Form N-Q MFS SERIES TRUST III For: Apr 30
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02794
MFS SERIES TRUST III
(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: January 31
Date of reporting period: April 30, 2018
| ITEM 1. | SCHEDULE OF INVESTMENTS. |
Quarterly Report
April 30, 2018
MFS® Global High Yield Fund
PORTFOLIO OF INVESTMENTS
4/30/18 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - 34.1% | ||||||||
| Aerospace - 0.4% | ||||||||
| TA Manufacturing Ltd., 3.625%, 4/15/2023 | EUR | 1,225,000 | $ | 1,505,161 | ||||
| Apparel Manufacturers - 0.2% | ||||||||
| PVH Corp., 3.125%, 12/15/2027 (n) | EUR | 720,000 | $ | 860,911 | ||||
| Asset-Backed & Securitized - 0.0% | ||||||||
| Lehman Brothers Commercial Conduit Mortgage Trust, 1.121%, 2/18/2030 (i) | $ | 30,261 | $ | 1 | ||||
| Morgan Stanley Capital I, Inc., 1.493%, 4/28/2039 (i)(z) | 297,747 | 447 | ||||||
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|||||||
| $ | 448 | |||||||
| Automotive - 2.6% | ||||||||
| Aston Martin Capital Holdings Ltd., 6.5%, 4/15/2022 (n) | $ | 1,455,000 | $ | 1,512,764 | ||||
| IHO Verwaltungs GmbH, 3.75%, 9/15/2026 | EUR | 1,200,000 | 1,521,576 | |||||
| Jaguar Land Rover Automotive PLC, 3.875%, 3/01/2023 | GBP | 1,105,000 | 1,528,029 | |||||
| Jaguar Land Rover PLC, 4.5%, 10/01/2027 (n) | $ | 2,475,000 | 2,227,500 | |||||
| LKQ European Holdings B.V., 3.625%, 4/01/2026 (n) | EUR | 350,000 | 422,103 | |||||
| LKQ Italia Bondco S.p.A., 3.875%, 4/01/2024 | EUR | 1,055,000 | 1,344,089 | |||||
| Schaeffler Finance B.V., 3.25%, 5/15/2025 | EUR | 905,000 | 1,165,095 | |||||
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|||||||
| $ | 9,721,156 | |||||||
| Broadcasting - 0.6% | ||||||||
| United Group B.V., 4.375%, 7/01/2022 | EUR | 285,000 | $ | 351,914 | ||||
| United Group B.V., 4.375%, 7/01/2022 (n) | EUR | 1,027,000 | 1,268,123 | |||||
| WMG Acquisition Corp., 4.125%, 11/01/2024 | EUR | 550,000 | 697,323 | |||||
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| $ | 2,317,360 | |||||||
| Building - 1.6% | ||||||||
| Elementia S.A. de C.V., 5.5%, 1/15/2025 (n) | $ | 1,464,000 | $ | 1,445,700 | ||||
| Grupo Cementos de Chihuahua S.A.B. de C.V., 5.25%, 6/23/2024 (n) | 1,355,000 | 1,338,063 | ||||||
| Titan Global Finance PLC, 4.25%, 7/10/2019 | EUR | 1,125,000 | 1,408,232 | |||||
| Titan Global Finance PLC, 3.5%, 6/17/2021 | EUR | 365,000 | 463,201 | |||||
| Union Andina de Cementos S.A.A., 5.875%, 10/30/2021 (n) | $ | 1,461,000 | 1,506,656 | |||||
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|||||||
| $ | 6,161,852 | |||||||
| Business Services - 0.3% | ||||||||
| Worldpay Finance PLC, 3.75%, 11/15/2022 | EUR | 1,019,000 | $ | 1,326,394 | ||||
| Cable TV - 2.3% | ||||||||
| Altice Financing S.A., 7.5%, 5/15/2026 (n) | $ | 945,000 | $ | 930,825 | ||||
| Unitymedia Hessen NRW GmbH, 6.25%, 1/15/2029 | EUR | 1,695,000 | 2,323,211 | |||||
| Unitymedia KabelBW GmbH, 6.125%, 1/15/2025 (n) | $ | 200,000 | 210,000 | |||||
| Videotron Ltd., 5.375%, 6/15/2024 (n) | 1,590,000 | 1,633,725 | ||||||
| Virgin Media Secured Finance PLC, 5.25%, 1/15/2026 (n) | 485,000 | 461,963 | ||||||
| VTR Finance B.V., 6.875%, 1/15/2024 (n) | 1,620,000 | 1,675,096 | ||||||
| Ziggo Bond Co. B.V., 3.75%, 1/15/2025 | EUR | 900,000 | 1,101,784 | |||||
| Ziggo Bond Finance B.V., 5.875%, 1/15/2025 (n) | $ | 265,000 | 250,425 | |||||
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|||||||
| $ | 8,587,029 | |||||||
| Chemicals - 1.8% | ||||||||
| Axalta Coating Systems Dutch Holding B.V., 3.75%, 1/15/2025 | EUR | 1,435,000 | $ | 1,823,506 | ||||
| Consolidated Energy Finance S.A., 6.875%, 6/15/2025 (n) | $ | 1,664,000 | 1,730,560 | |||||
| K&S AG, 2.625%, 4/06/2023 | EUR | 790,000 | 998,041 | |||||
1
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Chemicals - continued | ||||||||
| OCI N.V., 5%, 4/15/2023 (n) | EUR | 500,000 | $ | 613,636 | ||||
| SPCM S.A., 2.875%, 6/15/2023 | EUR | 1,367,000 | 1,675,109 | |||||
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| $ | 6,840,852 | |||||||
| Conglomerates - 0.8% | ||||||||
| Colfax Corp., 3.25%, 5/15/2025 | EUR | 1,325,000 | $ | 1,614,791 | ||||
| Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | $ | 1,355,000 | 1,325,204 | |||||
|
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|||||||
| $ | 2,939,995 | |||||||
| Construction - 0.2% | ||||||||
| Empresas ICA S.A.B. de C.V., 8.375%, 7/24/2018 (a)(d) | $ | 291,000 | $ | 40,740 | ||||
| Empresas ICA S.A.B. de C.V., 8.375%, 7/24/2018 (a)(d)(n) | 150,000 | 21,000 | ||||||
| Empresas ICA S.A.B. de C.V., 8.875%, 5/29/2024 (a)(d)(n) | 915,000 | 137,250 | ||||||
| Empresas ICA Sociedad Controladora S.A.B. de C.V., 8.9%, 2/04/2021 (a)(d) | 1,639,000 | 254,865 | ||||||
| Mattamy Group Corp., 6.5%, 10/01/2025 (n) | 415,000 | 413,963 | ||||||
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| $ | 867,818 | |||||||
| Consumer Products - 0.3% | ||||||||
| Coty, Inc., 4.75%, 4/15/2026 (n) | EUR | 870,000 | $ | 1,050,593 | ||||
| Containers - 0.4% | ||||||||
| San Miguel Industrias PET S.A., 4.5%, 9/18/2022 (n) | $ | 1,359,000 | $ | 1,345,410 | ||||
| Emerging Market Quasi-Sovereign - 2.1% | ||||||||
| KazAgro National Management Holding, 4.625%, 5/24/2023 | $ | 1,400,000 | $ | 1,368,500 | ||||
| KazMunayGas National Co. JSC, 4.75%, 4/24/2025 (z) | 1,190,000 | 1,186,316 | ||||||
| Petrobras Global Finance B.V., 6.25%, 3/17/2024 | 1,080,000 | 1,136,160 | ||||||
| Petrobras Global Finance B.V., 5.299%, 1/27/2025 (n) | 813,000 | 799,586 | ||||||
| Petrobras Global Finance B.V., 5.999%, 1/27/2028 (n) | 1,413,000 | 1,377,463 | ||||||
| Petrobras Global Finance B.V., 5.75%, 2/01/2029 | 75,000 | 71,175 | ||||||
| Petrobras International Finance Co., 6.75%, 1/27/2041 | 705,000 | 669,045 | ||||||
| Southern Gas Corridor CJSC, 6.875%, 3/24/2026 (n) | 1,272,000 | 1,389,660 | ||||||
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| $ | 7,997,905 | |||||||
| Emerging Market Sovereign - 1.0% | ||||||||
| Government of Ukraine, 7.75%, 9/01/2024 | $ | 853,000 | $ | 850,868 | ||||
| Government of Ukraine, 7.375%, 9/25/2032 (n) | 500,000 | 461,350 | ||||||
| Republic of Argentina, 5.875%, 1/11/2028 | 1,413,000 | 1,294,308 | ||||||
| Republic of South Africa, 4.875%, 4/14/2026 | 1,185,000 | 1,163,864 | ||||||
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| $ | 3,770,390 | |||||||
| Energy - Independent - 0.0% | ||||||||
| Afren PLC, 6.625%, 12/09/2020 (a)(d)(z) | $ | 528,000 | $ | 1,320 | ||||
| Afren PLC, 11.5%, 2/01/2019 (a)(d)(z) | 1,000,000 | 2,500 | ||||||
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| $ | 3,820 | |||||||
| Energy - Integrated - 0.3% | ||||||||
| Inkia Energy Ltd., 5.875%, 11/09/2027 (n) | $ | 999,000 | $ | 954,045 | ||||
| Financial Institutions - 1.1% | ||||||||
| Arrow Global Finance PLC, 5.125%, 9/15/2024 | GBP | 1,305,000 | $ | 1,787,409 | ||||
| Intrum Justitia AB, 3.125%, 7/15/2024 | EUR | 1,350,000 | 1,599,513 | |||||
| Park Aerospace Holdings Ltd., 5.5%, 2/15/2024 (n) | $ | 870,000 | 844,988 | |||||
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| $ | 4,231,910 | |||||||
2
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Food & Beverages - 1.5% | ||||||||
| Central American Bottling Corp., 5.75%, 1/31/2027 (n) | $ | 1,575,000 | $ | 1,613,425 | ||||
| Cott Holdings, Inc., 5.5%, 4/01/2025 (n) | 570,000 | 565,725 | ||||||
| Grupo Bimbo S.A.B. de C.V., 5.95%, 12/31/2049 (z) | 674,000 | 674,607 | ||||||
| JBS Investments GmbH, 7.75%, 10/28/2020 (n) | 979,000 | 994,919 | ||||||
| MARB BondCo PLC, 7%, 3/15/2024 (n) | 997,000 | 953,391 | ||||||
| MARB BondCo PLC, 6.875%, 1/19/2025 (n) | 876,000 | 823,440 | ||||||
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| $ | 5,625,507 | |||||||
| Gaming & Lodging - 1.2% | ||||||||
| Cirsa Funding Luxembourg S.A., 5.875%, 5/15/2023 | EUR | 1,350,000 | $ | 1,679,526 | ||||
| Great Canadian Gaming Corp., 6.625%, 7/25/2022 (n) | CAD | 1,375,000 | 1,103,041 | |||||
| Scientific Games International, Inc., 5.5%, 2/15/2026 (n) | EUR | 1,095,000 | 1,264,470 | |||||
| Wynn Macau Ltd., 4.875%, 10/01/2024 (n) | $ | 655,000 | 641,900 | |||||
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| $ | 4,688,937 | |||||||
| Industrial - 0.4% | ||||||||
| Platin 1426 GmbH, 5.375%, 6/15/2023 (n) | EUR | 1,210,000 | $ | 1,448,849 | ||||
| International Market Quasi-Sovereign - 0.4% | ||||||||
| Electricite de France S.A., 5.375% to 1/29/2025, FLR to 12/31/2049 | EUR | 1,100,000 | $ | 1,472,883 | ||||
| Machinery & Tools - 0.2% | ||||||||
| Ashtead Capital, Inc., 5.625%, 10/01/2024 (n) | $ | 620,000 | $ | 638,600 | ||||
| Major Banks - 1.3% | ||||||||
| Barclays PLC, 8% to 12/15/2020, FLR to 12/31/2049 | EUR | 1,445,000 | $ | 2,006,632 | ||||
| Royal Bank of Scotland Group PLC, 6%, 12/19/2023 | $ | 1,850,000 | 1,964,887 | |||||
| UBS Group AG, 6.875% to 8/07/2025, FLR to 12/31/2049 | 710,000 | 747,275 | ||||||
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| $ | 4,718,794 | |||||||
| Medical & Health Technology & Services - 0.2% | ||||||||
| IQVIA Holdings, Inc., 3.25%, 3/15/2025 | EUR | 645,000 | $ | 790,593 | ||||
| Metals & Mining - 1.2% | ||||||||
| Bluescope Steel Finance Ltd./Bluescope Steel, 6.5%, 5/15/2021 (n) | $ | 494,000 | $ | 510,055 | ||||
| First Quantum Minerals Ltd., 6.875%, 3/01/2026 (n) | 375,000 | 356,250 | ||||||
| First Quantum Minerals Ltd., 7.25%, 4/01/2023 (n) | 200,000 | 199,460 | ||||||
| Freeport-McMoRan, Inc., 6.875%, 2/15/2023 | 205,000 | 219,863 | ||||||
| KME AG, 6.75%, 2/01/2023 (n) | EUR | 1,090,000 | 1,335,936 | |||||
| Lundin Mining Corp., 7.875%, 11/01/2022 (n) | $ | 150,000 | 157,452 | |||||
| Northwest Acquisitions ULC/Dominion Finco, Inc., 7.125%, 11/01/2022 (n) | 500,000 | 509,150 | ||||||
| Petra Diamonds U.S. Treasury PLC, 7.25%, 5/01/2022 (n) | 1,315,000 | 1,314,343 | ||||||
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| $ | 4,602,509 | |||||||
| Network & Telecom - 0.6% | ||||||||
| Telecom Italia S.p.A., 5.303%, 5/30/2024 (n) | $ | 2,240,000 | $ | 2,281,440 | ||||
| Oil Services - 0.3% | ||||||||
| Shelf Drill Holdings Ltd., 8.25%, 2/15/2025 (n) | $ | 1,000,000 | $ | 1,015,000 | ||||
| Other Banks & Diversified Financials - 0.7% | ||||||||
| Banco BTG Pactual Luxembourg S.A., 5.5%, 1/31/2023 (n) | $ | 634,000 | $ | 618,150 | ||||
| Banco Votorantim S.A., 8.25% to 12/7/2022, FLR to 12/31/2049 (n) | 472,000 | 476,577 | ||||||
| Kazkommertsbank JSC, 5.5%, 12/21/2022 | 1,400,000 | 1,395,352 | ||||||
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| $ | 2,490,079 | |||||||
3
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Pharmaceuticals - 0.9% | ||||||||
| Catalent Pharma Solutions, Inc., 4.75%, 12/15/2024 | EUR | 1,095,000 | $ | 1,387,712 | ||||
| Grifols S.A., 3.2%, 5/01/2025 | EUR | 1,680,000 | 2,043,984 | |||||
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| $ | 3,431,696 | |||||||
| Pollution Control - 0.5% | ||||||||
| Aegea Finance, 5.75%, 10/10/2024 (n) | $ | 1,104,000 | $ | 1,090,200 | ||||
| Paprec Holding S.A., 4%, 3/31/2025 (n) | EUR | 790,000 | 964,737 | |||||
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| $ | 2,054,937 | |||||||
| Restaurants - 0.4% | ||||||||
| Stonegate Pub Co. Financing PLC, 4.875%, 3/15/2022 | GBP | 1,085,000 | $ | 1,479,529 | ||||
| Retailers - 1.0% | ||||||||
| 3AB Optique Developpement S.A.S, 4%, 10/01/2023 | EUR | 1,100,000 | $ | 1,248,694 | ||||
| Dufry Finance S.C.A., 4.5%, 8/01/2023 | EUR | 1,080,000 | 1,358,307 | |||||
| Maxeda DIY Holding B.V., 6.125%, 7/15/2022 | EUR | 949,000 | 1,080,117 | |||||
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| $ | 3,687,118 | |||||||
| Supermarkets - 0.9% | ||||||||
| Eurotorg LLC (Bonitron DAC), 8.75%, 10/30/2022 (n) | $ | 1,347,000 | $ | 1,361,925 | ||||
| Tesco PLC, 6.15%, 11/15/2037 (n) | 1,770,000 | 1,894,504 | ||||||
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| $ | 3,256,429 | |||||||
| Telecommunications - Wireless - 1.2% | ||||||||
| Altice Luxembourg S.A., 7.75%, 5/15/2022 (n) | $ | 790,000 | $ | 754,450 | ||||
| Digicel Group Ltd., 6.75%, 3/01/2023 (n) | 400,000 | 365,576 | ||||||
| Digicel Group Ltd., 6.75%, 3/01/2023 | 341,000 | 311,654 | ||||||
| Millicom International Cellular S.A., 5.125%, 1/15/2028 (n) | 1,686,000 | 1,589,055 | ||||||
| Wind Tre S.p.A., 3.125%, 1/20/2025 | EUR | 1,410,000 | 1,499,071 | |||||
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| $ | 4,519,806 | |||||||
| Transportation - Services - 2.4% | ||||||||
| Europcar Groupe S.A., 5.75%, 6/15/2022 | EUR | 1,080,000 | $ | 1,347,899 | ||||
| Heathrow Finance PLC, 3.875%, 3/01/2027 | GBP | 1,240,000 | 1,636,811 | |||||
| JSL Europe S.A., 7.75%, 7/26/2024 (n) | $ | 1,497,000 | 1,508,228 | |||||
| Navios South American Logistics, Inc., 7.25%, 5/01/2022 | 335,000 | 321,600 | ||||||
| Navios South American Logistics, Inc./Navios Logistics Finance (U.S.), Inc., 7.25%, 5/01/2022 (n) | 990,000 | 950,400 | ||||||
| Rumo Luxembourg S.à r.l., 5.875%, 1/18/2025 (n) | 463,000 | 452,004 | ||||||
| Rumo Luxembourg S.à r.l., “A”, 7.375%, 2/09/2024 (n) | 1,580,000 | 1,677,170 | ||||||
| Topaz Marine S.A., 9.125%, 7/26/2022 | 444,000 | 457,711 | ||||||
| Topaz Marine S.A., 9.125%, 7/26/2022 (n) | 518,000 | 533,996 | ||||||
|
|
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| $ | 8,885,819 | |||||||
| Utilities - Electric Power - 2.8% | ||||||||
| Azure Power Energy Ltd., 5.5%, 11/03/2022 (n) | $ | 1,050,000 | $ | 1,026,480 | ||||
| Drax Finco PLC, 6.625%, 11/01/2025 (z) | 590,000 | 592,950 | ||||||
| Genneia S.A., 8.75%, 1/20/2022 | 1,084,000 | 1,163,945 | ||||||
| Genneia S.A., 8.75%, 1/20/2022 (n) | 736,000 | 790,280 | ||||||
| Greenko Dutch B.V., 5.25%, 7/24/2024 (n) | 1,749,000 | 1,687,785 | ||||||
| Light S.A., 7.25%, 5/03/2023 (z) | 946,000 | 953,095 | ||||||
| MSU Energy Group (Rio Energy S.A./UGEN S.A./Uensa S.A.), 6.875%, 2/01/2025 (n) | 661,000 | 644,475 | ||||||
| Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (z) | 1,200,000 | 1,199,971 | ||||||
| Stoneway Capital Corp., 10%, 3/01/2027 (n) | 1,592,000 | 1,695,942 | ||||||
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 886,000 | 897,075 | ||||||
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| $ | 10,651,998 | |||||||
| Total Bonds | $ | 128,223,572 | ||||||
4
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Common Stocks - 0.1% | ||||||||
| Energy - Independent - 0.1% | ||||||||
| Frontera Energy Corp. (a) | 13,255 | $ | 408,451 | |||||
| Investment Companies (h) - 65.3% | ||||||||
| Bond Funds - 63.1% | ||||||||
| MFS High Yield Pooled Portfolio (v) | 26,132,555 | $ | 237,283,597 | |||||
| Money Market Funds - 2.2% | ||||||||
| MFS Institutional Money Market Portfolio, 1.78% (v) | 8,316,484 | $ | 8,315,652 | |||||
| Total Investment Companies | $ | 245,599,249 | ||||||
| Other Assets, Less Liabilities - 0.5% | 2,019,607 | |||||||
| Net Assets - 100.0% | $ | 376,250,879 | ||||||
| (a) | Non-income producing security. |
| (d) | In default. |
| (h) | 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. At period end, the aggregate values of the fund’s investments in affiliated issuers and in unaffiliated issuers were $245,599,249 and $128,632,023, 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 $66,914,417, representing 17.8% of net assets. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (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 | |||||||||
| Afren PLC, 6.625%, 12/09/2020 | 11/20/15 | $515,241 | $1,320 | |||||||||
| Afren PLC, 11.5%, 2/01/2019 | 11/20/15 | 986,320 | 2,500 | |||||||||
| Drax Finco PLC, 6.625%, 11/01/2025 | 4/12/18 | 592,746 | 592,950 | |||||||||
| Grupo Bimbo S.A.B. de C.V., 5.95%, 12/31/2049 | 4/12/18 | 674,000 | 674,607 | |||||||||
| KazMunayGas National Co. JSC, 4.75%, 4/24/2025 | 4/17/18 | 1,190,000 | 1,186,316 | |||||||||
| Light S.A., 7.25%, 5/03/2023 | 4/25/18 | 941,128 | 953,095 | |||||||||
| Morgan Stanley Capital I, Inc., 1.493%, 4/28/2039 | 7/20/04 | 2 | 447 | |||||||||
| Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | 4/17/18 | 1,200,000 | 1,199,971 | |||||||||
| Total Restricted Securities | $4,611,206 | |||||||||||
| % of Net assets | 1.2% | |||||||||||
The following abbreviations are used in this report and are defined:
| CJSC | Closed Joint Stock Company | |
| FLR | Floating rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. | |
| JSC | Joint Stock Company | |
| PLC | Public Limited Company |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
| CAD | Canadian Dollar | |
| EUR | Euro | |
| GBP | British Pound |
5
Portfolio of Investments (unaudited) – continued
Derivative Contracts at 4/30/18
Forward Foreign Currency Exchange Contracts
| Currency Purchased |
Currency Sold |
Counterparty | Settlement Date |
Unrealized (Depreciation) |
||||||||||||||||
| Asset Derivatives | ||||||||||||||||||||
| USD | 1,005,063 | EUR | 817,662 | Barclays PLC | 5/25/2018 | $15,939 | ||||||||||||||
| USD | 1,072,923 | EUR | 870,000 | Brown Brothers Harriman | 5/25/2018 | 20,488 | ||||||||||||||
| USD | 630,850 | EUR | 508,000 | Citibank N.A. | 5/25/2018 | 16,324 | ||||||||||||||
| USD | 498,928 | EUR | 403,978 | Deutsche Bank AG | 5/25/2018 | 10,238 | ||||||||||||||
| USD | 8,785,789 | GBP | 6,158,681 | Deutsche Bank AG | 5/25/2018 | 297,778 | ||||||||||||||
| USD | 50,828,019 | EUR | 40,926,596 | JPMorgan Chase Bank | 5/25/2018 | 1,319,276 | ||||||||||||||
|
|
|
|||||||||||||||||||
| $1,680,043 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Currency Purchased |
Currency Sold |
Counterparty | Settlement Date |
Unrealized Appreciation |
||||||||||||||||
| Liability Derivatives | ||||||||||||||||||||
| EUR | 944,000 | USD | 1,159,024 | BNP Paribas SA | 5/25/2018 | $(17,071 | ) | |||||||||||||
| EUR | 705,873 | USD | 871,107 | Citibank N.A. | 5/25/2018 | (17,215 | ) | |||||||||||||
| EUR | 504,238 | USD | 624,003 | Deutsche Bank AG | 6/8/2018 | (13,344 | ) | |||||||||||||
| EUR | 1,909,499 | USD | 2,364,827 | Goldman Sachs | 5/25/2018 | (54,913 | ) | |||||||||||||
| GBP | 1,189,048 | USD | 1,694,849 | Deutsche Bank AG | 5/25/2018 | (56,080 | ) | |||||||||||||
| USD | 1,066,896 | CAD | 1,375,000 | Brown Brothers Harriman | 5/25/2018 | (4,529 | ) | |||||||||||||
|
|
|
|||||||||||||||||||
| $(163,152 | ) | |||||||||||||||||||
|
|
|
|||||||||||||||||||
Futures Contracts
| Description | Long/ Short |
Currency | Contracts | Notional Amount |
Expiration Date |
Value/Unrealized Appreciation (Depreciation) |
||||||||||||||||
| Asset Derivatives | ||||||||||||||||||||||
| Interest Rate Futures | ||||||||||||||||||||||
| U.S. Treasury Note 10 yr |
Short | USD | 49 | $5,861,625 | June - 2018 | $ | 24,004 | |||||||||||||||
|
|
|
|||||||||||||||||||||
At April 30, 2018, the fund had cash collateral of $44,100 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
6
Supplemental Information
4/30/18 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services – Investment Companies.
(1) Investment Valuations
The investments of the fund and the MFS High Yield Pooled Portfolio are valued as described below.
Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. 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. Values obtained from 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 values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
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 halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments.
7
Supplemental Information (unaudited) – continued
Other financial instruments are derivative instruments, such as futures contracts and forward foreign currency exchange contracts. The following is a summary of the levels used as of April 30, 2018 in valuing the fund’s assets or liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Equity Securities | $408,451 | $— | $— | $408,451 | ||||||||||||
| Non-U.S. Sovereign Debt | — | 13,241,177 | — | 13,241,177 | ||||||||||||
| U.S. Corporate Bonds | — | 13,490,265 | — | 13,490,265 | ||||||||||||
| Commercial Mortgage-Backed Securities | — | 448 | — | 448 | ||||||||||||
| Foreign Bonds | — | 101,491,682 | — | 101,491,682 | ||||||||||||
| Mutual Funds | 245,599,249 | — | — | 245,599,249 | ||||||||||||
| Total | $246,007,700 | $128,223,572 | $— | $374,231,272 | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts – Assets | $24,004 | $— | $— | $24,004 | ||||||||||||
| Forward Foreign Currency Exchange Contracts – Assets | — | 1,680,043 | — | 1,680,043 | ||||||||||||
| Forward Foreign Currency Exchange Contracts – Liabilities | — | (163,152 | ) | — | (163,152 | ) | ||||||||||
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers:
| Affiliated Issuers | Beginning Shares/Par Amount |
Acquisitions Shares/Par Amount |
Dispositions Shares/Par Amount |
Ending Shares/Par Amount |
||||||||||||||||
| MFS High Yield Pooled Portfolio | 26,769,063 | 450,573 | (1,087,081 | ) | 26,132,555 | |||||||||||||||
| MFS Institutional Money Market Portfolio | 7,285,502 | 21,689,945 | (20,658,963 | ) | 8,316,484 | |||||||||||||||
| Affiliated Issuers | Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Capital Gain Distributions |
Dividend Income |
Ending Value |
|||||||||||||||
| MFS High Yield Pooled Portfolio | $(330,784 | ) | $(5,795,801 | ) | $— | $3,447,058 | $237,283,597 | |||||||||||||
| MFS Institutional Money Market Portfolio | (389 | ) | 163 | — | 31,008 | 8,315,652 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $(331,173 | ) | $(5,795,638 | ) | $— | $3,478,066 | $245,599,249 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(3) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of April 30, 2018 are as follows:
| United States | 58.9% | |||
| United Kingdom | 6.0% | |||
| Canada | 4.1% | |||
| Brazil | 3.9% | |||
| Germany | 2.9% | |||
| France | 2.1% | |||
| Netherlands | 2.0% | |||
| Luxembourg | 1.6% | |||
| Argentina | 1.5% | |||
| Other Countries | 17.0% |
This issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable. Percentages reflect exposure to the underlying fund holdings including cash & cash equivalents.
8
Quarterly Report
April 30, 2018
MFS® High Income Fund
PORTFOLIO OF INVESTMENTS
4/30/18 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - 94.7% | ||||||||
| Aerospace - 1.8% | ||||||||
| Dae Funding LLC, 5%, 8/01/2024 (n) | $ | 8,770,000 | $ | 8,452,526 | ||||
| KLX, Inc., 5.875%, 12/01/2022 (n) | 7,365,000 | 7,687,219 | ||||||
| TransDigm, Inc., 6%, 7/15/2022 | 1,845,000 | 1,868,063 | ||||||
| TransDigm, Inc., 6.5%, 7/15/2024 | 4,015,000 | 4,082,753 | ||||||
| TransDigm, Inc., 6.375%, 6/15/2026 | 4,610,000 | 4,633,050 | ||||||
|
|
|
|||||||
| $ | 26,723,611 | |||||||
| Asset-Backed & Securitized - 0.0% | ||||||||
| CW Capital Cobalt Commercial Mortgage Trust, CDO, “F”, FLR, 3.66% (0% cash or 3.05% PIK), (LIBOR-3mo. + 1.3%), 4/26/2050 (a)(p)(z) | $ | 707,326 | $ | 71 | ||||
| CW Capital Cobalt Commercial Mortgage Trust, CDO, “G”, FLR, 3.86% (0% cash or 3.25% PIK), (LIBOR-3mo. + 1.5%), 4/26/2050 (a)(p)(z) | 2,228,381 | 223 | ||||||
| Lehman Brothers Commercial Conduit Mortgage Trust, 1.121%, 2/18/2030 (i) | 206,171 | 5 | ||||||
| Morgan Stanley Capital I, Inc., 1.493%, 4/28/2039 (i)(z) | 1,419,555 | 2,129 | ||||||
|
|
|
|||||||
| $ | 2,428 | |||||||
| Automotive - 1.2% | ||||||||
| Allison Transmission, Inc., 5%, 10/01/2024 (n) | $ | 10,828,000 | $ | 10,635,262 | ||||
| IHO Verwaltungs GmbH, 4.75% (4.75% cash or 5.5% PIK) 9/15/2026 (n)(p) | 7,240,000 | 6,932,300 | ||||||
|
|
|
|||||||
| $ | 17,567,562 | |||||||
| Broadcasting - 3.6% | ||||||||
| Liberty Media Corp. - Liberty Formula One, 8.5%, 7/15/2029 | $ | 5,450,000 | $ | 5,872,375 | ||||
| Liberty Media Corp. - Liberty Formula One, 8.25%, 2/01/2030 | 2,280,000 | 2,451,000 | ||||||
| Match Group, Inc., 6.375%, 6/01/2024 | 6,560,000 | 6,920,800 | ||||||
| Meredith Corp., 6.875%, 2/01/2026 (n) | 6,020,000 | 6,087,424 | ||||||
| Netflix, Inc., 5.875%, 2/15/2025 | 3,680,000 | 3,780,060 | ||||||
| Netflix, Inc., 4.375%, 11/15/2026 | 2,735,000 | 2,556,377 | ||||||
| Netflix, Inc., 3.625%, 5/15/2027 | EUR | 2,835,000 | 3,401,937 | |||||
| Netflix, Inc., 4.875%, 4/15/2028 (n) | $ | 1,600,000 | 1,510,000 | |||||
| Netflix, Inc., 5.875%, 11/15/2028 (n) | 6,340,000 | 6,324,150 | ||||||
| Sinclair Television Group Co., 5.125%, 2/15/2027 (n) | 7,975,000 | 7,396,813 | ||||||
| WMG Acquisition Corp., 5%, 8/01/2023 (n) | 1,780,000 | 1,768,875 | ||||||
| WMG Acquisition Corp., 4.875%, 11/01/2024 (n) | 6,050,000 | 5,929,000 | ||||||
| WMG Acquisition Corp., 5.5%, 4/15/2026 (n) | 1,090,000 | 1,095,450 | ||||||
|
|
|
|||||||
| $ | 55,094,261 | |||||||
| Building - 4.0% | ||||||||
| ABC Supply Co., Inc., 5.75%, 12/15/2023 (n) | $ | 6,775,000 | $ | 6,984,686 | ||||
| Beacon Escrow Corp., 4.875%, 11/01/2025 (n) | 3,930,000 | 3,713,850 | ||||||
| Beacon Roofing Supply, Inc., 6.375%, 10/01/2023 | 6,270,000 | 6,567,825 | ||||||
| Gibraltar Industries, Inc., 6.25%, 2/01/2021 | 4,755,000 | 4,830,605 | ||||||
| James Hardie International Finance Ltd., 4.75%, 1/15/2025 (n) | 1,115,000 | 1,087,125 | ||||||
| James Hardie International Finance Ltd., 5%, 1/15/2028 (n) | 5,035,000 | 4,883,950 | ||||||
| New Enterprise Stone & Lime Co., Inc., 10.125%, 4/01/2022 (n) | 6,150,000 | 6,549,750 | ||||||
| New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/2026 (n) | 3,888,000 | 3,936,600 | ||||||
| PriSo Acquisition Corp., 9%, 5/15/2023 (n) | 4,860,000 | 5,078,700 | ||||||
| Standard Industries, Inc., 5.375%, 11/15/2024 (n) | 5,370,000 | 5,440,481 | ||||||
| Standard Industries, Inc., 6%, 10/15/2025 (n) | 5,745,000 | 5,960,438 | ||||||
| Summit Materials LLC/Summit Materials Finance Co., 6.125%, 7/15/2023 | 6,535,000 | 6,680,077 | ||||||
|
|
|
|||||||
| $ | 61,714,087 | |||||||
1
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Business Services - 4.1% | ||||||||
| Alliance Data Systems Corp., 5.875%, 11/01/2021 (n) | $ | 6,170,000 | $ | 6,277,975 | ||||
| Alliance Data Systems Corp., 5.375%, 8/01/2022 (n) | 2,975,000 | 2,989,875 | ||||||
| Ascend Learning LLC, 6.875%, 8/01/2025 (n) | 4,465,000 | 4,543,138 | ||||||
| CDK Global, Inc., 4.875%, 6/01/2027 | 9,680,000 | 9,365,400 | ||||||
| Equinix, Inc., 5.375%, 1/01/2022 | 1,620,000 | 1,670,625 | ||||||
| Equinix, Inc., 5.375%, 4/01/2023 | 3,135,000 | 3,221,213 | ||||||
| Equinix, Inc., 5.75%, 1/01/2025 | 2,025,000 | 2,100,938 | ||||||
| Equinix, Inc., 5.875%, 1/15/2026 | 3,720,000 | 3,850,200 | ||||||
| First Data Corp., 5%, 1/15/2024 (n) | 11,220,000 | 11,304,150 | ||||||
| MSCI, Inc., 4.75%, 8/01/2026 (n) | 6,075,000 | 6,019,414 | ||||||
| Travelport Worldwide Ltd., 6%, 3/15/2026 (n) | 5,830,000 | 5,961,175 | ||||||
| Vantiv LLC/Vantiv Issuer Corp., 4.375%, 11/15/2025 (n) | 6,045,000 | 5,772,975 | ||||||
|
|
|
|||||||
| $ | 63,077,078 | |||||||
| Cable TV - 7.5% | ||||||||
| Altice Financing S.A., 6.625%, 2/15/2023 (n) | $ | 6,725,000 | $ | 6,725,000 | ||||
| Altice Financing S.A., 7.5%, 5/15/2026 (n) | 2,260,000 | 2,226,100 | ||||||
| Altice U.S. Finance I Corp., 5.5%, 5/15/2026 (n) | 4,745,000 | 4,638,238 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023 (n) | 6,065,000 | 6,093,506 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 1/15/2024 | 10,830,000 | 10,931,802 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025 (n) | 2,185,000 | 2,148,128 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 2/15/2026 (n) | 5,490,000 | 5,448,825 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027 (n) | 2,655,000 | 2,595,263 | ||||||
| CSC Holdings LLC, 5.5%, 4/15/2027 (n) | 9,315,000 | 8,940,537 | ||||||
| DISH DBS Corp., 5%, 3/15/2023 | 1,995,000 | 1,728,169 | ||||||
| DISH DBS Corp., 5.875%, 11/15/2024 | 2,670,000 | 2,272,838 | ||||||
| Intelsat Jackson Holdings S.A., 5.5%, 8/01/2023 | 4,050,000 | 3,402,000 | ||||||
| Intelsat Jackson Holdings S.A., 8%, 2/15/2024 (n) | 1,215,000 | 1,283,344 | ||||||
| Lynx II Corp., 6.375%, 4/15/2023 (n) | 2,635,000 | 2,654,763 | ||||||
| Sirius XM Radio, Inc., 4.625%, 5/15/2023 (n) | 2,750,000 | 2,715,625 | ||||||
| Sirius XM Radio, Inc., 6%, 7/15/2024 (n) | 8,125,000 | 8,350,063 | ||||||
| Sirius XM Radio, Inc., 5.375%, 4/15/2025 (n) | 2,785,000 | 2,771,075 | ||||||
| Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n) | 7,800,000 | 7,449,000 | ||||||
| Unitymedia KabelBW GmbH, 6.125%, 1/15/2025 (n) | 7,195,000 | 7,554,750 | ||||||
| Videotron Ltd., 5.375%, 6/15/2024 (n) | 1,535,000 | 1,577,213 | ||||||
| Videotron Ltd., 5.125%, 4/15/2027 (n) | 9,755,000 | 9,559,900 | ||||||
| Virgin Media Finance PLC, 5.75%, 1/15/2025 (n) | 1,125,000 | 1,065,938 | ||||||
| Virgin Media Secured Finance PLC, 5.25%, 1/15/2026 (n) | 6,210,000 | 5,915,025 | ||||||
| Ziggo Bond Finance B.V., 5.875%, 1/15/2025 (n) | 7,210,000 | 6,813,450 | ||||||
|
|
|
|||||||
| $ | 114,860,552 | |||||||
| Chemicals - 2.0% | ||||||||
| Axalta Coating Systems Co., 4.875%, 8/15/2024 (n) | $ | 6,320,000 | $ | 6,367,400 | ||||
| Consolidated Energy Finance S.A., 6.875%, 6/15/2025 (n) | 4,769,000 | 4,959,760 | ||||||
| OCI N.V., 6.625%, 4/15/2023 (n) | 5,935,000 | 6,018,090 | ||||||
| PolyOne Corp., 5.25%, 3/15/2023 | 5,675,000 | 5,809,781 | ||||||
| SPCM S.A., 4.875%, 9/15/2025 (n) | 7,915,000 | 7,665,282 | ||||||
|
|
|
|||||||
| $ | 30,820,313 | |||||||
| Computer Software - 1.2% | ||||||||
| Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, 6/15/2026 (n) | $ | 3,320,000 | $ | 3,521,001 | ||||
| Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.875%, 6/15/2021 (n) | 5,440,000 | 5,596,862 | ||||||
| VeriSign, Inc., 4.625%, 5/01/2023 | 4,975,000 | 4,987,438 | ||||||
| VeriSign, Inc., 5.25%, 4/01/2025 | 1,950,000 | 2,001,188 | ||||||
| VeriSign, Inc., 4.75%, 7/15/2027 | 1,735,000 | 1,663,431 | ||||||
|
|
|
|||||||
| $ | 17,769,920 | |||||||
2
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Computer Software - Systems - 1.2% | ||||||||
| CDW LLC/CDW Finance Corp., 5.5%, 12/01/2024 | $ | 2,940,000 | $ | 3,044,782 | ||||
| CDW LLC/CDW Finance Corp., 5%, 9/01/2025 | 2,190,000 | 2,181,678 | ||||||
| JDA Software Group, Inc., 7.375%, 10/15/2024 (n) | 5,130,000 | 5,322,375 | ||||||
| Sabre GLBL, Inc., 5.375%, 4/15/2023 (n) | 7,285,000 | 7,355,665 | ||||||
|
|
|
|||||||
| $ | 17,904,500 | |||||||
| Conglomerates - 3.9% | ||||||||
| Amsted Industries Co., 5%, 3/15/2022 (n) | $ | 9,170,000 | $ | 9,152,852 | ||||
| Apergy Corp., 6.375%, 5/01/2026 (n) | 2,795,000 | 2,836,925 | ||||||
| Apex Tool Group LLC, 9%, 2/15/2023 (n) | 4,480,000 | 4,368,000 | ||||||
| EnerSys, 5%, 4/30/2023 (n) | 11,775,000 | 11,833,875 | ||||||
| Enpro Industries, Inc., 5.875%, 9/15/2022 | 7,410,000 | 7,632,300 | ||||||
| Entegris, Inc., 4.625%, 2/10/2026 (n) | 6,780,000 | 6,542,700 | ||||||
| Gates Global LLC, 6%, 7/15/2022 (n) | 3,312,000 | 3,353,400 | ||||||
| SPX FLOW, Inc., 5.625%, 8/15/2024 (n) | 7,005,000 | 7,092,563 | ||||||
| TriMas Corp., 4.875%, 10/15/2025 (n) | 7,470,000 | 7,189,875 | ||||||
|
|
|
|||||||
| $ | 60,002,490 | |||||||
| Construction - 0.9% | ||||||||
| Empresas ICA S.A.B. de C.V., 8.875%, 5/29/2024 (a)(d)(n) | $ | 1,546,000 | $ | 231,900 | ||||
| Empresas ICA Sociedad Controladora S.A.B. de C.V., 8.9%, 2/04/2021 (a)(d) | 2,555,000 | 397,303 | ||||||
| Mattamy Group Corp., 6.5%, 10/01/2025 (n) | 5,690,000 | 5,675,775 | ||||||
| Toll Brothers Finance Corp., 4.875%, 11/15/2025 |
1,885,000 | 1,870,863 | ||||||
| Toll Brothers Finance Corp., 4.35%, 2/15/2028 |
6,505,000 | 6,017,125 | ||||||
|
|
|
|||||||
| $ | 14,192,966 | |||||||
| Consumer Products - 1.3% | ||||||||
| Coty, Inc., 6.5%, 4/15/2026 (n) | $ | 7,250,000 | $ | 7,050,625 | ||||
| Prestige Brands, Inc., 6.375%, 3/01/2024 (n) | 4,480,000 | 4,502,400 | ||||||
| Spectrum Brands, Inc., 6.125%, 12/15/2024 | 710,000 | 720,650 | ||||||
| Spectrum Brands, Inc., 5.75%, 7/15/2025 | 6,980,000 | 6,973,369 | ||||||
|
|
|
|||||||
| $ | 19,247,044 | |||||||
| Consumer Services - 1.9% | ||||||||
| Interval Acquisition Corp., 5.625%, 4/15/2023 | $ | 7,100,000 | $ | 7,401,750 | ||||
| Matthews International Corp., 5.25%, 12/01/2025 (n) | 5,390,000 | 5,282,200 | ||||||
| Service Corp. International, 4.625%, 12/15/2027 | 4,685,000 | 4,580,993 | ||||||
| ServiceMaster Co. LLC, 5.125%, 11/15/2024 (n) | 6,705,000 | 6,530,670 | ||||||
| West Corp., 8.5%, 10/15/2025 (n) | 5,095,000 | 4,916,675 | ||||||
|
|
|
|||||||
| $ | 28,712,288 | |||||||
| Containers - 4.3% | ||||||||
| Berry Global Group, Inc., 5.5%, 5/15/2022 | $ | 5,470,000 | $ | 5,610,196 | ||||
| Berry Global Group, Inc., 6%, 10/15/2022 | 4,140,000 | 4,310,775 | ||||||
| Berry Global Group, Inc., 5.125%, 7/15/2023 | 1,710,000 | 1,720,688 | ||||||
| Crown American LLC, 4.5%, 1/15/2023 | 5,430,000 | 5,341,763 | ||||||
| Crown Americas LLC/Crown Americas Capital Corp., 4.75%, 2/01/2026 (n) | 1,995,000 | 1,925,175 | ||||||
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026 | 3,805,000 | 3,524,381 | ||||||
| Flex Acquisition Co., Inc., 6.875%, 1/15/2025 (n) | 4,555,000 | 4,577,775 | ||||||
| Multi-Color Corp., 6.125%, 12/01/2022 (n) | 7,761,000 | 7,993,830 | ||||||
| Reynolds Group, 5.75%, 10/15/2020 | 2,674,737 | 2,694,798 | ||||||
| Reynolds Group, 5.125%, 7/15/2023 (n) | 4,330,000 | 4,357,063 | ||||||
| Reynolds Group, 7%, 7/15/2024 (n) | 4,570,000 | 4,758,513 | ||||||
| Sealed Air Corp., 4.875%, 12/01/2022 (n) | 6,300,000 | 6,394,500 | ||||||
| Sealed Air Corp., 5.125%, 12/01/2024 (n) | 1,355,000 | 1,375,325 | ||||||
3
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Containers - continued | ||||||||
| Sealed Air Corp., 5.5%, 9/15/2025 (n) | $ | 1,445,000 | $ | 1,493,769 | ||||
| Silgan Holdings, Inc., 5.5%, 2/01/2022 | 615,000 | 624,225 | ||||||
| Silgan Holdings, Inc., 4.75%, 3/15/2025 | 5,270,000 | 5,099,252 | ||||||
| W/S Packaging Group, Inc., 9%, 4/15/2023 (n) | 4,480,000 | 4,580,800 | ||||||
|
|
|
|||||||
| $ | 66,382,828 | |||||||
| Electrical Equipment - 0.6% | ||||||||
| CommScope Technologies LLC, 5%, 3/15/2027 (n) | $ | 10,165,000 | $ | 9,732,988 | ||||
| Electronics - 0.7% | ||||||||
| Sensata Technologies B.V., 5.625%, 11/01/2024 (n) | $ | 3,945,000 | $ | 4,092,938 | ||||
| Sensata Technologies B.V., 5%, 10/01/2025 (n) | 6,065,000 | 6,049,838 | ||||||
|
|
|
|||||||
| $ | 10,142,776 | |||||||
| Energy - Independent - 6.9% | ||||||||
| Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.875%, 12/15/2024 | $ | 9,560,000 | $ | 9,894,600 | ||||
| CrownRock LP/CrownRock Finance, Inc., 5.625%, 10/15/2025 (n) | 7,210,000 | 7,119,875 | ||||||
| Diamondback Energy, Inc., 5.375%, 5/31/2025 | 9,205,000 | 9,320,063 | ||||||
| Diamondback Energy, Inc., 5.375%, 5/31/2025 (n) | 2,760,000 | 2,797,950 | ||||||
| Gulfport Energy Corp., 6%, 10/15/2024 | 5,465,000 | 5,191,750 | ||||||
| Gulfport Energy Corp., 6.375%, 5/15/2025 | 3,355,000 | 3,219,760 | ||||||
| Indigo Natural Resources LLC, 6.875%, 2/15/2026 (n) | 7,085,000 | 6,801,600 | ||||||
| Parsley Energy LLC/Parsley Finance Corp., 5.625%, 10/15/2027 (n) | 9,225,000 | 9,340,313 | ||||||
| PDC Energy, Inc., 6.125%, 9/15/2024 | 9,205,000 | 9,435,125 | ||||||
| QEP Resources, Inc., 5.25%, 5/01/2023 | 8,910,000 | 8,687,250 | ||||||
| QEP Resources, Inc., 5.625%, 3/01/2026 | 3,535,000 | 3,384,763 | ||||||
| Sanchez Energy Corp., 6.125%, 1/15/2023 | 2,800,000 | 2,022,160 | ||||||
| Seven Generations Energy, 6.75%, 5/01/2023 (n) | 6,585,000 | 6,831,938 | ||||||
| Seven Generations Energy, 5.375%, 9/30/2025 (n) | 3,880,000 | 3,773,300 | ||||||
| SM Energy Co., 6.75%, 9/15/2026 | 7,380,000 | 7,509,150 | ||||||
| SRC Energy, Inc., 6.25%, 12/01/2025 (n) | 5,760,000 | 5,817,600 | ||||||
| WPX Energy, Inc., 6%, 1/15/2022 | 4,190,000 | 4,368,075 | ||||||
|
|
|
|||||||
| $ | 105,515,272 | |||||||
| Entertainment - 2.0% | ||||||||
| Cedar Fair LP, 5.375%, 6/01/2024 | $ | 2,455,000 | $ | 2,485,712 | ||||
| Cedar Fair LP, 5.375%, 4/15/2027 (n) | 2,775,000 | 2,761,125 | ||||||
| Cinemark USA, Inc., 5.125%, 12/15/2022 | 3,830,000 | 3,892,238 | ||||||
| Cinemark USA, Inc., 4.875%, 6/01/2023 | 5,350,000 | 5,283,125 | ||||||
| Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n) | 4,540,000 | 4,528,650 | ||||||
| Six Flags Entertainment Corp., 4.875%, 7/31/2024 (n) | 12,415,000 | 12,131,938 | ||||||
|
|
|
|||||||
| $ | 31,082,788 | |||||||
| Financial Institutions - 1.9% | ||||||||
| Aircastle Ltd., 5.125%, 3/15/2021 | $ | 1,050,000 | $ | 1,077,563 | ||||
| Aircastle Ltd., 5.5%, 2/15/2022 | 4,465,000 | 4,665,925 | ||||||
| Navient Corp., 7.25%, 1/25/2022 | 6,075,000 | 6,424,313 | ||||||
| Navient Corp., 7.25%, 9/25/2023 | 5,250,000 | 5,486,250 | ||||||
| Park Aerospace Holdings Ltd., 5.5%, 2/15/2024 (n) | 11,655,000 | 11,319,919 | ||||||
|
|
|
|||||||
| $ | 28,973,970 | |||||||
| Food & Beverages - 3.6% | ||||||||
| Aramark Services, Inc., 4.75%, 6/01/2026 | $ | 6,440,000 | $ | 6,246,800 | ||||
| Aramark Services, Inc., 5%, 2/01/2028 (n) | 4,040,000 | 3,933,950 | ||||||
| Cott Holdings, Inc., 5.5%, 4/01/2025 (n) | 7,775,000 | 7,716,688 | ||||||
| JBS USA LLC/JBS USA Finance, Inc., 6.75%, 2/15/2028 (n) | 1,900,000 | 1,824,000 | ||||||
4
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Food & Beverages - continued | ||||||||
| JBS USA Lux S.A./JBS USA Finance, Inc., 5.875%, 7/15/2024 (n) | $ | 6,875,000 | $ | 6,668,750 | ||||
| Lamb Weston Holdings, Inc., 4.625%, 11/01/2024 (n) | 4,555,000 | 4,515,144 | ||||||
| Lamb Weston Holdings, Inc., 4.875%, 11/01/2026 (n) | 2,420,000 | 2,398,825 | ||||||
| Pilgrim’s Pride Corp., 5.875%, 9/30/2027 (n) | 7,360,000 | 7,028,800 | ||||||
| Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 1/15/2024 | 7,100,000 | 7,313,000 | ||||||
| U.S. Foods Holding Corp., 5.875%, 6/15/2024 (n) | 7,405,000 | 7,534,588 | ||||||
|
|
|
|||||||
| $ | 55,180,545 | |||||||
| Forest & Paper Products - 0.0% | ||||||||
| Appvion, Inc., 9%, 6/01/2020 (d)(n) | $ | 2,155,000 | $ | 216 | ||||
| Gaming & Lodging - 3.4% | ||||||||
| CCM Merger, Inc., 6%, 3/15/2022 (n) | $ | 5,755,000 | $ | 5,855,713 | ||||
| GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/2023 | 5,905,000 | 6,104,294 | ||||||
| GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026 | 730,000 | 735,475 | ||||||
| Hilton Domestic Operating Co., Inc., 5.125%, 5/01/2026 (n) | 5,795,000 | 5,795,000 | ||||||
| Hilton Worldwide Finance LLC, 4.625%, 4/01/2025 | 7,020,000 | 6,807,996 | ||||||
| MGM Resorts International, 6.625%, 12/15/2021 | 5,660,000 | 6,056,200 | ||||||
| Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/2021 | 6,215,000 | 6,253,844 | ||||||
| Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/2023 | 3,270,000 | 3,278,175 | ||||||
| Wyndham Hotels Group LLC, 5.375%, 4/15/2026 (n) | 5,470,000 | 5,511,025 | ||||||
| Wynn Macau Ltd., 4.875%, 10/01/2024 (n) | 2,925,000 | 2,866,500 | ||||||
| Wynn Macau Ltd., 5.5%, 10/01/2027 (n) | 2,490,000 | 2,415,325 | ||||||
|
|
|
|||||||
| $ | 51,679,547 | |||||||
| Industrial - 0.9% | ||||||||
| Cleaver-Brooks, Inc., 7.875%, 3/01/2023 (n) | $ | 5,090,000 | $ | 5,255,425 | ||||
| KAR Auction Services, Inc., 5.125%, 6/01/2025 (n) | 7,980,000 | 7,740,600 | ||||||
|
|
|
|||||||
| $ | 12,996,025 | |||||||
| Insurance - 0.3% | ||||||||
| AssuredPartners, Inc., 7%, 8/15/2025 (n) | $ | 4,690,000 | $ | 4,631,375 | ||||
| Insurance - Health - 0.5% | ||||||||
| Centene Corp., 5.625%, 2/15/2021 | $ | 2,805,000 | $ | 2,878,631 | ||||
| Centene Corp., 6.125%, 2/15/2024 | 4,440,000 | 4,650,900 | ||||||
|
|
|
|||||||
| $ | 7,529,531 | |||||||
| Insurance - Property & Casualty - 0.4% | ||||||||
| Hub International Holdings, Inc., 7.875%, 10/01/2021 (n) | $ | 3,690,000 | $ | 3,845,718 | ||||
| Hub International Ltd., 7%, 5/01/2026 (n) | 2,815,000 | 2,818,519 | ||||||
|
|
|
|||||||
| $ | 6,664,237 | |||||||
| Machinery & Tools - 0.4% | ||||||||
| Ashtead Capital, Inc., 5.625%, 10/01/2024 (n) | $ | 5,925,000 | $ | 6,102,750 | ||||
| Major Banks - 0.9% | ||||||||
| Bank of America Corp., 5.875%,to 3/15/2028, FLR to 12/31/2049 | $ | 5,645,000 | $ | 5,633,710 | ||||
| UBS Group AG, 6.875% to 8/07/2025, FLR to 12/31/2049 | 7,030,000 | 7,399,075 | ||||||
|
|
|
|||||||
| $ | 13,032,785 | |||||||
| Medical & Health Technology & Services - 5.5% | ||||||||
| DaVita, Inc., 5.125%, 7/15/2024 | $ | 2,405,000 | $ | 2,329,844 | ||||
| DaVita, Inc., 5%, 5/01/2025 | 5,085,000 | 4,819,055 | ||||||
| HCA, Inc., 7.5%, 2/15/2022 | 6,000,000 | 6,600,000 | ||||||
| HCA, Inc., 5%, 3/15/2024 | 8,460,000 | 8,555,175 | ||||||
5
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Medical & Health Technology & Services - continued | ||||||||
| HCA, Inc., 5.375%, 2/01/2025 | $ | 4,380,000 | $ | 4,358,100 | ||||
| HCA, Inc., 5.875%, 2/15/2026 | 2,040,000 | 2,065,500 | ||||||
| HealthSouth Corp., 5.125%, 3/15/2023 | 5,855,000 | 5,942,825 | ||||||
| HealthSouth Corp., 5.75%, 11/01/2024 | 2,105,000 | 2,141,838 | ||||||
| Heartland Dental LLC, 8.5%, 5/01/2026 (n) | 4,745,000 | 4,755,676 | ||||||
| IQVIA Holdings, Inc., 5%, 10/15/2026 (n) | 5,965,000 | 5,882,981 | ||||||
| NVA Holdings, Inc., 6.875%, 4/01/2026 (n) | 2,285,000 | 2,302,138 | ||||||
| Polaris, 8.5%, 12/01/2022 (n) | 5,265,000 | 5,343,975 | ||||||
| Quorum Health Corp., 11.625%, 4/15/2023 | 3,785,000 | 4,021,563 | ||||||
| Tenet Healthcare Corp., 8.125%, 4/01/2022 | 4,710,000 | 4,904,288 | ||||||
| Tenet Healthcare Corp., 6.75%, 6/15/2023 | 3,720,000 | 3,657,225 | ||||||
| THC Escrow Corp. III, 5.125%, 5/01/2025 (n) | 5,255,000 | 5,110,488 | ||||||
| Universal Health Services, Inc., 7.625%, 8/15/2020 | 6,665,000 | 6,714,988 | ||||||
| West Street Merger Sub, Inc., 6.375%, 9/01/2025 (n) | 5,200,000 | 5,109,000 | ||||||
|
|
|
|||||||
| $ | 84,614,659 | |||||||
| Medical Equipment - 0.7% | ||||||||
| Teleflex, Inc., 5.25%, 6/15/2024 | $ | 5,595,000 | $ | 5,678,925 | ||||
| Teleflex, Inc., 4.875%, 6/01/2026 | 2,535,000 | 2,499,510 | ||||||
| Teleflex, Inc., 4.625%, 11/15/2027 | 3,330,000 | 3,180,150 | ||||||
|
|
|
|||||||
| $ | 11,358,585 | |||||||
| Metals & Mining - 4.9% | ||||||||
| First Quantum Minerals Ltd., 6.875%, 3/01/2026 (n) | $ | 1,380,000 | $ | 1,311,000 | ||||
| First Quantum Minerals Ltd., 7%, 2/15/2021 (n) | 3,565,000 | 3,572,950 | ||||||
| First Quantum Minerals Ltd., 7.25%, 4/01/2023 (n) | 5,865,000 | 5,849,165 | ||||||
| Freeport-McMoRan, Inc., 6.875%, 2/15/2023 | 11,451,000 | 12,281,198 | ||||||
| Freeport-McMoRan, Inc., 3.875%, 3/15/2023 | 2,725,000 | 2,612,594 | ||||||
| Freeport-McMoRan, Inc., 5.4%, 11/14/2034 | 2,580,000 | 2,380,050 | ||||||
| Kaiser Aluminum Corp., 5.875%, 5/15/2024 | 7,785,000 | 8,018,550 | ||||||
| Kinross Gold Corp., 4.5%, 7/15/2027 (n) | 771,000 | 724,740 | ||||||
| Kinross Gold Corp., 5.95%, 3/15/2024 | 1,072,000 | 1,117,560 | ||||||
| Lundin Mining Corp., 7.875%, 11/01/2022 (n) | 2,870,000 | 3,012,582 | ||||||
| Northwest Acquisitions ULC/Dominion Finco, Inc., 7.125%, 11/01/2022 (n) | 7,270,000 | 7,403,041 | ||||||
| Novelis Corp., 5.875%, 9/30/2026 (n) | 9,065,000 | 8,997,013 | ||||||
| Petra Diamonds U.S. Treasury PLC, 7.25%, 5/01/2022 (n) | 4,445,000 | 4,442,778 | ||||||
| Steel Dynamics, Inc., 5.125%, 10/01/2021 | 1,670,000 | 1,699,726 | ||||||
| Steel Dynamics, Inc., 5.25%, 4/15/2023 | 2,110,000 | 2,141,650 | ||||||
| Steel Dynamics, Inc., 5.5%, 10/01/2024 | 4,330,000 | 4,449,075 | ||||||
| TMS International Corp., 7.25%, 8/15/2025 (n) | 4,545,000 | 4,704,075 | ||||||
|
|
|
|||||||
| $ | 74,717,747 | |||||||
| Midstream - 4.1% | ||||||||
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/2022 (n) | $ | 9,165,000 | $ | 9,394,125 | ||||
| DCP Midstream LP, 4.95%, 4/01/2022 | 2,916,000 | 2,959,740 | ||||||
| DCP Midstream LP, 5.6%, 4/01/2044 | 2,855,000 | 2,797,900 | ||||||
| DCP Midstream LP, 3.875%, 3/15/2023 | 5,170,000 | 4,989,050 | ||||||
| Energy Transfer Equity LP, 5.875%, 1/15/2024 | 7,340,000 | 7,495,975 | ||||||
| Energy Transfer Equity LP, 5.5%, 6/01/2027 | 1,890,000 | 1,890,000 | ||||||
| Tallgrass Energy GP, LP, 5.5%, 1/15/2028 (n) | 13,020,000 | 12,987,450 | ||||||
| Targa Resources Partners LP/Targa Resources Finance Corp., 5.25%, 5/01/2023 | 5,640,000 | 5,625,900 | ||||||
| Targa Resources Partners LP/Targa Resources Finance Corp., 5.125%, 2/01/2025 (n) | 2,645,000 | 2,565,650 | ||||||
| Targa Resources Partners LP/Targa Resources Finance Corp., 5.375%, 2/01/2027 | 13,105,000 | 12,548,038 | ||||||
|
|
|
|||||||
| $ | 63,253,828 | |||||||
6
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Network & Telecom - 0.8% | ||||||||
| Zayo Group LLC/Zayo Capital, Inc., 6.375%, 5/15/2025 | $ | 3,790,000 | $ | 3,923,408 | ||||
| Zayo Group LLC/Zayo Capital, Inc., 5.75%, 1/15/2027 (n) | 7,545,000 | 7,491,280 | ||||||
|
|
|
|||||||
| $ | 11,414,688 | |||||||
| Oil Services - 1.7% | ||||||||
| Bristow Group, Inc., 6.25%, 10/15/2022 | $ | 6,240,000 | $ | 5,148,000 | ||||
| Diamond Offshore Drilling, Inc., 7.875%, 8/15/2025 | 2,915,000 | 2,991,519 | ||||||
| Diamond Offshore Drilling, Inc., 5.7%, 10/15/2039 | 6,775,000 | 5,284,500 | ||||||
| Ensco PLC, 7.75%, 2/01/2026 | 5,485,000 | 5,169,613 | ||||||
| Trinidad Drilling Ltd., 6.625%, 2/15/2025 (n) | 7,385,000 | 7,080,369 | ||||||
|
|
|
|||||||
| $ | 25,674,001 | |||||||
| Oils - 0.5% | ||||||||
| Parkland Fuel Corp., 6%, 4/01/2026 (n) | $ | 7,645,000 | $ | 7,645,000 | ||||
| Pharmaceuticals - 1.1% | ||||||||
| Mallinckrodt International Finance S.A., 5.75%, 8/01/2022 (n) | $ | 3,660,000 | $ | 3,046,950 | ||||
| Mallinckrodt International Finance S.A., 5.625%, 10/15/2023 (n) | 1,820,000 | 1,424,150 | ||||||
| Valeant Pharmaceuticals International, Inc., 5.5%, 3/01/2023 (n) | 5,760,000 | 5,198,400 | ||||||
| Valeant Pharmaceuticals International, Inc., 6.125%, 4/15/2025 (n) | 7,020,000 | 6,331,829 | ||||||
|
|
|
|||||||
| $ | 16,001,329 | |||||||
| Precious Metals & Minerals - 0.4% | ||||||||
| Teck Resources Ltd., 6%, 8/15/2040 | $ | 825,000 | $ | 860,063 | ||||
| Teck Resources Ltd., 6.25%, 7/15/2041 | 4,985,000 | 5,284,100 | ||||||
|
|
|
|||||||
| $ | 6,144,163 | |||||||
| Printing & Publishing - 0.3% | ||||||||
| Nielsen Finance LLC, 5%, 4/15/2022 (n) | $ | 4,436,000 | $ | 4,469,714 | ||||
| Real Estate - Healthcare - 0.9% | ||||||||
| MPT Operating Partnership LP/MPT Financial Co., REIT, 5.25%, 8/01/2026 | $ | 6,420,000 | $ | 6,227,400 | ||||
| MPT Operating Partnership LP/MPT Financial Co., REIT, 5%, 10/15/2027 | 8,310,000 | 7,873,725 | ||||||
|
|
|
|||||||
| $ | 14,101,125 | |||||||
| Real Estate - Other - 0.9% | ||||||||
| CyrusOne LP/CyrusOne Finance Corp., REIT, 5%, 3/15/2024 | $ | 8,580,000 | $ | 8,601,450 | ||||
| CyrusOne LP/CyrusOne Finance Corp., REIT, 5.375%, 3/15/2027 | 3,795,000 | 3,795,000 | ||||||
| Starwood Property Trust, Inc., REIT, 5%, 12/15/2021 | 583,000 | 589,979 | ||||||
| Starwood Property Trust, Inc., REIT, 4.75%, 3/15/2025 (n) | 615,000 | 591,938 | ||||||
|
|
|
|||||||
| $ | 13,578,367 | |||||||
| Restaurants - 1.1% | ||||||||
| Golden Nugget, Inc., 6.75%, 10/15/2024 (n) | $ | 5,455,000 | $ | 5,536,825 | ||||
| IRB Holding Corp., 6.75%, 2/15/2026 (n) | 4,630,000 | 4,467,950 | ||||||
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 6/01/2026 (n) | 7,080,000 | 7,115,400 | ||||||
|
|
|
|||||||
| $ | 17,120,175 | |||||||
| Retailers - 0.5% | ||||||||
| Hanesbrands, Inc., 4.625%, 5/15/2024 (n) | $ | 1,230,000 | $ | 1,186,950 | ||||
| Hanesbrands, Inc., 4.875%, 5/15/2026 (n) | 6,675,000 | 6,408,000 | ||||||
|
|
|
|||||||
| $ | 7,594,950 | |||||||
| Specialty Chemicals - 1.0% | ||||||||
| A Schulman, Inc., 6.875%, 6/01/2023 | $ | 5,840,000 | $ | 6,132,000 | ||||
| Univar USA, Inc., 6.75%, 7/15/2023 (n) | 9,100,000 | 9,373,000 | ||||||
|
|
|
|||||||
| $ | 15,505,000 | |||||||
7
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Specialty Stores - 0.3% | ||||||||
| Group 1 Automotive, Inc., 5%, 6/01/2022 | $ | 5,040,000 | $ | 5,054,112 | ||||
| Supermarkets - 0.4% | ||||||||
| Albertsons Cos. LLC/Safeway Co., 6.625%, 6/15/2024 | $ | 5,700,000 | $ | 5,308,125 | ||||
| Telecommunications - Wireless - 4.3% | ||||||||
| Altice Luxembourg S.A., 7.75%, 5/15/2022 (n) | $ | 2,550,000 | $ | 2,435,250 | ||||
| Altice Luxembourg S.A., 7.625%, 2/15/2025 (n) | 5,270,000 | 4,749,588 | ||||||
| Digicel Group Ltd., 7.125%, 4/01/2022 (n) | 2,189,000 | 1,780,139 | ||||||
| Digicel Group Ltd., 6.75%, 3/01/2023 (n) | 7,337,000 | 6,705,578 | ||||||
| SBA Communications Corp., 4%, 10/01/2022 (n) | 7,520,000 | 7,162,800 | ||||||
| SBA Communications Corp., 4.875%, 9/01/2024 | 1,850,000 | 1,778,313 | ||||||
| Sprint Corp., 7.875%, 9/15/2023 | 4,755,000 | 5,099,738 | ||||||
| Sprint Corp., 7.125%, 6/15/2024 | 9,860,000 | 10,217,425 | ||||||
| Sprint Corp., 7.625%, 3/01/2026 | 1,985,000 | 2,091,694 | ||||||
| Sprint Nextel Corp., 6%, 11/15/2022 | 9,245,000 | 9,441,456 | ||||||
| T-Mobile USA, Inc., 6.5%, 1/15/2024 | 2,830,000 | 2,964,425 | ||||||
| T-Mobile USA, Inc., 5.125%, 4/15/2025 | 3,825,000 | 3,853,688 | ||||||
| T-Mobile USA, Inc., 6.5%, 1/15/2026 | 3,610,000 | 3,836,780 | ||||||
| T-Mobile USA, Inc., 5.375%, 4/15/2027 | 3,255,000 | 3,291,619 | ||||||
|
|
|
|||||||
| $ | 65,408,493 | |||||||
| Telephone Services - 0.6% | ||||||||
| Level 3 Financing, Inc., 5.375%, 1/15/2024 | $ | 3,985,000 | $ | 3,945,150 | ||||
| Level 3 Financing, Inc., 5.375%, 5/01/2025 | 5,385,000 | 5,302,610 | ||||||
|
|
|
|||||||
| $ | 9,247,760 | |||||||
| Transportation - Services - 0.5% | ||||||||
| Navios Maritime Holding, Inc., 7.375%, 1/15/2022 (n) | $ | 3,695,000 | $ | 2,794,344 | ||||
| Navios South American Logistics, Inc., 7.25%, 5/01/2022 | 1,580,000 | 1,516,800 | ||||||
| Syncreon Group BV/Syncre, 8.625%, 11/01/2021 (n) | 3,600,000 | 3,024,000 | ||||||
|
|
|
|||||||
| $ | 7,335,144 | |||||||
| Utilities - Electric Power - 2.8% | ||||||||
| Calpine Corp., 5.5%, 2/01/2024 | $ | 4,015,000 | $ | 3,683,763 | ||||
| Calpine Corp., 5.75%, 1/15/2025 | 5,260,000 | 4,826,576 | ||||||
| Calpine Corp., 5.25%, 6/01/2026 (n) | 3,670,000 | 3,511,731 | ||||||
| Covanta Holding Corp., 6.375%, 10/01/2022 | 2,985,000 | 3,048,431 | ||||||
| Covanta Holding Corp., 5.875%, 3/01/2024 | 4,295,000 | 4,230,575 | ||||||
| Covanta Holding Corp., 5.875%, 7/01/2025 | 4,125,000 | 4,011,563 | ||||||
| Drax Finco PLC, 6.625%, 11/01/2025 (z) | 5,380,000 | 5,406,900 | ||||||
| NextEra Energy Operating Co., 4.25%, 9/15/2024 (n) | 7,250,000 | 6,996,250 | ||||||
| Pattern Energy Group, Inc., 5.875%, 2/01/2024 (n) | 7,485,000 | 7,634,700 | ||||||
|
|
|
|||||||
| $ | 43,350,489 | |||||||
| Total Bonds | $ | 1,446,234,187 | ||||||
| Floating Rate Loans (g)(r) - 0.8% | ||||||||
| Building - 0.4% | ||||||||
| ABC Supply Co., Inc., Term Loan B, 3.9%, 10/31/2023 | $ | 5,380,760 | $ | 5,388,832 | ||||
| Conglomerates - 0.1% | ||||||||
| Entegris, Inc., Term Loan B, 4.15%, 4/30/2021 | $ | 1,455,686 | $ | 1,459,326 | ||||
8
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Floating Rate Loans (g)(r) - continued | ||||||||
| Consumer Products - 0.1% | ||||||||
| Spectrum Brands, Inc., Term Loan B, 3.95%, 6/23/2022 | $ | 1,735,903 | $ | 1,733,733 | ||||
| Medical & Health Technology & Services - 0.2% | ||||||||
| DaVita Healthcare Partners, Inc., Term Loan B, 4.65%, 6/24/2021 | $ | 3,603,974 | $ | 3,631,003 | ||||
| Total Floating Rate Loans | $ | 12,212,894 | ||||||
| Common Stocks - 0.2% | ||||||||
| Oil Services - 0.2% | ||||||||
| LTRI Holdings LP (a)(u) | 3,250 | $ | 2,890,615 | |||||
| Investment Companies (h) - 3.0% | ||||||||
| Money Market Funds - 3.0% | ||||||||
| MFS Institutional Money Market Portfolio, 1.78% (v) | 45,766,939 | $ | 45,762,362 | |||||
| Other Assets, Less Liabilities - 1.3% | 20,539,991 | |||||||
| Net Assets - 100.0% | $ | 1,527,640,049 | ||||||
| (a) | Non-income producing security. |
| (d) | In default. |
| (g) | The rate shown represents a weighted average coupon rate on settled positions at period end, unless otherwise indicated. |
| (h) | 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. At period end, the aggregate values of the fund’s investments in affiliated issuers and in unaffiliated issuers were $45,762,362 and $1,461,337,696, 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 $822,862,509, representing 53.9% of net assets. |
| (p) | Payment-in-kind security. |
| (r) | Remaining maturities of floating rate loans may be less than stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. Floating rate loans generally have rates of interest which are determined periodically by reference to a base lending rate plus a premium. |
| (u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. |
| (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. |
| (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 | |||||||
| CW Capital Cobalt Commercial Mortgage Trust, CDO, “F”, FLR, 3.66% (0% cash or 3.05% PIK), (LIBOR - 3mo. + 1.3%), 4/26/2050 | 4/12/06-4/28/17 | $670,930 | $71 | |||||||
| CW Capital Cobalt Commercial Mortgage Trust, CDO, “G”, FLR, 3.86% (0% cash or 3.25% PIK), (LIBOR-3mo. + 1.5%), 4/26/2050 | 4/12/06-4/28/17 | 2,101,424 | 223 | |||||||
| Drax Finco PLC, 6.625%, 11/01/2025 | 4/12/18 | 5,409,439 | 5,406,900 | |||||||
| Morgan Stanley Capital I, Inc., 1.493%, 4/28/2039 | 7/20/04 | 9 | 2,129 | |||||||
| Total Restricted Securities | $5,409,323 | |||||||||
| % of Net assets | 0.4% | |||||||||
9
Portfolio of Investments (unaudited) – continued
The following abbreviations are used in this report and are defined:
| CDO | Collateralized Debt Obligation | |
| FLR | Floating rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. | |
| PLC | Public Limited Company | |
| REIT | Real Estate Investment Trust |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
| EUR | Euro |
Derivative Contracts at 4/30/18
Forward Foreign Currency Exchange Contracts
| Currency Purchased |
Currency Sold |
Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
| Asset Derivatives | ||||||||||||||||||||
| USD | 3,569,387 | EUR | 2,910,600 | Citibank N.A. | 5/25/2018 | $48,446 | ||||||||||||||
|
|
|
|||||||||||||||||||
Futures Contracts
| Description | Long/ Short |
Currency | Contracts | Notional Amount |
Expiration Date |
Value/Unrealized Appreciation (Depreciation) |
||||||||||||||||
| Asset Derivatives | ||||||||||||||||||||||
| Interest Rate Futures | ||||||||||||||||||||||
| U.S. Treasury Note 10 yr |
Short | USD | 382 | $45,696,750 | June - 2018 | $187,131 | ||||||||||||||||
|
|
|
|||||||||||||||||||||
| Liability Derivatives | ||||||||||||||||||||||
| Interest Rate Futures | ||||||||||||||||||||||
| Euro-Bund 10 yr |
Short | EUR | 16 | $3,067,111 | June - 2018 | $(33,079 | ) | |||||||||||||||
|
|
|
|||||||||||||||||||||
At April 30, 2018, the fund had cash collateral of $391,744 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
10
Supplemental Information
4/30/18 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
(1) Investment Valuations
Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. 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. Values obtained from 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 values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
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 halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments.
11
Supplemental Information (unaudited) – continued
Other financial instruments are derivative instruments, such as futures contracts and forward foreign currency exchange contracts. The following is a summary of the levels used as of April 30 , 2018 in valuing the fund’s assets or liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Equity Securities | $— | $— | $2,890,615 | $2,890,615 | ||||||||||||
| Corporate Bonds | — | 1,205,638,497 | — | 1,205,638,497 | ||||||||||||
| Commercial Mortgage-Backed Securities | — | 2,134 | — | 2,134 | ||||||||||||
| Asset-Backed Securities (including CDOs) | — | 294 | — | 294 | ||||||||||||
| Foreign Bonds | — | 240,593,262 | — | 240,593,262 | ||||||||||||
| Floating Rate Loans | — | 12,212,894 | — | 12,212,894 | ||||||||||||
| Mutual Funds | 45,762,362 | — | — | 45,762,362 | ||||||||||||
| Total | $45,762,362 | $1,458,447,081 | $2,890,615 | $1,507,100,058 | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts – Assets | $187,131 | $— | $— | $187,131 | ||||||||||||
| Futures Contracts – Liabilities | (33,079 | ) | — | — | (33,079 | ) | ||||||||||
| Forward Foreign Currency Exchange Contracts – Assets | — | 48,446 | — | 48,446 | ||||||||||||
For further information regarding security characteristics, see the Portfolio of Investments.
The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The fund’s policy is to recognize transfers between the levels as of the end of the period. The table presents the activity of level 3 securities held at the beginning and the end of the period.
| Equity Securities | ||||
| Balance as of 1/31/18 | $2,890,615 | |||
| Change in unrealized appreciation (depreciation) |
0 | |||
| Balance as of 4/30/18 | $2,890,615 | |||
The net change in unrealized appreciation/depreciation from investments still held as Level 3 at April 30, 2018 is $0. At April 30, 2018, the fund held one level 3 security.
(3) 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 fund assumes the following to be affiliated issuers:
| Affiliated Issuers | Beginning Shares/Par Amount |
Acquisitions Shares/Par Amount |
Dispositions Shares/Par Amount |
Ending Shares/Par Amount |
||||||||||||||||
| MFS Institutional Money Market Portfolio | 31,457,059 | 99,927,390 | (85,617,510 | ) | 45,766,939 | |||||||||||||||
| Affiliated Issuers | Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Capital Gain Distributions |
Dividend Income |
Ending Value |
|||||||||||||||
| MFS Institutional Money Market Portfolio | $(3,187 | ) | $612 | $— | $182,068 | $45,762,362 | ||||||||||||||
12
Quarterly Report
April 30, 2018
MFS® High Yield Pooled Portfolio
PORTFOLIO OF INVESTMENTS
4/30/18 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - 96.1% | ||||||||
| Aerospace - 1.8% | ||||||||
| Dae Funding LLC, 5%, 8/01/2024 (n) | $ | 5,670,000 | $ | 5,464,717 | ||||
| KLX, Inc., 5.875%, 12/01/2022 (n) | 4,775,000 | 4,983,906 | ||||||
| TransDigm, Inc., 6%, 7/15/2022 | 875,000 | 885,938 | ||||||
| TransDigm, Inc., 6.5%, 7/15/2024 | 3,535,000 | 3,594,653 | ||||||
| TransDigm, Inc., 6.375%, 6/15/2026 | 2,585,000 | 2,597,925 | ||||||
|
|
|
|||||||
| $ | 17,527,139 | |||||||
| Automotive - 1.2% | ||||||||
| Allison Transmission, Inc., 5%, 10/01/2024 (n) | $ | 7,164,000 | $ | 7,036,481 | ||||
| IHO Verwaltungs GmbH, 4.75% (4.75% cash or 5.5% PIK), 9/15/2026 (n)(p) | 4,765,000 | 4,562,488 | ||||||
|
|
|
|||||||
| $ | 11,598,969 | |||||||
| Broadcasting - 3.7% | ||||||||
| Liberty Media Corp. - Liberty Formula One, 8.5%, 7/15/2029 | $ | 4,160,000 | $ | 4,482,400 | ||||
| Liberty Media Corp. - Liberty Formula One, 8.25%, 2/01/2030 | 935,000 | 1,005,125 | ||||||
| Match Group, Inc., 6.375%, 6/01/2024 | 4,230,000 | 4,462,650 | ||||||
| Meredith Corp., 6.875%, 2/01/2026 (n) | 3,935,000 | 3,979,072 | ||||||
| Netflix, Inc., 5.875%, 2/15/2025 | 2,375,000 | 2,439,600 | ||||||
| Netflix, Inc., 4.375%, 11/15/2026 | 1,490,000 | 1,392,688 | ||||||
| Netflix, Inc., 3.625%, 5/15/2027 | EUR | 2,165,000 | 2,597,952 | |||||
| Netflix, Inc., 4.875%, 4/15/2028 (n) | $ | 1,220,000 | 1,151,375 | |||||
| Netflix, Inc., 5.875%, 11/15/2028 (n) | 4,090,000 | 4,079,775 | ||||||
| Sinclair Television Group Co., 5.125%, 2/15/2027 (n) | 5,245,000 | 4,864,738 | ||||||
| WMG Acquisition Corp., 5%, 8/01/2023 (n) | 1,535,000 | 1,525,406 | ||||||
| WMG Acquisition Corp., 4.875%, 11/01/2024 (n) | 3,610,000 | 3,537,800 | ||||||
| WMG Acquisition Corp., 5.5%, 4/15/2026 (n) | 815,000 | 819,075 | ||||||
|
|
|
|||||||
| $ | 36,337,656 | |||||||
| Building - 4.1% | ||||||||
| ABC Supply Co., Inc., 5.75%, 12/15/2023 (n) | $ | 4,240,000 | $ | 4,371,228 | ||||
| Beacon Escrow Corp., 4.875%, 11/01/2025 (n) | 2,460,000 | 2,324,700 | ||||||
| Beacon Roofing Supply, Inc., 6.375%, 10/01/2023 | 4,045,000 | 4,237,138 | ||||||
| Gibraltar Industries, Inc., 6.25%, 2/01/2021 | 3,120,000 | 3,169,608 | ||||||
| James Hardie International Finance Ltd., 4.75%, 1/15/2025 (n) | 845,000 | 823,875 | ||||||
| James Hardie International Finance Ltd., 5%, 1/15/2028 (n) | 3,355,000 | 3,254,350 | ||||||
| New Enterprise Stone & Lime Co., Inc., 10.125%, 4/01/2022 (n) | 4,080,000 | 4,345,200 | ||||||
| New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/2026 (n) | 2,709,000 | 2,742,863 | ||||||
| PriSo Acquisition Corp., 9%, 5/15/2023 (n) | 3,210,000 | 3,354,450 | ||||||
| Standard Industries, Inc., 5.375%, 11/15/2024 (n) | 3,510,000 | 3,556,069 | ||||||
| Standard Industries, Inc., 6%, 10/15/2025 (n) | 3,655,000 | 3,792,063 | ||||||
| Summit Materials LLC/Summit Materials Finance Co., 6.125%, 7/15/2023 | 4,225,000 | 4,318,795 | ||||||
|
|
|
|||||||
| $ | 40,290,339 | |||||||
| Business Services - 4.1% | ||||||||
| Alliance Data Systems Corp., 5.875%, 11/01/2021 (n) | $ | 4,975,000 | $ | 5,062,063 | ||||
| Alliance Data Systems Corp., 5.375%, 8/01/2022 (n) | 800,000 | 804,000 | ||||||
| Ascend Learning LLC, 6.875%, 8/01/2025 (n) | 2,915,000 | 2,966,013 | ||||||
| CDK Global, Inc., 4.875%, 6/01/2027 | 6,415,000 | 6,206,513 | ||||||
| Equinix, Inc., 5.375%, 1/01/2022 | 1,060,000 | 1,093,125 | ||||||
| Equinix, Inc., 5.375%, 4/01/2023 | 2,205,000 | 2,265,638 | ||||||
| Equinix, Inc., 5.75%, 1/01/2025 | 1,020,000 | 1,058,250 | ||||||
| Equinix, Inc., 5.875%, 1/15/2026 | 2,470,000 | 2,556,450 | ||||||
1
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Business Services - continued | ||||||||
| First Data Corp., 5%, 1/15/2024 (n) | $ | 7,345,000 | $ | 7,400,088 | ||||
| MSCI, Inc., 4.75%, 8/01/2026 (n) | 3,925,000 | 3,889,086 | ||||||
| Travelport Worldwide Ltd., 6%, 3/15/2026 (n) | 3,525,000 | 3,604,313 | ||||||
| Vantiv LLC/Vantiv Issuer Corp., 4.375%, 11/15/2025 (n) | 3,800,000 | 3,629,000 | ||||||
|
|
|
|||||||
| $ | 40,534,539 | |||||||
| Cable TV - 7.6% | ||||||||
| Altice Financing S.A., 6.625%, 2/15/2023 (n) | $ | 4,055,000 | $ | 4,055,000 | ||||
| Altice Financing S.A., 7.5%, 5/15/2026 (n) | 1,735,000 | 1,708,975 | ||||||
| Altice U.S. Finance I Corp., 5.5%, 5/15/2026 (n) | 3,135,000 | 3,064,463 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023 (n) | 3,750,000 | 3,767,625 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 1/15/2024 | 7,240,000 | 7,308,056 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025 (n) | 1,325,000 | 1,302,641 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 2/15/2026 (n) | 3,530,000 | 3,503,525 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027 (n) | 1,700,000 | 1,661,750 | ||||||
| CSC Holdings LLC, 5.5%, 4/15/2027 (n) | 6,125,000 | 5,878,775 | ||||||
| DISH DBS Corp., 5%, 3/15/2023 | 1,535,000 | 1,329,694 | ||||||
| DISH DBS Corp., 5.875%, 11/15/2024 | 1,555,000 | 1,323,694 | ||||||
| Intelsat Jackson Holdings S.A., 5.5%, 8/01/2023 | 2,675,000 | 2,247,000 | ||||||
| Intelsat Jackson Holdings S.A., 8%, 2/15/2024 (n) | 755,000 | 797,469 | ||||||
| Lynx II Corp., 6.375%, 4/15/2023 (n) | 1,580,000 | 1,591,850 | ||||||
| Sirius XM Radio, Inc., 4.625%, 5/15/2023 (n) | 1,745,000 | 1,723,188 | ||||||
| Sirius XM Radio, Inc., 6%, 7/15/2024 (n) | 5,170,000 | 5,313,209 | ||||||
| Sirius XM Radio, Inc., 5.375%, 4/15/2025 (n) | 1,970,000 | 1,960,150 | ||||||
| Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n) | 5,000,000 | 4,775,000 | ||||||
| Unitymedia KabelBW GmbH, 6.125%, 1/15/2025 (n) | 4,670,000 | 4,903,500 | ||||||
| Videotron Ltd., 5.375%, 6/15/2024 (n) | 1,330,000 | 1,366,575 | ||||||
| Videotron Ltd., 5.125%, 4/15/2027 (n) | 6,180,000 | 6,056,400 | ||||||
| Virgin Media Finance PLC, 5.75%, 1/15/2025 (n) | 830,000 | 786,425 | ||||||
| Virgin Media Secured Finance PLC, 5.25%, 1/15/2026 (n) | 3,960,000 | 3,771,900 | ||||||
| Ziggo Bond Finance B.V., 5.875%, 1/15/2025 (n) | 4,740,000 | 4,479,300 | ||||||
|
|
|
|||||||
| $ | 74,676,164 | |||||||
| Chemicals - 2.0% | ||||||||
| Axalta Coating Systems Co., 4.875%, 8/15/2024 (n) | $ | 4,245,000 | $ | 4,276,838 | ||||
| Consolidated Energy Finance S.A., 6.875%, 6/15/2025 (n) | 3,178,000 | 3,305,120 | ||||||
| OCI N.V., 6.625%, 4/15/2023 (n) | 3,855,000 | 3,908,970 | ||||||
| PolyOne Corp., 5.25%, 3/15/2023 | 3,730,000 | 3,818,588 | ||||||
| SPCM S.A., 4.875%, 9/15/2025 (n) | 4,970,000 | 4,813,197 | ||||||
|
|
|
|||||||
| $ | 20,122,713 | |||||||
| Computer Software - 1.2% | ||||||||
| Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, 6/15/2026 (n) | $ | 2,245,000 | $ | 2,380,918 | ||||
| Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.875%, 6/15/2021 (n) | 3,565,000 | 3,667,796 | ||||||
| VeriSign, Inc., 4.625%, 5/01/2023 | 3,175,000 | 3,182,938 | ||||||
| VeriSign, Inc., 5.25%, 4/01/2025 | 1,120,000 | 1,149,400 | ||||||
| VeriSign, Inc., 4.75%, 7/15/2027 | 1,402,000 | 1,344,168 | ||||||
|
|
|
|||||||
| $ | 11,725,220 | |||||||
| Computer Software - Systems - 1.2% | ||||||||
| CDW LLC/CDW Finance Corp., 5.5%, 12/01/2024 | $ | 1,850,000 | $ | 1,915,934 | ||||
| CDW LLC/CDW Finance Corp., 5%, 9/01/2025 | 1,565,000 | 1,559,053 | ||||||
| JDA Software Group, Inc., 7.375%, 10/15/2024 (n) | 3,305,000 | 3,428,938 | ||||||
| Sabre GLBL, Inc., 5.375%, 4/15/2023 (n) | 4,790,000 | 4,836,463 | ||||||
|
|
|
|||||||
| $ | 11,740,388 | |||||||
2
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Conglomerates - 4.0% | ||||||||
| Amsted Industries Co., 5%, 3/15/2022 (n) | $ | 6,000,000 | $ | 5,988,780 | ||||
| Apergy Corp., 6.375%, 5/01/2026 (n) | 1,800,000 | 1,827,000 | ||||||
| Apex Tool Group LLC, 9%, 2/15/2023 (n) | 3,040,000 | 2,964,000 | ||||||
| EnerSys, 5%, 4/30/2023 (n) | 7,840,000 | 7,879,200 | ||||||
| Enpro Industries, Inc., 5.875%, 9/15/2022 | 4,880,000 | 5,026,400 | ||||||
| Entegris, Inc., 4.625%, 2/10/2026 (n) | 4,430,000 | 4,274,950 | ||||||
| Gates Global LLC, 6%, 7/15/2022 (n) | 2,127,000 | 2,153,588 | ||||||
| SPX FLOW, Inc., 5.625%, 8/15/2024 (n) | 4,605,000 | 4,662,563 | ||||||
| TriMas Corp., 4.875%, 10/15/2025 (n) | 4,750,000 | 4,571,875 | ||||||
|
|
|
|||||||
| $ | 39,348,356 | |||||||
| Construction - 1.0% | ||||||||
| Empresas ICA S.A.B. de C.V., 8.875%, 5/29/2024 (a)(d)(n) | $ | 1,723,000 | $ | 258,450 | ||||
| Empresas ICA Sociedad Controladora S.A.B. de C.V., 8.9%, 2/04/2021 (a)(d) | 1,320,000 | 205,260 | ||||||
| Mattamy Group Corp., 6.5%, 10/01/2025 (n) | 3,695,000 | 3,685,763 | ||||||
| Toll Brothers Finance Corp., 4.875%, 11/15/2025 | 1,365,000 | 1,354,763 | ||||||
| Toll Brothers Finance Corp., 4.35%, 2/15/2028 | 4,255,000 | 3,935,875 | ||||||
|
|
|
|||||||
| $ | 9,440,111 | |||||||
| Consumer Products - 1.3% | ||||||||
| Coty, Inc., 6.5%, 4/15/2026 (n) | $ | 4,775,000 | $ | 4,643,688 | ||||
| Prestige Brands, Inc., 6.375%, 3/01/2024 (n) | 2,990,000 | 3,004,950 | ||||||
| Spectrum Brands, Inc., 6.125%, 12/15/2024 | 470,000 | 477,050 | ||||||
| Spectrum Brands, Inc., 5.75%, 7/15/2025 | 4,585,000 | 4,580,644 | ||||||
|
|
|
|||||||
| $ | 12,706,332 | |||||||
| Consumer Services - 1.9% | ||||||||
| Interval Acquisition Corp., 5.625%, 4/15/2023 | $ | 4,720,000 | $ | 4,920,600 | ||||
| Matthews International Corp., 5.25%, 12/01/2025 (n) | 3,540,000 | 3,469,200 | ||||||
| Service Corp. International, 4.625%, 12/15/2027 | 3,060,000 | 2,992,068 | ||||||
| ServiceMaster Co. LLC, 5.125%, 11/15/2024 (n) | 4,385,000 | 4,270,990 | ||||||
| West Corp., 8.5%, 10/15/2025 (n) | 3,405,000 | 3,285,825 | ||||||
|
|
|
|||||||
| $ | 18,938,683 | |||||||
| Containers - 4.4% | ||||||||
| Berry Global Group, Inc., 5.5%, 5/15/2022 | $ | 4,010,000 | $ | 4,112,776 | ||||
| Berry Global Group, Inc., 6%, 10/15/2022 | 3,260,000 | 3,394,475 | ||||||
| Crown American LLC, 4.5%, 1/15/2023 | 3,422,000 | 3,366,393 | ||||||
| Crown Americas LLC/Crown Americas Capital Corp., 4.75%, 2/01/2026 (n) | 1,525,000 | 1,471,625 | ||||||
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026 | 2,440,000 | 2,260,050 | ||||||
| Flex Acquisition Co., Inc., 6.875%, 1/15/2025 (n) | 2,945,000 | 2,959,725 | ||||||
| Multi-Color Corp., 6.125%, 12/01/2022 (n) | 5,117,000 | 5,270,510 | ||||||
| Reynolds Group, 5.75%, 10/15/2020 | 1,599,028 | 1,611,020 | ||||||
| Reynolds Group, 5.125%, 7/15/2023 (n) | 2,515,000 | 2,530,719 | ||||||
| Reynolds Group, 7%, 7/15/2024 (n) | 3,210,000 | 3,342,413 | ||||||
| Sealed Air Corp., 4.875%, 12/01/2022 (n) | 3,635,000 | 3,689,525 | ||||||
| Sealed Air Corp., 5.125%, 12/01/2024 (n) | 985,000 | 999,775 | ||||||
| Sealed Air Corp., 5.5%, 9/15/2025 (n) | 1,150,000 | 1,188,813 | ||||||
| Silgan Holdings, Inc., 5.5%, 2/01/2022 | 495,000 | 502,425 | ||||||
| Silgan Holdings, Inc., 4.75%, 3/15/2025 | 3,260,000 | 3,154,376 | ||||||
| W/S Packaging Group, Inc., 9%, 4/15/2023 (n) | 2,980,000 | 3,047,050 | ||||||
|
|
|
|||||||
| $ | 42,901,670 | |||||||
| Electrical Equipment - 0.7% | ||||||||
| CommScope Technologies LLC, 5%, 3/15/2027 (n) | $ | 6,675,000 | $ | 6,391,313 | ||||
3
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Electronics - 0.7% | ||||||||
| Sensata Technologies B.V., 5.625%, 11/01/2024 (n) | $ | 2,535,000 | $ | 2,630,063 | ||||
| Sensata Technologies B.V., 5%, 10/01/2025 (n) | 3,895,000 | 3,885,263 | ||||||
|
|
|
|||||||
| $ | 6,515,326 | |||||||
| Energy - Independent - 7.0% | ||||||||
| Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.875%, 12/15/2024 | $ | 6,240,000 | $ | 6,458,400 | ||||
| CrownRock LP/CrownRock Finance, Inc., 5.625%, 10/15/2025 (n) | 4,795,000 | 4,735,063 | ||||||
| Diamondback Energy, Inc., 5.375%, 5/31/2025 | 5,640,000 | 5,710,500 | ||||||
| Diamondback Energy, Inc., 5.375%, 5/31/2025 (n) | 2,105,000 | 2,133,944 | ||||||
| Gulfport Energy Corp., 6%, 10/15/2024 | 3,870,000 | 3,676,500 | ||||||
| Gulfport Energy Corp., 6.375%, 5/15/2025 | 1,845,000 | 1,770,628 | ||||||
| Indigo Natural Resources LLC, 6.875%, 2/15/2026 (n) | 4,700,000 | 4,512,000 | ||||||
| Parsley Energy LLC/Parsley Finance Corp., 5.625%, 10/15/2027 (n) | 6,030,000 | 6,105,375 | ||||||
| PDC Energy, Inc., 6.125%, 9/15/2024 | 6,040,000 | 6,191,000 | ||||||
| QEP Resources, Inc., 5.25%, 5/01/2023 | 5,690,000 | 5,547,750 | ||||||
| QEP Resources, Inc., 5.625%, 3/01/2026 | 2,240,000 | 2,144,800 | ||||||
| Sanchez Energy Corp., 6.125%, 1/15/2023 | 1,820,000 | 1,314,404 | ||||||
| Seven Generations Energy, 6.75%, 5/01/2023 (n) | 4,300,000 | 4,461,250 | ||||||
| Seven Generations Energy, 5.375%, 9/30/2025 (n) | 2,375,000 | 2,309,688 | ||||||
| SM Energy Co., 6.75%, 9/15/2026 | 4,770,000 | 4,853,475 | ||||||
| SRC Energy, Inc., 6.25%, 12/01/2025 (n) | 3,745,000 | 3,782,450 | ||||||
| WPX Energy, Inc., 6%, 1/15/2022 | 2,752,000 | 2,868,960 | ||||||
|
|
|
|||||||
| $ | 68,576,187 | |||||||
| Entertainment - 2.1% | ||||||||
| Cedar Fair LP, 5.375%, 6/01/2024 | $ | 1,410,000 | $ | 1,427,639 | ||||
| Cedar Fair LP, 5.375%, 4/15/2027 (n) | 2,115,000 | 2,104,425 | ||||||
| Cinemark USA, Inc., 5.125%, 12/15/2022 | 2,420,000 | 2,459,325 | ||||||
| Cinemark USA, Inc., 4.875%, 6/01/2023 | 3,570,000 | 3,525,375 | ||||||
| Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n) | 2,995,000 | 2,987,513 | ||||||
| Six Flags Entertainment Corp., 4.875%, 7/31/2024 (n) | 8,115,000 | 7,929,978 | ||||||
|
|
|
|||||||
| $ | 20,434,255 | |||||||
| Financial Institutions - 1.9% | ||||||||
| Aircastle Ltd., 5.125%, 3/15/2021 | $ | 1,065,000 | $ | 1,092,956 | ||||
| Aircastle Ltd., 5.5%, 2/15/2022 | 2,515,000 | 2,628,175 | ||||||
| Navient Corp., 7.25%, 1/25/2022 | 3,905,000 | 4,129,538 | ||||||
| Navient Corp., 7.25%, 9/25/2023 | 3,415,000 | 3,568,675 | ||||||
| Park Aerospace Holdings Ltd., 5.5%, 2/15/2024 (n) | 7,630,000 | 7,410,638 | ||||||
|
|
|
|||||||
| $ | 18,829,982 | |||||||
| Food & Beverages - 3.7% | ||||||||
| Aramark Services, Inc., 4.75%, 6/01/2026 | $ | 4,045,000 | $ | 3,923,650 | ||||
| Aramark Services, Inc., 5%, 2/01/2028 (n) | 2,885,000 | 2,809,269 | ||||||
| Cott Holdings, Inc., 5.5%, 4/01/2025 (n) | 5,100,000 | 5,061,750 | ||||||
| JBS USA LLC/JBS USA Finance, Inc., 6.75%, 2/15/2028 (n) | 1,445,000 | 1,387,200 | ||||||
| JBS USA Lux S.A./JBS USA Finance, Inc., 5.875%, 7/15/2024 (n) | 4,400,000 | 4,268,000 | ||||||
| Lamb Weston Holdings, Inc., 4.625%, 11/01/2024 (n) | 2,795,000 | 2,770,544 | ||||||
| Lamb Weston Holdings, Inc., 4.875%, 11/01/2026 (n) | 1,695,000 | 1,680,169 | ||||||
| Pilgrim’s Pride Corp., 5.875%, 9/30/2027 (n) | 4,805,000 | 4,588,775 | ||||||
| Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 1/15/2024 | 4,695,000 | 4,835,850 | ||||||
| U.S. Foods Holding Corp., 5.875%, 6/15/2024 (n) | 4,800,000 | 4,884,000 | ||||||
|
|
|
|||||||
| $ | 36,209,207 | |||||||
| Forest & Paper Products - 0.0% | ||||||||
| Appvion, Inc., 9%, 6/01/2020 (d)(n) | $ | 2,069,000 | $ | 207 | ||||
4
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Gaming & Lodging - 3.4% | ||||||||
| CCM Merger, Inc., 6%, 3/15/2022 (n) | $ | 3,710,000 | $ | 3,774,925 | ||||
| GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/2023 | 3,495,000 | 3,612,956 | ||||||
| GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026 | 680,000 | 685,100 | ||||||
| Hilton Domestic Operating Co., Inc., 5.125%, 5/01/2026 (n) | 3,770,000 | 3,770,000 | ||||||
| Hilton Worldwide Finance LLC, 4.625%, 4/01/2025 | 4,670,000 | 4,528,966 | ||||||
| MGM Resorts International, 6.625%, 12/15/2021 | 3,770,000 | 4,033,900 | ||||||
| Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/2021 | 4,215,000 | 4,241,344 | ||||||
| Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/2023 | 2,030,000 | 2,035,075 | ||||||
| Wyndham Hotels Group LLC, 5.375%, 4/15/2026 (n) | 3,515,000 | 3,541,363 | ||||||
| Wynn Macau Ltd., 4.875%, 10/01/2024 (n) | 2,340,000 | 2,293,200 | ||||||
| Wynn Macau Ltd., 5.5%, 10/01/2027 (n) | 1,410,000 | 1,367,714 | ||||||
|
|
|
|||||||
| $ | 33,884,543 | |||||||
| Industrial - 0.9% | ||||||||
| Cleaver-Brooks, Inc., 7.875%, 3/01/2023 (n) | $ | 3,335,000 | $ | 3,443,388 | ||||
| KAR Auction Services, Inc., 5.125%, 6/01/2025 (n) | 5,230,000 | 5,073,100 | ||||||
|
|
|
|||||||
| $ | 8,516,488 | |||||||
| Insurance - 0.3% | ||||||||
| AssuredPartners, Inc., 7%, 8/15/2025 (n) | $ | 3,050,000 | $ | 3,011,875 | ||||
| Insurance - Health - 0.5% | ||||||||
| Centene Corp., 5.625%, 2/15/2021 | $ | 1,895,000 | $ | 1,944,744 | ||||
| Centene Corp., 6.125%, 2/15/2024 | 2,910,000 | 3,048,225 | ||||||
|
|
|
|||||||
| $ | 4,992,969 | |||||||
| Insurance - Property & Casualty - 0.4% | ||||||||
| Hub International Holdings, Inc., 7.875%, 10/01/2021 (n) | $ | 2,445,000 | $ | 2,548,179 | ||||
| Hub International Ltd., 7%, 5/01/2026 (n) | 1,820,000 | 1,822,275 | ||||||
|
|
|
|||||||
| $ | 4,370,454 | |||||||
| Machinery & Tools - 0.4% | ||||||||
| Ashtead Capital, Inc., 5.625%, 10/01/2024 (n) | $ | 3,795,000 | $ | 3,908,850 | ||||
| Major Banks - 0.9% | ||||||||
| Bank of America Corp., 5.875% to 3/15/2028, FLR to 12/31/2059 | $ | 3,715,000 | $ | 3,707,570 | ||||
| UBS Group AG, 6.875% to 8/07/2025, FLR to 12/29/2049 | 4,690,000 | 4,936,225 | ||||||
|
|
|
|||||||
| $ | 8,643,795 | |||||||
| Medical & Health Technology & Services - 5.6% | ||||||||
| DaVita, Inc., 5.125%, 7/15/2024 | $ | 1,675,000 | $ | 1,622,656 | ||||
| DaVita, Inc., 5%, 5/01/2025 | 3,245,000 | 3,075,287 | ||||||
| HCA, Inc., 7.5%, 2/15/2022 | 3,750,000 | 4,125,000 | ||||||
| HCA, Inc., 5%, 3/15/2024 | 5,340,000 | 5,400,075 | ||||||
| HCA, Inc., 5.375%, 2/01/2025 | 2,930,000 | 2,915,350 | ||||||
| HCA, Inc., 5.875%, 2/15/2026 | 1,480,000 | 1,498,500 | ||||||
| HealthSouth Corp., 5.125%, 3/15/2023 | 3,785,000 | 3,841,775 | ||||||
| HealthSouth Corp., 5.75%, 11/01/2024 | 1,260,000 | 1,282,050 | ||||||
| Heartland Dental LLC, 8.5%, 5/01/2026 (n) | 3,075,000 | 3,081,919 | ||||||
| IQVIA Holdings, Inc., 5%, 10/15/2026 (n) | 4,000,000 | 3,945,000 | ||||||
| NVA Holdings, Inc., 6.875%, 4/01/2026 (n) | 1,665,000 | 1,677,488 | ||||||
| Polaris, 8.5%, 12/01/2022 (n) | 3,555,000 | 3,608,325 | ||||||
| Quorum Health Corp., 11.625%, 4/15/2023 | 2,580,000 | 2,741,250 | ||||||
| Tenet Healthcare Corp., 8.125%, 4/01/2022 | 2,865,000 | 2,983,181 | ||||||
| Tenet Healthcare Corp., 6.75%, 6/15/2023 | 2,390,000 | 2,349,669 | ||||||
5
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Medical & Health Technology & Services - continued | ||||||||
| THC Escrow Corp. III, 5.125%, 5/01/2025 (n) | $ | 3,435,000 | $ | 3,340,538 | ||||
| Universal Health Services, Inc., 7.625%, 8/15/2020 | 4,370,000 | 4,402,775 | ||||||
| West Street Merger Sub, Inc., 6.375%, 9/01/2025 (n) | 3,400,000 | 3,340,500 | ||||||
|
|
|
|||||||
| $ | 55,231,338 | |||||||
| Medical Equipment - 0.8% | ||||||||
| Teleflex, Inc., 5.25%, 6/15/2024 | $ | 3,270,000 | $ | 3,319,050 | ||||
| Teleflex, Inc., 4.875%, 6/01/2026 | 1,670,000 | 1,646,620 | ||||||
| Teleflex, Inc., 4.625%, 11/15/2027 | 2,520,000 | 2,406,600 | ||||||
|
|
|
|||||||
| $ | 7,372,270 | |||||||
| Metals & Mining - 4.9% | ||||||||
| First Quantum Minerals Ltd., 6.875%, 3/01/2026 (n) | $ | 1,034,000 | $ | 982,300 | ||||
| First Quantum Minerals Ltd., 7%, 2/15/2021 (n) | 2,450,000 | 2,455,464 | ||||||
| First Quantum Minerals Ltd., 7.25%, 4/01/2023 (n) | 3,600,000 | 3,590,280 | ||||||
| Freeport-McMoRan, Inc., 6.875%, 2/15/2023 | 7,357,000 | 7,890,383 | ||||||
| Freeport-McMoRan, Inc., 3.875%, 3/15/2023 | 1,900,000 | 1,821,625 | ||||||
| Freeport-McMoRan, Inc., 5.4%, 11/14/2034 | 1,595,000 | 1,471,388 | ||||||
| Kaiser Aluminum Corp., 5.875%, 5/15/2024 | 5,150,000 | 5,304,500 | ||||||
| Kinross Gold Corp., 4.5%, 7/15/2027 (n) | 519,000 | 487,860 | ||||||
| Kinross Gold Corp., 5.95%, 3/15/2024 | 682,000 | 710,985 | ||||||
| Lundin Mining Corp., 7.875%, 11/01/2022 (n) | 1,845,000 | 1,936,660 | ||||||
| Northwest Acquisitions ULC/Dominion Finco, Inc., 7.125%, 11/01/2022 (n) | 4,835,000 | 4,923,481 | ||||||
| Novelis Corp., 5.875%, 9/30/2026 (n) | 5,825,000 | 5,781,313 | ||||||
| Petra Diamonds U.S. Treasury PLC, 7.25%, 5/01/2022 (n) | 3,000,000 | 2,998,500 | ||||||
| Steel Dynamics, Inc., 5.125%, 10/01/2021 | 1,725,000 | 1,755,705 | ||||||
| Steel Dynamics, Inc., 5.25%, 4/15/2023 | 555,000 | 563,325 | ||||||
| Steel Dynamics, Inc., 5.5%, 10/01/2024 | 2,845,000 | 2,923,238 | ||||||
| TMS International Corp., 7.25%, 8/15/2025 (n) | 2,930,000 | 3,032,550 | ||||||
|
|
|
|||||||
| $ | 48,629,557 | |||||||
| Midstream - 4.2% | ||||||||
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/2022 (n) | $ | 5,895,000 | $ | 6,042,375 | ||||
| DCP Midstream LP, 4.95%, 4/01/2022 | 1,822,000 | 1,849,330 | ||||||
| DCP Midstream LP, 5.6%, 4/01/2044 | 1,945,000 | 1,906,100 | ||||||
| DCP Midstream LP, 3.875%, 3/15/2023 | 3,245,000 | 3,131,425 | ||||||
| Energy Transfer Equity LP, 5.875%, 1/15/2024 | 4,860,000 | 4,963,275 | ||||||
| Energy Transfer Equity LP, 5.5%, 6/01/2027 | 1,290,000 | 1,290,000 | ||||||
| Tallgrass Energy GP, LP, 5.5%, 1/15/2028 (n) | 8,530,000 | 8,508,675 | ||||||
| Targa Resources Partners LP/Targa Resources Finance Corp., 5.25%, 5/01/2023 | 3,400,000 | 3,391,500 | ||||||
| Targa Resources Partners LP/Targa Resources Finance Corp., 5.125%, 2/01/2025 (n) | 2,020,000 | 1,959,400 | ||||||
| Targa Resources Partners LP/Targa Resources Finance Corp., 5.375%, 2/01/2027 | 8,330,000 | 7,975,975 | ||||||
|
|
|
|||||||
| $ | 41,018,055 | |||||||
| Network & Telecom - 0.7% | ||||||||
| Zayo Group LLC/Zayo Capital, Inc., 6.375%, 5/15/2025 | $ | 2,595,000 | $ | 2,686,344 | ||||
| Zayo Group LLC/Zayo Capital, Inc., 5.75%, 1/15/2027 (n) | 4,670,000 | 4,636,750 | ||||||
|
|
|
|||||||
| $ | 7,323,094 | |||||||
| Oil Services - 1.7% | ||||||||
| Bristow Group, Inc., 6.25%, 10/15/2022 | $ | 4,064,000 | $ | 3,352,800 | ||||
| Diamond Offshore Drilling, Inc., 7.875%, 8/15/2025 | 1,930,000 | 1,980,663 | ||||||
| Diamond Offshore Drilling, Inc., 5.7%, 10/15/2039 | 4,470,000 | 3,486,600 | ||||||
| Ensco PLC, 7.75%, 2/01/2026 | 3,620,000 | 3,411,850 | ||||||
| Trinidad Drilling Ltd., 6.625%, 2/15/2025 (n) | 4,865,000 | 4,664,319 | ||||||
|
|
|
|||||||
| $ | 16,896,232 | |||||||
6
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Oils - 0.5% | ||||||||
| Parkland Fuel Corp., 6%, 4/01/2026 (n) | $ | 5,030,000 | $ | 5,030,000 | ||||
| Pharmaceuticals - 1.1% | ||||||||
| Mallinckrodt International Finance S.A., 5.75%, 8/01/2022 (n) | $ | 2,385,000 | $ | 1,985,513 | ||||
| Mallinckrodt International Finance S.A., 5.625%, 10/15/2023 (n) | 1,375,000 | 1,075,938 | ||||||
| Valeant Pharmaceuticals International, Inc., 5.5%, 3/01/2023 (n) | 3,555,000 | 3,208,388 | ||||||
| Valeant Pharmaceuticals International, Inc., 6.125%, 4/15/2025 (n) | 4,590,000 | 4,140,042 | ||||||
|
|
|
|||||||
| $ | 10,409,881 | |||||||
| Precious Metals & Minerals - 0.4% | ||||||||
| Teck Resources Ltd., 6%, 8/15/2040 | $ | 440,000 | $ | 458,700 | ||||
| Teck Resources Ltd., 6.25%, 7/15/2041 | 3,345,000 | 3,545,700 | ||||||
|
|
|
|||||||
| $ | 4,004,400 | |||||||
| Printing & Publishing - 0.3% | ||||||||
| Nielsen Finance LLC, 5%, 4/15/2022 (n) | $ | 2,889,000 | $ | 2,910,956 | ||||
| Real Estate - Healthcare - 0.9% | ||||||||
| MPT Operating Partnership LP/MPT Financial Co., REIT, 5.25%, 8/01/2026 | $ | 4,080,000 | $ | 3,957,600 | ||||
| MPT Operating Partnership LP/MPT Financial Co., REIT, 5%, 10/15/2027 | 5,265,000 | 4,988,588 | ||||||
|
|
|
|||||||
| $ | 8,946,188 | |||||||
| Real Estate - Other - 0.9% | ||||||||
| CyrusOne LP/CyrusOne Finance Corp., REIT, 5%, 3/15/2024 | $ | 5,600,000 | $ | 5,614,000 | ||||
| CyrusOne LP/CyrusOne Finance Corp., REIT, 5.375%, 3/15/2027 | 2,610,000 | 2,610,000 | ||||||
| Starwood Property Trust, Inc., REIT, 5%, 12/15/2021 | 373,000 | 377,465 | ||||||
| Starwood Property Trust, Inc., REIT, 4.75%, 3/15/2025 (n) | 406,000 | 390,775 | ||||||
|
|
|
|||||||
| $ | 8,992,240 | |||||||
| Restaurants - 1.2% | ||||||||
| Golden Nugget, Inc., 6.75%, 10/15/2024 (n) | $ | 3,595,000 | $ | 3,648,925 | ||||
| IRB Holding Corp., 6.75%, 2/15/2026 (n) | 3,090,000 | 2,981,850 | ||||||
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 6/01/2026 (n) | 4,740,000 | 4,763,700 | ||||||
|
|
|
|||||||
| $ | 11,394,475 | |||||||
| Retailers - 0.5% | ||||||||
| Hanesbrands, Inc., 4.625%, 5/15/2024 (n) | $ | 720,000 | $ | 694,800 | ||||
| Hanesbrands, Inc., 4.875%, 5/15/2026 (n) | 4,195,000 | 4,027,200 | ||||||
|
|
|
|||||||
| $ | 4,722,000 | |||||||
| Specialty Chemicals - 1.0% | ||||||||
| A Schulman, Inc., 6.875%, 6/01/2023 | $ | 3,860,000 | $ | 4,053,000 | ||||
| Univar USA, Inc., 6.75%, 7/15/2023 (n) | 5,920,000 | 6,097,600 | ||||||
|
|
|
|||||||
| $ | 10,150,600 | |||||||
| Specialty Stores - 0.3% | ||||||||
| Group 1 Automotive, Inc., 5%, 6/01/2022 | $ | 3,310,000 | $ | 3,319,268 | ||||
| Supermarkets - 0.3% | ||||||||
| Albertsons Cos. LLC/Safeway Co., 6.625%, 6/15/2024 | $ | 3,625,000 | $ | 3,375,781 | ||||
| Telecommunications - Wireless - 4.3% | ||||||||
| Altice Luxembourg S.A., 7.75%, 5/15/2022 (n) | $ | 1,675,000 | $ | 1,599,625 | ||||
| Altice Luxembourg S.A., 7.625%, 2/15/2025 (n) | 3,435,000 | 3,095,794 | ||||||
| Digicel Group Ltd., 7.125%, 4/01/2022 (n) | 1,531,000 | 1,245,040 | ||||||
| Digicel Group Ltd., 6.75%, 3/01/2023 (n) | 4,873,000 | 4,453,630 | ||||||
7
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Telecommunications - Wireless - continued | ||||||||
| SBA Communications Corp., 4%, 10/01/2022 (n) | $ | 4,725,000 | $ | 4,500,563 | ||||
| SBA Communications Corp., 4.875%, 9/01/2024 | 1,395,000 | 1,340,944 | ||||||
| Sprint Corp., 7.875%, 9/15/2023 | 3,020,000 | 3,238,950 | ||||||
| Sprint Corp., 7.125%, 6/15/2024 | 6,345,000 | 6,575,006 | ||||||
| Sprint Corp., 7.625%, 3/01/2026 | 1,505,000 | 1,585,894 | ||||||
| Sprint Nextel Corp., 6%, 11/15/2022 | 5,720,000 | 5,841,550 | ||||||
| T-Mobile USA, Inc., 6.5%, 1/15/2024 | 1,765,000 | 1,848,838 | ||||||
| T-Mobile USA, Inc., 5.125%, 4/15/2025 | 2,795,000 | 2,815,963 | ||||||
| T-Mobile USA, Inc., 6.5%, 1/15/2026 | 2,020,000 | 2,146,896 | ||||||
| T-Mobile USA, Inc., 5.375%, 4/15/2027 | 2,345,000 | 2,371,381 | ||||||
|
|
|
|||||||
| $ | 42,660,074 | |||||||
| Telephone Services - 0.6% | ||||||||
| Level 3 Financing, Inc., 5.375%, 1/15/2024 | $ | 1,900,000 | $ | 1,881,000 | ||||
| Level 3 Financing, Inc., 5.375%, 5/01/2025 | 4,100,000 | 4,037,270 | ||||||
|
|
|
|||||||
| $ | 5,918,270 | |||||||
| Transportation - Services - 0.6% | ||||||||
| Navios Maritime Holding, Inc., 7.375%, 1/15/2022 (n) | $ | 2,475,000 | $ | 1,871,719 | ||||
| Navios South American Logistics, Inc., 7.25%, 5/01/2022 | 1,110,000 | 1,065,600 | ||||||
| Syncreon Group BV/Syncre, 8.625%, 11/01/2021 (n) | 3,185,000 | 2,675,400 | ||||||
|
|
|
|||||||
| $ | 5,612,719 | |||||||
| Utilities - Electric Power - 2.9% | ||||||||
| Calpine Corp., 5.5%, 2/01/2024 | $ | 2,710,000 | $ | 2,486,425 | ||||
| Calpine Corp., 5.75%, 1/15/2025 | 3,365,000 | 3,087,724 | ||||||
| Calpine Corp., 5.25%, 6/01/2026 (n) | 2,400,000 | 2,296,500 | ||||||
| Covanta Holding Corp., 6.375%, 10/01/2022 | 2,035,000 | 2,078,244 | ||||||
| Covanta Holding Corp., 5.875%, 3/01/2024 | 2,680,000 | 2,639,800 | ||||||
| Covanta Holding Corp., 5.875%, 7/01/2025 | 2,735,000 | 2,659,788 | ||||||
| Drax Finco PLC, 6.625%, 11/01/2025 (z) | 3,520,000 | 3,537,600 | ||||||
| NextEra Energy Operating Co., 4.25%, 9/15/2024 (n) | 4,765,000 | 4,598,225 | ||||||
| Pattern Energy Group, Inc., 5.875%, 2/01/2024 (n) | 4,945,000 | 5,043,900 | ||||||
|
|
|
|||||||
| $ | 28,428,206 | |||||||
| Total Bonds | $ | 944,519,334 | ||||||
| Floating Rate Loans (g)(r) - 0.9% | ||||||||
| Building - 0.4% | ||||||||
| ABC Supply Co., Inc., Term Loan B, 4.292%, 10/31/2023 | $ | 3,972,074 | $ | 3,978,032 | ||||
| Conglomerates - 0.1% | ||||||||
| Entegris, Inc., Term Loan B, 4.375%, 4/30/2021 | $ | 1,054,556 | $ | 1,057,192 | ||||
| Consumer Products - 0.1% | ||||||||
| Spectrum Brands, Inc., Term Loan B, 3.885%, 6/23/2022 | $ | 1,170,176 | $ | 1,168,713 | ||||
| Medical & Health Technology & Services - 0.3% | ||||||||
| DaVita Healthcare Partners, Inc., Term Loan B, 5.042%, 6/24/2021 | $ | 2,290,588 | $ | 2,307,768 | ||||
| Total Floating Rate Loans | $ | 8,511,705 | ||||||
| Common Stocks - 0.3% | ||||||||
| Oil Services - 0.3% | ||||||||
| LTRI Holdings LP (a)(u) | 3,300 | $ | 2,935,086 | |||||
8
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Investment Companies (h) - 1.4% | ||||||||
| Money Market Funds - 1.4% | ||||||||
| MFS Institutional Money Market Portfolio, 1.78% (v) | 14,098,984 | $ | 14,097,574 | |||||
| Other Assets, Less Liabilities - 1.3% | 13,149,007 | |||||||
| Net Assets - 100.0% | $ | 983,212,706 | ||||||
| (a) | Non-income producing security. |
| (d) | In default. |
| (g) | The rate shown represents a weighted average coupon rate on settled positions at period end, unless otherwise indicated. |
| (h) | 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. At period end, the aggregate values of the fund’s investments in affiliated issuers and in unaffiliated issuers were $14,097,574 and $955,966,125, respectively. |
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $539,164,657, representing 54.8% of net assets. |
| (p) | Payment-in-kind security for which interest income may be received in additional securities and/or cash. |
| (r) | Remaining maturities of floating rate loans may be less than stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. Floating rate loans generally have rates of interest which are determined periodically by reference to a base lending rate plus a premium. |
| (u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. |
| (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. |
| (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 | |||||||||
| Drax Finco PLC, 6.625%, 11/01/2025 | 4/12/18 | $3,539,166 | $3,537,600 | |||||||||
| % of Net assets | 0.4% | |||||||||||
The following abbreviations are used in this report and are defined:
| FLR | Floating rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. | |
| PLC | Public Limited Company | |
| REIT | Real Estate Investment Trust |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
| EUR | Euro |
Derivative Contracts at 4/30/18
Forward Foreign Currency Exchange Contracts
| Currency Purchased |
Currency Sold |
Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
| Asset Derivatives | ||||||||||||||||||||
| USD | 2,725,824 | EUR | 2,222,730 | Citibank N.A. | 5/25/2018 | $36,997 | ||||||||||||||
|
|
|
|||||||||||||||||||
9
Portfolio of Investments (unaudited) – continued
Futures Contracts
| Description | Long/ Short |
Currency | Contracts | Notional Amount |
Expiration Date |
Value/Unrealized Appreciation (Depreciation) |
||||||||||||||||
| Asset Derivatives | ||||||||||||||||||||||
| Interest Rate Futures | ||||||||||||||||||||||
| U.S. Treasury Note 10 yr |
Short | USD | 248 | $29,667,000 | June - 2018 | $121,488 | ||||||||||||||||
|
|
|
|||||||||||||||||||||
| Liability Derivatives | ||||||||||||||||||||||
| Interest Rate Futures | ||||||||||||||||||||||
| Euro-Bund 10 yr |
Short | EUR | 12 | $2,300,333 | June - 2018 | $(25,158 | ) | |||||||||||||||
|
|
|
|||||||||||||||||||||
At April 30, 2018, the fund had cash collateral of $259,157 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
10
Supplemental Information
4/30/18 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
(1) Investment Valuations
Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. 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. Values obtained from 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 values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
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 halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts and forward foreign currency exchange contracts. The following is a summary of the levels used as of April 30, 2018 in valuing the fund’s assets or liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Equity Securities | $— | $— | $2,935,086 | $2,935,086 | ||||||||||||
| U.S. Corporate Bonds | — | 787,315,642 | — | 787,315,642 | ||||||||||||
| Foreign Bonds | — | 157,203,692 | — | 157,203,692 | ||||||||||||
| Floating Rate Loans | — | 8,511,705 | — | 8,511,705 | ||||||||||||
| Mutual Funds | 14,097,574 | — | — | 14,097,574 | ||||||||||||
| Total | $14,097,574 | $953,031,039 | $2,935,086 | $970,063,699 | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts – Assets | $121,488 | $— | $— | $121,488 | ||||||||||||
| Futures Contracts – Liabilities | (25,158 | ) | — | — | (25,158 | ) | ||||||||||
| Forward Foreign Currency Exchange Contracts – Assets | — | 36,997 | — | 36,997 | ||||||||||||
11
Supplemental Information (unaudited) – continued
For further information regarding security characteristics, see the Portfolio of Investments.
The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The fund’s policy is to recognize transfers between the levels as of the end of the period. The table presents the activity of level 3 securities held at the beginning and the end of the period.
| Equity Securities | ||||
| Balance as of 1/31/18 | $2,935,086 | |||
| Change in unrealized appreciation (depreciation) |
0 | |||
| Balance as of 4/30/18 | $2,935,086 | |||
The net change in unrealized appreciation (depreciation) from investments still held as level 3 at April 30, 2018 is $0. At April 30, 2018, the fund held one level 3 security.
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers:
| Affiliated Issuers | Beginning Amount |
Acquisitions Shares/Par Amount |
Dispositions Shares/Par Amount |
Ending Shares/Par Amount |
||||||||||||||||
| MFS Institutional Money Market Portfolio | 17,092,907 | 78,488,620 | (81,482,543 | ) | 14,098,984 | |||||||||||||||
| Affiliated Issuers | Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Capital Gain Distributions |
Dividend Income |
Ending Value |
|||||||||||||||
| MFS Institutional Money Market Portfolio | $901 | $— | $— | $64,067 | $14,097,574 | |||||||||||||||
12
Quarterly Report
April 30, 2018
MFS® Municipal High Income Fund
PORTFOLIO OF INVESTMENTS
4/30/18 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - 98.4% | ||||||||
| Alabama - 1.5% | ||||||||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030 | $ | 1,630,000 | $ | 1,780,811 | ||||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035 | 1,685,000 | 1,853,854 | ||||||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | 3,945,000 | 4,303,719 | ||||||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050 | 2,565,000 | 2,832,273 | ||||||
| Black Belt Energy Gas District, AL, Gas Prepay Rev., “A”, 4%, 12/01/2048 (Put Date 12/01/2023) | 7,535,000 | 8,022,891 | ||||||
| Black Belt Energy Gas District, AL, Gas Prepay Rev., “B-1”, FLR, 2.164% (67% of LIBOR-1mo. + 0.9%), 12/01/2048 (Put Date 12/01/2023) | 23,140,000 | 23,140,000 | ||||||
| Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.25%, 2/01/2023 | 1,400,000 | 1,426,390 | ||||||
| Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2/01/2029 | 4,790,000 | 4,890,638 | ||||||
| Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 7%, 2/01/2036 | 1,505,000 | 1,538,125 | ||||||
| Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 1/01/2028 | 1,485,000 | 1,314,062 | ||||||
| Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 1/01/2043 | 1,560,000 | 1,230,419 | ||||||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026 | 805,000 | 585,984 | ||||||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029 | 1,130,000 | 671,084 | ||||||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034 | 1,620,000 | 670,583 | ||||||
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035 | 3,080,000 | 1,192,576 | ||||||
| Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2021 | 1,380,000 | 1,477,690 | ||||||
| Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023 | 2,020,000 | 2,208,809 | ||||||
| Pell City, AL, Special Care Facilities, Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/2039 | 1,670,000 | 1,793,129 | ||||||
| Selma, AL, Industrial Development Board Rev., Gulf Opportunity Zone (International Paper Co.), “A”, 6.25%, 11/01/2033 | 6,750,000 | 7,189,695 | ||||||
| Selma, AL, Industrial Development Board Rev., Gulf Opportunity Zone (International Paper Co.), “A”, 5.375%, 12/01/2035 | 1,635,000 | 1,807,411 | ||||||
|
|
|
|||||||
| $ | 69,930,143 | |||||||
| Alaska - 0.1% | ||||||||
| Alaska Industrial Development & Export Authority Power Rev. (Snettisham Hydroelectric Project), 5%, 1/01/2030 | $ | 875,000 | $ | 951,711 | ||||
| Alaska Industrial Development & Export Authority Power Rev. (Snettisham Hydroelectric Project), 5%, 1/01/2031 | 1,270,000 | 1,376,324 | ||||||
| Koyukuk, AK, Tanana Chiefs Conference, Healthcare Facilities Project, 7.75%, 10/01/2041 (Prerefunded 10/01/2019) | 3,315,000 | 3,574,498 | ||||||
|
|
|
|||||||
| $ | 5,902,533 | |||||||
| Arizona - 2.2% | ||||||||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2038 | $ | 340,000 | $ | 378,838 | ||||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2048 | 910,000 | 1,003,011 | ||||||
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052 | 1,140,000 | 1,243,945 | ||||||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 | 740,000 | 754,674 | ||||||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 | 450,000 | 462,290 | ||||||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 | 1,970,000 | 1,994,428 | ||||||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2037 | 770,000 | 791,029 | ||||||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2047 | 770,000 | 785,269 | ||||||
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2051 | 425,000 | 430,270 | ||||||
| Florence, AZ, Industrial Development Authority Education Rev. (Legacy Traditional School Project – Queen Creek & Casa Grande Campuses), 6%, 7/01/2043 | 3,150,000 | 3,317,895 | ||||||
| Maricopa County, AZ, Pollution Control Rev. (El Paso Electric), “B”, 7.25%, 4/01/2040 | 1,790,000 | 1,872,805 | ||||||
| Maricopa County, AZ, Pollution Control Rev. (Southern California Edison Co.), “A”, 5%, 6/01/2035 | 4,700,000 | 4,937,679 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 | 2,070,000 | 2,122,454 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 | 700,000 | 717,738 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 | 3,065,000 | 3,118,331 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 | 1,770,000 | 1,799,718 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Choice Academies, Inc. Project), 5.625%, 9/01/2042 | 2,205,000 | 2,248,439 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Eagle College Prep Project), 5%, 7/01/2033 | 855,000 | 870,689 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Eagle College Prep Project), 5%, 7/01/2043 | 1,715,000 | 1,695,518 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034 | 6,355,000 | 6,919,832 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036 | 815,000 | 884,308 | ||||||
1
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Arizona - continued | ||||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041 | $ | 660,000 | $ | 702,966 | ||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044 | 3,970,000 | 4,189,223 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046 | 1,235,000 | 1,293,341 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034 | 1,970,000 | 2,172,083 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 | 1,430,000 | 1,466,236 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044 | 3,255,000 | 3,593,976 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 | 1,570,000 | 1,596,345 | ||||||
| Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2046 | 3,935,000 | 4,014,015 | ||||||
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034 | 4,545,000 | 4,185,491 | ||||||
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041 | 4,785,000 | 4,434,929 | ||||||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4.75%, 6/15/2037 | 3,200,000 | 3,136,800 | ||||||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047 | 2,955,000 | 2,936,886 | ||||||
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052 | 3,960,000 | 3,915,014 | ||||||
| Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), “A”, 5.25%, 10/01/2040 | 4,755,000 | 5,080,147 | ||||||
| Salt River, AZ, Agricultural Improvement Power District, Electric System Rev., “A”, 5%, 1/01/2037 | 10,065,000 | 11,705,796 | ||||||
| Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/2032 | 2,940,000 | 3,410,929 | ||||||
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6%, 12/01/2032 | 1,100,000 | 1,169,652 | ||||||
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/2042 | 3,505,000 | 3,729,425 | ||||||
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/2046 | 1,275,000 | 1,354,904 | ||||||
|
|
|
|||||||
| $ | 102,437,318 | |||||||
| Arkansas - 0.4% | ||||||||
| Arkansas Development Finance Authority Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038 | $ | 2,115,000 | $ | 2,354,651 | ||||
| Arkansas Development Finance Authority Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035 | 365,000 | 396,032 | ||||||
| Arkansas Development Finance Authority Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033 | 540,000 | 590,312 | ||||||
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046 | 6,455,000 | 1,827,991 | ||||||
| Bentonville, AR, School District No. 6 Construction Refunding, “B”, N, 4%, 6/01/2047 | 8,000,000 | 8,177,360 | ||||||
| Pulaski County, AR, Public Facilities Board Healthcare Rev. (Baptist Health), 5%, 12/01/2039 | 4,510,000 | 4,923,838 | ||||||
|
|
|
|||||||
| $ | 18,270,184 | |||||||
| California - 6.8% | ||||||||
| ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Episcopal Senior Communities), 6.125%, 7/01/2041 | $ | 4,000,000 | $ | 4,393,480 | ||||
| Acton-Agua Dulce, CA, Unified School District (Election of 2008), Capital Appreciation, AGM, 0%, 5/01/2039 | 7,550,000 | 2,933,326 | ||||||
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031 | 2,060,000 | 1,343,985 | ||||||
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032 | 2,095,000 | 1,305,038 | ||||||
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033 | 4,185,000 | 2,487,941 | ||||||
| California Educational Facilities Authority Rev. (California Lutheran University), 5.75%, 10/01/2038 | 2,320,000 | 2,358,141 | ||||||
| California Educational Facilities Authority Rev. (Stanford University), “U-7”, 5%, 6/01/2046 | 13,795,000 | 17,679,120 | ||||||
| California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 7/01/2039 | 2,765,000 | 2,887,545 | ||||||
| California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 1,135,000 | 1,582,304 | ||||||
| California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 11/01/2039 | 4,000,000 | 5,525,880 | ||||||
| California Municipal Finance Authority Charter School Lease Rev. (Nova Academy Project), “A”, 5%, 6/15/2036 | 1,100,000 | 1,117,545 | ||||||
| California Municipal Finance Authority Charter School Lease Rev. (Nova Academy Project), “A”, 5%, 6/15/2046 | 2,425,000 | 2,442,557 | ||||||
| California Municipal Finance Authority Rev. (California Baptist University), “A”, 5%, 11/01/2046 | 4,500,000 | 4,764,915 | ||||||
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 1,385,000 | 1,506,548 | ||||||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | 475,000 | 512,934 | ||||||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036 | 1,370,000 | 1,497,492 | ||||||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041 | 1,265,000 | 1,369,438 | ||||||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 210,000 | 225,933 | ||||||
| California Municipal Finance Authority Rev. (Partnerships to Uplift Communities Project), “A”, 5%, 8/01/2032 | 1,585,000 | 1,610,931 | ||||||
| California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 6/01/2040 (Prerefunded 6/01/2020) | 900,000 | 979,281 | ||||||
2
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| California - continued | ||||||||
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 | $ | 8,405,000 | $ | 9,071,432 | ||||
| California Pollution Control Financing Authority, Water Facilities Rev. (American Water Capital Corp. Project), 5.25%, 8/01/2040 | 3,500,000 | 3,727,920 | ||||||
| California Pollution Control Financing Authority, Water Furnishing Rev. (Poseidon Resources Desalination Project), 5%, 11/21/2045 | 4,080,000 | 4,324,759 | ||||||
| California Pollution Control Financing Authority, Water Furnishing Rev. (San Diego County Water Desalination Project Pipeline), 5%, 11/21/2045 | 2,935,000 | 2,989,063 | ||||||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2033 | 215,000 | 236,930 | ||||||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037 | 435,000 | 474,398 | ||||||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 435,000 | 468,517 | ||||||
| California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 10/01/2030 (Prerefunded 10/01/2019) | 3,380,000 | 3,568,908 | ||||||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2041 | 675,000 | 721,440 | ||||||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2036 | 865,000 | 930,740 | ||||||
| California School Finance Authority, Charter School Rev. (Downtown Prep - Obligated Group), 5%, 6/01/2046 | 1,325,000 | 1,346,068 | ||||||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2024 | 730,000 | 769,515 | ||||||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2025 | 760,000 | 800,614 | ||||||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 | 435,000 | 480,262 | ||||||
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 | 1,150,000 | 1,231,317 | ||||||
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 4.75%, 10/01/2024 | 415,000 | 428,550 | ||||||
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.625%, 10/01/2034 | 575,000 | 606,085 | ||||||
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%, 10/01/2044 | 545,000 | 576,992 | ||||||
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 6%, 10/01/2049 | 620,000 | 658,868 | ||||||
| California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 4.125%, 7/01/2024 | 250,000 | 262,973 | ||||||
| California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5.125%, 7/01/2044 | 430,000 | 463,476 | ||||||
| California Statewide Communities Development Authority Environmental Facilities Rev. (Microgy Holdings Project), 9%, 12/01/2038 (a)(d) | 100,980 | 1 | ||||||
| California Statewide Communities Development Authority Refunding Rev. (California Baptist University), “A”, 5%, 11/01/2032 | 1,370,000 | 1,493,190 | ||||||
| California Statewide Communities Development Authority Refunding Rev. (California Baptist University), “A”, 5%, 11/01/2041 | 2,045,000 | 2,185,246 | ||||||
| California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 | 760,000 | 802,750 | ||||||
| California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.375%, 11/01/2049 | 945,000 | 1,004,809 | ||||||
| California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 6.25%, 10/01/2039 | 2,985,000 | 3,143,324 | ||||||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.125%, 11/01/2023 | 540,000 | 574,879 | ||||||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033 | 1,600,000 | 1,833,312 | ||||||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.375%, 11/01/2043 | 1,335,000 | 1,531,178 | ||||||
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), CALHF, 5%, 8/15/2038 | 2,500,000 | 2,804,200 | ||||||
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), CALHF, 5%, 8/15/2031 | 440,000 | 504,627 | ||||||
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 7.5%, 6/01/2042 (Prerefunded 6/01/2019) | 1,465,000 | 1,551,362 | ||||||
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.125%, 11/01/2023 | 495,000 | 524,349 | ||||||
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033 | 780,000 | 866,354 | ||||||
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043 | 1,315,000 | 1,456,100 | ||||||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034 | 3,400,000 | 3,678,392 | ||||||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2041 | 3,000,000 | 3,169,230 | ||||||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 6,155,000 | 6,526,639 | ||||||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 | 11,360,000 | 11,960,944 | ||||||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 | 11,040,000 | 11,733,643 | ||||||
| California Statewide Communities Development Authority Rev. (Los Angeles Jewish Home for The Aging – Fountainview at Gonda), “A”, CALHF, 5%, 8/01/2034 | 1,000,000 | 1,110,800 | ||||||
| California Statewide Communities Development Authority Rev. (Los Angeles Jewish Home for The Aging – Fountainview at Gonda), “A”, CALHF, 5%, 8/01/2044 | 2,400,000 | 2,653,632 | ||||||
| California Statewide Communities Development Authority Rev. (Southern California Presbyterian Homes), 7%, 11/15/2029 | 1,400,000 | 1,497,412 | ||||||
| California Statewide Communities Development Authority Rev. (Southern California Presbyterian Homes), 7.25%, 11/15/2041 | 560,000 | 600,628 | ||||||
3
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| California - continued | ||||||||
| California Statewide Communities Development Authority Rev. (The Terraces at San Joaquin Gardens), “A”, 5.625%, 10/01/2032 | $ | 1,000,000 | $ | 1,073,480 | ||||
| California Statewide Communities Development Authority Rev. (The Terraces at San Joaquin Gardens), “A”, 6%, 10/01/2042 | 1,000,000 | 1,082,250 | ||||||
| California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5.375%, 5/15/2038 | 3,000,000 | 3,195,390 | ||||||
| California Statewide Communities Development Authority School Facility Rev. (Aspire Public Schools), 6%, 7/01/2030 (Prerefunded 1/01/2019) | 1,990,000 | 2,045,919 | ||||||
| California Statewide Communities Development Authority School Facility Rev. (Aspire Public Schools), 6.375%, 7/01/2045 (Prerefunded 1/01/2019) | 2,340,000 | 2,411,534 | ||||||
| California Statewide Financing Authority, Tobacco Settlement, 5.625%, 5/01/2029 | 2,250,000 | 2,252,205 | ||||||
| Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 1/01/2034 | 1,940,000 | 2,019,074 | ||||||
| Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 8/01/2030 | 4,785,000 | 3,197,002 | ||||||
| Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 8/01/2031 | 4,280,000 | 2,738,301 | ||||||
| Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 8/01/2032 | 3,010,000 | 1,838,598 | ||||||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, AGM, 5%, 6/01/2040 | 2,735,000 | 3,061,176 | ||||||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A-1”, AAC, 4.6%, 6/01/2023 | 1,185,000 | 1,187,761 | ||||||
| Hartnell , CA, Community College District (Monterey and San Benito Counties), Election of 2002 General Obligation, Capital Appreciation, “D”, 0%, 8/01/2039 (Prerefunded 8/01/2019) | 10,355,000 | 2,353,174 | ||||||
| Hollister, CA, (Community Development Project), BAM, 5%, 10/01/2029 | 1,480,000 | 1,658,828 | ||||||
| Hollister, CA, (Community Development Project), BAM, 5%, 10/01/2031 | 1,675,000 | 1,862,902 | ||||||
| Inland Valley, CA, Development Successor Agency Tax Allocation, “A”, AGM, 5%, 9/01/2044 | 1,745,000 | 1,879,033 | ||||||
| Irvine, CA, Special Tax Bonds, Community Facilities District No. 2013-3, 5%, 9/01/2039 | 1,000,000 | 1,074,470 | ||||||
| Irvine, CA, Special Tax Bonds, Community Facilities District No. 2013-3, 5%, 9/01/2044 | 1,500,000 | 1,607,340 | ||||||
| Jurupa, CA, Public Financing Authority, Special Tax Rev., “A”, 5%, 9/01/2042 | 1,535,000 | 1,694,916 | ||||||
| La Verne, CA, COP (Brethren Hillcrest Homes), 5%, 5/15/2036 | 455,000 | 476,890 | ||||||
| Lake Tahoe, CA, Unified School District (Election of 2008), Capital Appreciation, AGM, 0%, 8/01/2045 | 4,240,000 | 2,894,945 | ||||||
| Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035 | 450,000 | 496,490 | ||||||
| Los Angeles County, CA, Regional Financing Authority Rev. (MonteCedro Inc. Project), “A”, CALHF, 5%, 11/15/2034 | 330,000 | 363,680 | ||||||
| Los Angeles County, CA, Regional Financing Authority Rev. (MonteCedro Inc. Project), “A”, CALHF, 5%, 11/15/2044 | 555,000 | 607,409 | ||||||
| Los Angeles County, CA, Rio Hondo Community College District, “C”, Convertible Capital Appreciation, 0% to 8/01/2024, 6.85% to 8/01/2042 | 10,000,000 | 10,310,500 | ||||||
| Los Angeles, CA, Community Facilities District No. 4 Special Tax Refunding (Playa Vista- Phase 1), 5%, 9/01/2029 | 1,000,000 | 1,124,930 | ||||||
| Los Angeles, CA, Community Facilities District No. 4 Special Tax Refunding (Playa Vista- Phase 1), 5%, 9/01/2030 | 1,000,000 | 1,118,780 | ||||||
| Los Angeles, CA, Community Facilities District No. 4 Special Tax Refunding (Playa Vista- Phase 1), 5%, 9/01/2031 | 1,660,000 | 1,850,053 | ||||||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2034 | 660,000 | 753,977 | ||||||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2036 | 775,000 | 881,098 | ||||||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2037 | 970,000 | 1,101,018 | ||||||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5.25%, 5/15/2038 | 1,670,000 | 1,947,821 | ||||||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2044 | 3,395,000 | 3,838,149 | ||||||
| Los Angeles, CA, Unified School District, “D”, 5%, 1/01/2034 | 525,000 | 543,632 | ||||||
| Madera, CA, Irrigation Financing Authority Water Rev., 6.5%, 1/01/2040 (Prerefunded 1/01/2020) | 5,970,000 | 6,414,407 | ||||||
| Merced, CA, Union High School District, Capital Appreciation, “A”, ASSD GTY, 0%, 8/01/2030 | 645,000 | 429,905 | ||||||
| Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2028, 6.25% to 8/01/2043 | 7,025,000 | 5,613,045 | ||||||
| Newport Mesa, CA, Unified School District (Election of 2005), Capital Appreciation, 0%, 8/01/2041 | 12,965,000 | 2,968,596 | ||||||
| Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 8/01/2024 | 3,110,000 | 2,635,103 | ||||||
| Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 8/01/2027 | 2,070,000 | 1,564,610 | ||||||
| Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 8/01/2029 | 4,025,000 | 2,754,750 | ||||||
| Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 8/01/2030 | 4,455,000 | 2,940,879 | ||||||
| Palomar Health, CA, Refunding Rev., 5%, 11/01/2042 | 10,000,000 | 10,816,600 | ||||||
| Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047 | 20,000,000 | 22,218,400 | ||||||
| Palomar Pomerado Health Care District, CA, COP, 6.75%, 11/01/2039 (Prerefunded 11/01/2019) | 4,080,000 | 4,374,494 | ||||||
| Pioneers Memorial Healthcare District, CA, Rev., 5%, 10/01/2032 | 1,765,000 | 1,858,880 | ||||||
| Pioneers Memorial Healthcare District, CA, Rev., 5%, 10/01/2040 | 1,365,000 | 1,417,348 | ||||||
| Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2025 | 865,000 | 986,100 | ||||||
4
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| California - continued | ||||||||
| Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2026 | $ | 905,000 | $ | 1,026,668 | ||||
| Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028 | 635,000 | 713,372 | ||||||
| San Buenaventura, CA, Rev. (Community Memorial Health System), 7.5%, 12/01/2041 | 6,000,000 | 6,679,020 | ||||||
| San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 (Mission Bay South Public Improvements), Capital Appreciation, “A”, 0%, 8/01/2043 | 8,725,000 | 2,183,170 | ||||||
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 225,000 | 249,370 | ||||||
| San Jose, CA, Airport Rev., “C”, 5%, 3/01/2030 | 885,000 | 996,643 | ||||||
| State of California, 5%, 8/01/2028 | 4,865,000 | 5,819,027 | ||||||
| Upland, CA, COP (San Antonio Community Hospital), 6.375%, 1/01/2032 (Prerefunded 1/01/2021) | 600,000 | 667,914 | ||||||
| West Contra Costa, CA, Healthcare District, AAC, 5.5%, 7/01/2029 | 700,000 | 700,147 | ||||||
| West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, “C”, ASSD GTY, 0%, 8/01/2029 | 3,665,000 | 2,519,504 | ||||||
| Whittier, CA, Union High School District, Capital Appreciation, 0%, 8/01/2034 | 2,270,000 | 859,672 | ||||||
|
|
|
|||||||
| $ | 311,820,511 | |||||||
| Colorado - 2.7% | ||||||||
| Central Platte Valley, CO, General Obligation, 5%, 12/01/2043 | $ | 1,250,000 | $ | 1,322,825 | ||||
| Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2029 | 305,000 | 334,896 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2039 | 560,000 | 598,573 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2044 | 395,000 | 420,118 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Littleton Preparatory Charter School Project), 5%, 12/01/2033 | 450,000 | 456,786 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Littleton Preparatory Charter School Project), 5%, 12/01/2042 | 1,120,000 | 1,109,002 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037 | 490,000 | 526,402 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030 | 350,000 | 381,987 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034 | 350,000 | 374,829 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Science, Technology, Engineering and Math School Project), 5%, 11/01/2044 | 885,000 | 879,849 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Science, Technology, Engineering and Math School Project), 5.125%, 11/01/2049 | 765,000 | 758,498 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (The Classical Academy Project), “A”, 5%, 12/01/2038 | 895,000 | 971,630 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), N, 5%, 4/01/2038 | 295,000 | 327,353 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), N, 5%, 4/01/2048 | 350,000 | 384,412 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), N, 5%, 4/01/2053 | 365,000 | 396,799 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (University Lab School Project), 5%, 12/15/2035 | 2,000,000 | 2,103,320 | ||||||
| Colorado Educational & Cultural Facilities Authority Rev. (University Lab School Project), 5%, 12/15/2045 | 2,675,000 | 2,784,862 | ||||||
| Colorado Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043 | 2,975,000 | 3,401,347 | ||||||
| Colorado Health Facilities Authority Rev. (Christian Living Communities Project), 6.375%, 1/01/2041 | 1,620,000 | 1,744,659 | ||||||
| Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc. Project), “A”, 5%, 12/01/2021 | 105,000 | 114,575 | ||||||
| Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc. Project), “A”, 5%, 12/01/2033 | 4,295,000 | 4,574,733 | ||||||
| Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc. Project), “A”, 5%, 12/01/2035 | 1,710,000 | 1,847,313 | ||||||
| Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 | 825,000 | 917,285 | ||||||
| Colorado Health Facilities Authority Rev. (Total Longterm Care, Inc.), “A”, 6%, 11/15/2030 (Prerefunded 11/15/2020) | 700,000 | 766,892 | ||||||
| Colorado Health Facilities Authority Rev. (Total Longterm Care, Inc.), “A”, 6.25%, 11/15/2040 (Prerefunded 11/15/2020) | 1,150,000 | 1,266,955 | ||||||
| Colorado Health Facilities Authority Rev., Improvement Bonds (Frasier Meadows Retirement Community Project), “B”, 5%, 5/15/2039 | 1,685,000 | 1,754,119 | ||||||
| Colorado Health Facilities Authority Rev., Improvement Bonds (Frasier Meadows Retirement Community Project), “B”, 5%, 5/15/2048 | 5,750,000 | 5,962,060 | ||||||
| Colorado Health Facilities Hospital Authority Rev. (Adventist Health System/Sunbelt Obligated Group), “2014-E”, 5%, 11/15/2034 | 6,530,000 | 7,204,353 | ||||||
| Colorado High Performance Transportation Enterprise Senior Rev. (C-470 Express Lanes), 5%, 12/31/2056 | 2,890,000 | 3,111,721 | ||||||
| Colorado Housing & Finance Authority Rev., “B-1”, GNMA, 4%, 11/01/2048 | 2,985,000 | 3,146,966 | ||||||
| Colorado Housing & Finance Authority, Solid Waste Rev. (Waste Management, Inc.), 5.7%, 7/01/2018 | 540,000 | 543,040 | ||||||
| Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2034 | 8,490,000 | 9,086,762 | ||||||
5
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Colorado - continued | ||||||||
| Colorado State University Board of Governors, System Enterprise Refunding Rev., “C”, 5%, 3/01/2031 | $ | 5,190,000 | $ | 6,121,086 | ||||
| Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043 | 15,000,000 | 15,505,050 | ||||||
| Denver, CO, City & County Special Facilities Airport Refunding Rev. (United Airlines), 5%, 10/01/2032 | 5,355,000 | 5,739,650 | ||||||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | 1,070,000 | 1,188,888 | ||||||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036 | 675,000 | 744,734 | ||||||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 1,800,000 | 1,960,974 | ||||||
| Denver, CO, Health & Hospital Authority Rev., “A”, 5%, 12/01/2039 | 3,660,000 | 3,877,001 | ||||||
| Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 795,000 | 848,329 | ||||||
| E-470 Public Highway Authority Rev., CO, Capital Appreciation, “B”, NATL, 0%, 9/01/2027 | 12,305,000 | 7,871,016 | ||||||
| Fruita, CO, Rev. (Family Health West Project), 8%, 1/01/2043 (Prerefunded 1/01/2019) | 4,440,000 | 4,660,890 | ||||||
| Garfield & Mesa Counties, CO, Grand River Hospital District Rev., AGM, 5.25%, 12/01/2035 | 2,000,000 | 2,307,200 | ||||||
| Garfield & Mesa Counties, CO, Grand River Hospital District Rev., AGM, 5.25%, 12/01/2037 | 1,000,000 | 1,149,790 | ||||||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, 5%, 12/01/2041 | 1,250,000 | 1,375,613 | ||||||
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028 | 6,860,000 | 8,510,310 | ||||||
| Tallyn’s Reach, CO, Metropolitan District No. 3, CO, 5%, 12/01/2033 | 403,000 | 425,439 | ||||||
| Tallyn’s Reach, CO, Metropolitan District No. 3, CO, 5.125%, 11/01/2038 | 824,000 | 867,820 | ||||||
|
|
|
|||||||
| $ | 122,728,711 | |||||||
| Connecticut - 1.1% | ||||||||
| Connecticut Health & Educational Facilities Authority Rev. (Church Home of Hartford, Inc. Project), “B-2”, 2.875%, 9/01/2020 | $ | 860,000 | $ | 860,335 | ||||
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2037 | 3,730,000 | 4,011,615 | ||||||
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2043 | 8,535,000 | 9,105,650 | ||||||
| Connecticut Health & Educational Facilities Authority Rev. (Trinity Health Credit Group), 5%, 12/01/2041 | 5,000,000 | 5,587,200 | ||||||
| Connecticut Housing Finance Authority Rev., (Housing Mortgage Finance Program), “D-1”, 4%, 11/15/2044 | 1,520,000 | 1,562,666 | ||||||
| Hartford County, CT, “C”, AGM, 5%, 11/01/2030 | 3,300,000 | 3,783,813 | ||||||
| Hartford County, CT, “C”, AGM, 5%, 11/01/2031 | 2,830,000 | 3,233,530 | ||||||
| Hartford County, CT, “C”, AGM, 5%, 11/01/2029 | 3,325,000 | 3,825,911 | ||||||
| Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 10,545,000 | 11,102,409 | ||||||
| Mohegan Tribe Indians, CT, Gaming Authority Rev., “C”, 4.75%, 2/01/2020 (n) | 2,885,000 | 2,912,206 | ||||||
| University of Connecticut, General Obligation, “A”, 5%, 3/15/2026 | 1,150,000 | 1,297,223 | ||||||
| University of Connecticut, General Obligation, “A”, 5%, 1/15/2033 | 2,940,000 | 3,265,928 | ||||||
|
|
|
|||||||
| $ | 50,548,486 | |||||||
| Delaware - 0.2% | ||||||||
| Delaware Economic Development Authority Charter School Rev. (Aspira of Delaware Charter Operations, Inc. Project), “A”, 5%, 6/01/2036 | $ | 920,000 | $ | 924,214 | ||||
| Delaware Economic Development Authority Charter School Rev. (Aspira of Delaware Charter Operations, Inc. Project), “A”, 5%, 6/01/2046 | 1,635,000 | 1,617,898 | ||||||
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 4.625%, 9/01/2034 | 915,000 | 947,693 | ||||||
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2044 | 1,030,000 | 1,086,691 | ||||||
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2049 | 1,210,000 | 1,258,122 | ||||||
| Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), 5%, 9/01/2036 | 285,000 | 306,461 | ||||||
| Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), 5%, 9/01/2042 | 1,420,000 | 1,473,974 | ||||||
| Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), 5%, 9/01/2046 | 620,000 | 659,010 | ||||||
|
|
|
|||||||
| $ | 8,274,063 | |||||||
| District of Columbia - 0.5% | ||||||||
| District of Columbia Rev. (Friendship Public Charter School), “A”, 5%, 6/01/2036 | $ | 2,845,000 | $ | 3,086,711 | ||||
| District of Columbia Rev. (Friendship Public Charter School), “A”, 5%, 6/01/2046 | 755,000 | 810,983 | ||||||
| District of Columbia Rev. (Kipp, D.C. Charter School), “A”, 6%, 7/01/2033 (Prerefunded 7/01/2023) | 420,000 | 493,676 | ||||||
| District of Columbia Rev. (Kipp, D.C. Charter School), “A”, 6%, 7/01/2043 (Prerefunded 7/01/2023) | 1,095,000 | 1,287,085 | ||||||
| District of Columbia Rev. (Methodist Home of the District of Columbia Issue), 4.5%, 1/01/2025 | 1,040,000 | 1,018,264 | ||||||
| District of Columbia Rev. (Methodist Home of the District of Columbia Issue), “A”, 5.125%, 1/01/2035 | 1,175,000 | 1,122,301 | ||||||
| District of Columbia Rev. (Methodist Home of the District of Columbia Issue), “A”, 5.25%, 1/01/2039 | 775,000 | 741,055 | ||||||
| District of Columbia Student Dormitory Rev. (Provident Group – Howard Properties LLC), 5%, 10/01/2030 | 1,475,000 | 1,502,981 | ||||||
6
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| District of Columbia - continued | ||||||||
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035 | $ | 5,000,000 | $ | 5,053,000 | ||||
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 8,820,000 | 8,677,381 | ||||||
| District of Columbia, Tobacco Settlement, 6.75%, 5/15/2040 | 885,000 | 930,816 | ||||||
|
|
|
|||||||
| $ | 24,724,253 | |||||||
| Florida - 6.3% | ||||||||
| Alachua County, FL, Health Facilities Authority Rev. (East Ridge Retirement Village, Inc.), 6%, 11/15/2034 | $ | 1,180,000 | $ | 1,231,719 | ||||
| Alachua County, FL, Health Facilities Authority Rev. (East Ridge Retirement Village, Inc.), 6.25%, 11/15/2044 | 2,955,000 | 3,103,311 | ||||||
| Alachua County, FL, Health Facilities Authority Rev. (East Ridge Retirement Village, Inc.), 6.375%, 11/15/2049 | 1,970,000 | 2,076,774 | ||||||
| Alachua County, FL, Health Facilities Authority, Continuing Care Rev. (Oak Hammock at the University of Florida, Inc.), “A”, 8%, 10/01/2032 | 1,250,000 | 1,453,138 | ||||||
| Alachua County, FL, Health Facilities Authority, Continuing Care Rev. (Oak Hammock at the University of Florida, Inc.), “A”, 8%, 10/01/2042 | 2,000,000 | 2,308,400 | ||||||
| Alachua County, FL, Health Facilities Authority, Continuing Care Rev. (Oak Hammock at the University of Florida, Inc.), “A”, 8%, 10/01/2046 | 1,000,000 | 1,149,860 | ||||||
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 5%, 5/01/2036 | 970,000 | 960,911 | ||||||
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 4.125%, 5/01/2023 | 755,000 | 752,811 | ||||||
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 4.625%, 5/01/2028 | 700,000 | 696,402 | ||||||
| Arborwood Community Development District, FL, Capital Improvement Rev., “A-1”, 6.9%, 5/01/2036 | 285,000 | 318,069 | ||||||
| Arborwood Community Development District, FL, Capital Improvement Rev., “B”, 6.9%, 5/01/2025 | 270,000 | 305,762 | ||||||
| Arborwood Community Development District, FL, Capital Improvement Rev., “B”, “A-2”, 6.9%, 5/01/2036 | 30,000 | 33,118 | ||||||
| Baker, FL, Correctional Development Corp. (Baker County Detention Center), 8.5%, 2/01/2030 (Put Date 5/01/2020) | 1,516,200 | 1,265,542 | ||||||
| Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | 690,000 | 722,023 | ||||||
| Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 320,000 | 335,411 | ||||||
| Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.6%, 5/01/2034 | 1,355,000 | 1,423,766 | ||||||
| Brevard County, FL, Industrial Development Rev. (TUFF Florida Tech LLC Project), 6.75%, 11/01/2039 | 4,720,000 | 4,868,680 | ||||||
| Cape Coral, FL, Health Facilities Authority, Senior Housing Rev. (Gulf Care, Inc. Project), 5.875%, 7/01/2040 | 3,590,000 | 3,846,075 | ||||||
| Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 4.125%, 5/01/2023 | 400,000 | 399,284 | ||||||
| Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 4.625%, 5/01/2028 | 400,000 | 398,732 | ||||||
| Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039 | 2,755,000 | 2,740,977 | ||||||
| Century Gardens Village Community Development District, FL, Special Assessment, 5.1%, 5/01/2037 | 915,000 | 914,973 | ||||||
| Collier County, FL, Educational Facilities Authority Rev. (Ave Maria University, Inc. Project), “A”, 6.125%, 6/01/2043 | 5,910,000 | 6,369,384 | ||||||
| Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “A”, 5.5%, 5/15/2025 | 300,000 | 301,032 | ||||||
| Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “A”, 6.25%, 5/15/2035 | 300,000 | 298,437 | ||||||
| Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “A”, 7.75%, 5/15/2035 | 1,055,000 | 1,161,302 | ||||||
| Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “A”, 8.125%, 5/15/2044 | 6,590,000 | 7,371,376 | ||||||
| Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “A”, 6.5%, 5/15/2049 | 805,000 | 806,320 | ||||||
| Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “B”, 5.25%, 5/15/2022 | 1,255,000 | 1,258,050 | ||||||
| Creekside Community Development District, FL, Special Assessment, 5.2%, 5/01/2038 (a)(d) | 1,400,000 | 574,000 | ||||||
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2020 | 395,000 | 416,373 | ||||||
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2024 | 575,000 | 643,897 | ||||||
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2025 | 670,000 | 758,547 | ||||||
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2035 | 1,650,000 | 1,795,349 | ||||||
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046 | 2,245,000 | 2,393,574 | ||||||
| Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 5.75%, 8/15/2029 | 1,000,000 | 1,069,430 | ||||||
| Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036 | 3,050,000 | 3,272,254 | ||||||
| Florida Capital Trust Agency, Education Facilities Rev. (Viera Charter Schools, Inc. Project), “A”, 5%, 10/15/2037 | 510,000 | 511,887 | ||||||
7
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Florida - continued | ||||||||
| Florida Capital Trust Agency, Education Facilities Rev. (Viera Charter Schools, Inc. Project), “A”, 5%, 10/15/2047 | $ | 1,180,000 | $ | 1,165,628 | ||||
| Florida Capital Trust Agency, Education Facilities Rev. (Viera Charter Schools, Inc. Project), “A”, 5%, 10/15/2052 | 1,295,000 | 1,257,691 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Bay Area Charter Foundation LLC), “A”, 7.75%, 6/15/2042 | 3,480,000 | 3,711,420 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation Project), “A”, 6.25%, 6/15/2036 | 1,155,000 | 1,181,438 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation Project), “A”, 6.375%, 6/15/2046 | 1,980,000 | 2,023,184 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 9/15/2030 | 2,575,000 | 2,693,733 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 6/15/2032 | 1,950,000 | 2,039,369 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 9/15/2040 | 5,490,000 | 5,694,008 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 7.625%, 6/15/2041 | 13,110,000 | 14,320,971 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 6/15/2043 | 4,070,000 | 4,227,550 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 6/15/2044 | 5,000,000 | 5,177,850 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 | 1,510,000 | 1,481,295 | ||||||
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 | 3,860,000 | 3,775,080 | ||||||
| Florida Housing Finance Corp, Homeowner Mortgage Rev. (Special Program), “A”, FHLMC, 3.5%, 7/01/2046 | 1,325,000 | 1,370,262 | ||||||
| Florida Mid-Bay Bridge Authority Rev., “A”, 5%, 10/01/2035 | 5,000,000 | 5,513,350 | ||||||
| Hillsborough County, FL, Industrial Development Authority Rev. (University Community Hospital), “A”, 5.625%, 8/15/2029 (Prerefunded 8/15/2018) | 4,700,000 | 4,752,405 | ||||||
| Jacksonville, FL, Electric Authority Systems Rev., “B”, 5%, 10/01/2032 | 3,325,000 | 3,854,972 | ||||||
| Jacksonville, FL, Electric Authority Systems Rev., “B”, 5%, 10/01/2033 | 6,855,000 | 7,917,251 | ||||||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.25%, 5/01/2025 | 700,000 | 706,685 | ||||||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035 | 1,355,000 | 1,373,035 | ||||||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045 | 2,485,000 | 2,483,136 | ||||||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 | 2,825,000 | 2,972,070 | ||||||
| Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), “B”, 6.5%, 11/15/2031 | 1,600,000 | 1,807,760 | ||||||
| Legends Bay Community Development District, FL, “A”, 5.875%, 5/01/2038 | 1,650,000 | 1,650,479 | ||||||
| Live Oak Lake Community Development District, FL, Capital Improvement Rev., 4.5%, 5/01/2036 | 4,680,000 | 4,512,035 | ||||||
| Live Oak Lake Community Development District, FL, Capital Improvement Rev., 4.625%, 5/01/2047 | 2,720,000 | 2,568,686 | ||||||
| Main Street, FL, Community Development District Rev., “A”, 6.8%, 5/01/2038 | 830,000 | 830,349 | ||||||
| Marshall Creek, FL, Community Development District Rev. (St. John’s County), “A”, 5%, 5/01/2032 | 1,560,000 | 1,579,282 | ||||||
| Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 5%, 11/15/2039 | 1,000,000 | 1,057,000 | ||||||
| Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Miami Children’s Hospital), 6%, 8/01/2046 (Prerefunded 8/01/2021) | 7,250,000 | 8,123,118 | ||||||
| Miami-Dade County, FL, Industrial Development Authority Rev. (Doral Academy Project), 5%, 1/15/2032 | 1,000,000 | 1,067,260 | ||||||
| Miami-Dade County, FL, Industrial Development Authority Rev. (Doral Academy Project), 5%, 1/15/2037 | 1,215,000 | 1,278,860 | ||||||
| Miami-Dade County, FL, Industrial Development Authority Rev. (Doral Academy Project), 5%, 1/15/2048 | 3,255,000 | 3,394,607 | ||||||
| Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044 | 2,895,000 | 3,018,819 | ||||||
| Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5%, 9/15/2024 | 345,000 | 371,244 | ||||||
| Miami-Dade County, FL, Rickenbacker Causeway Rev., 5%, 10/01/2043 | 2,000,000 | 2,219,440 | ||||||
| Mid-Bay Bridge Authority Rev., FL, Springing Lien, “A”, 7.25%, 10/01/2034 (Prerefunded 10/01/2021) | 300,000 | 348,267 | ||||||
| Mid-Bay Bridge Authority Rev., FL, Springing Lien, “A”, 7.25%, 10/01/2040 (Prerefunded 10/01/2021) | 8,365,000 | 9,710,845 | ||||||
| Middle Village Community Development District, FL, Special Assessment, “A”, 5.8%, 5/01/2022 | 275,000 | 275,655 | ||||||
| Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029 | 1,215,000 | 1,278,532 | ||||||
| Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2037 | 740,000 | 774,995 | ||||||
| Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037 | 1,055,000 | 1,104,891 | ||||||
| Miromar Lakes, FL, Community Development District, Capital Improvement Rev., 4.875%, 5/01/2022 | 445,000 | 461,585 | ||||||
| Miromar Lakes, FL, Community Development District, Capital Improvement Rev., 5.375%, 5/01/2032 | 980,000 | 1,008,146 | ||||||
| Naturewalk Community Development District, FL, Capital Improvement Rev., “B”, 5.3%, 5/01/2016 (d)(q) | 1,575,000 | 1,244,250 | ||||||
| North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042 | 7,340,000 | 7,754,270 | ||||||
| Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2035 | 925,000 | 1,035,501 | ||||||
| Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2036 | 840,000 | 938,188 | ||||||
8
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Florida - continued | ||||||||
| Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2037 | $ | 705,000 | $ | 792,244 | ||||
| Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2038 | 820,000 | 920,065 | ||||||
| OTC Community Development District, FL, Special Assessment, “A”, 5.3%, 5/01/2038 | 3,910,000 | 3,835,906 | ||||||
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (BRRH Corp. Obligated Group), 5%, 12/01/2031 | 1,000,000 | 1,086,230 | ||||||
| Palm Beach County, FL, Health Facilities Rev. (Sinai Residences of Boca Raton Project), 7.5%, 6/01/2049 | 2,030,000 | 2,347,837 | ||||||
| Palm River, FL, Community Development District, Special Assessment Rev., “A”, 5.375%, 5/01/2036 (a)(d) | 895,000 | 447,500 | ||||||
| Palm River, FL, Community Development District, Special Assessment Rev., “B”, 5.15%, 5/01/2013 (a)(d) | 1,000,000 | 500,000 | ||||||
| Parkway Center Community Development District, FL, Special Assessment, “B”, 7%, 5/01/2023 | 165,000 | 167,902 | ||||||
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 3.5%, 5/01/2021 | 315,000 | 315,255 | ||||||
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.1%, 5/01/2026 | 500,000 | 502,240 | ||||||
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036 | 1,370,000 | 1,387,577 | ||||||
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047 | 2,530,000 | 2,562,612 | ||||||
| Pasco County, FL, Concord Station Community Development District, “A-1”, 3.625%, 5/01/2035 | 865,000 | 831,473 | ||||||
| Pasco County, FL, Concord Station Community Development District, “A-1”, 3.5%, 5/01/2032 | 1,435,000 | 1,385,564 | ||||||
| Pasco County, FL, Concord Station Community Development District, “A-1”, 3.75%, 5/01/2046 | 1,000,000 | 940,450 | ||||||
| Pasco County, FL, Estancia At Wiregrass Community Development District, Capital Improvement, 5.25%, 11/01/2035 | 500,000 | 519,270 | ||||||
| Pasco County, FL, Estancia At Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045 | 1,995,000 | 2,378,599 | ||||||
| Pasco County, FL, Estancia At Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046 | 435,000 | 451,782 | ||||||
| Paseo Community Development District, FL, Capital Improvement Rev., “B”, 4.875%, 5/01/2010 (a)(d) | 1,415,000 | 14 | ||||||
| Paseo Community Development District, FL, Capital Improvement Rev., Capital Appreciation, “A-2”, 0%, 5/01/2036 | 1,660,000 | 655,484 | ||||||
| Paseo Community Development District, FL, Special Assessment, “A-1”, 5.4%, 5/01/2036 | 225,000 | 225,484 | ||||||
| Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041 | 5,330,000 | 5,740,836 | ||||||
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2037 | 560,000 | 608,703 | ||||||
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2042 | 665,000 | 721,053 | ||||||
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2047 | 1,020,000 | 1,102,691 | ||||||
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2052 | 1,875,000 | 2,016,731 | ||||||
| Seminole County, FL, Industrial Development Authority Rev. (Choices in Learning, Inc.), “A”, 7.375%, 11/15/2041 | 3,900,000 | 4,227,093 | ||||||
| South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 4/01/2029 | 1,155,000 | 1,190,632 | ||||||
| South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 4/01/2039 | 1,715,000 | 1,770,172 | ||||||
| St. John’s County, FL, Industrial Development Authority Rev. (Bayview Project), “A”, 5.25%, 10/01/2041 | 2,800,000 | 2,352,308 | ||||||
| St. John’s County, FL, Industrial Development Authority Rev. (Bayview Project), “A”, 5.2%, 10/01/2027 | 1,590,000 | 1,487,477 | ||||||
| St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 8/01/2045 (Prerefunded 8/01/2020) | 7,715,000 | 8,382,425 | ||||||
| Sterling Hill Community Development District, FL, Capital Improvement Rev., “B”, 5.5%, 11/01/2010 (d) | 498,884 | 319,286 | ||||||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 155,000 | 172,055 | ||||||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 145,000 | 158,968 | ||||||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 315,000 | 340,238 | ||||||
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 935,000 | 1,007,406 | ||||||
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040 | 5,935,000 | 6,354,308 | ||||||
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044 | 2,695,000 | 2,876,805 | ||||||
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2055 | 3,500,000 | 3,701,005 | ||||||
| Tampa, FL (University of Tampa Project), 5%, 4/01/2040 | 965,000 | 1,052,564 | ||||||
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035 | 2,280,000 | 2,285,768 | ||||||
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045 | 4,125,000 | 4,126,155 | ||||||
| Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 5/01/2021 | 320,000 | 320,694 | ||||||
| University of South Florida Financing Corp, Refunding Certificates of Participation, “A”, 5%, 7/01/2028 | 4,380,000 | 4,937,749 | ||||||
| University of South Florida Financing Corp, Refunding Certificates of Participation, “A”, 5%, 7/01/2031 | 5,420,000 | 6,054,628 | ||||||
| Villa Portofino East Community Development District, FL, Special Assessment, 5.2%, 5/01/2037 | 1,680,000 | 1,598,251 | ||||||
9
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Florida - continued | ||||||||
| Villa Vizcaya Community Development District, FL, “A”, 5.55%, 5/01/2039 (a)(d) | $ | 790,000 | $ | 402,900 | ||||
| Watergrass Community Development District, FL, Special Assessment, “B”, 6.96%, 11/01/2017 (d) | 57,225 | 54,364 | ||||||
| Wiregrass Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045 | 1,000,000 | 1,057,520 | ||||||
| Wiregrass Community Development District, FL, Capital Improvement Rev., 5.375%, 5/01/2035 | 455,000 | 478,392 | ||||||
| Wiregrass Community Development District, FL, Capital Improvement Rev., 4.875%, 5/01/2036 | 915,000 | 932,907 | ||||||
| Wiregrass Community Development District, FL, Capital Improvement Rev., 5%, 5/01/2047 | 1,695,000 | 1,727,239 | ||||||
|
|
|
|||||||
| $ | 291,226,208 | |||||||
| Georgia - 1.0% | ||||||||
| Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.25%, 5/15/2033 | $ | 1,060,000 | $ | 1,159,704 | ||||
| Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.375%, 5/15/2043 | 1,060,000 | 1,157,128 | ||||||
| Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 11/01/2022 (Prerefunded 11/01/2019) | 2,895,000 | 3,068,961 | ||||||
| Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 6/01/2029 | 4,070,000 | 4,563,895 | ||||||
| Cobb County, GA, Development Authority Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030 | 580,000 | 624,979 | ||||||
| Cobb County, GA, Development Authority Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033 | 1,025,000 | 1,093,163 | ||||||
| Cobb County, GA, Development Authority Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2038 | 1,100,000 | 1,161,138 | ||||||
| DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 9/01/2040 | 7,170,000 | 7,643,650 | ||||||
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A-1”, 4%, 6/01/2044 | 865,000 | 893,381 | ||||||
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | 2,245,000 | 2,682,191 | ||||||
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., 5.625%, 8/01/2034 (Prerefunded 8/01/2018) | 1,235,000 | 1,246,584 | ||||||
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Unrefunded Balance, 5.625%, 8/01/2034 | 140,000 | 141,140 | ||||||
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc.), “A”, 5.5%, 8/15/2054 | 3,465,000 | 3,956,580 | ||||||
| Marietta, GA, Development Facilities Authority Rev. (Life University, Inc. Project), 7%, 6/15/2030 (Prerefunded 6/15/2018) | 2,330,000 | 2,344,376 | ||||||
| Marietta, GA, Development Facilities Authority Rev. (Life University, Inc. Project), 7%, 6/15/2039 (Prerefunded 6/15/2018) | 4,360,000 | 4,386,901 | ||||||
| Marietta, GA, Development Facilities Authority Rev. (Life University, Inc. Project), “A”, 5%, 11/01/2037 | 2,880,000 | 3,040,445 | ||||||
| Marietta, GA, Development Facilities Authority Rev. (Life University, Inc. Project), “A”, 5%, 11/01/2047 | 1,960,000 | 2,036,597 | ||||||
| Private Colleges & Universities, GA, Authority Rev. (Mercer University), “C”, 5.25%, 10/01/2027 | 920,000 | 1,002,966 | ||||||
| Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 1/01/2034 | 4,835,000 | 4,843,945 | ||||||
|
|
|
|||||||
| $ | 47,047,724 | |||||||
| Guam - 0.7% | ||||||||
| Guam Education Financing Foundation, COP (Guam Public School Facilities Project), “B”, 5%, 10/01/2026 | $ | 12,905,000 | $ | 12,342,729 | ||||
| Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036 | 970,000 | 1,010,886 | ||||||
| Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.625%, 12/01/2030 | 4,245,000 | 4,370,440 | ||||||
| Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 12/01/2040 | 10,975,000 | 11,314,018 | ||||||
| Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019) | 1,115,000 | 1,198,380 | ||||||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 355,000 | 378,000 | ||||||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 1,620,000 | 1,708,096 | ||||||
|
|
|
|||||||
| $ | 32,322,549 | |||||||
| Hawaii - 0.4% | ||||||||
| Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 8.75%, 11/15/2029 (Prerefunded 11/15/2019) | $ | 890,000 | $ | 977,113 | ||||
| Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 11/15/2044 (Prerefunded 11/15/2019) | 1,190,000 | 1,314,224 | ||||||
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 | 2,015,000 | 2,052,580 | ||||||
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2035 | 1,125,000 | 1,129,354 | ||||||
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 | 1,140,000 | 1,108,832 | ||||||
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 7/01/2039 | 10,580,000 | 11,098,314 | ||||||
|
|
|
|||||||
| $ | 17,680,417 | |||||||
10
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Idaho - 0.0% | ||||||||
| Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037 | $ | 830,000 | $ | 878,613 | ||||
| Illinois - 10.8% | ||||||||
| Burbank, IL, Educational Facility Rev. (Intercultural Montessori Language School Project), “A”, 6%, 9/01/2035 | $ | 2,170,000 | $ | 2,231,910 | ||||
| Burbank, IL, Educational Facility Rev. (Intercultural Montessori Language School Project), “A”, 6.25%, 9/01/2045 | 3,565,000 | 3,685,105 | ||||||
| Chicago, IL (Modern Schools Across Chicago Program), “G”, AAC, 5%, 12/01/2023 | 840,000 | 843,091 | ||||||
| Chicago, IL, “A”, 5.5%, 1/01/2039 | 2,380,000 | 2,487,695 | ||||||
| Chicago, IL, “A”, AGM, 4.625%, 1/01/2031 | 655,000 | 657,266 | ||||||
| Chicago, IL, “A”, 5%, 1/01/2026 | 1,000,000 | 1,036,840 | ||||||
| Chicago, IL, “A”, 5.25%, 1/01/2028 | 2,095,000 | 2,185,420 | ||||||
| Chicago, IL, “A”, 5.25%, 1/01/2028 | 5,245,000 | 5,546,325 | ||||||
| Chicago, IL, “A”, 5.25%, 1/01/2033 | 4,230,000 | 4,367,602 | ||||||
| Chicago, IL, “A”, 5%, 1/01/2034 | 5,405,000 | 5,503,317 | ||||||
| Chicago, IL, “A”, 5%, 1/01/2036 | 1,920,000 | 1,948,224 | ||||||
| Chicago, IL, “A”, 5%, 1/01/2040 | 2,775,000 | 2,797,505 | ||||||
| Chicago, IL, “A”, AAC, 5%, 1/01/2023 | 3,860,000 | 3,879,802 | ||||||
| Chicago, IL, “A”, AAC, 5%, 1/01/2024 | 1,440,000 | 1,447,387 | ||||||
| Chicago, IL, “A”, AGM, 5%, 1/01/2027 | 280,000 | 282,094 | ||||||
| Chicago, IL, “A”, AGM, 5%, 1/01/2028 | 15,070,000 | 15,692,240 | ||||||
| Chicago, IL, “A”, AGM, 4.75%, 1/01/2030 | 355,000 | 356,274 | ||||||
| Chicago, IL, “A”, AGM, 5%, 1/01/2037 | 4,740,000 | 4,775,455 | ||||||
| Chicago, IL, “A”, Capital Appreciation, NATL, 0%, 1/01/2027 | 2,610,000 | 1,785,553 | ||||||
| Chicago, IL, “B”, 5.25%, 1/01/2029 | 3,150,000 | 3,336,575 | ||||||
| Chicago, IL, “C”, 5%, 1/01/2026 | 1,960,000 | 2,085,518 | ||||||
| Chicago, IL, “C”, NATL, 5%, 1/01/2028 | 275,000 | 275,399 | ||||||
| Chicago, IL, “C”, NATL, 5%, 1/01/2029 | 5,205,000 | 5,212,339 | ||||||
| Chicago, IL, “D”, 5.5%, 1/01/2033 | 1,630,000 | 1,726,692 | ||||||
| Chicago, IL, (Modern Schools Across Chicago Program), “A”, AAC, 5%, 12/01/2024 | 3,700,000 | 3,713,431 | ||||||
| Chicago, IL, (Modern Schools Across Chicago Program), “H”, AAC, 5%, 12/01/2020 | 2,880,000 | 2,890,570 | ||||||
| Chicago, IL, (Modern Schools Across Chicago Program), “H”, AAC, 5%, 12/01/2021 | 1,675,000 | 1,681,147 | ||||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NATL, 0%, 12/01/2019 | 1,105,000 | 1,051,739 | ||||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NATL, 0%, 12/01/2028 | 12,640,000 | 7,804,062 | ||||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NATL, 0%, 12/01/2022 | 1,810,000 | 1,495,531 | ||||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NATL, 0%, 12/01/2023 | 1,540,000 | 1,212,550 | ||||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NATL, 0%, 12/01/2029 | 4,250,000 | 2,490,118 | ||||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NATL, 0%, 12/01/2030 | 1,730,000 | 959,596 | ||||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NATL, 0%, 12/01/2023 | 1,020,000 | 803,117 | ||||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NATL, 0%, 12/01/2022 | 835,000 | 689,927 | ||||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NATL, 0%, 12/01/2026 | 4,335,000 | 2,951,615 | ||||||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NATL, 0%, 12/01/2028 | 5,515,000 | 3,405,016 | ||||||
| Chicago, IL, Board of Education, “B”, AGM, 5%, 12/01/2035 | 5,655,000 | 5,719,806 | ||||||
| Chicago, IL, Board of Education, “C”, AGM, 5%, 12/01/2032 | 14,335,000 | 14,613,672 | ||||||
| Chicago, IL, Board of Education, “C”, ASSD GTY, 5.25%, 12/01/2025 | 10,350,000 | 10,579,460 | ||||||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2042 | 2,015,000 | 2,152,302 | ||||||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033 | 380,000 | 411,802 | ||||||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 1,780,000 | 1,895,807 | ||||||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 18,690,000 | 21,720,023 | ||||||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 | 7,105,000 | 8,353,633 | ||||||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A-3”, 2.58% (MUNIPSA + 0.83%), 3/01/2036 (Put Date 6/04/2018) | 17,330,000 | 17,320,988 | ||||||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034 | 5,735,000 | 5,747,732 | ||||||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036 | 5,740,000 | 5,712,276 | ||||||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 5,610,000 | 5,500,998 | ||||||
| Chicago, IL, City Colleges of Chicago Capital Improvement Project, Capital Appreciation, NATL, 0%, 1/01/2027 | 3,180,000 | 2,175,502 | ||||||
11
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Illinois - continued | ||||||||
| Chicago, IL, General Obligation, “A”, 6%, 1/01/2038 | $ | 6,225,000 | $ | 6,878,999 | ||||
| Chicago, IL, General Obligation, “A”, AAC, 5.5%, 12/01/2019 | 450,000 | 465,395 | ||||||
| Chicago, IL, Modern Schools Across Chicago Program, “D”, AAC, 5%, 12/01/2022 | 4,465,000 | 4,481,253 | ||||||
| Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032 | 675,000 | 743,702 | ||||||
| Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033 | 335,000 | 368,942 | ||||||
| Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043 | 1,350,000 | 1,500,161 | ||||||
| Chicago, IL, O’Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030 | 4,970,000 | 5,562,971 | ||||||
| Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/2035 | 1,055,000 | 1,139,411 | ||||||
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | 740,000 | 819,520 | ||||||
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038 | 2,065,000 | 2,263,075 | ||||||
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048 | 6,550,000 | 7,115,069 | ||||||
| Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2031 | 540,000 | 579,425 | ||||||
| Chicago, IL, Wastewater Transmission Rev., “B”, AGM, 5%, 1/01/2031 | 4,140,000 | 4,643,217 | ||||||
| Cook County, IL, 5%, 11/15/2034 | 835,000 | 920,245 | ||||||
| Cook County, IL, 5%, 11/15/2035 | 3,030,000 | 3,330,000 | ||||||
| Cook County, IL, Community College District 508 (City Colleges), BAM, 5%, 12/01/2047 | 7,945,000 | 8,558,751 | ||||||
| Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036 | 879,000 | 880,134 | ||||||
| Illiinois Railsplitter Tobacco Settlement Authority Rev., 5%, 6/01/2027 | 4,970,000 | 5,663,166 | ||||||
| Illinois Finance Authority Charter School Rev. (Uno Charter School Network, Inc.), “A”, 7.125%, 10/01/2041 | 2,000,000 | 2,117,620 | ||||||
| Illinois Finance Authority Educational Facility Rev. (Rogers Park Montessori School Project), 6%, 2/01/2034 | 700,000 | 731,689 | ||||||
| Illinois Finance Authority Educational Facility Rev. (Rogers Park Montessori School Project), 6.125%, 2/01/2045 | 1,800,000 | 1,877,994 | ||||||
| Illinois Finance Authority Refunding Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2032 | 205,000 | 228,835 | ||||||
| Illinois Finance Authority Refunding Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2034 | 115,000 | 127,173 | ||||||
| Illinois Finance Authority Rev. (Christian Homes, Inc.), 6.125%, 5/15/2027 | 2,680,000 | 2,837,638 | ||||||
| Illinois Finance Authority Rev. (Christian Homes, Inc.), 6.125%, 5/15/2027 (Prerefunded 5/15/2020) | 1,470,000 | 1,589,467 | ||||||
| Illinois Finance Authority Rev. (Christian Homes, Inc.), 5%, 5/15/2036 | 760,000 | 796,336 | ||||||
| Illinois Finance Authority Rev. (Christian Homes, Inc.), 5%, 5/15/2040 | 1,690,000 | 1,757,989 | ||||||
| Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 | 2,000,000 | 2,161,860 | ||||||
| Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 | 2,000,000 | 2,157,280 | ||||||
| Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 4.75%, 5/15/2033 | 2,745,000 | 2,839,291 | ||||||
| Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.125%, 5/15/2043 | 3,410,000 | 3,567,542 | ||||||
| Illinois Finance Authority Rev. (KishHealth Systems Obligated Group), 5.75%, 10/01/2028 (Prerefunded 10/01/2018) | 3,770,000 | 3,830,886 | ||||||
| Illinois Finance Authority Rev. (Lutheran Home & Services), 5.5%, 5/15/2027 | 680,000 | 723,391 | ||||||
| Illinois Finance Authority Rev. (Lutheran Home & Services), 5.625%, 5/15/2042 | 3,505,000 | 3,666,090 | ||||||
| Illinois Finance Authority Rev. (Mercy Health Corp.), 5%, 12/01/2040 | 3,020,000 | 3,276,579 | ||||||
| Illinois Finance Authority Rev. (OSF Healthcare), “A”, 7%, 11/15/2029 (Prerefunded 5/15/2019) | 3,025,000 | 3,180,909 | ||||||
| Illinois Finance Authority Rev. (OSF Healthcare), “A”, 7.125%, 11/15/2037 (Prerefunded 5/15/2019) | 2,555,000 | 2,689,930 | ||||||
| Illinois Finance Authority Rev. (Presbyterian Homes Obligated Group), “B”, FLR, 2.668% (70% of LIBOR 1-Mo. + 1.35%), 5/01/2036 (Put Date 5/01/2021) | 1,070,000 | 1,073,788 | ||||||
| Illinois Finance Authority Rev. (Presence Health Network), “A”, 7.75%, 8/15/2034 (Prerefunded 8/15/2019) | 3,830,000 | 4,109,092 | ||||||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036 | 2,625,000 | 2,897,501 | ||||||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 | 9,860,000 | 9,757,653 | ||||||
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | 5,515,000 | 6,043,999 | ||||||
| Illinois Finance Authority Rev. (Provena Health), “A”, 6%, 5/01/2028 (Prerefunded 5/01/2020) | 4,125,000 | 4,443,945 | ||||||
| Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043 | 1,305,000 | 1,443,539 | ||||||
| Illinois Finance Authority Rev. (Resurrection Health Care Corp.), 6.125%, 5/15/2025 (Prerefunded 5/15/2019) | 2,455,000 | 2,560,909 | ||||||
| Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 4/01/2029 | 6,045,000 | 6,304,512 | ||||||
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042 | 640,000 | 686,470 | ||||||
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047 | 940,000 | 1,001,523 | ||||||
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046 | 755,000 | 805,615 | ||||||
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049 | 970,000 | 1,031,188 | ||||||
| Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 8/15/2038 (Prerefunded 8/15/2019) | 1,500,000 | 1,592,730 | ||||||
| Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019) | 2,545,000 | 2,706,353 | ||||||
| Illinois Finance Authority Rev., Friendship Village of Schaumburg, 5%, 2/15/2037 | 12,490,000 | 12,104,434 | ||||||
12
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Illinois - continued | ||||||||
| Illinois Finance Authority Rev., Friendship Village of Schaumburg, 7.25%, 2/15/2045 (Prerefunded 2/15/2020) | $ | 3,600,000 | $ | 3,926,520 | ||||
| Illinois Finance Authority Student Housing and Academic Facility Rev. (CHF-Chicago, LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 | 415,000 | 443,249 | ||||||
| Illinois Finance Authority Student Housing and Academic Facility Rev. (CHF-Chicago, LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2047 | 825,000 | 872,009 | ||||||
| Illinois Finance Authority Student Housing and Academic Facility Rev. (CHF-Chicago, LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2050 | 415,000 | 437,020 | ||||||
| Illinois Finance Authority Student Housing Rev. (Illinois State University), 6.75%, 4/01/2031 (Prerefunded 4/01/2021) | 1,875,000 | 2,111,644 | ||||||
| Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/2031 | 5,785,000 | 6,276,378 | ||||||
| Illinois Railsplitter Tobacco Settlement Authority Rev., 6%, 6/01/2028 (Prerefunded 6/01/2021) | 14,375,000 | 16,024,963 | ||||||
| Illinois Railsplitter Tobacco Settlement Authority Rev., 5.5%, 6/01/2023 (Prerefunded 6/01/2021) | 560,000 | 615,972 | ||||||
| Illinois Sports Facilities Authority, AAC, 5.5%, 6/15/2030 | 1,600,000 | 1,602,736 | ||||||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., AGM, 5%, 6/15/2027 | 2,325,000 | 2,507,559 | ||||||
| Illinois Toll Highway Authority Rev., “C”, 5%, 1/01/2037 | 7,500,000 | 8,228,550 | ||||||
| Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034 | 2,657,000 | 2,662,234 | ||||||
| Metropolitan Pier & Exposition Authority Rev. (McCormick Place), “A”, Capital Appreciation, AGM, 0%, 6/15/2026 | 3,390,000 | 2,475,446 | ||||||
| Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 1,450,000 | 1,557,619 | ||||||
| State of Illinois, 5%, 8/01/2018 | 18,285,000 | 18,387,213 | ||||||
| State of Illinois, 5%, 6/01/2020 | 5,595,000 | 5,780,027 | ||||||
| State of Illinois, 5%, 1/01/2028 | 550,000 | 560,461 | ||||||
| State of Illinois, 5%, 5/01/2028 | 4,130,000 | 4,233,126 | ||||||
| State of Illinois, 5.25%, 7/01/2028 | 3,260,000 | 3,369,829 | ||||||
| State of Illinois, 5%, 11/01/2028 | 2,595,000 | 2,682,088 | ||||||
| State of Illinois, 5%, 2/01/2029 | 2,820,000 | 2,914,639 | ||||||
| State of Illinois, 4.125%, 11/01/2031 | 2,195,000 | 2,034,611 | ||||||
| State of Illinois, 4.5%, 11/01/2039 | 2,420,000 | 2,292,224 | ||||||
| State of Illinois, AGM, 5%, 2/01/2027 | 2,040,000 | 2,231,270 | ||||||
| State of Illinois, NATL, 6%, 11/01/2026 | 5,955,000 | 6,696,219 | ||||||
| State of Illinois, “A”, 5%, 12/01/2020 | 3,995,000 | 4,157,557 | ||||||
| State of Illinois, “B”, 5%, 12/01/2020 | 2,205,000 | 2,294,721 | ||||||
| State of Illinois, “D”, 5%, 11/01/2027 | 20,135,000 | 20,969,394 | ||||||
| State of Illinois, “D”, 5%, 11/01/2028 | 7,380,000 | 7,651,067 | ||||||
| Upper Illinois River Valley Development Authority (Pleasant View Lutheran Home), 7.25%, 11/15/2040 | 1,080,000 | 1,123,103 | ||||||
| Upper Illinois River Valley Development Authority (Pleasant View Lutheran Home), 7.375%, 11/15/2045 | 1,250,000 | 1,302,038 | ||||||
|
|
|
|||||||
| $ | 500,254,720 | |||||||
| Indiana - 1.6% | ||||||||
| Carmel, IN, Rev. (Barrington of Carmel Project), “A”, 7.125%, 11/15/2042 | $ | 3,000,000 | $ | 3,215,610 | ||||
| Indiana Economic Development Finance Authority Rev. (Republic Services, Inc. Project), 1.65%, 12/01/2037 (Put Date 6/01/2018) | 1,480,000 | 1,479,512 | ||||||
| Indiana Economic Development Finance Authority Rev. (Republic Services, Inc. Project), “A”, 1.65%, 5/01/2034 (Put Date 6/01/2018) | 5,640,000 | 5,638,139 | ||||||
| Indiana Finance Authority Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 6,955,000 | 7,417,368 | ||||||
| Indiana Finance Authority Rev. (Marquette Project), 4.75%, 3/01/2032 | 1,790,000 | 1,830,758 | ||||||
| Indiana Finance Authority Rev. (Marquette Project), 5%, 3/01/2039 | 1,215,000 | 1,262,507 | ||||||
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030 | 460,000 | 495,779 | ||||||
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039 | 1,155,000 | 1,220,546 | ||||||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2035 | 2,095,000 | 2,250,386 | ||||||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 | 5,350,000 | 5,710,216 | ||||||
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2044 | 3,260,000 | 3,471,574 | ||||||
| Indianapolis, IN, Local Public Improvement Bond Bank (Pilot Infrastructure Project), “B”, 4%, 1/01/2037 | 10,010,000 | 10,334,024 | ||||||
| Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 4/01/2042 | 1,430,000 | 1,471,885 | ||||||
| Richmond, IN, Hospital Authority Rev. (Reid Hospital & Health Center Services), “A”, 6.625%, 1/01/2039 (Prerefunded 1/01/2019) | 4,760,000 | 4,906,227 | ||||||
| Terre Haute, IN, Rev. (Westminster Village), 6%, 8/01/2039 | 4,600,000 | 4,652,118 | ||||||
| University of Southern Indiana Rev. (Student Fee), “J”, ASSD GTY, 5.75%, 10/01/2028 (Prerefunded 10/01/2019) | 1,445,000 | 1,522,221 | ||||||
13
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Indiana - continued | ||||||||
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | $ | 4,370,000 | $ | 5,101,057 | ||||
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 10,875,000 | 12,759,638 | ||||||
|
|
|
|||||||
| $ | 74,739,565 | |||||||
| Iowa - 0.8% | ||||||||
| Altoona, IA, Urban Renewal Tax Increment Rev., 6%, 6/01/2043 (Prerefunded 6/01/2018) | $ | 3,000,000 | $ | 3,010,200 | ||||
| Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), “C”, 5%, 2/15/2030 | 800,000 | 881,696 | ||||||
| Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), “C”, 5%, 2/15/2031 | 1,480,000 | 1,625,366 | ||||||
| Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), “C”, 5%, 2/15/2032 | 715,000 | 782,453 | ||||||
| Iowa Finance Authority, Single Family Mortgage Rev., “A”, FNMA, 4%, 7/01/2047 | 1,245,000 | 1,312,504 | ||||||
| Iowa Student Loan Liquidity Corp. Rev., “A-1”, 4.625%, 12/01/2019 | 1,745,000 | 1,772,239 | ||||||
| Iowa Student Loan Liquidity Corp. Rev., “A-1”, 4.875%, 12/01/2020 | 325,000 | 331,143 | ||||||
| Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.5%, 12/01/2025 | 790,000 | 824,973 | ||||||
| Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.6%, 12/01/2026 | 795,000 | 831,133 | ||||||
| Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.7%, 12/01/2027 | 95,000 | 98,856 | ||||||
| Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.75%, 12/01/2028 | 1,615,000 | 1,680,521 | ||||||
| Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “B”, 5.6%, 6/01/2034 | 4,295,000 | 4,339,281 | ||||||
| Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “C”, 5.375%, 6/01/2038 | 4,500,000 | 4,510,935 | ||||||
| Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “C”, 5.625%, 6/01/2046 | 15,405,000 | 15,484,336 | ||||||
|
|
|
|||||||
| $ | 37,485,636 | |||||||
| Kansas - 0.8% | ||||||||
| Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/2038 | $ | 3,600,000 | $ | 3,858,948 | ||||
| Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/2042 | 1,500,000 | 1,604,055 | ||||||
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 1,405,000 | 1,488,345 | ||||||
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 615,000 | 645,596 | ||||||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), 5.375%, 5/15/2027 | 1,185,000 | 1,186,410 | ||||||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), 7.125%, 5/15/2029 | 1,555,000 | 1,637,120 | ||||||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), 5.5%, 5/15/2039 | 2,325,000 | 2,327,860 | ||||||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030 | 1,085,000 | 1,185,872 | ||||||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032 | 985,000 | 1,071,473 | ||||||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039 | 1,280,000 | 1,369,408 | ||||||
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2043 | 4,000,000 | 4,213,880 | ||||||
| Wichita, KS, Health Care Facilities Rev. (Kansas Masonic Home), “II-A”, 5%, 12/01/2031 | 620,000 | 646,325 | ||||||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043 | 4,165,000 | 4,351,176 | ||||||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2033 | 605,000 | 630,138 | ||||||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2038 | 710,000 | 728,552 | ||||||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 4.625%, 5/15/2041 | 605,000 | 589,530 | ||||||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047 | 1,330,000 | 1,353,049 | ||||||
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “IV-A”, 5%, 5/15/2029 | 500,000 | 503,905 | ||||||
| Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 3%, 9/01/2023 | 1,765,000 | 1,751,304 | ||||||
| Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 4.2%, 9/01/2027 | 2,845,000 | 2,834,217 | ||||||
| Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044 | 1,740,000 | 1,907,666 | ||||||
|
|
|
|||||||
| $ | 35,884,829 | |||||||
| Kentucky - 2.1% | ||||||||
| Glasgow, KY, Healthcare Rev. (TJ Samson Community Hospital), 6.375%, 2/01/2035 | $ | 2,840,000 | $ | 3,037,011 | ||||
| Kentucky Economic Development Finance Authority Health Care Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042 | 2,915,000 | 3,037,955 | ||||||
| Kentucky Economic Development Finance Authority Health Care Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045 | 1,325,000 | 1,385,433 | ||||||
| Kentucky Economic Development Finance Authority Health Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%, 11/15/2046 | 5,105,000 | 5,057,881 | ||||||
| Kentucky Economic Development Finance Authority Health Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%, 11/15/2051 | 4,855,000 | 4,856,408 | ||||||
| Kentucky Economic Development Finance Authority Hospital Facilities Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037 | 1,250,000 | 1,357,200 | ||||||
| Kentucky Economic Development Finance Authority Hospital Facilities Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041 | 13,475,000 | 14,489,129 | ||||||
14
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Kentucky - continued | ||||||||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System Obligated Group), “A”, 5.625%, 8/15/2027 (Prerefunded 8/15/2018) | $ | 405,000 | $ | 409,277 | ||||
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System Obligated Group), “B”, 5%, 8/15/2046 | 5,245,000 | 5,614,563 | ||||||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Medical Health System Inc.), “A”, 6%, 6/01/2030 (Prerefunded 6/01/2020) | 3,460,000 | 3,734,689 | ||||||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Medical Health System), “A”, 5%, 6/01/2037 | 3,040,000 | 3,264,686 | ||||||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Medical Health System), “A”, 5%, 6/01/2041 | 1,995,000 | 2,111,309 | ||||||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Medical Health System), “A”, 5.25%, 6/01/2041 | 1,555,000 | 1,685,713 | ||||||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Medical Health System), “A”, 5%, 6/01/2045 | 2,490,000 | 2,623,638 | ||||||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040 (Prerefunded 6/01/2020) | 6,255,000 | 6,799,122 | ||||||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Medical Health System), “A”, 6.5%, 3/01/2045 (Prerefunded 6/01/2020) | 1,955,000 | 2,127,920 | ||||||
| Kentucky Economic Development Finance Authority Hospital Unrefunded Rev. (Baptist Healthcare System Obligated Group), “A”, 5.625%, 8/15/2027 | 410,000 | 414,080 | ||||||
| Kentucky Economic Development Finance Authority Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), AGM, 5%, 12/01/2047 | 1,605,000 | 1,734,251 | ||||||
| Kentucky Economic Development Finance Authority Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), “A”, AGM, 5%, 12/01/2045 | 2,860,000 | 3,116,571 | ||||||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - The Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2036 | 2,505,000 | 2,635,210 | ||||||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - The Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2046 | 6,945,000 | 7,210,091 | ||||||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - The Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2051 | 1,755,000 | 1,815,986 | ||||||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - The Miralea Project), 7.25%, 5/15/2041 (Prerefunded 5/15/2021) | 3,000,000 | 3,439,710 | ||||||
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - The Miralea Project), 7.375%, 5/15/2046 (Prerefunded 5/15/2021) | 1,495,000 | 1,719,579 | ||||||
| Kentucky Economic Development Finance Authority, Solid Waste Refunding Rev. (Republic Services, Inc.), “A”, 1.65%, 4/01/2031 (Put Date 6/01/2018) | 3,110,000 | 3,110,000 | ||||||
| Louisville/Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), “A”, 5%, 5/01/2034 | 1,440,000 | 1,543,421 | ||||||
| Louisville/Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), “A”, 5%, 5/01/2035 | 2,290,000 | 2,445,674 | ||||||
| Owen County, KY, Waterworks System Rev. (American Water Co. Project), “A”, 6.25%, 6/01/2039 | 1,635,000 | 1,707,267 | ||||||
| Owen County, KY, Waterworks System Rev. (American Water Co. Project), “B”, 5.625%, 9/01/2039 | 1,830,000 | 1,911,929 | ||||||
| University of Kentucky, General Receipts, “A”, 5%, 4/01/2036 | 1,460,000 | 1,628,849 | ||||||
|
|
|
|||||||
| $ | 96,024,552 | |||||||
| Louisiana - 1.2% | ||||||||
| Jefferson Parish, LA, Hospital Service District No. 1 (West Jefferson Medical Center), “A”, 6%, 1/01/2039 (Prerefunded 1/01/2021) | $ | 1,500,000 | $ | 1,645,830 | ||||
| Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/2031 | 3,200,000 | 3,284,384 | ||||||
| Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 7/01/2041 | 2,000,000 | 2,037,800 | ||||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Refunding Bonds Rev. (Westside Habilitation Center Project), “A”, 5.75%, 2/01/2032 | 900,000 | 932,436 | ||||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045 | 7,880,000 | 8,019,870 | ||||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035 | 1,145,000 | 1,254,485 | ||||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045 | 4,435,000 | 4,893,535 | ||||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), “A”, 6.5%, 8/01/2029 | 2,990,000 | 3,275,784 | ||||||
15
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Louisiana - continued | ||||||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), “A-2”, 6.5%, 11/01/2035 | $ | 4,000,000 | $ | 4,403,400 | ||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “A”, 6.125%, 2/01/2037 | 3,480,000 | 3,641,368 | ||||||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “A”, 6.25%, 2/01/2047 | 2,830,000 | 2,959,303 | ||||||
| Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 12/01/2034 | 6,470,000 | 6,766,326 | ||||||
| Louisiana Public Facilities Authority Rev., (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046 | 4,725,000 | 3,915,135 | ||||||
| New Orleans, LA, Aviation Board Gulf Opportunity Zone CFC Rev. (Consolidated Rental Car), “A”, 6.25%, 1/01/2030 | 2,050,000 | 2,105,043 | ||||||
| New Orleans, LA, Sewerage Service Rev., 5%, 12/01/2040 | 875,000 | 956,218 | ||||||
| New Orleans, LA, Sewerage Service Rev., 5%, 6/01/2045 | 2,405,000 | 2,610,603 | ||||||
| New Orleans, LA, Sewerage Service Rev., 5%, 12/01/2045 | 1,095,000 | 1,192,849 | ||||||
|
|
|
|||||||
| $ | 53,894,369 | |||||||
| Maine - 0.2% | ||||||||
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) | $ | 2,685,000 | $ | 2,693,297 | ||||
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 | 6,170,000 | 6,669,400 | ||||||
|
|
|
|||||||
| $ | 9,362,697 | |||||||
| Maryland - 1.1% | ||||||||
| Anne Arundel County, MD, Special Obligation (National Business Park-North Project), 6.1%, 7/01/2040 | $ | 1,320,000 | $ | 1,349,159 | ||||
| Anne Arundel County, MD, Special Obligation (VLG South Waugh Chapel Project), 6.25%, 7/01/2040 | 4,700,000 | 4,804,998 | ||||||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2039 | 1,465,000 | 1,617,697 | ||||||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042 | 1,300,000 | 1,427,946 | ||||||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046 | 2,090,000 | 2,287,087 | ||||||
| Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 5%, 9/01/2038 | 2,680,000 | 2,850,341 | ||||||
| Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 7%, 9/01/2038 (Prerefunded 9/01/2018) | 2,600,000 | 2,644,252 | ||||||
| Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036 | 1,225,000 | 1,261,358 | ||||||
| Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036 | 2,930,000 | 3,016,962 | ||||||
| Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.125%, 2/15/2034 | 850,000 | 850,799 | ||||||
| Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.375%, 2/15/2039 | 745,000 | 749,105 | ||||||
| Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 | 2,190,000 | 2,204,169 | ||||||
| Maryland Economic Development Corp. Refunding Rev. (Transportation Facilities Project), “A”, 5%, 6/01/2032 | 985,000 | 1,110,469 | ||||||
| Maryland Economic Development Corp. Refunding Rev. (Transportation Facilities Project), “A”, 5%, 6/01/2035 | 1,775,000 | 1,977,119 | ||||||
| Maryland Economic Development Corp. Refunding Rev. (Transportation Facilities Project), “A”, 5%, 6/01/2030 | 1,070,000 | 1,211,197 | ||||||
| Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.375%, 6/01/2025 (Prerefunded 6/01/2020) | 885,000 | 944,994 | ||||||
| Maryland Economic Development Corp. Rev. (Transportation Facilities Project), “A”, 5%, 6/01/2031 | 350,000 | 395,521 | ||||||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare Issue), “A”, 5.5%, 1/01/2036 | 2,290,000 | 2,594,868 | ||||||
| Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), 6.25%, 1/01/2041 (Prerefunded 1/01/2021) | 2,360,000 | 2,604,614 | ||||||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033 | 1,380,000 | 1,507,070 | ||||||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034 | 860,000 | 933,642 | ||||||
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038 | 3,835,000 | 4,141,877 | ||||||
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037 | 890,000 | 962,677 | ||||||
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 | 1,530,000 | 1,647,397 | ||||||
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047 | 1,605,000 | 1,721,603 | ||||||
| Westminster, MD, Refunding Rev. (Carroll Lutheran Village, Inc.), 5.125%, 7/01/2040 | 2,600,000 | 2,750,982 | ||||||
|
|
|
|||||||
| $ | 49,567,903 | |||||||
| Massachusetts - 4.0% | ||||||||
| Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), “A”, 5%, 6/01/2047 | $ | 18,410,000 | $ | 20,971,936 | ||||
16
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Massachusetts - continued | ||||||||
| Commonwealth of Massachusetts Transportation Fund Rev., “A”, 5%, 6/01/2041 | $ | 4,690,000 | $ | 5,402,646 | ||||
| Commonwealth of Massachusetts Transportation Fund Rev., “A”, 5%, 6/01/2043 | 8,460,000 | 9,730,354 | ||||||
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, “A”, 5%, 1/01/2038 | 10,000,000 | 11,503,600 | ||||||
| Massachusetts Bay Transportation Authority, Subordinated Sales Tax Rev., “A-2”, 5%, 7/01/2041 | 5,000,000 | 5,696,950 | ||||||
| Massachusetts Bay Transportation Authority, Subordinated Sales Tax Rev., “A-2”, 5%, 7/01/2042 | 5,000,000 | 5,692,700 | ||||||
| Massachusetts College Building Authority Rev., “A”, 5%, 5/01/2031 | 2,535,000 | 2,825,942 | ||||||
| Massachusetts Development Finance Agency Refunding Rev., Newbridge on The Charles, Inc., 5%, 10/01/2037 | 400,000 | 426,580 | ||||||
| Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 | 9,250,000 | 9,263,135 | ||||||
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2029 | 1,450,000 | 1,598,132 | ||||||
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2030 | 3,015,000 | 3,304,108 | ||||||
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2031 | 835,000 | 909,348 | ||||||
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2035 | 9,160,000 | 9,829,138 | ||||||
| Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 5%, 10/01/2034 | 3,235,000 | 3,536,599 | ||||||
| Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 5%, 10/01/2035 | 1,745,000 | 1,902,416 | ||||||
| Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), “B”, 5%, 7/01/2027 | 3,690,000 | 4,053,760 | ||||||
| Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), “B”, 5%, 7/01/2037 | 1,000,000 | 1,063,410 | ||||||
| Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), “B”, 5%, 7/01/2042 | 3,000,000 | 3,176,160 | ||||||
| Massachusetts Development Finance Agency Rev. (Lawrence General Hospital), 5%, 7/01/2042 | 2,900,000 | 3,056,745 | ||||||
| Massachusetts Development Finance Agency Rev. (Lawrence General Hospital), 5%, 7/01/2047 | 7,500,000 | 7,876,350 | ||||||
| Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 4.68%, 11/15/2021 | 840,000 | 843,377 | ||||||
| Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 11/15/2031 | 869,621 | 900,997 | ||||||
| Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 11/15/2039 | 218,601 | 226,488 | ||||||
| Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 11/15/2046 | 525,000 | 543,863 | ||||||
| Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-2”, 5.5%, 11/15/2046 | 52,683 | 52,694 | ||||||
| Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 11/15/2056 | 289,249 | 58,075 | ||||||
| Massachusetts Development Finance Agency Rev. (Newbridge On The Charles, Inc.), 5%, 10/01/2047 | 1,380,000 | 1,458,467 | ||||||
| Massachusetts Development Finance Agency Rev. (Newbridge On The Charles, Inc.), 5%, 10/01/2057 | 4,580,000 | 4,786,192 | ||||||
| Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) | 1,350,000 | 1,618,704 | ||||||
| Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.5%, 11/15/2043 (Prerefunded 11/15/2023) | 2,080,000 | 2,514,803 | ||||||
| Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 4%, 4/15/2020 | 40,000 | 40,913 | ||||||
| Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2025 | 170,000 | 187,711 | ||||||
| Massachusetts Development Finance Agency Rev. (Simmons College), “H”, SYNCORA, 5.25%, 10/01/2033 | 430,000 | 491,383 | ||||||
| Massachusetts Development Finance Agency Rev. (Simmons College), “K-1”, 5%, 10/01/2024 | 1,400,000 | 1,584,030 | ||||||
| Massachusetts Development Finance Agency Rev. (Simmons College), “K-1”, 5%, 10/01/2025 | 800,000 | 915,920 | ||||||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033 | 480,000 | 534,413 | ||||||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | 645,000 | 715,453 | ||||||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2035 | 325,000 | 359,164 | ||||||
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036 | 1,685,000 | 1,844,266 | ||||||
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038 | 1,120,000 | 1,217,507 | ||||||
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology Issue), 5%, 10/01/2046 | 985,000 | 1,063,514 | ||||||
| Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2028 | 960,000 | 1,058,227 | ||||||
| Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “A”, 4.875%, 11/01/2027 | 3,585,000 | 3,587,653 | ||||||
| Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “C”, 5.25%, 11/01/2042 | 11,780,000 | 11,787,068 | ||||||
| Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.814%, 12/01/2042 (Prerefunded 5/01/2019) | 685,000 | 710,927 | ||||||
| Massachusetts Educational Financing Authority, Education Loan Rev, “A”, 4.25%, 1/01/2030 | 975,000 | 1,004,630 | ||||||
| Massachusetts Educational Financing Authority, Education Loan Rev, “A”, 4.25%, 1/01/2031 | 665,000 | 682,835 | ||||||
| Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 1/01/2030 | 1,195,000 | 1,206,281 | ||||||
| Massachusetts Educational Financing Authority, Education Loan Rev., “I-A”, 5.5%, 1/01/2022 | 250,000 | 261,348 | ||||||
| Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 4.7%, 7/01/2026 | 1,100,000 | 1,130,525 | ||||||
| Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 4.9%, 7/01/2028 | 1,145,000 | 1,180,094 | ||||||
| Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 2,490,000 | 2,435,344 | ||||||
| Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 (u) | 16,890,000 | 16,519,265 | ||||||
| Massachusetts Health & Higher Educational Facilities Authority Refunding Bonds Rev. (Suffolk University), 6.25%, 7/01/2030 (Prerefunded 7/01/2019) | 3,900,000 | 4,095,624 | ||||||
17
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Massachusetts - continued | ||||||||
| Massachusetts Health & Higher Educational Facilities Authority Refunding Bonds Rev. (Suffolk University), 6.25%, 7/01/2030 | $ | 2,230,000 | $ | 2,327,607 | ||||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., “169”, 4%, 12/01/2029 | 60,000 | 60,053 | ||||||
| Massachusetts Housing Finance Agency, Single Family Housing Rev., “177”, 4%, 6/01/2039 | 985,000 | 1,019,436 | ||||||
| Massachusetts Port Authority Special Facilities Rev. (ConRAC Project), “A”, 5.125%, 7/01/2041 | 340,000 | 364,616 | ||||||
| Massachusetts Port Authority Special Facilities Rev. (Delta Air Lines Project, Inc.), “A”, AAC, 5%, 1/01/2027 | 2,760,000 | 2,794,500 | ||||||
|
|
|
|||||||
| $ | 186,003,976 | |||||||
| Michigan - 2.0% | ||||||||
| Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039 | $ | 9,635,000 | $ | 10,301,838 | ||||
| Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, AGM, 5%, 7/01/2039 | 3,190,000 | 3,361,112 | ||||||
| Detroit, MI, Water Supply System Rev., Senior Lien, “A”, 5%, 7/01/2036 | 375,000 | 395,141 | ||||||
| Detroit, MI, Water Supply System Rev., Senior Lien, “A”, 5.25%, 7/01/2041 | 2,055,000 | 2,206,351 | ||||||
| Detroit, MI, Water Supply System Rev., Senior Lien, “C”, 5%, 7/01/2041 | 535,000 | 562,087 | ||||||
| Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at Eastgate Project), “A”, 5%, 11/01/2037 | 555,000 | 580,624 | ||||||
| Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at Eastgate Project), “A”, 5%, 11/01/2047 | 1,275,000 | 1,322,825 | ||||||
| Great Lakes Water Authority, Michigan Sewage Disposal System Rev., “B”, AGM, 5%, 7/01/2034 | 5,180,000 | 5,852,986 | ||||||
| Kalamazoo, MI, Economic Development Corp. Rev. (Heritage Community), 5.375%, 5/15/2027 | 750,000 | 750,368 | ||||||
| Kalamazoo, MI, Economic Development Corp. Rev. (Heritage Community), 5.5%, 5/15/2036 | 3,050,000 | 3,050,427 | ||||||
| Michigan Finance Authority (City of Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/2023 | 635,000 | 648,526 | ||||||
| Michigan Finance Authority (City of Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024 | 800,000 | 830,704 | ||||||
| Michigan Finance Authority Hospital Rev. (Beaumont Health Credit Group), “A”, 5%, 8/01/2033 | 1,105,000 | 1,221,379 | ||||||
| Michigan Finance Authority Hospital Rev. (Sparrow Obligated Group), 5%, 11/15/2045 | 7,000,000 | 7,608,790 | ||||||
| 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 | 875,000 | 959,814 | ||||||
| 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 | 2,070,000 | 2,251,477 | ||||||
| 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 | 1,355,000 | 1,475,568 | ||||||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-1”, 5%, 7/01/2044 | 2,375,000 | 2,568,230 | ||||||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-2”, 5%, 7/01/2034 | 885,000 | 962,588 | ||||||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department), “C-2”, 5%, 7/01/2044 | 1,365,000 | 1,455,076 | ||||||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department), “C-6”, 5%, 7/01/2033 | 2,280,000 | 2,498,492 | ||||||
| Michigan Finance Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2034 | 2,765,000 | 3,180,192 | ||||||
| Michigan Finance Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2035 | 3,225,000 | 3,700,655 | ||||||
| Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 11/15/2039 (Prerefunded 11/15/2019) | 4,405,000 | 4,656,393 | ||||||
| Michigan Housing Development Authority, “A”, 4%, 6/01/2046 | 5,890,000 | 6,124,363 | ||||||
| Michigan Strategic Fund Ltd. (Canterbury Health Care, Inc.), 5%, 7/01/2046 | 1,635,000 | 1,668,943 | ||||||
| Michigan Strategic Fund Ltd. (Canterbury Health Care, Inc.), 5%, 7/01/2051 | 900,000 | 915,633 | ||||||
| Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 7/01/2020 | 1,050,000 | 1,122,335 | ||||||
| Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), “V”, 8.25%, 9/01/2039 (Prerefunded 9/01/2018) | 6,945,000 | 7,092,095 | ||||||
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 | 2,070,000 | 2,112,973 | ||||||
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 | 2,070,000 | 2,105,956 | ||||||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 2,215,000 | 2,420,973 | ||||||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 750,000 | 822,060 | ||||||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 575,000 | 620,379 | ||||||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 1,240,000 | 1,334,104 | ||||||
| Western Michigan University Rev., “A”, 5%, 11/15/2040 | 1,250,000 | 1,380,788 | ||||||
|
|
|
|||||||
| $ | 90,122,245 | |||||||
18
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Minnesota - 0.2% | ||||||||
| Deephaven, MN, Charter School Lease Rev. (Eagle Ridge Academy Project), “A”, 5.25%, 7/01/2040 | $ | 500,000 | $ | 523,650 | ||||
| Deephaven, MN, Charter School Lease Rev. (Eagle Ridge Academy Project), “A”, 5.5%, 7/01/2050 | 3,000,000 | 3,162,990 | ||||||
| Minnesota Housing Finance Agency, Residential Housing, “A”, 4%, 1/01/2041 | 1,310,000 | 1,355,785 | ||||||
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 4.75%, 7/01/2029 | 250,000 | 251,833 | ||||||
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.25%, 7/01/2033 | 420,000 | 430,097 | ||||||
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 | 705,000 | 718,663 | ||||||
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Nova Classical Academy), “A”, 6.375%, 9/01/2031 | 630,000 | 693,523 | ||||||
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Nova Classical Academy), “A”, 6.625%, 9/01/2042 (Prerefunded 9/01/2021) | 1,260,000 | 1,437,622 | ||||||
| St. Paul, MN, Port Authority Rev. (Energy Park Utility Co. Project), 5.45%, 8/01/2028 | 250,000 | 257,610 | ||||||
| St. Paul, MN, Port Authority Rev. (Energy Park Utility Co. Project), 5.7%, 8/01/2036 | 1,250,000 | 1,281,088 | ||||||
|
|
|
|||||||
| $ | 10,112,861 | |||||||
| Mississippi - 0.3% | ||||||||
| Mississippi Development Bank Special Obligation Bonds (Magnolia Regional Health Center Project), “A”, 6.25%, 10/01/2026 | $ | 1,350,000 | $ | 1,415,219 | ||||
| Mississippi Development Bank Special Obligation Bonds (Magnolia Regional Health Center Project), “A”, 6.5%, 10/01/2031 | 2,045,000 | 2,149,888 | ||||||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2022 | 1,845,000 | 2,003,117 | ||||||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2023 | 4,810,000 | 5,275,464 | ||||||
| University of Mississippi Medical Center Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 5%, 6/01/2030 | 3,900,000 | 4,462,536 | ||||||
|
|
|
|||||||
| $ | 15,306,224 | |||||||
| Missouri - 1.1% | ||||||||
| Dardenne, MO, Town Square Transportation Development District, “A”, 5%, 5/01/2026 (d)(q) | $ | 2,495,000 | $ | 748,500 | ||||
| Grundy County, MO, Industrial Development Authority Health Facilities Rev. (Wright Memorial Hospital), 6.125%, 9/01/2025 | 1,070,000 | 1,095,755 | ||||||
| Grundy County, MO, Industrial Development Authority Health Facilities Rev. (Wright Memorial Hospital), 6.75%, 9/01/2034 | 1,590,000 | 1,630,195 | ||||||
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 4.375%, 2/01/2031 | 1,795,000 | 1,809,791 | ||||||
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2040 | 2,140,000 | 2,191,274 | ||||||
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 | 5,740,000 | 5,832,586 | ||||||
| Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039 | 465,000 | 504,604 | ||||||
| Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 5%, 8/01/2040 | 1,650,000 | 1,740,321 | ||||||
| Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 5%, 8/01/2045 | 2,300,000 | 2,412,930 | ||||||
| Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/2031 | 1,735,000 | 1,908,292 | ||||||
| Missouri Health & Educational Facilities Authority, Senior Living Facilities Rev. (Lutheran Senior Service Projects), “A”, 5%, 2/01/2035 | 3,190,000 | 3,390,874 | ||||||
| Missouri Health & Educational Facilities Authority, Senior Living Facilities Rev. (Lutheran Senior Services Project), “A”, 5%, 2/01/2044 | 795,000 | 838,749 | ||||||
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, GNMA, 3.75%, 5/01/2038 | 1,020,000 | 1,054,058 | ||||||
| Missouri Housing Development Commission, Single Family Mortgage Rev. (Special Home Ownership Loan Program), “B”, GNMA, 4%, 11/01/2040 | 875,000 | 905,721 | ||||||
| Osage Beach, MO, Tax Increment Rev. (Prewitts), 5%, 5/01/2023 | 1,170,000 | 1,155,773 | ||||||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030 | 695,000 | 725,552 | ||||||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035 | 490,000 | 503,206 | ||||||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045 | 1,355,000 | 1,383,374 | ||||||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Ranken-Jordan Project), 5%, 11/15/2041 | 1,195,000 | 1,223,596 | ||||||
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Ranken-Jordan Project), 4%, 11/15/2036 | 1,165,000 | 1,033,017 | ||||||
| St. Louis County, MO, Industrial Development Authority Rev. (St. Andrew’s Resources for Seniors Obligated Group), “A”, 5.125%, 12/01/2045 | 3,620,000 | 3,782,755 | ||||||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029 | 1,250,000 | 1,257,675 | ||||||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035 | 2,110,000 | 2,142,283 | ||||||
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047 | 4,220,000 | 4,291,023 | ||||||
| St. Louis, MO, Land Clearance Redevelopment Authority, Facilities Improvement Special Rev. (Kiel Opera House), “B”, 7%, 9/01/2035 | 3,785,000 | 3,915,545 | ||||||
19
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Missouri - continued | ||||||||
| St. Louis, MO, Metropolitan Sewer District Wastewater System Rev., “A”, 5%, 5/01/2042 | $ | 3,000,000 | $ | 3,444,540 | ||||
|
|
|
|||||||
| $ | 50,921,989 | |||||||
| Montana - 0.0% | ||||||||
| Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A”, 4%, 6/01/2049 | $ | 1,045,000 | $ | 1,100,458 | ||||
| Nebraska - 0.4% | ||||||||
| Central Plains Energy Project, NE, Gas Project Rev. (Project No.3), “A”, 5%, 9/01/2034 | $ | 1,200,000 | $ | 1,391,472 | ||||
| Central Plains Energy Project, NE, Gas Project Rev. (Project No.3), “A”, 5%, 9/01/2036 | 1,940,000 | 2,250,866 | ||||||
| Central Plains Energy Project, NE, Gas Project Rev. (Project No.3), “A”, 5%, 9/01/2042 | 3,875,000 | 4,554,210 | ||||||
| Nebraska Investment Finance Authority, Single Family Housing Rev., “A”, 3%, 3/01/2044 | 500,000 | 503,365 | ||||||
| Nebraska Investment Finance Authority, Single Family Housing Rev., “A”, 4%, 9/01/2044 | 1,495,000 | 1,554,740 | ||||||
| Omaha, NE, Public Power District, Electric System Rev., “A”, 5%, 2/01/2042 | 7,500,000 | 8,619,525 | ||||||
|
|
|
|||||||
| $ | 18,874,178 | |||||||
| Nevada - 0.2% | ||||||||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 4.5%, 12/15/2029 | $ | 595,000 | $ | 601,093 | ||||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2035 | 1,715,000 | 1,756,366 | ||||||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2038 | 945,000 | 962,936 | ||||||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 | 2,205,000 | 2,254,392 | ||||||
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 | 1,625,000 | 1,645,751 | ||||||
| Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2037 | 1,000,000 | 1,018,690 | ||||||
| Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 | 1,015,000 | 1,026,541 | ||||||
|
|
|
|||||||
| $ | 9,265,769 | |||||||
| New Hampshire - 0.5% | ||||||||
| New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019) | $ | 4,935,000 | $ | 5,212,298 | ||||
| New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 10/01/2039 (Prerefunded 10/01/2019) | 775,000 | 824,910 | ||||||
| New Hampshire Business Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4%, 4/01/2029 (Put Date 10/01/2019) | 985,000 | 987,551 | ||||||
| New Hampshire Health & Education Facilities Authority Rev. (Elliot Hospital), 5%, 10/01/2033 | 3,475,000 | 3,806,863 | ||||||
| New Hampshire Health & Education Facilities Authority Rev. (Elliot Hospital), 5%, 10/01/2038 | 3,500,000 | 3,771,180 | ||||||
| New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031 | 1,820,000 | 2,055,089 | ||||||
| New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036 | 1,825,000 | 2,026,991 | ||||||
| New Hampshire Health & Education Facilities Authority Rev. (Rivermead), “A”, 6.875%, 7/01/2041 | 2,625,000 | 2,842,954 | ||||||
|
|
|
|||||||
| $ | 21,527,836 | |||||||
| New Jersey - 4.3% | ||||||||
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2032 | $ | 295,000 | $ | 329,778 | ||||
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2037 | 390,000 | 429,729 | ||||||
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2042 | 490,000 | 536,045 | ||||||
| Bayonne, NJ, Redevelopment Agency (Royal Caribbean Project), “A”, 5.375%, 11/01/2035 | 2,425,000 | 2,424,855 | ||||||
| New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | 430,000 | 483,961 | ||||||
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2029 | 445,000 | 478,936 | ||||||
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2030 | 690,000 | 740,149 | ||||||
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2031 | 2,570,000 | 2,749,129 | ||||||
20
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| New Jersey - continued | ||||||||
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2032 | $ | 1,305,000 | $ | 1,393,636 | ||||
| New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Project), 5.75%, 10/01/2021 | 140,000 | 147,822 | ||||||
| New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Project), 6.5%, 4/01/2028 | 1,500,000 | 1,746,225 | ||||||
| New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Project), 6.5%, 4/01/2031 | 9,985,000 | 11,350,848 | ||||||
| New Jersey Economic Development Authority Rev. (Lions Gate Project), 5.125%, 1/01/2039 | 1,625,000 | 1,657,273 | ||||||
| New Jersey Economic Development Authority Rev. (Lions Gate Project), 4.375%, 1/01/2024 | 650,000 | 657,833 | ||||||
| New Jersey Economic Development Authority Rev. (Lions Gate Project), 4.875%, 1/01/2029 | 2,300,000 | 2,356,419 | ||||||
| New Jersey Economic Development Authority Rev. (Lions Gate Project), 5%, 1/01/2034 | 4,350,000 | 4,422,602 | ||||||
| New Jersey Economic Development Authority Rev. (Lions Gate Project), 5.25%, 1/01/2044 | 4,625,000 | 4,733,734 | ||||||
| New Jersey Economic Development Authority Rev. (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), ASSD GTY, 5%, 6/01/2037 | 2,530,000 | 2,802,203 | ||||||
| New Jersey Economic Development Authority Rev. (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), ASSD GTY, 5%, 6/01/2042 | 2,810,000 | 3,084,930 | ||||||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2021 | 105,000 | 111,108 | ||||||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2022 | 615,000 | 658,456 | ||||||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2023 | 705,000 | 765,595 | ||||||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030 | 985,000 | 1,057,388 | ||||||
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035 | 1,510,000 | 1,598,395 | ||||||
| New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 325,000 | 367,562 | ||||||
| New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), 5%, 1/01/2028 | 325,000 | 356,837 | ||||||
| New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 975,000 | 1,075,844 | ||||||
| New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039 | 1,060,000 | 1,159,714 | ||||||
| New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042 | 530,000 | 578,712 | ||||||
| New Jersey Economic Development Authority Rev., School Facilities Construction, “DDD”, 5%, 6/15/2034 | 825,000 | 882,280 | ||||||
| New Jersey Economic Development Authority Rev., School Facilities Construction, “DDD”, 5%, 6/15/2035 | 690,000 | 736,278 | ||||||
| New Jersey Economic Development Authority Rev., School Facilities Construction, “DDD”, 5%, 6/15/2042 | 3,850,000 | 4,084,157 | ||||||
| New Jersey Economic Development Authority Rev., School Facilities Construction, “N-1”, AAC, 5.5%, 9/01/2026 | 4,490,000 | 5,225,462 | ||||||
| New Jersey Economic Development Authority Rev., School Facilities Construction, “NN”, 5%, 3/01/2027 | 5,865,000 | 6,207,105 | ||||||
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 4.875%, 9/15/2019 | 4,525,000 | 4,628,125 | ||||||
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029 | 5,770,000 | 6,260,219 | ||||||
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.125%, 9/15/2023 | 7,870,000 | 8,495,429 | ||||||
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030 | 1,820,000 | 2,036,471 | ||||||
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “B”, 5.625%, 11/15/2030 | 8,595,000 | 9,617,289 | ||||||
| New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042 | 3,685,000 | 3,919,145 | ||||||
| New Jersey Economic Development Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 3.125%, 7/01/2029 | 1,585,000 | 1,540,430 | ||||||
| New Jersey Economic Development Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 5%, 7/01/2033 | 400,000 | 430,416 | ||||||
| New Jersey Economic Development Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, BAM, 5%, 7/01/2027 | 5,075,000 | 5,778,091 | ||||||
| New Jersey Economic Development Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, BAM, 5%, 7/01/2028 | 1,560,000 | 1,770,818 | ||||||
| New Jersey Economic Development Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, BAM, 3.125%, 7/01/2031 (u) | 8,500,000 | 8,139,770 | ||||||
| New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 7.5%, 12/01/2032 (Prerefunded 6/01/2019) | 4,280,000 | 4,529,824 | ||||||
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 10,225,000 | 11,168,665 | ||||||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds, (Hospital Asset Transformation Program), 5%, 10/01/2031 | 1,710,000 | 1,851,674 | ||||||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds, (Hospital Asset Transformation Program), 5%, 10/01/2032 | 1,710,000 | 1,842,953 | ||||||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds, (Hospital Asset Transformation Program), 5%, 10/01/2033 | 1,450,000 | 1,557,837 | ||||||
21
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| New Jersey - continued | ||||||||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds, (Hospital Asset Transformation Program), 5%, 10/01/2034 | $ | 1,455,000 | $ | 1,555,846 | ||||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds, (Hospital Asset Transformation Program), 5%, 10/01/2035 | 1,285,000 | 1,371,917 | ||||||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds, (Hospital Asset Transformation Program), 5%, 10/01/2036 | 1,490,000 | 1,588,280 | ||||||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds, (Hospital Asset Transformation Program), 5%, 10/01/2037 | 2,475,000 | 2,638,251 | ||||||
| New Jersey Higher Education Assistance Authority Senior Student Loan Rev., “1A”, 2.75%, 12/01/2027 | 7,250,000 | 7,024,090 | ||||||
| New Jersey Higher Education Assistance Authority Senior Student Loan Rev., “1A”, 3.5%, 12/01/2029 | 2,730,000 | 2,733,276 | ||||||
| New Jersey Higher Education Assistance Authority Student Loan Rev., “A”, ASSD GTY, 6.125%, 6/01/2030 | 1,650,000 | 1,653,861 | ||||||
| New Jersey Tobacco Settlement Financing Corp., “B”, 5%, 6/01/2046 | 21,365,000 | 22,416,585 | ||||||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 4,395,000 | 4,854,014 | ||||||
| New Jersey Transportation Trust Fund Authority, Transportation Systems, “B”, 5%, 6/15/2042 | 3,350,000 | 3,445,207 | ||||||
| New Jersey Transportation Trust Fund Authority, Transportation Systems, Capital Appreciation, “C”, AAC, 0%, 12/15/2035 | 4,750,000 | 2,062,925 | ||||||
| New Jersey Transportation Trust Fund Authority, Transportation Systems, Capital Appreciation, “C”, AAC, 0%, 12/15/2036 | 12,405,000 | 5,110,488 | ||||||
|
|
|
|||||||
| $ | 197,412,896 | |||||||
| New Mexico - 0.4% | ||||||||
| Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 6/01/2040 | $ | 11,915,000 | $ | 12,733,561 | ||||
| New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5.25%, 8/15/2026 | 1,580,000 | 1,532,774 | ||||||
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “A-1”, FNMA, 4%, 1/01/2049 | 1,850,000 | 1,951,140 | ||||||
|
|
|
|||||||
| $ | 16,217,475 | |||||||
| New York - 4.3% | ||||||||
| Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 7/15/2030 (Prerefunded 1/15/2020) | $ | 2,265,000 | $ | 2,420,198 | ||||
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), “A”, 5%, 6/01/2035 | 1,000,000 | 1,053,670 | ||||||
| Build NYC Resource Corp. Rev. (Federally Taxable, International Leadership Charter High School Project), “B”, 5%, 7/01/2021 | 200,000 | 196,428 | ||||||
| Build NYC Resource Corp. Rev. (International Leadership Charter High School Project), “A”, 6.25%, 7/01/2046 | 1,315,000 | 1,241,925 | ||||||
| Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 5.75%, 7/01/2033 | 3,860,000 | 3,686,802 | ||||||
| Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043 | 4,025,000 | 3,746,470 | ||||||
| East Rochester, NY, Housing Authority Rev. (Woodland Village Project), 5.5%, 8/01/2033 | 580,000 | 584,222 | ||||||
| Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “B”, 0%, 1/01/2045 | 7,565,000 | 1,995,344 | ||||||
| Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Convertible Capital Appreciation, “C”, 0% to 1/01/2024, 5.625% to 1/01/2055 | 8,890,000 | 7,284,733 | ||||||
| Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2/15/2047 (Prerefunded 2/15/2021) | 2,000,000 | 2,201,620 | ||||||
| Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2/15/2047 | 1,230,000 | 1,329,974 | ||||||
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2034 | 785,000 | 847,133 | ||||||
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2040 | 2,130,000 | 2,276,480 | ||||||
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2045 | 990,000 | 1,052,984 | ||||||
| New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2033 | 800,000 | 867,360 | ||||||
| New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2/15/2035 (Prerefunded 2/15/2019) | 975,000 | 1,009,154 | ||||||
| New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 8/15/2030 (Prerefunded 2/15/2019) | 1,570,000 | 1,627,415 | ||||||
| New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center), 5%, 12/01/2040 | 1,000,000 | 1,063,000 | ||||||
| New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center), “A”, 5%, 12/01/2035 | 1,500,000 | 1,613,220 | ||||||
| New York Environmental Facilities Corp., Revolving Fund Rev. Subordinated Bonds (New York City Municipal Water Finance Authority Project), “E”, 5%, 6/15/2042 | 7,000,000 | 8,037,260 | ||||||
| New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035 | 23,495,000 | 28,683,401 | ||||||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 | 17,430,000 | 18,310,912 | ||||||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 | 5,850,000 | 6,371,703 | ||||||
22
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| New York - continued | ||||||||
| New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 7/15/2049 | $ | 4,760,000 | $ | 5,035,080 | ||||
| New York Mortgage Agency Rev., “208”, 4%, 10/01/2048 | 8,710,000 | 9,148,374 | ||||||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026 | 8,340,000 | 8,801,786 | ||||||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031 | 5,220,000 | 5,472,805 | ||||||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032 | 5,275,000 | 5,868,279 | ||||||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2033 | 3,080,000 | 3,418,461 | ||||||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2034 | 1,730,000 | 1,918,622 | ||||||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | 1,270,000 | 1,260,399 | ||||||
| New York, NY, City Housing Development Corp., Multifamily Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048 | 10,911,318 | 11,227,201 | ||||||
| New York, NY, City Transitional Finance Authority Building Aid Rev., “S-3”, 5%, 7/15/2043 | 975,000 | 1,112,105 | ||||||
| New York, NY, City Transitional Finance Authority Rev., “F-1”, 5%, 5/01/2042 | 7,390,000 | 8,373,387 | ||||||
| Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 5.25%, 11/01/2042 | 12,055,000 | 12,062,233 | ||||||
| Onondaga, NY, Civic Development Corp. Rev. (St. Joseph’s Hospital Health Center), 5%, 7/01/2025 (Prerefunded 7/01/2019) | 505,000 | 523,458 | ||||||
| Onondaga, NY, Civic Development Corp. Rev. (St. Joseph’s Hospital Health Center), 5.125%, 7/01/2031 (Prerefunded 7/01/2019) | 510,000 | 529,370 | ||||||
| Onondaga, NY, Civic Development Corp. Rev. (St. Joseph’s Hospital Health Center), 5%, 7/01/2042 (Prerefunded 7/01/2022) | 3,110,000 | 3,459,813 | ||||||
| Orange County, NY, Funding Corp. Assisted Living Residence Rev. (The Hamlet at Wallkill Assisted Living Project), 6.5%, 1/01/2046 | 2,900,000 | 2,900,812 | ||||||
| Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/2036 | 2,435,000 | 2,666,495 | ||||||
| Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/2042 | 2,780,000 | 3,039,874 | ||||||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2034 | 825,000 | 905,718 | ||||||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035 | 410,000 | 448,790 | ||||||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041 | 3,020,000 | 3,245,594 | ||||||
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | 3,830,000 | 3,699,206 | ||||||
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037 | 7,780,000 | 7,498,986 | ||||||
|
|
|
|||||||
| $ | 200,118,256 | |||||||
| North Carolina - 0.5% | ||||||||
| Charlotte, NC, Water & Sewer Systems Rev., 4%, 7/01/2047 | $ | 2,500,000 | $ | 2,603,875 | ||||
| North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (Salemtowne), “A”, 5%, 10/01/2026 | 3,585,000 | 3,875,493 | ||||||
| North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (Salemtowne), “A”, 5%, 10/01/2030 | 1,500,000 | 1,595,205 | ||||||
| North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 | 1,265,000 | 1,344,518 | ||||||
| North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “C”, 5%, 9/01/2041 | 1,745,000 | 1,818,499 | ||||||
| North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “C”, 5%, 9/01/2046 | 1,815,000 | 1,885,023 | ||||||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025 | 1,040,000 | 1,141,067 | ||||||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030 | 1,320,000 | 1,404,731 | ||||||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 765,000 | 803,457 | ||||||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042 | 505,000 | 551,985 | ||||||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | 990,000 | 1,074,833 | ||||||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051 | 2,015,000 | 2,186,194 | ||||||
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054 | 805,000 | 873,393 | ||||||
| University of North Carolina at Wilmington (Student Housing Projects), 5%, 6/01/2029 | 1,190,000 | 1,358,706 | ||||||
| University of North Carolina, Greensboro, Rev., 5%, 4/01/2039 | 955,000 | 1,071,520 | ||||||
|
|
|
|||||||
| $ | 23,588,499 | |||||||
23
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| North Dakota - 0.4% | ||||||||
| County of Ward, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034 | $ | 2,610,000 | $ | 2,840,515 | ||||
| County of Ward, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2038 | 3,050,000 | 3,285,155 | ||||||
| County of Ward, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2043 | 9,245,000 | 9,894,554 | ||||||
| County of Ward, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048 | 1,305,000 | 1,391,143 | ||||||
| North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “A”, 4%, 7/01/2034 | 590,000 | 610,526 | ||||||
| North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “B”, 4%, 1/01/2036 | 1,330,000 | 1,387,137 | ||||||
|
|
|
|||||||
| $ | 19,409,030 | |||||||
| Ohio - 7.1% | ||||||||
| American Municipal Power, Inc. (Prairie State Energy Campus Project), “A”, 5%, 2/15/2042 | $ | 3,440,000 | $ | 3,732,366 | ||||
| Bowling Green, OH, Student Housing Rev. (State University Project), 6%, 6/01/2045 | 5,990,000 | 6,471,955 | ||||||
| Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 5.125%, 6/01/2024 | 34,080,000 | 33,511,546 | ||||||
| Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 5.375%, 6/01/2024 | 17,075,000 | 16,965,037 | ||||||
| Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 5.875%, 6/01/2030 | 26,600,000 | 26,521,530 | ||||||
| Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 5.75%, 6/01/2034 | 4,485,000 | 4,444,859 | ||||||
| Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 6%, 6/01/2042 | 11,225,000 | 11,197,387 | ||||||
| Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 6.5%, 6/01/2047 | 91,630,000 | 92,911,904 | ||||||
| Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-3”, 6.25%, 6/01/2037 | 14,535,000 | 14,843,869 | ||||||
| Butler County, OH, Hospital Facilities Rev. (UC Health), 4%, 11/15/2035 | 1,500,000 | 1,516,605 | ||||||
| Butler County, OH, Hospital Facilities Rev. (UC Health), 4%, 11/15/2036 | 2,000,000 | 2,015,780 | ||||||
| Butler County, OH, Hospital Facilities Rev. (UC Health), 4%, 11/15/2037 | 1,250,000 | 1,257,875 | ||||||
| Butler County, OH, Hospital Facilities Rev. (UC Health), 5.5%, 11/01/2040 (Prerefunded 11/01/2020) | 1,820,000 | 1,973,954 | ||||||
| Butler County, OH, Hospital Facilities Rev. (UC Health), 5.5%, 11/01/2040 (Prerefunded 11/01/2020) | 3,615,000 | 3,916,166 | ||||||
| Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 11/01/2040 (Prerefunded 11/01/2020) | 2,210,000 | 2,407,508 | ||||||
| Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2037 | 920,000 | 976,506 | ||||||
| Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2047 | 2,480,000 | 2,597,081 | ||||||
| Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2050 | 915,000 | 954,620 | ||||||
| Cleveland-Cuyahoga County, OH, Port Authority Development Rev. (Euclid Avenue Development Corp. Project), 5%, 8/01/2044 | 1,025,000 | 1,055,340 | ||||||
| Cleveland-Cuyahoga County, OH, Port Authority Development Rev. (Flats East Development Project), “B”, 7%, 5/15/2040 | 1,095,000 | 1,203,153 | ||||||
| Cuyahoga County, OH, Hospital Rev. (The Metrohealth System), 5%, 2/15/2042 | 3,915,000 | 4,113,530 | ||||||
| Cuyahoga County, OH, Hospital Rev. (The Metrohealth System), 4.75%, 2/15/2047 | 5,240,000 | 5,307,282 | ||||||
| Cuyahoga County, OH, Hospital Rev. (The Metrohealth System), 5.25%, 2/15/2047 | 7,465,000 | 7,900,433 | ||||||
| Cuyahoga County, OH, Hospital Rev. (The Metrohealth System), 5.5%, 2/15/2052 | 875,000 | 951,764 | ||||||
| Cuyahoga County, OH, Hospital Rev. (The Metrohealth System), 5.5%, 2/15/2057 | 13,520,000 | 14,644,323 | ||||||
| Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, OH, Inc.), 5%, 11/15/2034 | 1,380,000 | 1,471,742 | ||||||
| Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, OH, Inc.), 5%, 11/15/2044 | 2,055,000 | 2,163,689 | ||||||
| Gallia County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 7/01/2042 | 8,265,000 | 9,476,318 | ||||||
| Lake County, OH, Hospital Facilities Rev., 6%, 8/15/2043 | 460,000 | 465,014 | ||||||
| Montgomery County, OH, Health Care & Multifamily Housing Rev. (St. Leonard), 6.375%, 4/01/2030 | 2,235,000 | 2,372,073 | ||||||
| Montgomery County, OH, Health Care & Multifamily Housing Rev. (St. Leonard), 6.625%, 4/01/2040 | 3,230,000 | 3,453,581 | ||||||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 | 1,835,000 | 1,818,705 | ||||||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 | 2,325,000 | 2,306,470 | ||||||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 | 3,115,000 | 3,149,016 | ||||||
| Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035 | 7,865,000 | 8,637,579 | ||||||
| Riversouth, OH, Authority Rev. (Lazarus Building), “A”, 5.75%, 12/01/2027 | 3,735,000 | 3,743,142 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5.5%, 12/01/2029 | 690,000 | 754,349 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5.75%, 12/01/2032 | 3,725,000 | 4,014,619 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5%, 12/01/2035 | 2,645,000 | 2,748,499 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5%, 12/01/2043 | 1,715,000 | 1,760,362 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5.5%, 12/01/2043 | 2,100,000 | 2,235,597 | ||||||
24
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Ohio - continued | ||||||||
| Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040 | $ | 405,000 | $ | 443,771 | ||||
| The Ohio State University, Special Purpose Rev., “A”, 5%, 6/01/2038 (u) | 3,355,000 | 3,675,570 | ||||||
| The Ohio State University, Special Purpose Rev., “A”, 5%, 6/01/2043 (u) | 8,150,000 | 8,900,534 | ||||||
|
|
|
|||||||
| $ | 326,983,003 | |||||||
| Oklahoma - 1.7% | ||||||||
| Fort Sill Apache Tribe, OK, Economic Development Authority, Gaming Enterprise., “A”, 8.5%, 8/25/2026 (n) | $ | 2,710,000 | $ | 3,170,104 | ||||
| Oklahoma Development Finance Authority Rev. (Provident Oklahoma Education Resources, Inc. - Cross Village Student Housing Project), 5.25%, 8/01/2057 | 4,400,000 | 4,691,632 | ||||||
| Oklahoma Development Finance Authority Rev. (Provident Oklahoma Education Resources, Inc. - Cross Village Student Housing Project), 5%, 8/01/2052 | 3,825,000 | 4,036,255 | ||||||
| Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042 | 1,390,000 | 1,469,550 | ||||||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029 | 695,000 | 782,445 | ||||||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033 | 3,525,000 | 3,901,153 | ||||||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038 | 4,935,000 | 5,369,231 | ||||||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043 | 5,285,000 | 5,818,574 | ||||||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048 | 4,930,000 | 5,397,265 | ||||||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.5%, 8/15/2052 | 7,045,000 | 7,865,531 | ||||||
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.5%, 8/15/2057 | 10,040,000 | 11,138,175 | ||||||
| Tulsa County, OK, Industrial Authority, Senior Living Community Rev. (Montereau, Inc.), “A”, 7.25%, 11/01/2045 (Prerefunded 5/01/2020) | 3,500,000 | 3,844,960 | ||||||
| Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 | 660,000 | 699,679 | ||||||
| Tulsa, OK, Industrial Authority Rev. (University of Tulsa), 6%, 10/01/2027 | 4,795,000 | 5,032,736 | ||||||
| Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), 5%, 6/01/2035 (Put Date 6/01/2025) | 2,005,000 | 2,144,087 | ||||||
| Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 6/01/2035 | 5,260,000 | 5,624,308 | ||||||
| Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 12/01/2035 | 6,615,000 | 7,073,089 | ||||||
|
|
|
|||||||
| $ | 78,058,774 | |||||||
| Oregon - 0.2% | ||||||||
| Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 4.5%, 5/01/2029 | $ | 655,000 | $ | 697,601 | ||||
| Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036 | 1,100,000 | 1,186,713 | ||||||
| Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2040 | 815,000 | 851,569 | ||||||
| Oregon Facilities Authority Rev. (Concordia University Project), “A”, 6.125%, 9/01/2030 (Prerefunded 9/01/2020) | 2,295,000 | 2,470,751 | ||||||
| Oregon Facilities Authority Rev. (Concordia University Project), “A”, 6.375%, 9/01/2040 (Prerefunded 9/01/2020) | 4,100,000 | 4,496,470 | ||||||
| Port of Portland, OR, International Airport Rev., “24B”, 5%, 7/01/2042 | 1,160,000 | 1,287,194 | ||||||
|
|
|
|||||||
| $ | 10,990,298 | |||||||
| Pennsylvania - 6.5% | ||||||||
| Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), 5%, 10/15/2037 | $ | 700,000 | $ | 756,924 | ||||
| Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), 5%, 10/15/2047 | 930,000 | 997,286 | ||||||
| Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), “A”, 5.9%, 10/15/2028 (Prerefunded 10/15/2018) | 1,230,000 | 1,252,571 | ||||||
| Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), “A”, 6%, 10/15/2038 (Prerefunded 10/15/2018) | 2,025,000 | 2,063,050 | ||||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2023 | 395,000 | 419,530 | ||||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2028 | 765,000 | 835,441 | ||||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 | 765,000 | 819,063 | ||||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 | 2,175,000 | 2,312,199 | ||||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2032 | 2,505,000 | 2,704,523 | ||||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 | 1,990,000 | 2,106,733 | ||||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2035 | 1,110,000 | 1,156,875 | ||||||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2042 | 4,605,000 | 4,766,682 | ||||||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2035 | 445,000 | 496,024 | ||||||
25
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Pennsylvania - continued | ||||||||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | $ | 460,000 | $ | 511,635 | ||||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2037 | 390,000 | 433,466 | ||||||
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2038 | 175,000 | 194,082 | ||||||
| Blythe Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 | 4,825,000 | 5,046,709 | ||||||
| Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), “A”, 5%, 12/15/2047 | 2,040,000 | 2,107,565 | ||||||
| Chester County, PA, Health & Educational Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 | 1,730,000 | 1,783,353 | ||||||
| Chester County, PA, Health & Educational Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030 | 815,000 | 842,482 | ||||||
| Chester County, PA, Health & Educational Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2035 | 815,000 | 831,455 | ||||||
| Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School Project), “A”, 4.75%, 12/15/2037 | 885,000 | 904,859 | ||||||
| Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School Project), “A”, 5%, 12/15/2051 | 610,000 | 625,427 | ||||||
| Clairton, PA, Municipal Authority Sewer Rev., “B”, 5%, 12/01/2037 | 1,735,000 | 1,853,310 | ||||||
| Clarion County, PA, Industrial Development Authority, Student Housing Rev. (Clarion University Foundation, Inc.), 5%, 7/01/2034 | 330,000 | 344,735 | ||||||
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Rev., 5%, 6/01/2032 | 1,395,000 | 1,566,376 | ||||||
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Rev., 5%, 6/01/2033 | 1,195,000 | 1,336,428 | ||||||
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Rev., 5%, 6/01/2034 | 605,000 | 672,270 | ||||||
| Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (School District of Philadelphia Project), 5%, 4/01/2028 | 1,740,000 | 1,848,385 | ||||||
| Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (School District of Philadelphia Project), AGM, 5%, 6/01/2032 | 11,030,000 | 12,333,525 | ||||||
| Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 6%, 1/01/2030 | 1,035,000 | 1,080,509 | ||||||
| Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 6%, 1/01/2040 | 4,300,000 | 4,467,786 | ||||||
| Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 5.25%, 1/01/2041 | 965,000 | 990,447 | ||||||
| Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 6.125%, 1/01/2045 | 7,220,000 | 7,510,244 | ||||||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 5%, 1/01/2022 | 1,660,000 | 1,797,714 | ||||||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 5%, 1/01/2023 | 855,000 | 940,603 | ||||||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 6.125%, 1/01/2029 (Prerefunded 1/01/2019) | 815,000 | 837,918 | ||||||
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 6.375%, 1/01/2039 (Prerefunded 1/01/2019) | 6,355,000 | 6,544,125 | ||||||
| Cumberland County, PA, Municipal Authority Rev., Unrefunded Balance, (Diakon Lutheran Social Ministries Project), 6.375%, 1/01/2039 | 705,000 | 721,145 | ||||||
| Cumberland County, PA, Municipal Authority Rev., Unrefunded Balance, (Diakon Lutheran Social Ministries Project), 6.125%, 1/01/2029 | 90,000 | 92,071 | ||||||
| Dallas, PA, Area Municipal Authority Rev. (Misericordia University Project), 5%, 5/01/2029 | 1,335,000 | 1,435,752 | ||||||
| Delaware County, PA, Authority College Rev. (Neumann College), 6%, 10/01/2025 (Prerefunded 10/01/2018) | 510,000 | 518,650 | ||||||
| Delaware County, PA, Authority University Rev. (Neumann University), 6.125%, 10/01/2034 (Prerefunded 10/01/2018) | 250,000 | 254,370 | ||||||
| Delaware Valley, PA, Regional Finance Authority, AAC, 5.5%, 8/01/2018 | 1,680,000 | 1,695,070 | ||||||
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 | 330,000 | 355,473 | ||||||
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 | 420,000 | 445,376 | ||||||
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039 | 325,000 | 341,676 | ||||||
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 | 180,000 | 188,635 | ||||||
| Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040 | 5,045,000 | 5,048,027 | ||||||
| Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), “B”, 5%, 7/01/2046 | 3,450,000 | 3,429,128 | ||||||
| Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), “B”, 5%, 7/01/2051 | 3,125,000 | 3,031,281 | ||||||
| Lancaster County, PA, Hospital Authority Health System Rev. (Masonic Villages Project), 5%, 11/01/2027 | 580,000 | 653,115 | ||||||
| Lancaster County, PA, Hospital Authority Health System Rev. (Masonic Villages Project), 5%, 11/01/2035 | 210,000 | 230,219 | ||||||
| Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), “A”, 5%, 12/01/2043 | 7,735,000 | 8,404,155 | ||||||
| Luzerne County, PA, “A”, AGM, 5%, 11/15/2029 | 6,760,000 | 7,559,438 | ||||||
26
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Pennsylvania - continued | ||||||||
| Montgomery County, PA, Industrial Development Authority Rev. (Albert Einstein Healthcare Network Issue), “A”, 5.25%, 1/15/2036 | $ | 8,510,000 | $ | 9,103,658 | ||||
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 8,275,000 | 8,350,385 | ||||||
| Moon Industrial Development Authority Rev. (Baptist Homes Society), 6.125%, 7/01/2050 | 3,915,000 | 4,136,158 | ||||||
| Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke’s Hospital), “A”, 5.5%, 8/15/2040 (Prerefunded 8/15/2018) | 1,075,000 | 1,086,288 | ||||||
| Northeastern PA, Hospital & Education Authority Rev. (Wilkes University Project), “A”, 5%, 3/01/2037 | 1,355,000 | 1,453,725 | ||||||
| Pennsylvania Economic Development Financing Authority Rev. (The Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2030 | 2,010,000 | 2,217,834 | ||||||
| Pennsylvania Economic Development Financing Authority Rev. (The Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034 | 9,950,000 | 10,802,417 | ||||||
| Pennsylvania Economic Development Financing Authority Rev., Solid Waste Refunding (Republic Services, Inc. Project), “A” , 1.75%, 4/01/2019 (Put Date 7/01/2018) | 3,485,000 | 3,483,258 | ||||||
| Pennsylvania Economic Development Financing Authority Rev., Solid Waste Refunding (Republic Services, Inc. Project), “B”, 1.65%, 12/01/2030 (Put Date 7/01/2018) | 2,870,000 | 2,870,144 | ||||||
| Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 1/01/2032 | 3,415,000 | 3,592,512 | ||||||
| Pennsylvania Higher Educational Facilities Authority Rev. (East Stroudsburg University), 5%, 7/01/2042 | 2,525,000 | 2,590,953 | ||||||
| Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 7/01/2030 (Prerefunded 7/01/2020) | 740,000 | 797,927 | ||||||
| Pennsylvania Higher Educational Facilities Authority Rev. (Saint Francis University Project), “JJ2”, 6.25%, 11/01/2041 | 1,545,000 | 1,755,630 | ||||||
| Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services), 6.25%, 10/01/2043 | 8,435,000 | 9,218,696 | ||||||
| Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services), 5%, 10/01/2044 | 4,990,000 | 5,165,399 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (Discovery Charter School Project), 6.25%, 4/01/2037 | 1,065,000 | 1,100,422 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (Discovery Charter School Project), 6.25%, 4/01/2042 | 1,950,000 | 2,006,979 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (KIPP Charter School Project), “B”, 4%, 4/01/2026 | 1,035,000 | 1,007,552 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (KIPP Charter School Project), “B”, 5%, 4/01/2046 | 3,500,000 | 3,468,640 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), 6%, 8/01/2035 (Prerefunded 8/01/2020) | 470,000 | 510,660 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.25%, 8/01/2046 | 2,620,000 | 2,663,623 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051 | 1,910,000 | 1,944,838 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 5.625%, 8/01/2036 | 885,000 | 900,390 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 5.75%, 8/01/2046 | 4,790,000 | 4,868,077 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | 3,310,000 | 3,396,159 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.5%, 6/15/2033 | 2,780,000 | 2,919,167 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.75%, 6/15/2043 | 5,820,000 | 6,110,360 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 6.875%, 6/15/2033 | 1,145,000 | 1,252,172 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 7.375%, 6/15/2043 | 1,975,000 | 2,191,934 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 6.75%, 6/15/2033 | 850,000 | 924,792 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043 | 1,670,000 | 1,825,394 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2035 | 895,000 | 997,621 | ||||||
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042 | 3,135,000 | 3,459,347 | ||||||
| Philadelphia, PA, Authority for Industrial Development, Multifamily Housing Rev. (University Square Apartment Project- Section 8), “I”, 5%, 12/01/2037 | 2,655,000 | 2,856,143 | ||||||
| Philadelphia, PA, Authority for Industrial Development, Multifamily Housing Rev. (University Square Apartment Project- Section 8), “I”, 5%, 12/01/2058 | 10,580,000 | 11,106,355 | ||||||
| Philadelphia, PA, Authority for Industrial Development, Multifamily Housing Rev. (University Square Apartment Project- Section 8), “III”, 5.25%, 12/01/2047 | 3,245,000 | 3,131,555 | ||||||
| Philadelphia, PA, Authority for Industrial Development, Multifamily Housing Rev. (University Square Apartment Project- Section 8), “III”, 5.5%, 12/01/2058 | 4,690,000 | 4,511,170 | ||||||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ‘A”, 5%, 7/01/2037 | 2,290,000 | 2,428,041 | ||||||
27
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Pennsylvania - continued | ||||||||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ‘A”, 5%, 7/01/2042 | $ | 2,600,000 | $ | 2,744,560 | ||||
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ‘A”, 5%, 7/01/2049 | 3,655,000 | 3,838,408 | ||||||
| Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), “15”, 5%, 8/01/2042 | 4,860,000 | 5,370,737 | ||||||
| Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), “15”, 5%, 8/01/2047 | 4,650,000 | 5,119,511 | ||||||
| Philadelphia, PA, Municipal Authority Rev., 6.5%, 4/01/2034 | 1,060,000 | 1,104,043 | ||||||
| Philadelphia, PA, School District, “A”, N, 5%, 9/01/2033 | 405,000 | 457,265 | ||||||
| Philadelphia, PA, School District, “A”, N, 5%, 9/01/2035 | 1,015,000 | 1,137,571 | ||||||
| Philadelphia, PA, School District, “A”, N, 5%, 9/01/2036 | 510,000 | 570,185 | ||||||
| Philadelphia, PA, School District, “A”, N, 5%, 9/01/2037 | 510,000 | 568,788 | ||||||
| Philadelphia, PA, School District, “A”, N, 5%, 9/01/2038 | 510,000 | 567,860 | ||||||
| Philadelphia, PA, School District, “B”, N, 5%, 9/01/2043 | 1,525,000 | 1,678,705 | ||||||
| Philadelphia, PA, School District, “F”, 5%, 9/01/2037 | 980,000 | 1,077,941 | ||||||
| Philadelphia, PA, School District, “F”, 5%, 9/01/2038 | 245,000 | 269,115 | ||||||
| Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046 | 3,340,000 | 3,309,973 | ||||||
| Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), “A”, 5%, 6/01/2044 | 3,000,000 | 3,239,340 | ||||||
| State Public School Building Authority, PA, School Lease Rev. (The School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 19,350,000 | 21,560,738 | ||||||
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023 | 715,000 | 716,494 | ||||||
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | 355,000 | 361,791 | ||||||
| West Shore, PA, Area Authority Rev. (Messiah Village Project) “A”, 5%, 7/01/2030 | 395,000 | 422,930 | ||||||
| West Shore, PA, Area Authority Rev. (Messiah Village Project) “A”, 5%, 7/01/2035 | 390,000 | 409,847 | ||||||
|
|
|
|||||||
| $ | 299,228,067 | |||||||
| Puerto Rico - 7.8% | ||||||||
| Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 7/01/2044 | $ | 10,000,000 | $ | 8,150,000 | ||||
| Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 7/01/2028 | 810,000 | 811,904 | ||||||
| Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5.125%, 7/01/2047 | 3,355,000 | 3,360,737 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “A”, NATL, 4.75%, 7/01/2038 | 4,800,000 | 4,368,096 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “BB”, AAC, 5.25%, 7/01/2018 | 1,305,000 | 1,309,789 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 7/01/2029 | 1,085,000 | 1,225,106 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2032 | 1,080,000 | 1,200,074 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2033 | 2,800,000 | 3,110,464 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036 | 4,440,000 | 4,899,940 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | 8,365,000 | 8,373,951 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029 | 630,000 | 616,266 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038 | 27,620,000 | 26,815,429 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035 | 11,750,000 | 11,374,823 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “M”, ASSD GTY, 5%, 7/01/2032 | 1,130,000 | 1,131,514 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030 | 5,575,000 | 5,589,941 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 3,090,000 | 3,083,975 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2034 | 8,955,000 | 9,938,617 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2036 | 9,105,000 | 10,047,368 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2041 | 15,180,000 | 16,775,722 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032 | 1,615,000 | 1,587,900 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033 | 5,265,000 | 5,151,803 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “Y”, AGM, 6.25%, 7/01/2021 | 9,540,000 | 10,175,364 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “A”, AAC, 0%, 7/01/2018 | 165,000 | 163,899 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “N”, AAC, 0%, 7/01/2019 | 875,000 | 833,674 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “N”, AAC, 0%, 7/01/2020 | 1,545,000 | 1,409,117 | ||||||
| Commonwealth of Puerto Rico Highway & Transportation Authority Unrefunded Rev., “A”, NATL, 5%, 7/01/2038 | 810,000 | 754,450 | ||||||
| Commonwealth of Puerto Rico, “A”, AGM, 5.375%, 7/01/2025 | 750,000 | 799,380 | ||||||
28
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Puerto Rico - continued | ||||||||
| Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020 | $ | 2,320,000 | $ | 2,403,497 | ||||
| Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2021 | 875,000 | 907,008 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, AAC, 4.5%, 7/01/2023 | 515,000 | 512,626 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5.125%, 7/01/2030 | 7,405,000 | 7,449,948 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035 | 12,830,000 | 13,266,990 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, “A”, ASSD GTY, 3.021%, 7/01/2018 | 6,155,000 | 6,160,970 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030 | 1,345,000 | 1,402,028 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, “C”, AGM, 5.25%, 7/01/2027 | 465,000 | 468,181 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, “C-7”, NATL, 6%, 7/01/2027 | 3,665,000 | 3,671,084 | ||||||
| Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2020 | 840,000 | 841,655 | ||||||
| Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 11,555,000 | 11,260,810 | ||||||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 555,000 | 554,334 | ||||||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 2,345,000 | 2,332,103 | ||||||
| Puerto Rico Electric Power Authority Rev., “MM”, NATL, 5%, 7/01/2020 | 65,000 | 66,671 | ||||||
| Puerto Rico Electric Power Authority Rev., “NN”, NATL, 5.25%, 7/01/2022 | 2,165,000 | 2,234,150 | ||||||
| Puerto Rico Electric Power Authority Rev., “NN”, NATL, 4.75%, 7/01/2033 | 380,000 | 354,247 | ||||||
| Puerto Rico Electric Power Authority Rev., “PP”, NATL, 5%, 7/01/2024 | 240,000 | 240,010 | ||||||
| Puerto Rico Electric Power Authority Rev., “PP”, NATL, 5%, 7/01/2022 | 1,150,000 | 1,150,380 | ||||||
| Puerto Rico Electric Power Authority Rev., “PP”, NATL, 5%, 7/01/2025 | 260,000 | 259,990 | ||||||
| Puerto Rico Electric Power Authority Rev., “RR”, ASSD GTY, 5%, 7/01/2028 | 185,000 | 185,350 | ||||||
| Puerto Rico Electric Power Authority Rev., “RR”, NATL, 5%, 7/01/2021 | 2,010,000 | 2,013,015 | ||||||
| Puerto Rico Electric Power Authority Rev., “RR”, NATL, 5%, 7/01/2022 | 695,000 | 695,229 | ||||||
| Puerto Rico Electric Power Authority Rev., “SS”, NATL, 5%, 7/01/2019 | 3,825,000 | 3,830,164 | ||||||
| Puerto Rico Electric Power Authority Rev., “SS”, ASSD GTY, 4.375%, 7/01/2030 | 280,000 | 280,045 | ||||||
| Puerto Rico Electric Power Authority Rev., “SS”, NATL, 5%, 7/01/2020 | 815,000 | 815,766 | ||||||
| Puerto Rico Electric Power Authority Rev., “TT”, NATL, 5%, 7/01/2024 | 1,230,000 | 1,230,049 | ||||||
| Puerto Rico Electric Power Authority Rev., “TT”, NATL, 5%, 7/01/2026 | 65,000 | 64,780 | ||||||
| Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022 | 490,000 | 491,534 | ||||||
| Puerto Rico Electric Power Authority Rev., “UU”, ASSD GTY, 4.25%, 7/01/2027 | 1,705,000 | 1,705,307 | ||||||
| Puerto Rico Electric Power Authority Rev., “UU”, NATL, 4.5%, 7/01/2018 | 155,000 | 155,355 | ||||||
| Puerto Rico Electric Power Authority Rev., “UU”, NATL, 5%, 7/01/2019 | 885,000 | 902,514 | ||||||
| Puerto Rico Electric Power Authority Rev., “V”, AGM, 5.25%, 7/01/2027 | 375,000 | 412,159 | ||||||
| Puerto Rico Electric Power Authority Rev., “V”, NATL, 5.25%, 7/01/2026 | 1,070,000 | 1,084,081 | ||||||
| Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2025 | 475,000 | 483,469 | ||||||
| Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2029 | 3,765,000 | 3,761,649 | ||||||
| Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2030 | 5,165,000 | 5,132,874 | ||||||
| Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032 | 5,015,000 | 4,930,848 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Cogeneration Facilities – AES Puerto Rico Project), 6.625%, 6/01/2026 | 4,530,000 | 4,077,000 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NATL, 5%, 7/01/2033 | 4,780,000 | 4,555,053 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 4%, 4/01/2020 | 165,000 | 161,288 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2021 | 60,000 | 59,775 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2021 | 570,000 | 564,522 | ||||||
| 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 | 715,000 | 712,319 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022 | 645,000 | 628,875 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026 | 200,000 | 188,504 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027 | 2,645,000 | 2,466,463 | ||||||
29
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Puerto Rico - continued | ||||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031 | $ | 980,000 | $ | 908,950 | ||||
| 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 | 1,330,000 | 1,183,700 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036 | 1,120,000 | 963,200 | ||||||
| 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 | 1,625,000 | 1,405,625 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 525,000 | 412,125 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 260,000 | 200,200 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2018 | 715,000 | 717,910 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023 | 5,450,000 | 5,672,742 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | 11,530,000 | 11,986,473 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2025 | 1,145,000 | 1,189,483 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026 | 5,775,000 | 5,985,614 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2027 | 17,840,000 | 18,447,987 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028 | 1,075,000 | 1,108,669 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., Capital Appreciation, “A”, AAC, 0%, 7/01/2029 | 13,415,000 | 7,287,565 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., Capital Appreciation, “A”, AAC, 0%, 7/01/2037 | 8,455,000 | 2,853,224 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., Capital Appreciation, “A”, AAC, 0%, 7/01/2043 | 2,295,000 | 551,213 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., Capital Appreciation, “A”, AAC, 0%, 7/01/2044 | 7,350,000 | 1,670,214 | ||||||
| Puerto Rico Infrastructure Financing Authority Special Tax Rev., Capital Appreciation, “C”, AAC, 0%, 7/01/2028 | 1,085,000 | 622,486 | ||||||
| Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 325,000 | 325,683 | ||||||
| Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2023 | 3,400,000 | 3,600,294 | ||||||
| Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2027 | 1,470,000 | 1,472,440 | ||||||
| Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2028 | 490,000 | 490,774 | ||||||
| Puerto Rico Public Buildings Authority Government Facilities Rev., “N”, ASSD GTY, 5%, 7/01/2032 | 690,000 | 690,738 | ||||||
| Puerto Rico Public Buildings Authority Rev., “M-2”, AAC, 10%, 7/01/2035 | 6,225,000 | 6,535,316 | ||||||
| Puerto Rico Public Buildings Authority, Government Facilities Rev., “I”, ASSD GTY, 5%, 7/01/2036 | 735,000 | 735,544 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, AGM, 5%, 8/01/2040 | 1,940,000 | 1,972,301 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AAC, 0%, 8/01/2047 | 78,835,000 | 14,906,910 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AAC, 0%, 8/01/2054 | 12,535,000 | 1,621,653 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2040 | 5,990,000 | 1,566,026 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2041 | 17,315,000 | 4,280,961 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2043 | 9,660,000 | 2,128,774 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2044 | 25,810,000 | 5,395,064 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042 | 12,770,000 | 2,977,709 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045 | 2,145,000 | 425,740 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046 | 43,880,000 | 8,228,816 | ||||||
| University of Puerto Rico Rev., “P”, NATL, 5%, 6/01/2025 | 595,000 | 594,976 | ||||||
|
|
|
|||||||
| $ | 361,301,071 | |||||||
| Rhode Island - 0.1% | ||||||||
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.8%, 12/01/2031 | $ | 1,990,000 | $ | 2,024,089 | ||||
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034 | 2,890,000 | 2,883,931 | ||||||
|
|
|
|||||||
| $ | 4,908,020 | |||||||
| South Carolina - 0.7% | ||||||||
| Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023 | $ | 4,130,000 | $ | 4,385,069 | ||||
| South Carolina Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047 | 1,590,000 | 1,638,368 | ||||||
| South Carolina Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2052 | 1,260,000 | 1,291,828 | ||||||
30
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| South Carolina - continued | ||||||||
| South Carolina Jobs & Economic Development Authority Hospital Rev. (Palmetto Health), 5.75%, 8/01/2039 | $ | 940,000 | $ | 984,011 | ||||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Hampton Regional Medical Center Project), 4%, 11/01/2029 | 3,240,000 | 3,051,302 | ||||||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2033 | 1,950,000 | 2,027,727 | ||||||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037 | 1,380,000 | 1,418,875 | ||||||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2042 | 3,515,000 | 3,576,161 | ||||||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2046 | 1,905,000 | 1,932,337 | ||||||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | 805,000 | 825,479 | ||||||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”, 5%, 5/01/2037 | 925,000 | 965,173 | ||||||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 | 5,735,000 | 5,742,570 | ||||||
| South Carolina Ports Authority, 5.25%, 7/01/2050 | 1,485,000 | 1,640,420 | ||||||
| South Carolina Public Service Authority Rev., “A”, 5%, 12/01/2049 | 1,750,000 | 1,857,153 | ||||||
|
|
|
|||||||
| $ | 31,336,473 | |||||||
| South Dakota - 0.0% | ||||||||
| South Dakota Health & Educational Facilities Authority Rev. (Sanford Obligated Group), “B”, 5%, 11/01/2034 | $ | 1,520,000 | $ | 1,664,415 | ||||
| Tennessee - 0.7% | ||||||||
| Blount County, TN, Health & Educational Facilities Board Rev. (Asbury, Inc.), “A”, 5%, 1/01/2037 | $ | 750,000 | $ | 781,538 | ||||
| Blount County, TN, Health & Educational Facilities Board Rev. (Asbury, Inc.), “A”, 5%, 1/01/2047 | 1,575,000 | 1,626,329 | ||||||
| Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045 | 2,270,000 | 2,411,330 | ||||||
| Claiborne County, TN, Industrial Development Board Rev. (Lincoln Memorial University Project), 6.125%, 10/01/2040 | 5,000,000 | 5,282,100 | ||||||
| Johnson City, TN, Health & Educational Facilities Board Rev. (Appalachian Christian Village Project), “A”, 5%, 2/15/2043 | 3,000,000 | 2,686,260 | ||||||
| Johnson City, TN, Health & Educational Facilities Board, Hospital Rev. (Mountain States Health Alliance), 6%, 7/01/2038 | 1,700,000 | 1,797,563 | ||||||
| Knox County, TN, Health, Educational & Housing Facility Board Knox Rev. (University Health System, Inc.), 5%, 4/01/2030 | 680,000 | 752,019 | ||||||
| Knox County, TN, Health, Educational & Housing Facility Board Knox Rev. (University Health System, Inc.), 5%, 4/01/2031 | 800,000 | 878,968 | ||||||
| Knox County, TN, Health, Educational & Housing Facility Board Knox Rev. (University Health System, Inc.), 5%, 4/01/2036 | 500,000 | 539,110 | ||||||
| Metropolitan Government of Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2040 | 3,000,000 | 3,314,820 | ||||||
| Shelby County, TN, Health, Educational & Housing Facility Board Residential Care Facility Mortgage Rev. (Village at Germantown), 5%, 12/01/2034 | 500,000 | 516,095 | ||||||
| Shelby County, TN, Health, Educational & Housing Facility Board Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2044 | 1,000,000 | 1,040,540 | ||||||
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | 2,105,000 | 2,325,625 | ||||||
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2024 | 3,625,000 | 4,091,936 | ||||||
| Tennessee Housing Development Agency, Residential Financing Program Rev., “1”, 4%, 1/01/2043 | 2,740,000 | 2,876,918 | ||||||
|
|
|
|||||||
| $ | 30,921,151 | |||||||
| Texas - 7.1% | ||||||||
| Arlington, TX, (Tarrant County), Senior Lien Special Tax Rev., “A”, AGM, 5%, 2/15/2037 | $ | 800,000 | $ | 907,896 | ||||
| Arlington, TX, (Tarrant County), Senior Lien Special Tax Rev., “A”, AGM, 5%, 2/15/2038 | 655,000 | 741,008 | ||||||
| Arlington, TX, (Tarrant County), Senior Lien Special Tax Rev., “A”, AGM, 5%, 2/15/2043 | 3,400,000 | 3,816,364 | ||||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036 | 820,000 | 819,926 | ||||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046 | 3,680,000 | 3,663,955 | ||||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), “A”, 5%, 8/15/2038 | 1,060,000 | 1,041,355 | ||||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), “A”, 5%, 8/15/2048 | 1,750,000 | 1,686,440 | ||||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), “A”, 5%, 8/15/2053 | 1,695,000 | 1,603,012 | ||||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Wayside Schools), “A”, 4.375%, 8/15/2036 | 555,000 | 539,638 | ||||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Wayside Schools), “A”, 4.625%, 8/15/2046 | 1,040,000 | 1,021,405 | ||||||
| Austin, TX, (Travis, Williamson and Hays Counties) Airport System Rev., “B”, 5%, 11/15/2041 | 930,000 | 1,029,268 | ||||||
31
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Texas - continued | ||||||||
| Austin, TX, Convention Center Hotel First Tier Rev. (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029 | $ | 890,000 | $ | 1,009,598 | ||||
| Austin, TX, Convention Center Hotel First Tier Rev. (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031 | 1,325,000 | 1,501,742 | ||||||
| Austin, TX, Convention Center Hotel Second Tier Rev. (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026 | 615,000 | 682,170 | ||||||
| Austin, TX, Convention Center Hotel Second Tier Rev. (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028 | 400,000 | 445,756 | ||||||
| Austin, TX, Convention Center Hotel Second Tier Rev. (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030 | 585,000 | 647,303 | ||||||
| Austin, TX, Convention Center Hotel Second Tier Rev. (Convention Enterprises, Inc.), “B”, 5%, 1/01/2034 | 260,000 | 283,436 | ||||||
| Bell County, TX, Health Facility Development Corp. (Advanced Living Technologies, Inc.), 8%, 12/15/2036 (a)(d) | 4,650,000 | 116,250 | ||||||
| Brazos River, TX, Brazoria County Environmental Rev. (Dow Chemical, Co.), “A-3”, 5.125%, 5/15/2033 | 4,685,000 | 4,745,483 | ||||||
| Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “A”, 5.95%, 5/15/2033 | 8,455,000 | 8,654,200 | ||||||
| Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 5/15/2033 | 1,625,000 | 1,645,751 | ||||||
| Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 | 1,315,000 | 1,428,550 | ||||||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033 | 845,000 | 957,858 | ||||||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.75%, 8/15/2041 | 695,000 | 771,839 | ||||||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043 | 1,850,000 | 2,098,529 | ||||||
| Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 3.375%, 12/01/2024 | 415,000 | 414,141 | ||||||
| Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 12/01/2040 (Prerefunded 12/01/2020) | 4,940,000 | 5,432,864 | ||||||
| Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 12/01/2045 (Prerefunded 12/01/2020) | 1,670,000 | 1,841,843 | ||||||
| Dallas and Fort Worth, TX, International Airport Rev., “A”, 5%, 11/01/2038 | 4,430,000 | 4,655,841 | ||||||
| Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 4,370,000 | 4,752,419 | ||||||
| Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045 | 9,175,000 | 9,858,813 | ||||||
| Deaf Smith County, TX, Hospital District, “A”, 6.5%, 3/01/2040 | 3,800,000 | 4,094,310 | ||||||
| Decatur Hospital Authority Rev. (Wise Regional Health System), “A”, 5.25%, 9/01/2044 | 1,860,000 | 1,973,832 | ||||||
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025 | 2,345,000 | 2,417,625 | ||||||
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028 | 875,000 | 883,663 | ||||||
| Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings Project), 7%, 12/01/2036 (a)(d) | 746,831 | 7 | ||||||
| Harris County, TX, Cultural Education Facilities Finance Corp. Rev. (Brazos Presbyterian Homes Inc. Project), 7%, 1/01/2043 (Prerefunded 1/01/2023) | 2,265,000 | 2,720,922 | ||||||
| Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 12/01/2035 (Prerefunded 12/01/2018) | 2,400,000 | 2,475,288 | ||||||
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031 | 1,425,000 | 1,556,727 | ||||||
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032 | 185,000 | 201,763 | ||||||
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033 | 450,000 | 489,128 | ||||||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2034 | 4,580,000 | 2,261,100 | ||||||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2038 | 40,280,000 | 15,200,061 | ||||||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041 | 745,000 | 264,535 | ||||||
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046 | 1,865,000 | 511,178 | ||||||
| Houston, TX, Airport System Rev., “B”, 5%, 7/01/2026 | 1,335,000 | 1,444,764 | ||||||
| Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.625%, 7/15/2038 | 7,680,000 | 8,430,029 | ||||||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.5%, 7/01/2020 | 3,075,000 | 3,201,690 | ||||||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | 4,655,000 | 4,997,934 | ||||||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029 | 9,905,000 | 10,715,031 | ||||||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030 | 6,515,000 | 7,063,042 | ||||||
| Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023 | 100,000 | 100,195 | ||||||
| Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2044 | 1,290,000 | 1,389,240 | ||||||
| La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 8/15/2039 (Prerefunded 8/15/2019) | 1,670,000 | 1,760,046 | ||||||
| La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 8/15/2041 (Prerefunded 8/15/2019) | 4,385,000 | 4,684,890 | ||||||
| Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 6.25%, 2/15/2037 (Prerefunded 2/15/2019) | 4,340,000 | 4,488,211 | ||||||
| Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), “A”, 6.3%, 11/01/2029 | 2,680,000 | 2,862,588 | ||||||
| Mesquite, TX, Health Facilities Development Corp., Retirement Facility Rev. (Christian Care Centers, Inc.), 5%, 2/15/2024 | 300,000 | 320,937 | ||||||
| Mesquite, TX, Health Facilities Development Corp., Retirement Facility Rev. (Christian Care Centers, Inc.), 5%, 2/15/2030 | 905,000 | 953,218 | ||||||
| Mesquite, TX, Health Facilities Development Corp., Retirement Facility Rev. (Christian Care Centers, Inc.), 5.125%, 2/15/2030 | 750,000 | 789,593 | ||||||
| Mesquite, TX, Health Facilities Development Corp., Retirement Facility Rev. (Christian Care Centers, Inc.), 5%, 2/15/2036 | 500,000 | 512,835 | ||||||
| Mesquite, TX, Health Facilities Development Corp., Retirement Facility Rev. (Christian Care Centers, Inc.), 5.125%, 2/15/2042 | 1,750,000 | 1,800,558 | ||||||
32
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Texas - continued | ||||||||
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Allied Waste N.A., Inc.), “A”, 1.65%, 1/01/2020 (Put Date 7/01/2018) | $ | 14,140,000 | $ | 14,140,707 | ||||
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Republic Services, Inc. Project), 1.65%, 1/01/2026 (Put Date 5/01/2018) | 12,000,000 | 12,000,000 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton, L.L.C. - Texas Woman’s University Housing Project), “A-1”, AGM, 5%, 7/01/2038 | 460,000 | 505,347 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton, L.L.C. - Texas Woman’s University Housing Project), “A-1”, AGM, 5%, 7/01/2048 | 690,000 | 750,196 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton, L.L.C. - Texas Woman’s University Housing Project), “A-1”, AGM, 5%, 7/01/2058 | 1,685,000 | 1,787,886 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Longhorn Village Project), 5%, 1/01/2037 | 2,000,000 | 2,097,300 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Longhorn Village Project), 5%, 1/01/2042 | 2,000,000 | 2,088,480 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - The Langford Project), “A”, 5%, 11/15/2026 | 295,000 | 297,891 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - The Langford Project), “A”, 5.375%, 11/15/2036 | 420,000 | 420,130 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - The Langford Project), “A”, 5.5%, 11/15/2046 | 835,000 | 835,543 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - The Langford Project), “A”, 5.5%, 11/15/2052 | 960,000 | 952,637 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - The Langford Project), “B-1”, 3.25%, 11/15/2022 | 1,140,000 | 1,120,153 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - The Langford Project), “B-2”, 3%, 11/15/2021 | 650,000 | 645,249 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2035 | 1,325,000 | 1,416,995 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2043 | 1,420,000 | 1,508,438 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2049 | 1,470,000 | 1,556,333 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (4-K Housing, Inc. - Stoney Brook Project), “A-1”, 4.5%, 7/01/2042 | 445,000 | 436,616 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (4-K Housing, Inc. - Stoney Brook Project), “A-1”, 5%, 7/01/2047 | 445,000 | 457,153 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (4-K Housing, Inc. - Stoney Brook Project), “A-1”, 4.75%, 7/01/2052 | 665,000 | 662,726 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (4-K Housing, Inc. - Stoney Brook Project), “A-1”, 4.25%, 7/01/2037 | 445,000 | 432,464 | ||||||
| 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 | 230,000 | 254,822 | ||||||
| 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 | 1,170,000 | 1,169,942 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2046 | 2,330,000 | 2,529,658 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2051 | 2,330,000 | 2,521,153 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “B”, 4%, 7/01/2031 | 525,000 | 530,817 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “B”, 4.25%, 7/01/2036 | 790,000 | 801,953 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “B”, 5%, 7/01/2046 | 2,105,000 | 2,220,249 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “B”, 4.75%, 7/01/2051 | 1,845,000 | 1,907,970 | ||||||
33
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Texas - continued | ||||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (MRC Crestview Project), 5%, 11/15/2031 | $ | 610,000 | $ | 640,677 | ||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (MRC Crestview Project), 5%, 11/15/2036 | 400,000 | 414,328 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), 5%, 4/01/2030 | 310,000 | 341,285 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), 5%, 4/01/2035 | 310,000 | 332,732 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), 5%, 4/01/2047 | 770,000 | 824,146 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Collegiate Housing Island Campus LLC - Texas A&M University - Corpus Christi Island Campus Project), 5%, 4/01/2037 | 695,000 | 753,158 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Collegiate Housing Island Campus LLC - Texas A&M University - Corpus Christi Island Campus Project), 5%, 4/01/2042 | 815,000 | 880,656 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Texas A&M University Project), “A”, AGM, 5%, 4/01/2046 | 1,295,000 | 1,379,395 | ||||||
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Texas A&M University Project), “A”, 5%, 4/01/2044 | 5,000,000 | 5,357,800 | ||||||
| Newark, TX, Higher Education Finance Corp. Authority Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035 | 1,530,000 | 1,580,827 | ||||||
| Newark, TX, Higher Education Finance Corp. Authority Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045 | 2,250,000 | 2,336,490 | ||||||
| Newark, TX, Higher Education Finance Corp. Authority Rev. (Austin Achieve Public Schools, Inc.), “A”, 5%, 6/15/2032 | 540,000 | 541,960 | ||||||
| Newark, TX, Higher Education Finance Corp. Authority Rev. (Austin Achieve Public Schools, Inc.), “A”, 5%, 6/15/2037 | 595,000 | 589,907 | ||||||
| Newark, TX, Higher Education Finance Corp. Authority Rev. (Austin Achieve Public Schools, Inc.), “A”, 5%, 6/15/2042 | 715,000 | 700,242 | ||||||
| Newark, TX, Higher Education Finance Corp. Authority Rev. (Austin Achieve Public Schools, Inc.), “A”, 5.25%, 6/15/2048 | 1,435,000 | 1,434,914 | ||||||
| North Texas Tollway Authority Rev., 6%, 1/01/2043 | 1,280,000 | 1,409,677 | ||||||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 6,020,000 | 6,565,231 | ||||||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC The Crossings Project), “A”, 7.5%, 11/15/2034 | 1,075,000 | 1,227,747 | ||||||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC The Crossings Project), “A”, 7.75%, 11/15/2044 | 1,970,000 | 2,257,029 | ||||||
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC The Crossings Project), “A”, 8%, 11/15/2049 | 1,680,000 | 1,942,836 | ||||||
| SA Energy Acquisition Public Facility Corp. (Tex Gas Supply), 5.5%, 8/01/2027 | 4,000,000 | 4,734,720 | ||||||
| San Juan, TX, Higher Education Finance Authority Education Rev. (Idea Public Schools), “A”, 6.7%, 8/15/2040 (Prerefunded 8/15/2020) | 2,955,000 | 3,253,957 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corporation Edgemere Project), “B”, 5%, 11/15/2036 | 3,840,000 | 3,959,002 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Air Force Village Foundation, Inc.), ETM, 5.75%, 11/15/2019 | 330,000 | 341,180 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Air Force Village Obligated Group Project), 6.125%, 11/15/2029 (Prerefunded 11/15/2019) | 520,000 | 552,204 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030 | 1,500,000 | 1,583,760 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 3,345,000 | 3,494,321 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040 | 4,210,000 | 4,375,916 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckingham Senior Living Community, Inc. Project), 5.625%, 11/15/2041 | 2,750,000 | 2,815,533 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckingham Senior Living Community, Inc. Project), “A”, 5.25%, 11/15/2035 | 845,000 | 852,833 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckingham Senior Living Community, Inc. Project), “A”, 5.5%, 11/15/2045 | 3,750,000 | 3,812,325 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckner Retirement Services, Inc. Project), “B”, 5%, 11/15/2040 | 5,250,000 | 5,765,760 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckner Retirement Services, Inc. Project), “B”, 5%, 11/15/2046 | 7,180,000 | 7,852,263 | ||||||
34
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. (Buckner Senior Living - Ventana Project), “B-3”, 3.875%, 11/15/2022 | $ | 1,740,000 | $ | 1,742,349 | ||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corporation Edgemere Project), “A”, 5%, 11/15/2030 | 2,000,000 | 2,094,520 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corporation Edgemere Project), “A”, 5%, 11/15/2035 | 2,350,000 | 2,425,858 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corporation Edgemere Project), “B”, 5%, 11/15/2030 | 2,055,000 | 2,152,119 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 8%, 11/15/2028 | 1,000,000 | 916,940 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 8.25%, 11/15/2044 | 14,305,000 | 12,553,782 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044 | 660,000 | 694,703 | ||||||
| Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 1,375,000 | 1,607,086 | ||||||
| Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 1,105,000 | 1,274,120 | ||||||
| Texas Transportation Commission, Central Texas Turnpike System Rev., Capital Appreciation, “B”, 0%, 8/15/2036 | 4,605,000 | 2,101,676 | ||||||
| Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 11/01/2030 (Prerefunded 11/01/2020) | 3,165,000 | 3,535,463 | ||||||
| Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 11/01/2040 (Prerefunded 11/01/2020) | 3,560,000 | 3,987,449 | ||||||
| Travis County, TX, Health Facilities Development Corp. Rev., Unrefunded Balance, (Westminster Manor Health), 7%, 11/01/2030 | 600,000 | 644,076 | ||||||
|
|
|
|||||||
| $ | 326,063,353 | |||||||
| Utah - 0.3% | ||||||||
| Utah Charter School Finance Authority, Charter School Rev. (Early Light Academy Project), 8.25%, 7/15/2035 (Prerefunded 7/15/2018) | $ | 3,615,000 | $ | 3,733,355 | ||||
| Utah Charter School Finance Authority, Charter School Rev. (Hawthorn Academy Project), 8.25%, 7/15/2035 (Prerefunded 7/15/2018) | 3,895,000 | 4,020,030 | ||||||
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 | 1,285,000 | 1,294,753 | ||||||
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2036 | 715,000 | 726,883 | ||||||
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), “A”, 3.5%, 2/15/2026 | 490,000 | 466,676 | ||||||
| Utah Charter School Finance Authority, Charter School Rev. (Spectrum Academy), 5%, 4/15/2030 | 745,000 | 759,408 | ||||||
| Utah Charter School Finance Authority, Charter School Rev. (Spectrum Academy), 6%, 4/15/2045 | 2,395,000 | 2,483,136 | ||||||
| Utah County, UT, Charter School Rev. (Renaissance Academy), “A”, 5.625%, 7/15/2037 | 2,405,000 | 2,375,587 | ||||||
|
|
|
|||||||
| $ | 15,859,828 | |||||||
| Vermont - 0.2% | ||||||||
| Burlington, VT, Airport Rev., “A”, 5%, 7/01/2022 | $ | 3,785,000 | $ | 4,030,798 | ||||
| Burlington, VT, Airport Rev., “A”, 4%, 7/01/2028 | 4,645,000 | 4,797,774 | ||||||
| Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%, 4/01/2036 (Put Date 4/03/2028) | 2,445,000 | 2,444,095 | ||||||
|
|
|
|||||||
| $ | 11,272,667 | |||||||
| Virginia - 0.8% | ||||||||
| Commonwealth of Virginia, Board of Transportation, Federal Transportation Grant, 4%, 5/15/2034 | $ | 2,245,000 | $ | 2,361,381 | ||||
| Commonwealth of Virginia, Board of Transportation, Federal Transportation Grant, 4%, 5/15/2036 | 1,795,000 | 1,879,096 | ||||||
| Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 | 4,765,000 | 5,155,968 | ||||||
| James City County, VA, Economic Development Authority, Residential Care Facilities Rev. (Virginia United Methodist Homes of Williamsburg), “A”, 2%, 10/01/2048 | 981,912 | 73,643 | ||||||
| Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), 5%, 1/01/2046 | 995,000 | 1,011,278 | ||||||
| Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), 5.375%, 1/01/2046 | 2,390,000 | 2,486,771 | ||||||
| Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.4%, 3/01/2045 | 1,780,000 | 1,817,540 | ||||||
35
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Virginia - continued | ||||||||
| Roanoke, VA, Economic Development, Educational Facilities Rev. (Lynchburg College), “A”, 5%, 9/01/2032 | $ | 1,140,000 | $ | 1,296,408 | ||||
| Roanoke, VA, Economic Development, Educational Facilities Rev. (Lynchburg College), “A”, 5%, 9/01/2034 | 490,000 | 551,779 | ||||||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University), “B”, 5.25%, 7/01/2030 | 2,810,000 | 3,052,278 | ||||||
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University), “B”, 5.25%, 7/01/2035 | 2,590,000 | 2,774,797 | ||||||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 4,975,000 | 5,536,329 | ||||||
| Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 9,705,000 | 10,552,441 | ||||||
| West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 3/01/2019 (a)(d) | 769,496 | 15 | ||||||
| West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “B”, 6.25%, 3/01/2019 (a)(d) | 6,569,571 | 131 | ||||||
|
|
|
|||||||
| $ | 38,549,855 | |||||||
| Washington - 0.8% | ||||||||
| Port Seattle, WA, Industrial Development Corp., Special Facilities Rev. (Delta Airlines, Inc.), 5%, 4/01/2030 | $ | 4,000,000 | $ | 4,351,400 | ||||
| Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 7/01/2029 (Prerefunded 7/01/2019) | 1,550,000 | 1,633,855 | ||||||
| Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 7/01/2039 (Prerefunded 7/01/2019) | 3,665,000 | 3,873,758 | ||||||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035 | 1,215,000 | 1,340,121 | ||||||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2036 | 810,000 | 891,405 | ||||||
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037 | 875,000 | 962,211 | ||||||
| Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 10/01/2034 (Prerefunded 10/01/2019) | 2,435,000 | 2,565,857 | ||||||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Heron’s Key Senior Living), “B-2”, 4.875%, 1/01/2022 | 690,000 | 690,269 | ||||||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036 | 2,460,000 | 2,597,908 | ||||||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046 | 4,675,000 | 4,871,584 | ||||||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051 | 2,970,000 | 3,084,048 | ||||||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2036 | 1,000,000 | 1,026,910 | ||||||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2041 | 2,000,000 | 2,036,100 | ||||||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2046 | 2,385,000 | 2,416,744 | ||||||
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2051 | 3,635,000 | 3,671,168 | ||||||
|
|
|
|||||||
| $ | 36,013,338 | |||||||
| West Virginia - 0.3% | ||||||||
| Monongalia County, WV, Building Commission Improvement Rev. (Monongalia Health System Obligated Group), 5%, 7/01/2028 | $ | 1,285,000 | $ | 1,439,843 | ||||
| Monongalia County, WV, Building Commission Improvement Rev. (Monongalia Health System Obligated Group), 5%, 7/01/2029 | 515,000 | 574,956 | ||||||
| Monongalia County, WV, Building Commission Improvement Rev. (Monongalia Health System Obligated Group), 5%, 7/01/2030 | 1,005,000 | 1,117,912 | ||||||
| Monongalia County, WV, Special District Excise Tax Rev., Refunding & Improvement Bonds (University Town Centre Economic Opportunity Development District), “A”, 4.5%, 6/01/2027 | 740,000 | 734,531 | ||||||
| Monongalia County, WV, Special District Excise Tax Rev., Refunding & Improvement Bonds (University Town Centre Economic Opportunity Development District), “A”, 5.5%, 6/01/2037 | 1,760,000 | 1,806,710 | ||||||
| Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), 4.75%, 6/01/2031 | 1,000,000 | 1,047,510 | ||||||
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center), “A”, 5%, 9/01/2027 | 2,100,000 | 2,301,096 | ||||||
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center), “A”, 5%, 9/01/2028 | 1,000,000 | 1,092,180 | ||||||
| West Virginia Hospital Finance Authority Hospital Rev. (Thomas Health System), 6.5%, 10/01/2038 | 3,450,000 | 3,475,116 | ||||||
|
|
|
|||||||
| $ | 13,589,854 | |||||||
| Wisconsin - 3.0% | ||||||||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027 | $ | 2,530,000 | $ | 2,653,945 | ||||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032 | 2,315,000 | 2,369,935 | ||||||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037 | 1,265,000 | 1,277,966 | ||||||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039 | 1,265,000 | 1,275,158 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (American Eagle Nursing Home), 7.15%, 6/01/2028 | 2,850,000 | 2,871,147 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (Beloit College), “A”, 6.125%, 6/01/2035 (Prerefunded 6/01/2020) | 710,000 | 768,923 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (Beloit College), “A”, 6.125%, 6/01/2039 (Prerefunded 6/01/2020) | 1,435,000 | 1,554,091 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (Benevolent Corp. Cedar Community), 5%, 6/01/2037 | 1,110,000 | 1,152,713 | ||||||
36
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Municipal Bonds - continued | ||||||||
| Wisconsin - continued | ||||||||
| Wisconsin Health & Educational Facilities Authority Rev. (Benevolent Corp. Cedar Community), 5%, 6/01/2041 | $ | 955,000 | $ | 987,842 | ||||
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047 | 2,035,000 | 2,196,905 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (Meriter Hospital), “A”, 5.5%, 5/01/2031 (Prerefunded 5/01/2021) | 1,855,000 | 2,035,584 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (Meriter Hospital), “A”, 6%, 5/01/2041 (Prerefunded 5/01/2021) | 1,405,000 | 1,562,065 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (Sauk-Prairie Memorial Hospital), 5.25%, 2/01/2043 | 4,870,000 | 5,045,271 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (Sauk-Prairie Memorial Hospital), “A”, 5.125%, 2/01/2038 | 5,110,000 | 5,277,864 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 9/15/2029 (Prerefunded 9/15/2019) | 485,000 | 519,280 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 9/15/2039 (Prerefunded 9/15/2019) | 1,960,000 | 2,108,411 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 5%, 9/15/2040 | 445,000 | 461,501 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 5%, 9/15/2045 | 595,000 | 615,617 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 5%, 9/15/2050 | 2,430,000 | 2,508,319 | ||||||
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037 | 665,000 | 688,880 | ||||||
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047 | 805,000 | 829,029 | ||||||
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 | 1,025,000 | 1,051,804 | ||||||
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 | 1,005,000 | 1,028,658 | ||||||
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.5%, 3/01/2045 | 2,815,000 | 2,877,409 | ||||||
| Wisconsin Public Finance Authority Healthcare Facility (Church Home of Hartford, Inc. Project), “A”, 4%, 9/01/2020 | 460,000 | 471,518 | ||||||
| Wisconsin Public Finance Authority Healthcare Facility (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 | 520,000 | 561,298 | ||||||
| Wisconsin Public Finance Authority Healthcare Facility (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 | 920,000 | 959,974 | ||||||
| Wisconsin Public Finance Authority Healthcare Facility (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 | 1,215,000 | 1,246,055 | ||||||
| Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2042 | 595,000 | 628,076 | ||||||
| Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047 | 545,000 | 573,215 | ||||||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 | 12,340,000 | 13,039,184 | ||||||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 | 8,145,000 | 9,271,861 | ||||||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 4,260,000 | 4,919,661 | ||||||
| Wisconsin Public Finance Authority Rev. (Celanese Corp.), “B”, 5%, 12/01/2025 | 3,055,000 | 3,415,918 | ||||||
| Wisconsin Public Finance Authority Rev. (Denver International Airport Great Hall Project), 5%, 9/30/2037 | 3,030,000 | 3,322,880 | ||||||
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035 | 2,805,000 | 3,026,315 | ||||||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary’s Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 | 1,995,000 | 2,175,508 | ||||||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary’s Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 | 2,105,000 | 2,284,620 | ||||||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary’s Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 | 3,830,000 | 4,144,558 | ||||||
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary’s Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 | 6,500,000 | 7,008,690 | ||||||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 | 1,905,000 | 2,004,784 | ||||||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 | 1,730,000 | 1,834,025 | ||||||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 | 1,685,000 | 1,803,085 | ||||||
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 | 3,465,000 | 3,746,254 | ||||||
| Wisconsin Public Finance Authority Student Housing Rev., (Western Carolina University Project), 5.25%, 7/01/2047 | 2,480,000 | 2,617,541 | ||||||
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022 | 1,165,000 | 1,226,232 | ||||||
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 3,815,000 | 4,117,453 | ||||||
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042 | 17,610,000 | 18,582,424 | ||||||
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “C”, 5%, 7/01/2042 | 2,870,000 | 3,023,947 | ||||||
|
|
|
|||||||
| $ | 139,723,393 | |||||||
| Total Municipal Bonds | $ | 4,547,451,236 | ||||||
37
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Investment Companies (h) - 1.4% | ||||||||
| Money Market Funds - 1.4% | ||||||||
| MFS Institutional Money Market Portfolio, 1.78% (v) | 66,421,196 | $ | 66,414,553 | |||||
| Other Assets, Less Liabilities - 0.2% | 9,644,892 | |||||||
| Net Assets - 100.0% | $ | 4,623,510,681 | ||||||
| (a) | Non-income producing security. |
| (d) | In default. |
| (h) | 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. At period end, the aggregate values of the fund’s investments in affiliated issuers and in unaffiliated issuers were $66,414,553 and $4,547,451,236, respectively. |
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $17,184,719, representing 0.4% of net assets. |
| (q) | Interest received was less than stated coupon rate. |
| (u) | Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters. |
| (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. |
| (v) | Externally deposited inverse floater. |
The following abbreviations are used in this report and are defined:
| COP | Certificate of Participation | |
| ETM | Escrowed to Maturity | |
| FLR | Floating rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. | |
| LOC | Letter of Credit |
| Insurers | ||
| AAC | Ambac Assurance Corp. | |
| AGM | Assured Guaranty Municipal | |
| ASSD GTY | Assured Guaranty Insurance Co. | |
| BAM | Build America Mutual | |
| CALHF | California Health Facility Construction Loan Insurance Program | |
| FHLMC | Federal Home Loan Mortgage Corp. | |
| FNMA | Federal National Mortgage Assn. | |
| GNMA | Government National Mortgage Assn. | |
| NATL | National Public Finance Guarantee Corp. | |
| SYNCORA | Syncora Guarantee Inc. | |
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
38
Supplemental Information
4/30/18 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from 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 halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of April 30, 2018 in valuing the fund’s assets or liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Municipal Bonds | $— | $4,547,451,236 | $— | $4,547,451,236 | ||||||||||||
| Mutual Funds | 66,414,553 | — | — | 66,414,553 | ||||||||||||
| Total | $66,414,553 | $4,547,451,236 | $— | $4,613,865,789 | ||||||||||||
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers:
| Affiliated Issuers | Beginning Shares/Par Amount |
Acquisitions Shares/Par Amount |
Dispositions Shares/Par Amount |
Ending Shares/Par Amount |
||||||||||||||||
| MFS Institutional Money Market Portfolio | 71,284,047 | 281,805,596 | (286,668,447 | ) | 66,421,196 | |||||||||||||||
| Affiliated Issuers | Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Capital Gain Distributions |
Dividend Income |
Ending Value |
|||||||||||||||
| MFS Institutional Money Market Portfolio | $(12,913 | ) | $11,688 | $— | $455,648 | $66,414,553 | ||||||||||||||
39
| ITEM 2. | CONTROLS AND PROCEDURES. |
| (a) | Based upon their evaluation of the effectiveness 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-Q, 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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 3. | EXHIBITS. |
File as exhibits as part of this Form 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.
Notice
A copy of the Amended and Restated 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 SERIES TRUST III
| By (Signature and Title)* | DAVID L. DILORENZO | |
| David L. DiLorenzo, President |
Date: June 18, 2018
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)* | DAVID L. DILORENZO | |
| David L. DiLorenzo, President (Principal Executive Officer) |
Date: June 18, 2018
| By (Signature and Title)* | JAMES O. YOST | |
| James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: June 18, 2018
| * | Print name and title of each signing officer under his or her signature. |
EX-99.CERT
MFS SERIES TRUST III
CERTIFICATION
I, James O. Yost, certify that:
| 1. | I have reviewed this report on Form N-Q of MFS Series Trust III; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| Date: June 18, 2018 | JAMES O. YOST | |||
| James O. Yost | ||||
| Treasurer (Principal Financial Officer and Accounting Officer) | ||||
EX-99.CERT
MFS SERIES TRUST III
CERTIFICATION
I, David L. DiLorenzo, certify that:
| 1. | I have reviewed this report on Form N-Q of MFS Series Trust III; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| Date: June 18, 2018 | DAVID L. DILORENZO | |||
| David L. DiLorenzo | ||||
| President (Principal Executive Officer) | ||||
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