |
| South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/2043 | | | 675,000 | 749,989 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048 | | | 245,000 | 290,757 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| South Carolina - continued |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045 | | $ | 45,000 | $ 52,611 |
| | | | | $2,728,353 |
| Tennessee - 3.0% |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045 (Prerefunded 1/01/2023) | | $ | 1,035,000 | $ 1,116,407 |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-1”, 4%, 8/01/2044 | | | 15,000 | 17,050 |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044 | | | 20,000 | 24,712 |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | | | 10,000 | 12,231 |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | | | 45,000 | 53,450 |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031 | | | 50,000 | 59,087 |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | | | 65,000 | 75,928 |
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), “A”, 5%, 7/01/2035 | | | 205,000 | 246,889 |
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034 | | | 10,000 | 12,035 |
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2039 | | | 10,000 | 11,898 |
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021 | | | 1,710,000 | 1,731,140 |
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | | | 270,000 | 286,470 |
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026 | | | 165,000 | 200,251 |
| Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2025 | | | 240,000 | 275,690 |
| | | | | $4,123,238 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Texas - 9.6% |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036 | | $ | 40,000 | $ 44,380 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046 | | | 185,000 | 203,558 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029 | | | 35,000 | 39,550 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031 | | | 50,000 | 55,848 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034 | | | 10,000 | 10,035 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026 | | | 25,000 | 25,961 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028 | | | 15,000 | 15,440 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030 | | | 25,000 | 25,321 |
| Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 | | | 90,000 | 103,201 |
| Central Texas Regional Mobility Authority Senior Lien Rev., “B”, 5%, 1/01/2046 | | | 710,000 | 902,002 |
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033 | | | 105,000 | 115,170 |
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.75%, 8/15/2041 (Prerefunded 8/15/2021) | | | 75,000 | 75,848 |
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042 | | | 410,000 | 424,049 |
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043 | | | 165,000 | 179,764 |
| Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | | | 370,000 | 393,640 |
| Dallas, TX, Civic Center Convention Complex Rev., AGM, 5.25%, 8/15/2034 | | | 845,000 | 847,908 |
| Decatur, TX, Hospital Authority Rev. (Wise Regional Health System), “A”, 5.25%, 9/01/2044 | | | 100,000 | 111,715 |
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025 | | | 115,000 | 117,712 |
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028 | | | 375,000 | 375,492 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035 | | | 85,000 | 101,450 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036 | | | 155,000 | 184,489 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Texas - continued |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037 | | $ | 210,000 | $ 249,280 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038 | | | 175,000 | 207,248 |
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031 | | | 110,000 | 122,596 |
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032 | | | 20,000 | 22,297 |
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033 | | | 40,000 | 44,605 |
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041 | | | 70,000 | 31,402 |
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046 | | | 175,000 | 60,581 |
| Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.5%, 7/15/2030 | | | 445,000 | 449,281 |
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | | | 310,000 | 325,129 |
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030 | | | 770,000 | 864,723 |
| Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031 (Prerefunded 7/01/2022) | | | 150,000 | 157,599 |
| Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | | | 50,000 | 55,081 |
| Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023 | | | 140,000 | 140,429 |
| Mission, TX, Economic Development Corp. (NatGasoline Project), 4.625%, 10/01/2031 (n) | | | 180,000 | 190,824 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2038 | | | 20,000 | 24,500 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2048 | | | 90,000 | 109,689 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058 | | | 80,000 | 97,116 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2039 (n) | | | 50,000 | 52,873 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Texas - continued |
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2049 (n) | | $ | 55,000 | $ 57,746 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5%, 11/15/2026 | | | 15,000 | 15,347 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.375%, 11/15/2036 | | | 20,000 | 20,032 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2046 | | | 35,000 | 34,248 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2052 | | | 45,000 | 43,245 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2035 | | | 75,000 | 79,151 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2043 | | | 80,000 | 83,610 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2049 | | | 80,000 | 83,340 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2031 | | | 15,000 | 16,111 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 4%, 7/01/2036 | | | 70,000 | 69,763 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030 (Prerefunded 4/01/2025) | | | 25,000 | 29,357 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025) | | | 30,000 | 35,228 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025) | | | 65,000 | 76,327 |
| Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035 (n) | | | 90,000 | 102,700 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Texas - continued |
| Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045 (n) | | $ | 110,000 | $ 125,098 |
| Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, 5.25%, 6/15/2048 (Prerefunded 6/15/2022) | | | 65,000 | 68,368 |
| North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | | | 170,000 | 178,354 |
| North Texas Tollway Authority System Rev., “B”, 4%, 1/01/2041 | | | 270,000 | 325,974 |
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | | | 100,000 | 103,582 |
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | | | 370,000 | 383,345 |
| Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “B”, 6%, 1/01/2025 (n) | | | 130,000 | 134,461 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | | | 225,000 | 261,659 |
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.5%, 11/15/2034 | | | 100,000 | 111,146 |
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.75%, 11/15/2044 | | | 185,000 | 205,209 |
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 8%, 11/15/2049 | | | 135,000 | 150,819 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030 | | | 80,000 | 89,343 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | | | 100,000 | 110,294 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040 | | | 110,000 | 120,353 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), 5.25%, 11/15/2047 | | | 105,000 | 96,968 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “A”, 5%, 11/15/2045 | | | 115,000 | 103,053 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2030 | | | 155,000 | 153,730 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2036 | | | 345,000 | 328,568 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Texas - continued |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 | | $ | 830,387 | $ 888,968 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044 | | | 60,000 | 65,466 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | | | 170,000 | 193,959 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | | | 135,000 | 153,177 |
| Texas Transportation Commission, Central Texas Turnpike System Rev., Capital Appreciation, “B”, 0%, 8/15/2036 | | | 345,000 | 197,511 |
| Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057 | | | 240,000 | 280,401 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037 | | | 25,000 | 14,239 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038 | | | 20,000 | 10,782 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039 | | | 20,000 | 10,212 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040 | | | 20,000 | 9,647 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041 | | | 45,000 | 20,525 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042 | | | 60,000 | 25,869 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043 | | | 50,000 | 20,431 |
| | | | | $13,245,502 |
| Utah - 0.6% |
| Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043 | | $ | 390,000 | $ 472,278 |
| Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047 | | | 245,000 | 259,470 |
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n) | | | 120,000 | 127,257 |
| | | | | $859,005 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Vermont - 0.2% |
| Burlington, VT, Airport Rev., “A”, 4%, 7/01/2028 | | $ | 90,000 | $ 92,559 |
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039 (w) | | | 60,000 | 59,444 |
| Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046 | | | 145,000 | 150,635 |
| | | | | $302,638 |
| Virginia - 2.1% |
| Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 | | $ | 410,000 | $ 429,547 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | | | 115,000 | 126,161 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | | | 145,000 | 154,508 |
| Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.4%, 3/01/2045 (n) | | | 100,000 | 106,107 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n) | | | 175,000 | 190,504 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n) | | | 175,000 | 188,270 |
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | | | 385,000 | 407,313 |
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | | | 755,000 | 793,433 |
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2040 | | | 495,000 | 555,065 |
| | | | | $2,950,908 |
| Washington - 2.5% |
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | | $ | 115,000 | $ 135,370 |
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | | | 150,000 | 174,687 |
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | | | 285,000 | 326,698 |
| Kalispel Tribe Indians, WA, Priority District Rev., “A”, 5%, 1/01/2032 (n) | | | 125,000 | 146,415 |
| Kalispel Tribe Indians, WA, Priority District Rev., “A”, 5.25%, 1/01/2038 (n) | | | 130,000 | 152,772 |
| Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/2033 | | | 1,105,000 | 1,173,182 |
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035 | | | 90,000 | 106,694 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Washington - continued |
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037 | | $ | 90,000 | $ 106,254 |
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048 (n) | | | 145,000 | 154,874 |
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n) | | | 100,000 | 107,550 |
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036 (n) | | | 100,000 | 108,895 |
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046 (n) | | | 105,000 | 113,069 |
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051 (n) | | | 105,000 | 112,884 |
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2041 (n) | | | 100,000 | 108,327 |
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2046 (n) | | | 115,000 | 123,794 |
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2051 (n) | | | 165,000 | 177,219 |
| Washington State Housing Finance Commission Municipal Certificates, “X”, 0.725%, 12/20/2035 (i) | | | 2,320,293 | 146,795 |
| | | | | $3,475,479 |
| West Virginia - 0.3% |
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%, 1/01/2043 | | $ | 305,000 | $ 370,308 |
| Wisconsin - 7.7% |
| Green Bay, WI, Redevelopment Authority (Green Bay Packaging, Inc. Project), VRDN, 0.08%, 7/01/2047 (n) | | $ | 1,815,000 | $ 1,815,000 |
| Public Finance Authority Healthcare Facilities Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051 | | | 95,000 | 109,018 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040 | | | 580,000 | 325,901 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040 | | | 250,000 | 140,751 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027 | | | 115,000 | 124,589 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032 | | | 105,000 | 112,463 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Wisconsin - continued |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037 | | $ | 55,000 | $ 58,480 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039 | | | 55,000 | 58,412 |
| Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048 | | | 1,020,000 | 1,125,617 |
| Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/2026 (Prerefunded 7/15/2021) | | | 200,000 | 201,177 |
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047 | | | 45,000 | 52,044 |
| Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2038 | | | 20,000 | 23,770 |
| Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2044 | | | 20,000 | 23,593 |
| Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2049 | | | 95,000 | 111,613 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2040 | | | 20,000 | 21,272 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2045 | | | 30,000 | 31,799 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2050 | | | 115,000 | 121,702 |
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022 | | | 40,000 | 40,937 |
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | | | 1,445,000 | 1,506,344 |
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042 | | | 85,000 | 88,209 |
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037 | | | 40,000 | 42,989 |
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047 | | | 55,000 | 58,698 |
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n) | | | 55,000 | 59,975 |
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n) | | | 55,000 | 59,862 |
| Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n) | | | 25,000 | 28,710 |
| Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n) | | | 125,000 | 139,420 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Wisconsin - continued |
| Wisconsin Public Finance Authority Healthcare Facilities Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045 | | $ | 25,000 | $ 28,780 |
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n) | | | 30,000 | 32,373 |
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n) | | | 75,000 | 81,914 |
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n) | | | 60,000 | 64,707 |
| Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049 | | | 1,020,000 | 1,157,364 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | | | 735,000 | 798,162 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | | | 440,000 | 500,774 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | | | 230,000 | 265,159 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035 | | | 150,000 | 173,339 |
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n) | | | 45,000 | 49,458 |
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n) | | | 30,000 | 32,913 |
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n) | | | 150,000 | 164,565 |
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n) | | | 45,000 | 49,369 |
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 (n) | | | 110,000 | 119,114 |
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 (n) | | | 100,000 | 108,826 |
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 (n) | | | 95,000 | 103,182 |
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 (n) | | | 115,000 | 125,641 |
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044 | | | 20,000 | 24,264 |
Portfolio of Investments (unaudited) – continued
| Issuer | | | Shares/Par | Value ($) |
| Municipal Bonds - continued |
| Wisconsin - continued |
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054 | | $ | 25,000 | $ 30,062 |
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058 | | | 35,000 | 42,038 |
| Wisconsin Public Finance Authority Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047 | | | 190,000 | 210,224 |
| | | | | $10,644,573 |
| Total Municipal Bonds (Identified Cost, $197,487,484) | | $ 213,441,361 |
| Bonds – 0.1% |
| Consumer Services – 0.1% | |
| Toll Road Investors Partnership II LP, Capital Appreciation, “A”, NPFG, 0%, 2/15/2045 (n) | | $ | 25,196 | $ 5,722 |
| Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2033 (n) | | | 175,000 | 90,443 |
| Total Bonds (Identified Cost, $106,655) | | $ 96,165 |
| Investment Companies (h) - 0.1% |
| Money Market Funds – 0.1% | |
| MFS Institutional Money Market Portfolio, 0.03% (v) (Identified Cost, $207,539) | | | 207,539 | $ 207,539 |
| Other Assets, Less Liabilities - (0.2)% | | (339,312) |
| Variable Rate Municipal Term Preferred Shares (VMTPS), at liquidation value (issued by the fund) - (54.2)% | (75,000,000) |
| Net assets applicable to common shares - 100.0% | | $ 138,405,753 |
| (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 $207,539 and $213,537,526, respectively. |
| (i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $27,884,485, representing 20.1% of net assets applicable to common shares. |
Portfolio of Investments (unaudited) – continued
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (w) | When-issued security. |
| (z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
| Restricted Securities | Acquisition
Date | Cost | Value |
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 | 5/25/17 | $383,097 | $250,250 |
| California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 | 7/26/19 | 437,875 | 152,500 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 | 12/16/13 | 485,000 | 329,800 |
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 | 6/30/15 | 100,000 | 68,000 |
| Total Restricted Securities | | | $800,550 |
| % of Net assets applicable to common shares | | | 0.6% |
| The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| CALHF | California Health Facility Construction Loan Insurance Program |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate. |
See Notes to Financial Statements
Financial Statements
Statement of Assets and Liabilities
At 5/31/21 (unaudited)
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
| Assets | |
| Investments in unaffiliated issuers, at value (identified cost, $197,594,139) | $213,537,526 |
| Investments in affiliated issuers, at value (identified cost, $207,539) | 207,539 |
| Cash | 4,948 |
| Receivables for | |
| Investments sold | 1,556,346 |
| Interest | 2,801,770 |
| Other assets | 18,131 |
| Total assets | $218,126,260 |
| Liabilities | |
| Payables for | |
| Distributions on common shares | $21,024 |
| When-issued investments purchased | 4,518,539 |
| Interest expense | 77,116 |
| Payable to affiliates | |
| Investment adviser | 14,869 |
| Administrative services fee | 531 |
| Transfer agent and dividend disbursing costs | 1,184 |
| Accrued expenses and other liabilities | 87,244 |
| VMTPS, at liquidation value | 75,000,000 |
| Total liabilities | $79,720,507 |
| Net assets applicable to common shares | $138,405,753 |
| Net assets consist of | |
| Paid-in capital - common shares | $124,693,197 |
| Total distributable earnings (loss) | 13,712,556 |
| Net assets applicable to common shares | $138,405,753 |
| VMTPS, at liquidation value (3,000 shares issued and outstanding at $25,000 per share) | 75,000,000 |
| Net assets including preferred shares | $213,405,753 |
| Common shares of beneficial interest issued and outstanding | 28,325,314 |
| Net asset value per common share (net assets of $138,405,753 / 28,325,314 shares of beneficial interest outstanding) | $4.89 |
See Notes to Financial Statements
Financial Statements
Statement of Operations
Six months ended 5/31/21 (unaudited)
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
| Net investment income (loss) | |
| Income | |
| Interest | $4,158,460 |
| Dividends from affiliated issuers | 1,273 |
| Total investment income | $4,159,733 |
| Expenses | |
| Management fee | $685,317 |
| Transfer agent and dividend disbursing costs | 13,084 |
| Administrative services fee | 18,846 |
| Independent Trustees' compensation | 4,057 |
| Stock exchange fee | 13,731 |
| Custodian fee | 4,350 |
| Shareholder communications | 14,491 |
| Audit and tax fees | 43,566 |
| Legal fees | 7,826 |
| Interest expense and fees | 459,348 |
| Miscellaneous | 47,866 |
| Total expenses | $1,312,482 |
| Reduction of expenses by investment adviser | (20,154) |
| Net expenses | $1,292,328 |
| Net investment income (loss) | $2,867,405 |
| Realized and unrealized gain (loss) |
| Realized gain (loss) (identified cost basis) | |
| Unaffiliated issuers | $257,884 |
| Change in unrealized appreciation or depreciation | |
| Unaffiliated issuers | $4,961,481 |
| Net realized and unrealized gain (loss) | $5,219,365 |
| Change in net assets from operations | $8,086,770 |
See Notes to Financial Statements
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
| | Six months ended | Year ended |
| | 5/31/21
(unaudited) | 11/30/20 |
| Change in net assets | | |
| From operations | | |
| Net investment income (loss) | $2,867,405 | $5,898,460 |
| Net realized gain (loss) | 257,884 | (2,181,823) |
| Net unrealized gain (loss) | 4,961,481 | (3,219,416) |
| Change in net assets from operations | $8,086,770 | $497,221 |
| Distributions to common shareholders | $(3,073,295) | $(6,146,596) |
| Total change in net assets | $5,013,475 | $(5,649,375) |
| Net assets applicable to common shares | | |
| At beginning of period | 133,392,278 | 139,041,653 |
| At end of period | $138,405,753 | $133,392,278 |
See Notes to Financial Statements
Financial Statements
Statement of Cash Flows
Six months ended 5/31/21 (unaudited)
This statement provides a summary of cash flows from investment activity for the fund.
| Cash flows from operating activities: | |
| Change in net assets from operations | $8,086,770 |
| Adjustments to reconcile change in net assets from operations to net cash provided by operating activities: | |
| Purchase of investment securities | (17,119,668) |
| Proceeds from disposition of investment securities | 15,828,704 |
| Proceeds from disposition of short-term investments, net | 1,223,743 |
| Realized gain/loss on investments | (257,884) |
| Unrealized appreciation/depreciation on investments | (4,961,481) |
| Net amortization/accretion of income | 211,365 |
| Decrease in interest receivable | 94,232 |
| Decrease in accrued expenses and other liabilities | (10,576) |
| Increase in other assets | (15,886) |
| Decrease in payable for interest expense and fees | (425) |
| Net cash provided by operating activities | $3,078,894 |
| Cash flows from financing activities: | |
| Cash distributions paid on common shares | $(3,073,946) |
| Net increase in cash and restricted cash | $4,948 |
| Cash and restricted cash: | |
| Beginning of period | $— |
| End of period | $4,948 |
Supplemental disclosure of cash flow information:
Cash paid during the six months ended May 31, 2021 for interest was $459,773.
See Notes to Financial Statements
Financial Statements
Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Common Shares | Six months
ended | Year ended |
| | 5/31/21
(unaudited) | 11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 |
| Net asset value, beginning of period | $4.71 | $4.91 | $4.67 | $4.80 | $4.68 | $4.84 |
| Income (loss) from investment operations |
| Net investment income (loss) (d) | $0.10 | $0.21 | $0.23 | $0.26(c) | $0.27 | $0.29(c) |
| Net realized and unrealized gain (loss) | 0.19 | (0.19) | 0.24 | (0.13) | 0.12 | (0.18) |
| Distributions declared to shareholders of auction rate preferred shares | — | — | — | — | — | (0.00)(w) |
| Total from investment operations | $0.29 | $0.02 | $0.47 | $0.13 | $0.39 | $0.11 |
| Less distributions declared to common shareholders |
| From net investment income | $(0.11) | $(0.22) | $(0.23) | $(0.26) | $(0.27) | $(0.27) |
| Net asset value, end of period (x) | $4.89 | $4.71 | $4.91 | $4.67 | $4.80 | $4.68 |
| Market value, end of period | $4.77 | $4.32 | $4.73 | $4.22 | $4.73 | $4.37 |
| Total return at market value (%) (p) | 13.08(n) | (3.99) | 17.71 | (5.54) | 14.66 | 2.55 |
| Total return at net asset value (%) (j)(r)(s)(x) | 6.32(n) | 0.84 | 10.42 | 3.01(c) | 8.65 | 2.34(c) |
Ratios (%) (to average net assets
applicable to common shares) and
Supplemental data: |
| Expenses before expense reductions (f)(p) | 1.93(a) | 2.32 | 2.76 | 2.70(c) | 2.37 | 2.10(c) |
| Expenses after expense reductions (f)(p) | 1.90(a) | 2.28 | 2.73 | 2.69(c) | N/A | N/A |
| Net investment income (loss) (p) | 4.21(a) | 4.48 | 4.80 | 5.40(c) | 5.71 | 5.81(c) |
| Portfolio turnover | 8(n) | 22 | 17 | 16 | 15 | 14 |
| Net assets at end of period (000 omitted) | $138,406 | $133,392 | $139,042 | $132,247 | $136,077 | $132,633 |
Financial Highlights – continued
| | Six months
ended | Year ended |
| | 5/31/21
(unaudited) | 11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 |
| Supplemental Ratios (%): |
| Ratios of expenses to average net assets applicable to common shares after expense reductions and excluding interest expense and fees (f)(l)(p) | 1.22(a) | 1.24 | 1.22 | 1.25(c) | 1.26 | 1.24(c) |
| Ratios of expenses to average net assets applicable to common and preferred shares after expense reductions and excluding interest expense and fees (f)(l)(p) | 0.79(a) | 0.79 | 0.79 | 0.80(c) | 0.81 | 0.80(c) |
| Ratios of net investment income to average net assets available to common shares | 4.21(a) | 4.48 | 4.80 | 5.40(c) | 5.71 | 5.80(c) |
| Senior Securities: |
| VMTPS | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 |
| Asset coverage per preferred share (k) | $71,135 | $69,464 | $71,347 | $69,082 | $70,348 | $69,192 |
| Involuntary liquidation preference per preferred share (m) | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
| Average market value per preferred share (m)(u) | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
See Notes to Financial Statements
Financial Highlights – continued
| (a) | Annualized. |
| (c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (j) | Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value. |
| (k) | Calculated by subtracting the fund’s total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing this number by the total number of preferred shares outstanding. |
| (l) | Interest expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of VMTPS, and amortization of VMTPS debt issuance costs, as applicable. For the year ended November 30, 2016, the expense ratio also excludes fees and expenses related to redemption of the fund's auction rate preferred shares (“ARPS”). |
| (m) | Amount excludes accrued unpaid distributions on preferred shares. |
| (n) | Not annualized. |
| (p) | Ratio excludes dividend payments on ARPS, if applicable. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (u) | Average market value represents the approximate fair value of each of the fund’s preferred shares. |
| (w) | Per share amount was less than $0.01. |
| (x) | The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
Notes to Financial Statements
(unaudited)
(1) Business and Organization
MFS High Yield Municipal Trust (the fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company.
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.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the fund could be taxable to shareholders. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments.
In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief for
Notes to Financial Statements (unaudited) - continued
certain reference rate-related contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Management is still evaluating the impact of ASU 2020-04 on the fund's accounting for investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair
Notes to Financial Statements (unaudited) - continued
value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of May 31, 2021 in valuing the fund's assets or liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $— | $213,441,361 | $— | $213,441,361 |
| U.S. Corporate Bonds | — | 96,165 | — | 96,165 |
| Mutual Funds | 207,539 | — | — | 207,539 |
| Total | $207,539 | $213,537,526 | $— | $213,745,065 |
For further information regarding security characteristics, see the Portfolio of Investments.
Statement of Cash Flows — Information on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in the Statement of Cash Flows. Cash as presented in the fund's Statement of Assets and Liabilities includes cash on hand at the fund's custodian bank and does not include any short-term investments. Restricted cash is presented in the fund's Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives and represents cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts.
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities with that shown in the Statement of Cash Flows:
| | 5/31/21 |
| Cash | $4,948 |
| Restricted cash | — |
| Restricted cash included in deposits with brokers | — |
| Total cash and restricted cash in the Statement of Cash Flows | $4,948 |
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business,
Notes to Financial Statements (unaudited) - continued
the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Investment transactions are recorded on the trade date. Some securities may be purchased or sold on an extended settlement basis, which means that the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period.
Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.
Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the normal settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased in the Statement of Assets and Liabilities. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors. At the time that it enters into a when-issued or delayed delivery transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.
Legal fees and other related expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the
Notes to Financial Statements (unaudited) - continued
terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to defaulted bonds, amortization and accretion of debt securities, and non-deductible expenses that result from the treatment of VMTPS as equity for tax purposes.
The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
| | Year ended
11/30/20 |
| Ordinary income (including any short-term capital gains) | $59,501 |
| Tax-exempt income | 7,452,462 |
| Total distributions | $7,511,963 |
The federal tax cost and the tax basis components of distributable earnings were as follows:
| As of 5/31/21 | |
| Cost of investments | $197,223,678 |
| Gross appreciation | 17,737,075 |
| Gross depreciation | (1,215,688) |
| Net unrealized appreciation (depreciation) | $ 16,521,387 |
| As of 11/30/20 | |
| Undistributed ordinary income | 71,401 |
| Undistributed tax-exempt income | 850,119 |
| Capital loss carryforwards | (3,332,626) |
| Other temporary differences | (427,265) |
| Net unrealized appreciation (depreciation) | 11,537,452 |
Notes to Financial Statements (unaudited) - continued
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
As of November 30, 2020, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
| Short-Term | $(2,275,715) |
| Long-Term | (1,056,911) |
| Total | $(3,332,626) |
(3) Transactions with Affiliates
Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.65% of the fund’s average daily net assets (including the value of preferred shares).
The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest expense on VMTPS, taxes, extraordinary expenses, brokerage and transaction costs, other interest expense, and investment-related expenses, such that total fund operating expenses do not exceed 0.79% annually of the fund’s average daily net assets (including the value of preferred shares). This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until November 30, 2022. For the six months ended May 31, 2021, this reduction amounted to $20,154, which is included in the reduction of total expenses in the Statement of Operations.
Transfer Agent — The fund engages Computershare Trust Company, N.A. (“Computershare”) as the sole transfer agent for the fund's common shares. MFS Service Center, Inc. (MFSC) monitors and supervises the activities of Computershare for an agreed upon fee approved by the Board of Trustees. For the six months ended May 31, 2021, these fees paid to MFSC amounted to $3,724.
Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets (including the value of preferred shares). The administrative services fee incurred for the six months ended May 31, 2021 was equivalent to an annual effective rate of 0.0179% of the fund’s average daily net assets (including the value of preferred shares).
Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFSC.
Notes to Financial Statements (unaudited) - continued
Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.
(4) Portfolio Securities
For the six months ended May 31, 2021, purchases and sales of investments, other than short-term obligations, aggregated $20,871,169 and $16,313,863, respectively.
(5) Shares of Beneficial Interest
The fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. The fund reserves the right to repurchase shares of beneficial interest of the fund subject to Trustee approval. During the six months ended May 31, 2021 and the year ended November 30, 2020, there were no transactions in fund shares.
(6) Line of Credit
The fund and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit of which $1 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of one month LIBOR, the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended May 31, 2021, the fund’s commitment fee and interest expense were $286 and $0, respectively, and are included in “Interest expense and fees” in the Statement of Operations.
(7) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| Affiliated Issuers | Beginning
Value | Purchases | Sales
Proceeds | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation or
Depreciation | Ending
Value |
| MFS Institutional Money Market Portfolio | $1,431,282 | $16,583,547 | $17,807,290 | $— | $— | $207,539 |
| Affiliated Issuers | Dividend
Income | Capital Gain
Distributions |
| MFS Institutional Money Market Portfolio | $1,273 | $— |
Notes to Financial Statements (unaudited) - continued
(8) Preferred Shares
The fund has 3,000 shares issued and outstanding of VMTPS. The outstanding VMTPS are redeemable at the option of the fund in whole or in part at the liquidation preference of $25,000 per share, plus accumulated and unpaid dividends, but generally solely for the purpose of decreasing the leverage of the fund. The VMTPS are subject to a mandatory term redemption date of October 31, 2021, as extended, unless further extended through negotiation with the private holders of the VMTPS. There is no assurance that the term of the VMTPS will be extended or that the VMTPS will be replaced with any other preferred shares or other form of leverage upon the redemption of the VMTPS. Two months prior to the term redemption date of the VMTPS, the fund is required to begin to segregate liquid assets with the fund’s custodian to fund the redemption. Dividends on the VMTPS are cumulative and are reset weekly to a fixed spread against the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index. During the six months ended May 31, 2021, the VMTPS dividend rates ranged from 1.18% to 1.26%. For the six months ended May 31, 2021, the average dividend rate was 1.21%.
In the fund’s Statement of Assets and Liabilities, the VMTPS aggregate liquidation preference is shown as a liability since they have a stated mandatory redemption date. Dividends paid to the VMTPS are treated as interest expense and recorded as incurred. For the six months ended May 31, 2021, interest expense related to the dividends paid to VMTPS amounted to $459,048 and is included in “Interest expense and fees” in the Statement of Operations. Costs directly related to the issuance of the VMTPS are considered debt issuance costs. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt liability and are amortized into interest expense over the life of the VMTPS. The period-end carrying value for the VMTPS in the fund’s Statement of Assets and Liabilities is its liquidation value less any unamortized debt issuance costs, which approximates its fair value. Its fair value would be considered level 2 under the fair value hierarchy.
Under the terms of a purchase agreement between the fund and the investor in the VMTPS, the fund is subject to various investment restrictions. These investment-related requirements are in various respects more restrictive than those to which the fund is otherwise subject in accordance with its investment objectives and policies. In addition, the fund is subject to certain restrictions on its investments imposed by guidelines of the rating agencies that rate the VMTPS, which guidelines may be changed by the applicable rating agency, in its sole discretion, from time to time. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the fund by the Investment Company Act of 1940 (the “1940 Act”).
The fund is required to maintain certain asset coverage with respect to the VMTPS as defined in the fund’s governing documents and the 1940 Act. One of a number of asset coverage-related requirements is that the fund is not permitted to declare or pay common share dividends unless immediately thereafter the fund has a minimum asset coverage ratio of 200% with respect to the VMTPS after deducting the amount of such common share dividends.
The 1940 Act requires that the preferred shareholders of the fund, voting as a separate class, have the right to elect at least two trustees at all times, and elect a majority of the trustees at any time when dividends on the preferred shares are unpaid for two full
Notes to Financial Statements (unaudited) - continued
years. Unless otherwise required by law or under the terms of the preferred shares, each preferred share is entitled to one vote and preferred shareholders will vote together with common shareholders as a single class.
Leverage involves risks and special considerations for the fund’s common shareholders. To the extent that investments are purchased by the fund with proceeds from the issuance of preferred shares, the fund’s net asset value will increase or decrease at a greater rate than a comparable unleveraged fund. Changes in the value of the fund’s portfolio will be borne entirely by the common shareholders. It is possible that the fund will be required to sell assets at a time when it may be disadvantageous to do so in order to redeem preferred shares to comply with asset coverage or other restrictions including those imposed by the 1940 Act and the rating agencies that rate the preferred shares. There is no assurance that the fund’s leveraging strategy will be successful.
(9) Impacts of COVID-19
The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. Multiple surges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the virus continue to create uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of the fund's investments and the fund's performance.
(10) Subsequent Event
On June 9, 2021, the Board of Trustees of the fund approved a proposal to refinance the outstanding VMTPS issued by the fund. Under the proposal, subject to the satisfaction of certain conditions, the fund would issue a new series of preferred shares in a private offering. The fund would use the proceeds from the sale of the new series of preferred shares to fund the redemption of all of its outstanding VMTPS. The VMTPS would be redeemed at the liquidation preference per share plus unpaid dividends accumulated from the original issue date up to, but excluding, the redemption date. As a result of the new preferred shares and the redemption of the outstanding VMTPS, the fund's leverage attributable to preferred shares would remain substantially unchanged.
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of MFS High Yield Municipal Trust
Results of Review of Interim Financial Statements
We have reviewed the accompanying statement of assets and liabilities of MFS High Yield Municipal Trust (the “Fund”), including the portfolio of investments, as of May 31, 2021, and the related statements of operations, changes in net assets, cash flows and financial highlights for the six-month period then ended and the related notes (collectively referred to as the “interim financial statements”). Based on our review, we are not aware of any material modifications that should be made to the interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the statement of changes in net assets for the year ended November 30, 2020 and the financial highlights for each of the five years in the period then ended; and in our report dated January 14, 2021, we expressed an unqualified opinion on those financial statements.
Basis for Review Results
These financial statements are the responsibility of the Fund's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Boston, Massachusetts
July 16, 2021
Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s Web site at http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Additional information about the fund (e.g., performance, dividends and the fund’s price history) is also available at mfs.com/closedendfunds by choosing the fund's name, if any.
INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS
The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
CONTACT US
TRANSFER AGENT, REGISTRAR, AND
DIVIDEND DISBURSING AGENT
CALL
1-800-637-2304
9 a.m. to 5 p.m. Eastern time
WRITE
Computershare Trust Company, N.A.
P.O. Box 505005
Louisville, KY 40233-5005
New York Stock Exchange Symbol: CMU
A copy of the notice transmitted to the Registrant’s shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable for semi-annual reports.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable for semi-annual reports.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable for semi-annual reports.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
A schedule of investments for MFS High Yield Municipal Trust is included as part of the report to shareholders under Item 1(a) of this Form N-CSR.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable for semi-annual reports.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Portfolio Manager(s)
Information regarding the portfolio manager(s) of the MFS High Yield Municipal Trust (the “Fund”) is set forth below. Each portfolio manager is primarily responsible for the day-to-day management of the Fund.
Jason Kosty became a portfolio manager of the Fund on March 31, 2021.
| | | | | | |
Portfolio Manager | | Primary Role | | Since | | Title and Five Year History |
| Jason Kosty | | Portfolio Manager | | March 2021 | | Investment Officer of MFS; employed in the investment area of MFS since 2003. |
| Gary Lasman | | Portfolio Manager | | 2007 | | Investment Officer of MFS; employed in the investment area of MFS since 2002. |
| Geoffrey Schechter | | Portfolio Manager | | 2007 | | Investment Officer of MFS; employed in the investment area of MFS since 1993. |
Compensation
MFS’ philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.
MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a sustainable investment process. As of December 31, 2020, portfolio manager total cash compensation is a combination of base salary and performance bonus:
Base Salary – Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.
Performance Bonus – Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.
The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter.
The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy’s investment horizon. The fixed-length time periods include the portfolio manager’s full tenure on each fund and, when available, ten-, five-, and three-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices (“benchmarks”). As of December 31, 2020, the following benchmarks were used to measure the following portfolio manager’s performance for the Fund:
| | | | |
Fund | | Portfolio Manager | | Benchmark(s) |
| MFS High Yield Municipal Trust | | Jason Kosty1 | | Bloomberg Barclays Municipal Bond Index |
| | |
| | Gary Lasman | | Bloomberg Barclays Municipal Bond Index |
| | |
| | Geoffrey Schechter | | Bloomberg Barclays Municipal Bond Index |
| 1 | Information is of March 31, 2021. |
Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.
The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management’s assessment of overall portfolio manager contribution to the MFS investment process and the client experience (distinct from fund and other account performance).
The performance bonus is generally a combination of cash and a deferred cash award. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS Fund(s) selected by the portfolio manager.
MFS Equity Plan – Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.
Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager’s compensation depends upon the length of the individual’s tenure at MFS and salary level, as well as other factors.
Ownership of Fund Shares
The following table shows the dollar range of equity securities of the Fund beneficially owned by the Fund’s portfolio manager(s) as of November 30, 2020. The following dollar ranges apply:
N. None
A. $1 – $10,000
B. $10,001 – $50,000
C. $50,001 – $100,000
D. $100,001 – $500,000
E. $500,001 – $1,000,000
F. Over $1,000,000
| | |
Name of Portfolio Manager | | Dollar Range of Equity Securities in Fund |
| Jason Kosty1 | | N |
| Gary Lasman | | N |
| Geoffrey Schechter | | N |
| 1 | Information is as of May 31, 2021. |
Other Accounts
In addition to the Fund, each portfolio manager of the Fund is named as a portfolio manager of certain other accounts managed or sub-advised by MFS or an affiliate. The number and assets of these accounts were as follows as of November 30, 2020:
| | | | | | | | | | | | | | | | | | |
| | | Registered Investment Companies* | | | Other Pooled Investment
Vehicles | | | Other Accounts | |
Name | | Number of
Accounts | | Total Assets | | | Number of
Accounts | | Total Assets | | | Number of
Accounts | | Total Assets | |
Jason Kosty1 | | 7 | | $ | 16.6 billion | | | 1 | | $ | 138.8 million | | | 1 | | $ | 256.3 million | |
Gary Lasman | | 4 | | $ | 6.7 billion | | | 0 | | | N/A | | | 0 | | | N/A | |
Geoffrey Schechter | | 14 | | $ | 24.9 billion | | | 4 | | $ | 869.7 million | | | 1 | | $ | 260.9million | |
| 1 | Information is as of May 31, 2021. |
Advisory fees are not based upon performance of any of the accounts identified in the table above.
Potential Conflicts of Interest
MFS seeks to identify potential conflicts of interest resulting from a portfolio manager’s management of both the Fund and other accounts, and has adopted policies and procedures designed to address such potential conflicts.
The management of multiple funds and accounts (including proprietary accounts) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons and fees as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Fund’s portfolio as well as for accounts of MFS or its subsidiaries with similar investment objectives. MFS’ trade allocation policies may give rise to conflicts of interest if the Fund’s orders do not get fully executed or are delayed in getting executed due to being aggregated with those of other accounts of MFS or its subsidiaries. A portfolio manager may execute transactions for another fund or account that may adversely affect the value of the Fund’s investments. Investments selected for funds or accounts other than the Fund may outperform investments selected for the Fund.
When two or more clients are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each. Allocations may be based on many factors and may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or volume of the security as far as the Fund is concerned.
MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Fund, for instance, those that pay a higher advisory fee and/or have a performance adjustment and/or include an investment by the portfolio manager.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
MFS High Yield Municipal Trust
| | | | | | | | | | | | | | | | |
Period | | (a) Total number
of Shares
Purchased | | | (b)
Average
Price
Paid per
Share | | | (c) Total
Number of
Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs | | | (d) Maximum
Number (or
Approximate
Dollar Value) of
Shares that May
Yet Be Purchased
under the Plans
or Programs | |
12/01/20-12/31/20 | | | 0 | | | | N/A | | | | 0 | | | | 2,832,531 | |
1/01/21-1/31/21 | | | 0 | | | | N/A | | | | 0 | | | | 2,832,531 | |
2/01/21-2/28/21 | | | 0 | | | | N/A | | | | 0 | | | | 2,832,531 | |
3/01/21-3/31/21 | | | 0 | | | | N/A | | | | 0 | | | | 2,832,531 | |
4/01/21-4/30/21 | | | 0 | | | | N/A | | | | 0 | | | | 2,832,531 | |
5/01/21-5/31/21 | | | 0 | | | | N/A | | | | 0 | | | | 2,832,531 | |
| | | | | | | | | | | | | | | | |
Total | | | 0 | | | | | | | | 0 | | | | | |
| | | | | | | | | | | | | | | | |
Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant’s outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2020 plan year is 2,832,531.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | Based upon their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
| (b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable for semi-annual reports.
| (a) (1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable. |
| | (2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT. |
| | (3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
| | (4) | Change in the registrant’s independent public accountant. Not applicable. |
| (b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this |
| | paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: Attached hereto as EX-99.906CERT. |
| (c) | Registrant’s Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice. |
Notice
A copy of the Agreement and Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant MFS HIGH YIELD MUNICIPAL TRUST
| | |
| By (Signature and Title)* | | /S/ DAVID L. DILORENZO |
| | David L. DiLorenzo, President |
| |
Date: July 16, 2021 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By (Signature and Title)* | | /S/ DAVID L. DILORENZO |
| | David L. DiLorenzo, President (Principal Executive Officer) |
| |
Date: July 16, 2021 | | |
| |
| By (Signature and Title)* | | /S/ JAMES O. YOST |
| | James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
| |
Date: July 16, 2021 | | |
| * | Print name and title of each signing officer under his or her signature. |
