# EDGAR Filing Document

**Accession Number:** 0000801961
**File Stem:** 0000801961-26-000004
**Filing Date:** 2026-6
**Character Count:** 275446
**Document Hash:** 5eda49a45e1418a9d4104c2c58c322c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000801961-26-000004.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0000801961-26-000004

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**EFFECTIVENESS DATE**: 20260625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ABERDEEN MUNICIPAL INCOME FUND
- **CENTRAL INDEX KEY:** 0000801961

**ORGANIZATION NAME:**
- **EIN:** 046554822
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04841
- **FILM NUMBER:** 261117830

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MUNICIPAL INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number 811-04841</u>

**MFS MUNICIPAL INCOME TRUST**

(Exact name of registrant as specified in charter)

**<u>111 Huntington Avenue, Boston, Massachusetts 02199</u> (Address of principal executive offices) (Zip code)**

**Christopher R. Bohane**

**Massachusetts Financial Services Company**

**111Huntington Avenue <u>Boston, Massachusetts 02199</u>**

**(Name and address of agents for service)**

Registrant's telephone number, including area code: (617) 954-5000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2026

**ITEM 1. REPORTS TO STOCKHOLDERS.**

Item 1(a):

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![](imgbbe449ba1.gif)

**Semiannual Report**

April 30, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MFS<sup>®</sup> Municipal

Income Trust

MFM-SEM

![](img42240cc32.gif)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**MFS**<sup>®</sup> **Municipal**

**Income Trust**

New York Stock Exchange Symbol: **MFM** 

---

| | |
|:---|:---|
| [Welcome Letter from Aberdeen](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_Apdf-WelcomeLetterfromAberdeen_1) | Enclosed |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio composition](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_PortComp-TOC-PortfolioComposition-1895_1) | 1 |
| [Portfolio managers' profiles](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_PMP-PortfolioManagersProfiles-1895_1) | 3 |
| [Other notes](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_PMP-PortfolioManagersProfiles-1895_1) | 3 |
| [Portfolio of investments](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_SOI-SOI-Footer-1895_1) | 4 |
| [Statement of assets and liabilities](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_FS-FIN-Footer-1895_1) | 51 |
| [Statement of operations](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_FS-FIN-Footer-1895_2) | 52 |
| [Statements of changes in net assets](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_FS-FIN-Footer-1895_3) | 53 |
| [Statement of cash flows](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_FS-FIN-Footer-1895_4) | 54 |
| [Financial highlights](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_FIHI-TOC-FIHI-1895_1) | 55 |
| [Notes to financial statements](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_NTF-NTF-Header-1895_1) | 57 |
| [Results of shareholder meeting](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_RSM-ResultsofShareholderMeeting-1895_1) | 68 |
| [Board review of investment advisory agreement](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_BRIAA-TOC-BoardReview-1895_1) | 69 |
| [Proxy voting policies and information](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_Info-ProxyVotingPolicies-1895_1) | 74 |
| [Quarterly portfolio disclosure](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_Info-ProxyVotingPolicies-1895_1) | 74 |
| [Further information](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_Info-ProxyVotingPolicies-1895_1) | 74 |
| [Information about fund contracts and legal claims](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_Info-ProxyVotingPolicies-1895_1) | 74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| [Contact information](#xx_7cc443df-e481-45fb-a6ee-2698137a3e28_BC-TOC-BackCover-1895_8) | back cover |

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**NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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![](grqd0z5azt3jr8fknnj7z.jpg)

Dear Investor,

Welcome to Aberdeen Investments.

We are pleased to welcome you as a shareholder of an Aberdeen closed-end fund. In connection with a previously announced transaction, and with the approval by shareholders of each respective fund, several MFS closed-end funds were reorganized into Aberdeen Municipal Income Fund (MFM) after the close of regular business on June 5, 2026.

**What This Means for You** 

The reorganization brings together a broader mix of municipal investments, which may provide increased diversification across issuers, sectors, and geographies within the municipal market.

These changes are intended to strengthen your investment by creating a significantly larger fund, with potential benefits including improved economies of scale, enhanced trading and investment efficiencies, and stronger long-term growth potential.

Your Fund is managed by Aberdeen's U.S. Municipal Fixed Income team, a dedicated group of investment professionals with experience managing municipal closed-end funds. Day-to-day portfolio management is led by Investment Director Miguel Laranjeiro, with support from Jonathan Mondillo, Global Head of Fixed Income. Together, they apply a disciplined investment philosophy and established investment process aligned with your Fund's objectives.

**Our Commitment** 

We are focused on making this transition as seamless as possible while continuing to serve your investment needs with the highest level of expertise and care. Our approach combines rigorous research, global market insights, and a commitment to delivering consistent outcomes for investors.

**About Aberdeen Investments** 

Aberdeen is a leading global asset manager dedicated to creating long-term value for our clients. As of March 31, 2026, we manage over $506 billion in assets on behalf of institutional and retail clients worldwide. Our global footprint enables us to stay closely connected to our clients and the challenges they face. We bring capabilities across asset

![](gh7see67b85ctag4aqgj4.jpg)

classes, regions, and markets, helping investors identify opportunities and navigate an evolving financial landscape.

**We're Here to Help** 

To learn more about your investment and our full range of U.S. closed-end funds, please visit our Closed-End Fund Investor Center to access the Fund's prospectus, shareholder reports, and other important information.

If you have any questions about these changes or your investment, our Investor Relations team is here to help:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Phone:** 1-800-522-5465

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Email:** <u>Investor.Relations@aberdeenplc.com</u> 

Alan Goodson

President

Important Information:

Municipal securities can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

This communication is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities.

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**Portfolio Composition**

**Portfolio structure (i)**

![](imgf4b80dc33.jpg)

**Top ten industries (i)** 

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 20.9% |
| Healthcare Revenue - Long Term Care | 16.9% |
| Miscellaneous Revenue - Other | 10.9% |
| Universities - Secondary Schools | 10.9% |
| Airport Revenue | 10.2% |
| Multi-Family Housing Revenue | &nbsp;&nbsp; 7.1% |
| Universities - Colleges | &nbsp;&nbsp; 7.1% |
| Utilities - Other | &nbsp;&nbsp; 5.9% |
| Tax Assessment | &nbsp;&nbsp; 4.3% |
| Tax - Other | &nbsp;&nbsp; 3.7% |

---

**Composition including fixed income credit quality (a)(i)** 

---

| | |
|:---|:---|
| AAA | &nbsp;&nbsp;&nbsp; 0.5% |
| AA | &nbsp;&nbsp; 19.7% |
| A | &nbsp;&nbsp; 31.6% |
| BBB | &nbsp;&nbsp; 29.0% |
| BB | &nbsp;&nbsp; 15.3% |
| B | &nbsp;&nbsp;&nbsp; 1.8% |
| CCC | &nbsp;&nbsp;&nbsp; 2.1% |
| CC | &nbsp;&nbsp;&nbsp; 0.6% |
| Not Rated | &nbsp;&nbsp; 34.0% |
| Non-Fixed Income (o) | &nbsp;&nbsp;&nbsp; 0.0% |
| Cash & Cash Equivalents <br>(Less Liabilities) (b)<br>| (34.6)% |

---

**Portfolio facts** 

<u> Average Duration (d) </u> <u> 10.5 </u> <br> <u> Average Effective Maturity (m) </u> <u> 21.1 yrs. </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) For all securities other than those specifically described below, ratings are assigned to

underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating

agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or

higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating

agency. Non-Fixed Income includes equity securities (including convertible bonds and equity

derivatives), ETFs and Options on ETFs, and/or commodity-linked derivatives. The fund may or

------

*Portfolio Composition - continued*

may not have held all of these instruments on this date. The fund is not rated by these agencies.

(b) Cash & Cash Equivalents (Less Liabilities) includes any cash, investments in money market

funds, short-term securities, and other assets less liabilities. Liabilities include the value of the

aggregate liquidation preference of the remarketable variable rate munifund term preferred

shares (RVMTP shares) issued by the fund. Cash & Cash Equivalents (Less Liabilities) is negative

due to the aggregate liquidation value of RVMTP shares. Please see the Statement of Assets

and Liabilities for additional information related to the fund's cash position and other assets

and liabilities. Please see Note 8 in the Notes to Financial Statements for more information on the RVMTP shares issued by the fund.

(d) Duration is a measure of how much a bond's price is likely to fluctuate with general changes

in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about

5.00% of its value due to the interest rate move. The Average Duration calculation reflects the

impact of the equivalent exposure of derivative positions, if any. This calculation is based on

net assets applicable to common shares as of April 30, 2026.

(i) For purposes of this presentation, the components include the value of securities, and reflect

the impact of the equivalent exposure of derivative positions, if any. These amounts may be

negative from time to time. Equivalent exposure is a calculated amount that translates the

derivative position into a reasonable approximation of the amount of the underlying asset that

the portfolio would have to hold at a given point in time to have the same price sensitivity

that results from the portfolio's ownership of the derivative contract. When dealing with

derivatives, equivalent exposure is a more representative measure of the potential impact of a

position on portfolio performance than value. The bond component will include any accrued

interest amounts.

(m) In determining each instrument's effective maturity for purposes of calculating the fund's

dollar-weighted average effective maturity, MFS uses the instrument's stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument's stated maturity. This calculation is based on gross assets, which consists of net assets applicable to common shares plus the value of preferred shares, as of April 30, 2026.

(o) Less than 0.1%.

Percentages are based on net assets applicable to common shares as of April 30, 2026.

The portfolio is actively managed and current holdings may be different.

------

**Portfolio Managers' Profiles** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Five Year History** |
| Michael Dawson  | Portfolio Manager | 2022 | Investment Officer of MFS; employed <br> in the investment management area <br> of MFS since 1999.<br>|
| Jason Kosty | Portfolio Manager | 2021 | Investment Officer of MFS; employed <br> in the investment management area <br> of MFS since 2014.<br>|

---

**Other Notes**

The fund's shares may trade at a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value of the underlying fund shares, and shares purchased at a premium would receive less than the amount paid for them in the event of the fund's concurrent liquidation.

The fund's monthly distributions may include a return of capital to shareholders to the extent that distributions are in excess of the fund's net investment income and net capital gains, determined in accordance with federal income tax regulations. Distributions that are treated for federal income tax purposes as a return of capital will reduce each shareholder's basis in his or her shares and, to the extent the return of capital exceeds such basis, will be treated as gain to the shareholder from a sale of shares. Returns of shareholder capital may have the effect of reducing the fund's assets and increasing the fund's expense ratio.

In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.

------

**Portfolio of Investments**

4/30/26 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 131.8% | Municipal Bonds – 131.8% | Municipal Bonds – 131.8% |
| Alabama – 3.3% | Alabama – 3.3% | Alabama – 3.3% |
| Alabama State University, Board of Trustees, General Tuition & Fee <br> Rev., AGM, 5.75%, 9/01/2050 <br>| $115000 | &nbsp;&nbsp; $124569 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. <br> (Methodist Home for the Aging), 5.5%, 6/01/2030 <br>| 150000 | &nbsp;&nbsp; 150082 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. <br> (Methodist Home for the Aging), 5.75%, 6/01/2035 <br>| 190000 | &nbsp;&nbsp; 190080 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. <br> (Methodist Home for the Aging), 6%, 6/01/2050 <br>| 285000 | &nbsp;&nbsp; 275477 |
| Birmingham, AL, Special Care Facilities Financing Authority, <br> Refunding & Improvement Rev. (Methodist Home for the Aging), <br> 5.75%, 6/01/2045 <br>| 285000 | &nbsp;&nbsp; 278257 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "A", 5.25%, <br> 5/01/2056 (Put Date 5/01/2032)<br>| 840000 | &nbsp;&nbsp; 853612 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, <br> 2/01/2053 (Put Date 6/01/2029)<br>| 3250000 | &nbsp;&nbsp; 3405065 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "F", 5.5%, <br> 11/01/2053 (Put Date 12/01/2028)<br>| 515000 | &nbsp;&nbsp; 538467 |
| Huntsville-Redstone Village, AL, Special Care Facilities Financing <br> Authority (Redstone Village Project), "A", 6%, 1/01/2060 <br>| 780000 | &nbsp;&nbsp; 665180 |
| Huntsville-Redstone Village, AL, Special Care Facilities Financing <br> Authority (Redstone Village Project), Capital Appreciation, "B", 0%, <br> 1/01/2060 <br>| 164273 | &nbsp;&nbsp; 8588 |
| Jacksonville, AL, Public Educational Building Authority, Higher <br> Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", AGM, 5.5%, 8/01/2058 <br>| 325000 | &nbsp;&nbsp; 336016 |
| Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053  | 1240000 | &nbsp;&nbsp; 1294386 |
|  |  | &nbsp;&nbsp; $8119779 |
| Alaska – 0.8% | Alaska – 0.8% | Alaska – 0.8% |
| Alaska Industrial Development & Export Authority Power Rev. <br> (Snettisham Hydroelectric Project), 5%, 1/01/2030 <br>| $125000 | &nbsp;&nbsp; $125085 |
| Alaska Industrial Development & Export Authority Power Rev. <br> (Snettisham Hydroelectric Project), 5%, 1/01/2031 <br>| 180000 | &nbsp;&nbsp; 180107 |
| Alaska Municipal Bond Bank Authority, General Obligation <br> Refunding, "2", 5.25%, 12/01/2045 <br>| 290000 | &nbsp;&nbsp; 304778 |
| Alaska Municipal Bond Bank Authority, General Obligation <br> Refunding, "2", 5.5%, 12/01/2050 <br>| 440000 | &nbsp;&nbsp; 459812 |
| Alaska Railroad Corp., Cruise Port Rev., AGM, 5.5%, 10/01/2054  | 400000 | &nbsp;&nbsp; 414600 |

---

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*Portfolio of Investments (unaudited) – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Alaska – continued | Alaska – continued | Alaska – continued |
| Northern Alaska Tobacco Securitization Corp., Tobacco Settlement <br> Asset-Backed, Capital Appreciation, "B-2", 0%, 6/01/2066 <br>| $3950000 | &nbsp;&nbsp; $447088 |
|  |  | &nbsp;&nbsp; $1931470 |
| Arizona – 5.3% | Arizona – 5.3% | Arizona – 5.3% |
| Arizona Industrial Development Authority, Education Rev. <br> (Academies of Math & Science Projects), 5%, 7/01/2049 (n)<br>| $100000 | &nbsp;&nbsp; $92009 |
| Arizona Industrial Development Authority, Education Rev. <br> (Academies of Math & Science Projects), 5%, 7/01/2054 (n)<br>| 155000 | &nbsp;&nbsp; 139255 |
| Arizona Industrial Development Authority, Education Rev. <br> (Academies of Math & Science Projects), 5.5%, 7/01/2058 <br>| 80000 | &nbsp;&nbsp; 77046 |
| Arizona Industrial Development Authority, Education Rev. (Basis <br> Schools Projects), "D", 5%, 7/01/2037 (n)<br>| 35000 | &nbsp;&nbsp; 35086 |
| Arizona Industrial Development Authority, Education Rev. (Basis <br> Schools Projects), "D", 5%, 7/01/2051 (n)<br>| 200000 | &nbsp;&nbsp; 183339 |
| Arizona Industrial Development Authority, Education Rev. (Basis <br> Schools Projects), "G", 5%, 7/01/2037 (n)<br>| 70000 | &nbsp;&nbsp; 70173 |
| Arizona Industrial Development Authority, Education Rev. (Basis <br> Schools Projects), "G", 5%, 7/01/2047 (n)<br>| 65000 | &nbsp;&nbsp; 61159 |
| Arizona Industrial Development Authority, Education Rev. (Basis <br> Schools Projects), "G", 5%, 7/01/2051 (n)<br>| 60000 | &nbsp;&nbsp; 55002 |
| Arizona Industrial Development Authority, Education Rev. (Benjamin <br> Franklin Charter School Projects), "A", 5%, 7/01/2043 <br>| 305000 | &nbsp;&nbsp; 297955 |
| Arizona Industrial Development Authority, Education Rev. (KIPP <br> Nashville Projects), "A", 5%, 7/01/2057 <br>| 105000 | &nbsp;&nbsp; 101570 |
| Arizona Industrial Development Authority, Education Rev. (KIPP NYC <br> Public Charter Schools - Jerome Facility Project), "B", 4%, 7/01/2051 <br>| 1145000 | &nbsp;&nbsp; 939804 |
| Arizona Industrial Development Authority, Education Rev. (Somerset <br> Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), <br> "A", 4%, 12/15/2041 (n)<br>| 360000 | &nbsp;&nbsp; 315849 |
| Arizona Industrial Development Authority, Education Rev. (Somerset <br> Academy of Las Vegas - Lone Mountain Campus Project), "A", <br> 3.75%, 12/15/2029 (n)<br>| 15000 | &nbsp;&nbsp; 14844 |
| Arizona Industrial Development Authority, Education Rev. (Somerset <br> Academy of Las Vegas - Lone Mountain Campus Project), "A", 5%, <br> 12/15/2039 (n)<br>| 30000 | &nbsp;&nbsp; 30096 |
| Arizona Industrial Development Authority, Education Rev. (Somerset <br> Academy of Las Vegas - Lone Mountain Campus Project), "A", 5%, <br> 12/15/2049 (n)<br>| 45000 | &nbsp;&nbsp; 41204 |
| Glendale, AZ, Industrial Development Authority Refunding Rev. <br> (Terraces of Phoenix Project), "A", 5%, 7/01/2048 <br>| 115000 | &nbsp;&nbsp; 106754 |
| Glendale, AZ, Industrial Development Authority, Senior Living Rev. <br> (Royal Oaks - Inspirata Pointe Project), "A", 5%, 5/15/2056 <br>| 490000 | &nbsp;&nbsp; 420808 |

---

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*Portfolio of Investments (unaudited) – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Arizona – continued | Arizona – continued | Arizona – continued |
| La Paz County, AZ, Industrial Development Authority, Education <br> Facility, Lease Rev. (Charter School Solutions - Harmony Public <br> Schools Project), "A", 5%, 2/15/2048 <br>| $100000 | &nbsp;&nbsp; $96643 |
| Maricopa County, AZ, Higley Unified School District No. 60, <br> Certificates of Participation, AGM, 4.25%, 6/01/2047 <br>| 275000 | &nbsp;&nbsp; 264657 |
| Maricopa County, AZ, Higley Unified School District No. 60, <br> Certificates of Participation, AGM, 5%, 6/01/2053 <br>| 1815000 | &nbsp;&nbsp; 1844830 |
| Maricopa County, AZ, Industrial Development Authority, Education <br> Rev. (Legacy Traditional Schools Projects), "A", 5%, 7/01/2054 <br>| 65000 | &nbsp;&nbsp; 63005 |
| Maricopa County, AZ, Industrial Development Authority, Education <br> Rev. (Legacy Traditional Schools Projects), "B", 5%, 7/01/2039 (n)<br>| 80000 | &nbsp;&nbsp; 80834 |
| Maricopa County, AZ, Industrial Development Authority, Education <br> Rev. (Legacy Traditional Schools Projects), "B", 5%, 7/01/2054 (n)<br>| 240000 | &nbsp;&nbsp; 220060 |
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities <br> Foundation, Inc.), 5.125%, 2/01/2034 <br>| 675000 | &nbsp;&nbsp; 656711 |
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities <br> Foundation, Inc.), 5.375%, 2/01/2041 <br>| 525000 | &nbsp;&nbsp; 494701 |
| Phoenix, AZ, Industrial Development Authority, Education Facility <br> Rev. (Basis Schools Projects), "A", 5%, 7/01/2035 (n)<br>| 240000 | &nbsp;&nbsp; 240039 |
| Phoenix, AZ, Industrial Development Authority, Education Facility <br> Rev. (Basis Schools Projects), "A", 5%, 7/01/2035 (n)<br>| 80000 | &nbsp;&nbsp; 80013 |
| Phoenix, AZ, Industrial Development Authority, Education Facility <br> Rev. (Basis Schools Projects), "A", 5%, 7/01/2045 (n)<br>| 380000 | &nbsp;&nbsp; 366839 |
| Phoenix, AZ, Industrial Development Authority, Education Facility <br> Rev. (Basis Schools Projects), "A", 5%, 7/01/2046 (n)<br>| 190000 | &nbsp;&nbsp; 181214 |
| Phoenix, AZ, Industrial Development Authority, Education Facility <br> Rev. (Great Hearts Academies Projects), "A", 5%, 7/01/2034 <br>| 785000 | &nbsp;&nbsp; 785484 |
| Phoenix, AZ, Industrial Development Authority, Education Facility <br> Rev. (Great Hearts Academies Projects), "A", 5%, 7/01/2036 <br>| 100000 | &nbsp;&nbsp; 100195 |
| Phoenix, AZ, Industrial Development Authority, Education Facility <br> Rev. (Great Hearts Academies Projects), "A", 5%, 7/01/2044 <br>| 530000 | &nbsp;&nbsp; 530416 |
| Phoenix, AZ, Industrial Development Authority, Education Facility <br> Rev. (Great Hearts Academies Projects), "A", 5%, 7/01/2046 <br>| 150000 | &nbsp;&nbsp; 149995 |
| Phoenix, AZ, Industrial Development Authority, Education Facility <br> Rev. (Legacy Traditional Schools Projects), 5%, 7/01/2035 (n)<br>| 310000 | &nbsp;&nbsp; 310127 |
| Phoenix, AZ, Industrial Development Authority, Education Facility <br> Rev. (Legacy Traditional Schools Projects), 5%, 7/01/2045 (n)<br>| 340000 | &nbsp;&nbsp; 327816 |
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident <br> Group - Falcon Properties LLC Project), "A", 4%, 12/01/2051 (n)<br>| 870000 | &nbsp;&nbsp; 515712 |
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident <br> Group - Falcon Properties LLC Project), "B", 5.75%, 12/15/2057 (n)<br>| 500000 | &nbsp;&nbsp; 343362 |

---

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*Portfolio of Investments (unaudited) – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Arizona – continued | Arizona – continued | Arizona – continued |
| Phoenix, AZ, Industrial Development Authority, Student Housing <br> Refunding Rev. (Downtown Phoenix Student Housing II LLC - <br> Arizona State University Project), "A", 5%, 7/01/2044 <br>| $40000 | &nbsp;&nbsp; $40009 |
| Phoenix, AZ, Industrial Development Authority, Student Housing <br> Refunding Rev. (Downtown Phoenix Student Housing II LLC - <br> Arizona State University Project), "A", 5%, 7/01/2049 <br>| 95000 | &nbsp;&nbsp; 91659 |
| Phoenix, AZ, Industrial Development Authority, Student Housing <br> Refunding Rev. (Downtown Phoenix Student Housing II LLC - <br> Arizona State University Project), "A", 5%, 7/01/2059 <br>| 75000 | &nbsp;&nbsp; 69912 |
| Phoenix, AZ, Industrial Development Authority, Student Housing <br> Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona <br> State University Project), "A", 5%, 7/01/2042 <br>| 160000 | &nbsp;&nbsp; 159741 |
| Pima County, AZ, Industrial Development Authority, Education <br> Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2051 (n)<br>| 690000 | &nbsp;&nbsp; 520015 |
| Pima County, AZ, Industrial Development Authority, Senior Living <br> Rev. (La Posada at Pusch Ridge Project), "A", 7%, 11/15/2057 (n)<br>| 720000 | &nbsp;&nbsp; 764375 |
| Sierra Vista, AZ, Industrial Development Authority, Education Facility <br> Rev. (American Leadership Academy Project), 5%, 6/15/2054 (n)<br>| 250000 | &nbsp;&nbsp; 215918 |
| Sierra Vista, AZ, Industrial Development Authority, Education Facility <br> Rev. (American Leadership Academy Project), 5.75%, 6/15/2058 <br>| 520000 | &nbsp;&nbsp; 497078 |
|  |  | &nbsp;&nbsp; $12993313 |
| Arkansas – 0.7% | Arkansas – 0.7% | Arkansas – 0.7% |
| Arkansas Development Finance Authority, Charter School Capital <br> Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033 <br>| $135000 | &nbsp;&nbsp; $135004 |
| Arkansas Development Finance Authority, Charter School Capital <br> Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 <br>| 15000 | &nbsp;&nbsp; 14489 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. <br> (Carti Surgery Center Project), "B", 3.5%, 7/01/2046 <br>| 125000 | &nbsp;&nbsp; 79294 |
| Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), <br> 5.25%, 3/01/2053 <br>| 1225000 | &nbsp;&nbsp; 1273121 |
| Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist <br> Health), 5%, 12/01/2042 <br>| 230000 | &nbsp;&nbsp; 230175 |
|  |  | &nbsp;&nbsp; $1732083 |
| California – 6.6% | California – 6.6% | California – 6.6% |
| Alameda, CA, Corridor Transportation Authority Rev., Capital <br> Appreciation, "C", AGM, 0%, 10/01/2053 <br>| $2125000 | &nbsp;&nbsp; $539545 |
| California Community Choice Financing Authority, Clean Energy <br> Project Rev. (Green Bonds), "B", 5%, 3/01/2036 <br>| 100000 | &nbsp;&nbsp; 104543 |
| California Community Choice Financing Authority, Clean Energy <br> Project Rev. (Green Bonds), "C", 5.25%, <br> 1/01/2054 (Put Date 10/01/2031)<br>| 2085000 | &nbsp;&nbsp; 2206050 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| California – continued | California – continued | California – continued |
| California Housing Finance Agency Municipal Certificates, "A", <br> 4.375%, 9/20/2036 <br>| $1329597 | &nbsp;&nbsp; $1343687 |
| California M-S-R Energy Authority, Gas Rev., "A", 7%, 11/01/2034  | 210000 | &nbsp;&nbsp; 251224 |
| California Municipal Finance Authority Rev. (Clay Lacy Aviation <br> Facilities-John Wayne Airport, Orange County Project), 5%, <br> 1/01/2041 (w)<br>| 250000 | &nbsp;&nbsp; 250514 |
| California Municipal Finance Authority Rev. (Community Medical <br> Centers), "A", 5%, 2/01/2042 <br>| 170000 | &nbsp;&nbsp; 170888 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare <br> Group), "A", 5.25%, 11/01/2036 <br>| 170000 | &nbsp;&nbsp; 170712 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare <br> Group), "A", 5.25%, 11/01/2041 <br>| 160000 | &nbsp;&nbsp; 160389 |
| California Municipal Finance Authority Rev. (William Jessup <br> University), 5%, 8/01/2039 <br>| 390000 | &nbsp;&nbsp; 293075 |
| California Municipal Finance Authority, COP (Palomar Health), "A", <br> AGM, 5.25%, 11/01/2052 <br>| 265000 | &nbsp;&nbsp; 266735 |
| California Municipal Finance Authority, Multi-Family Housing Rev. <br> (CityView Apartments), "A", 4%, 11/01/2036 (n)<br>| 130000 | &nbsp;&nbsp; 124298 |
| California Municipal Special Finance Agency, Essential Housing Rev. <br> (Solana at Grand), "A-1", 4%, 8/01/2056 (n)<br>| 205000 | &nbsp;&nbsp; 175689 |
| California Pollution Control Financing Authority, Solid Waste <br> Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)(z)<br>| 750000 | &nbsp;&nbsp; 8437 |
| California Pollution Control Financing Authority, Solid Waste <br> Disposal Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)(z)<br>| 960836 | &nbsp;&nbsp; 10 |
| California Public Finance Authority Rev. (Henry Mayo Newhall <br> Hospital), 5%, 10/15/2037 <br>| 55000 | &nbsp;&nbsp; 55148 |
| California Public Finance Authority Rev. (Henry Mayo Newhall <br> Hospital), 5%, 10/15/2047 <br>| 55000 | &nbsp;&nbsp; 54762 |
| California Public Finance Authority, Senior Living Rev. (Kendal at <br> Ventura Project), "A", 10%, 5/15/2028 (n)<br>| 615000 | &nbsp;&nbsp; 840836 |
| California School Finance Authority, Charter School Rev. (Aspire <br> Public Schools - Obligated Group - Issue No. 6), "A", 5%, <br> 8/01/2052 (n)<br>| 670000 | &nbsp;&nbsp; 616748 |
| California School Finance Authority, Charter School Rev. (Hawking <br> STEAM Charter School Project), "A", 5%, 7/01/2042 (n)<br>| 250000 | &nbsp;&nbsp; 252542 |
| California School Finance Authority, Charter School Rev. (Hawking <br> STEAM Charter School Project), "A", 5.25%, 7/01/2052 (n)<br>| 255000 | &nbsp;&nbsp; 252402 |
| California School Finance Authority, School Facility Rev. (Alliance for <br> College - Ready Public Schools Projects), "A", 5%, 7/01/2045 (n)<br>| 180000 | &nbsp;&nbsp; 180003 |
| California School Finance Authority, School Facility Rev. (ICEF View <br> Park Elementary and Middle Schools), "A", 5.875%, 10/01/2044 <br>| 190000 | &nbsp;&nbsp; 190013 |
| California School Finance Authority, School Facility Rev. (ICEF View <br> Park Elementary and Middle Schools), "A", 6%, 10/01/2049 <br>| 100000 | &nbsp;&nbsp; 99989 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| California – continued | California – continued | California – continued |
| California Statewide Communities Development Authority Rev. <br> (California Baptist University), "A", 5%, 11/01/2041 (n)<br>| $190000 | &nbsp;&nbsp; $190579 |
| California Statewide Communities Development Authority Rev. <br> (Enloe Medical Center), "A", AGM, 5.375%, 8/15/2057 <br>| 385000 | &nbsp;&nbsp; 392195 |
| California Statewide Communities Development Authority Rev. <br> (Loma Linda University Medical Center), "A", 5.25%, 12/01/2044 <br>| 855000 | &nbsp;&nbsp; 855330 |
| California Statewide Communities Development Authority Rev. <br> (Loma Linda University Medical Center), "A", 5%, 12/01/2046 (n)<br>| 585000 | &nbsp;&nbsp; 585029 |
| California Statewide Communities Development Authority, College <br> Housing Rev. (NCCD - Hooper Street LLC College of the Arts Project), <br> 5.25%, 7/01/2049 (z)<br>| 175000 | &nbsp;&nbsp; 175138 |
| California Statewide Communities Development Authority, College <br> Housing Rev. (NCCD - Hooper Street LLC College of the Arts Project), <br> 5.25%, 7/01/2052 (z)<br>| 115000 | &nbsp;&nbsp; 113197 |
| California Statewide Communities Development Authority, Essential <br> Housing Rev. (Orange Portfolio), "B", 4%, 3/01/2057 (n)<br>| 165000 | &nbsp;&nbsp; 122337 |
| Indio, CA, Public Financing Authority Lease Rev., "A", BAM, 4.5%, <br> 11/01/2052 <br>| 355000 | &nbsp;&nbsp; 357699 |
| Morongo Band of Mission Indians California Rev., "B", 5%, <br> 10/01/2042 (n)<br>| 300000 | &nbsp;&nbsp; 317552 |
| River Islands, CA, Public Finance Authority Improvement Area No. 1, <br> Community Facilities District No. 2003-1, "A-1", AGM, 5.25%, <br> 9/01/2052 <br>| 585000 | &nbsp;&nbsp; 615286 |
| San Francisco, CA, City & County Airports Commission, International <br> Airport Refunding Rev., "C", 5.75%, 5/01/2048 <br>| 1475000 | &nbsp;&nbsp; 1591822 |
| San Francisco, CA, City & County Airports Commission, International <br> Airport Rev., "A", AGM, 5.5%, 5/01/2055 <br>| 950000 | &nbsp;&nbsp; 1009421 |
| University of California, Hastings Campus Housing Finance <br> Authority, Campus Housing Rev., "A", 5%, 7/01/2061 (n)<br>| 915000 | &nbsp;&nbsp; 810310 |
| University of California, Hastings Campus Housing Finance <br> Authority, Campus Housing Rev., Convertible Capital Appreciation, <br> "B", 0% to 7/01/2035, 6.75% to 7/01/2061 (n)<br>| 935000 | &nbsp;&nbsp; 457286 |
|  |  | &nbsp;&nbsp; $16201420 |
| Colorado – 2.7% | Colorado – 2.7% | Colorado – 2.7% |
| Broomfield, CO, Midcities Metropolitan District No. 2, Special Rev., <br> AGM, 4%, 12/01/2046 <br>| $1004000 | &nbsp;&nbsp; $944070 |
| Colorado Educational & Cultural Facilities Authority Rev. <br> (Montessori Charter School Project), 5%, 7/15/2037 <br>| 75000 | &nbsp;&nbsp; 75087 |
| Colorado Educational & Cultural Facilities Authority, Charter School <br> Rev. (Aspen View Academy Project), 4%, 5/01/2061 <br>| 85000 | &nbsp;&nbsp; 65475 |
| Colorado Educational & Cultural Facilities Authority, Charter School <br> Rev. (New Summit Charter Academy Project), "A", 4%, 7/01/2061 (n)<br>| 220000 | &nbsp;&nbsp; 150049 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Colorado – continued | Colorado – continued | Colorado – continued |
| Colorado Health Facilities Authority Rev. (Christian Living <br> Neighborhoods), 4%, 1/01/2042 <br>| $170000 | &nbsp;&nbsp; $163362 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), <br> "A", 5.25%, 11/01/2052 <br>| 735000 | &nbsp;&nbsp; 757441 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), <br> "A-2", 4%, 8/01/2049 <br>| 225000 | &nbsp;&nbsp; 193354 |
| Colorado Health Facilities Authority Rev. (Covenant Living <br> Communities & Services), "A", 5.125%, 12/01/2055 <br>| 370000 | &nbsp;&nbsp; 363604 |
| Colorado Health Facilities Authority, Health Care Facilities Rev. <br> (American Baptist Homes of the Midwest Obligated Group), 8%, <br> 8/01/2043 (a)(d)<br>| 400000 | &nbsp;&nbsp; 220000 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, <br> 11/15/2047 <br>| 240000 | &nbsp;&nbsp; 218230 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, <br> 11/15/2053 <br>| 220000 | &nbsp;&nbsp; 193010 |
| Denver, CO, City & County Housing Authority, Multi-Family Housing <br> Rev. (4965 Washington Street Project), "A", 5%, 12/01/2045 <br>| 55000 | &nbsp;&nbsp; 56264 |
| Denver, CO, Convention Center Hotel Authority Rev., 5%, <br> 12/01/2040 <br>| 205000 | &nbsp;&nbsp; 205172 |
| Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, <br> 5%, 12/01/2048 <br>| 155000 | &nbsp;&nbsp; 154588 |
| Denver, CO, Health & Hospital Authority Rev., "A", 4%, 12/01/2040  | 680000 | &nbsp;&nbsp; 628285 |
| Denver, CO, Health & Hospital Authority Rev., "A", 5.25%, <br> 12/01/2045 <br>| 175000 | &nbsp;&nbsp; 175060 |
| Denver, CO, Health & Hospital Authority Rev., "A", 6%, 12/01/2055  | 160000 | &nbsp;&nbsp; 170238 |
| Denver, CO, Multi-Family Housing Authority Rev. (FLO Senior <br> Apartment Project), "A", 4.5%, 7/01/2041 <br>| 820000 | &nbsp;&nbsp; 824152 |
| Douglas County, CO, Mirabelle Metropolitan District No. 2, Limited <br> Tax General Obligation Refunding, "A", AGM, 4.5%, 12/01/2049 <br>| 199000 | &nbsp;&nbsp; 192241 |
| El Paso County, CO, Pinon Pines Metropolitan District No. 3, General <br> Obligation, Convertible Capital Appreciation, 0% to 12/01/2027, <br> 5.875% to 12/01/2054 <br>| 522000 | &nbsp;&nbsp; 483978 |
| Gunnison County, CO, Housing Authority, General Rev. (Whetstone <br> Housing Project), BAM, 5.25%, 6/01/2059 <br>| 340000 | &nbsp;&nbsp; 350775 |
|  |  | &nbsp;&nbsp; $6584435 |
| Connecticut – 1.6% | Connecticut – 1.6% | Connecticut – 1.6% |
| Ansonia, CT, Certificates of Participation (Ansonia Fuel Cell Project), <br> 4.75%, 12/01/2045 <br>| $210000 | &nbsp;&nbsp; $215355 |
| Ansonia, CT, Certificates of Participation (Ansonia Fuel Cell Project), <br> 4.75%, 12/01/2045 <br>| 210000 | &nbsp;&nbsp; 215355 |
| Connecticut Health & Educational Facilities Authority Rev. (Griffin <br> Hospital), "G-1", 5%, 7/01/2044 (n)<br>| 955000 | &nbsp;&nbsp; 929481 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Connecticut – continued | Connecticut – continued | Connecticut – continued |
| Connecticut Health & Educational Facilities Authority Rev. (Griffin <br> Hospital), "G-1", 5%, 7/01/2050 (n)<br>| $230000 | &nbsp;&nbsp; $211618 |
| Connecticut Mohegan Tribal Finance Authority, Economic <br> Development, 7%, 2/01/2045 (n)<br>| 1640000 | &nbsp;&nbsp; 1653519 |
| Great Pond, CT, Improvement District Special Obligation Rev. (Great <br> Pond Phase II Project), 5.75%, 10/01/2052 (n)<br>| 530000 | &nbsp;&nbsp; 542182 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living <br> Project), "A", 6.5%, 10/01/2055 <br>| 235000 | &nbsp;&nbsp; 242899 |
|  |  | &nbsp;&nbsp; $4010409 |
| Delaware – 0.5% | Delaware – 0.5% | Delaware – 0.5% |
| Delaware Economic Development Authority, Charter School Rev. <br> (Aspira of Delaware Charter Operations, Inc. Project), "A", 5%, <br> 6/01/2036 <br>| $260000 | &nbsp;&nbsp; $260044 |
| Delaware Health Facilities Authority Rev. (Beebe Medical Center <br> Project), 5%, 6/01/2043 <br>| 355000 | &nbsp;&nbsp; 358272 |
| Delaware Health Facilities Authority Rev. (Beebe Medical Center <br> Project), 5%, 6/01/2048 <br>| 180000 | &nbsp;&nbsp; 176467 |
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - <br> Dover LLC - Delaware State University Project), "A", 5%, 7/01/2048 <br>| 115000 | &nbsp;&nbsp; 109138 |
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - <br> Dover LLC - Delaware State University Project), "A", 5%, 7/01/2053 <br>| 105000 | &nbsp;&nbsp; 96725 |
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - <br> Dover LLC - Delaware State University Project), "A", 5%, 7/01/2058 <br>| 140000 | &nbsp;&nbsp; 126715 |
|  |  | &nbsp;&nbsp; $1127361 |
| District of Columbia – 1.0% | District of Columbia – 1.0% | District of Columbia – 1.0% |
| District of Columbia Refunding Rev. (Catholic University of America), <br> "A", 5.75%, 10/01/2055 <br>| $280000 | &nbsp;&nbsp; $295707 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", <br> 5.75%, 6/01/2054 (n)<br>| 250000 | &nbsp;&nbsp; 234179 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", <br> 5%, 6/01/2056 (n)<br>| 280000 | &nbsp;&nbsp; 232363 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", <br> 5%, 6/01/2061 (n)<br>| 625000 | &nbsp;&nbsp; 510434 |
| Metropolitan Washington, D.C., Airports Authority System Refunding <br> Rev., "A", 5.5%, 10/01/2044 <br>| 430000 | &nbsp;&nbsp; 475857 |
| Metropolitan Washington, D.C., Airports Authority System Refunding <br> Rev., "A", 4.5%, 10/01/2053 <br>| 815000 | &nbsp;&nbsp; 767811 |
|  |  | &nbsp;&nbsp; $2516351 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – 11.0% | Florida – 11.0% | Florida – 11.0% |
| Arborwood Community Development District, FL, Capital <br> Improvement Refunding Rev., "A-1", 6.9%, 5/01/2036 <br>| $60000 | &nbsp;&nbsp; $60047 |
| Bellalago, FL, Educational Facilities Benefit District Capital <br> Improvement Refunding Rev., 4.375%, 5/01/2030 <br>| 145000 | &nbsp;&nbsp; 145107 |
| Charlotte and Lee Counties, FL, Babcock Ranch Community <br> Independent Special District, Special Assessment Rev., 5%, <br> 5/01/2044 <br>| 100000 | &nbsp;&nbsp; 101512 |
| Charlotte County, FL, Industrial Development Authority, Utility <br> System Rev. (Town & Country Utilities Project), 6.125%, 10/01/2055 <br>| 325000 | &nbsp;&nbsp; 335514 |
| Florida Capital Projects Finance Authority, Educational Facilities Rev. <br> (Imagine School at North Port Project), "A", 6.75%, 6/15/2065 <br>| 660000 | &nbsp;&nbsp; 663157 |
| Florida Capital Projects Finance Authority, Student Housing Rev. <br> (PRG-UnionWest Properties LLC Project), "A-1", 5%, 6/01/2058 <br>| 220000 | &nbsp;&nbsp; 186569 |
| Florida Capital Region Community Development District, Capital <br> Improvement Rev., "A-1", 5.125%, 5/01/2039 <br>| 255000 | &nbsp;&nbsp; 258155 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida <br> Charter Educational Foundation, Inc. Project), "A", 5.375%, <br> 6/15/2038 (n)<br>| 100000 | &nbsp;&nbsp; 99850 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida <br> Charter Educational Foundation, Inc. Project), "A", 5.375%, <br> 6/15/2048 (n)<br>| 120000 | &nbsp;&nbsp; 111912 |
| Florida Capital Trust Agency, Educational Facilities Rev. (KIPP Miami <br> North Project), "A", 6.125%, 6/15/2060 <br>| 130000 | &nbsp;&nbsp; 132592 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance <br> Charter School, Inc. Project), "A", 5%, 6/15/2039 (n)<br>| 240000 | &nbsp;&nbsp; 235255 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance <br> Charter School, Inc. Project), "A", 5%, 6/15/2049 (n)<br>| 950000 | &nbsp;&nbsp; 861836 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera <br> Charter Schools, Inc. Project), "A", 5%, 10/15/2047 (n)<br>| 110000 | &nbsp;&nbsp; 104533 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera <br> Charter Schools, Inc. Project), "A", 5%, 10/15/2052 (n)<br>| 100000 | &nbsp;&nbsp; 91949 |
| Florida Capital Trust Authority, Educational Facilities Lease <br> Refunding Rev. (Plato Academy Schools Project), 5.125%, <br> 12/15/2059 <br>| 1000000 | &nbsp;&nbsp; 898859 |
| Florida Capital Trust Authority, Educational Facilities Rev. <br> (Madrone-Florida Tech Student Housing I LLC - Florida Institute of <br> Technology Project), "A", 5.375%, 7/01/2065 <br>| 100000 | &nbsp;&nbsp; 95640 |
| Florida Development Finance Corp. Rev. (Brightline Florida <br> Passenger Rail Project), AGM, 5.25%, 7/01/2053 <br>| 2000000 | &nbsp;&nbsp; 1964273 |
| Florida Development Finance Corp., Educational Facilities Rev. (Drs. <br> Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. <br> Project), "A", 4%, 7/01/2051 (n)<br>| 100000 | &nbsp;&nbsp; 82744 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Florida Development Finance Corp., Educational Facilities Rev. <br> (Florida Charter Educational Foundation, Inc. Project), "A", 6.25%, <br> 6/15/2036 (n)<br>| $110000 | &nbsp;&nbsp; $110156 |
| Florida Development Finance Corp., Educational Facilities Rev. <br> (Florida Charter Educational Foundation, Inc. Project), "A", 6.375%, <br> 6/15/2046 (n)<br>| 185000 | &nbsp;&nbsp; 185113 |
| Florida Development Finance Corp., Educational Facilities Rev. <br> (Mater Academy Projects), "A", 5%, 6/15/2056 <br>| 180000 | &nbsp;&nbsp; 166007 |
| Florida Development Finance Corp., Educational Facilities Rev. <br> (Renaissance Charter School, Inc. Projects), "C", 5%, 9/15/2050 (n)<br>| 135000 | &nbsp;&nbsp; 119994 |
| Florida Development Finance Corp., Educational Facilities Rev. <br> (Southwest Charter Foundation, Inc. Projects), "A", 6%, <br> 6/15/2037 (n)<br>| 135000 | &nbsp;&nbsp; 135875 |
| Florida Development Finance Corp., Educational Facilities Rev. <br> (Southwest Charter Foundation, Inc. Projects), "A", 6.125%, <br> 6/15/2047 (n)<br>| 350000 | &nbsp;&nbsp; 348883 |
| Florida Development Finance Corp., Senior Living Rev. (Glenridge on <br> Palmer Ranch Project), 5%, 6/01/2051 (n)<br>| 520000 | &nbsp;&nbsp; 480257 |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower <br> Retirement Community Project), "A", 4%, 6/01/2055 (n)<br>| 465000 | &nbsp;&nbsp; 342805 |
| Florida Development Finance Corp., Solid Waste Disposal Rev. (GFL <br> Solid Waste Southeast LLC Project), "A", 4.375%, <br> 10/01/2054 (Put Date 10/01/2031)<br>| 500000 | &nbsp;&nbsp; 502749 |
| Florida Development Finance Corp., Student Housing Rev. (SFP - <br> Tampa I - The Henry Project), "A-1", 5.25%, 6/01/2054 (n)<br>| 300000 | &nbsp;&nbsp; 291870 |
| Florida Higher Educational Facilities Financing Authority Rev. <br> (Jacksonville University Project), "A", 4.5%, 6/01/2033 (n)<br>| 170000 | &nbsp;&nbsp; 166847 |
| Florida Higher Educational Facilities Financing Authority Rev. <br> (Jacksonville University Project), "A", 4.75%, 6/01/2038 (n)<br>| 350000 | &nbsp;&nbsp; 334878 |
| Florida Higher Educational Facilities Financing Authority Rev. <br> (Jacksonville University Project), "A", 5%, 6/01/2048 (n)<br>| 390000 | &nbsp;&nbsp; 348607 |
| Florida Local Government Finance Commission, Anticipation Notes <br> Rev. (Sanctuary at Village on the Isle Project), "A", 11%, 12/22/2030 <br>| 300000 | &nbsp;&nbsp; 311261 |
| Florida Local Government Finance Commission, Educational <br> Facilities Rev. (Bridgeprep Academy Projects), "A", 6.125%, <br> 6/15/2065 <br>| 860000 | &nbsp;&nbsp; 867713 |
| Florida Local Government Finance Commission, Senior Living Rev. <br> (Fleet Landing at Nocatee Project), "A", 6.875%, 11/15/2064 <br>| 340000 | &nbsp;&nbsp; 355029 |
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., <br> 5.25%, 10/01/2048 <br>| 1525000 | &nbsp;&nbsp; 1593249 |
| Jacksonville, FL, Coastal Ridge Community Development District, <br> Special Assessment Rev., 6%, 5/01/2055 <br>| 295000 | &nbsp;&nbsp; 301124 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Jacksonville, FL, Educational Facilities Rev. (Jacksonville University <br> Project), "B", 5%, 6/01/2053 (n)<br>| $185000 | &nbsp;&nbsp; $161618 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. <br> (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 <br>| 270000 | &nbsp;&nbsp; 270754 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. <br> (Taylor Ranch Project), 6.3%, 5/01/2054 <br>| 225000 | &nbsp;&nbsp; 237339 |
| Lee County, FL, Airport Rev., 5.5%, 10/01/2056  | 345000 | &nbsp;&nbsp; 363889 |
| Lee County, FL, Industrial Development Authority, Healthcare <br> Facilities Rev. (Shell Point Obligated Group), 5%, 11/15/2044 <br>| 140000 | &nbsp;&nbsp; 141744 |
| Lee County, FL, Industrial Development Authority, Healthcare <br> Facilities Rev. (Shell Point Obligated Group), 5%, 11/15/2049 <br>| 455000 | &nbsp;&nbsp; 447162 |
| Lee County, FL, Industrial Development Authority, Healthcare <br> Facilities Rev. (Shell Point Obligated Group), "C", 5%, 11/15/2054 <br>| 940000 | &nbsp;&nbsp; 908887 |
| Legends Bay Community Development District, FL, "A", 5.875%, <br> 5/01/2038 <br>| 240000 | &nbsp;&nbsp; 240277 |
| Martin County, FL, Newfield Community Development District, <br> Special Assessment Rev., 5.9%, 5/01/2056 <br>| 295000 | &nbsp;&nbsp; 299845 |
| Miami Beach, FL, Health Facilities Authority, Hospital Rev. (Mount <br> Sinai Medical Center of Florida), "B", 4%, 11/15/2051 <br>| 1245000 | &nbsp;&nbsp; 1062175 |
| Miami-Dade County, FL, Aviation Rev., "A", 5.5%, 10/01/2055  | 830000 | &nbsp;&nbsp; 871455 |
| Miami-Dade County, FL, Industrial Development Authority Rev. <br> (Pinecrest Academy Project), 5.25%, 9/15/2044 <br>| 540000 | &nbsp;&nbsp; 533724 |
| Miami-Dade County, FL, Seaport Refunding Rev., "A", 5.25%, <br> 10/01/2052 <br>| 135000 | &nbsp;&nbsp; 137298 |
| Midtown Miami, FL, Community Development District, Special <br> Assessment (Infrastructure Project), "B", 5%, 5/01/2029 <br>| 125000 | &nbsp;&nbsp; 125065 |
| Midtown Miami, FL, Community Development District, Special <br> Assessment (Infrastructure Project), "B", 5%, 5/01/2037 <br>| 115000 | &nbsp;&nbsp; 113936 |
| Midtown Miami, FL, Community Development District, Special <br> Assessment (Parking Garage Project), "A", 5%, 5/01/2037 <br>| 100000 | &nbsp;&nbsp; 99075 |
| NatureWalk Community Development District, FL, Capital <br> Improvement Rev., "B", 2.65%, 5/01/2016 (a)(d)<br>| 445000 | &nbsp;&nbsp; 169100 |
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian <br> Retirement Communities Obligated Group Project), "A", 4%, <br> 8/01/2047 <br>| 1635000 | &nbsp;&nbsp; 1418653 |
| Orange County, FL, Health Facilities Authority, Hospital Rev. (Orlando <br> Health Obligated Group), "A", 5.25%, 10/01/2056 <br>| 1100000 | &nbsp;&nbsp; 1142351 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. <br> (Osceola Parkway), Capital Appreciation, "A-2", 0%, 10/01/2042 <br>| 495000 | &nbsp;&nbsp; 228571 |
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. <br> (Jupiter Medical Center Project), "A", 5%, 11/01/2052 <br>| 150000 | &nbsp;&nbsp; 145717 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon <br> Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056 <br>| 570000 | &nbsp;&nbsp; 464165 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Palm Beach County, FL, Provident Group Rev. (Lynn University <br> Housing Project), "A", 5%, 6/01/2057 (n)<br>| $475000 | &nbsp;&nbsp; $418548 |
| Pasco County, FL, Bexley Community Development District, Special <br> Assessment Rev., 4.7%, 5/01/2036 <br>| 180000 | &nbsp;&nbsp; 180044 |
| Pasco County, FL, Bexley Community Development District, Special <br> Assessment Rev., 4.875%, 5/01/2047 <br>| 330000 | &nbsp;&nbsp; 321532 |
| Pasco County, FL, Del Webb Bexley Community Development <br> District, Special Assessment Rev., 5.4%, 5/01/2049 <br>| 190000 | &nbsp;&nbsp; 191836 |
| Pasco County, FL, Estancia at Wiregrass Community Development <br> District, Capital Improvement, 7%, 11/01/2045 <br>| 265000 | &nbsp;&nbsp; 270546 |
| Pasco County, FL, Estancia at Wiregrass Community Development <br> District, Capital Improvement, 5.375%, 11/01/2046 <br>| 95000 | &nbsp;&nbsp; 95029 |
| Sarasota County, FL, Health Facility Authority, Retirement Facility <br> Improvement Rev. (Village on the Isle Project), "A", 5%, 1/01/2047 <br>| 110000 | &nbsp;&nbsp; 105416 |
| Sarasota County, FL, Health Facility Authority, Retirement Facility <br> Improvement Rev. (Village on the Isle Project), "A", 5%, 1/01/2052 <br>| 200000 | &nbsp;&nbsp; 182526 |
| Seminole County, FL, Industrial Development Authority, Educational <br> Facilities Rev. (Galileo Schools for Gifted Learning Project), "A", 4%, <br> 6/15/2051 (n)<br>| 125000 | &nbsp;&nbsp; 96789 |
| South Miami, FL, Health Facilities Authority, Hospital Refunding Rev. <br> (Baptist Health South Florida Obligated Group), 4%, 8/15/2047 <br>| 1005000 | &nbsp;&nbsp; 891065 |
| St. John's County, FL, Industrial Development Authority, Senior Living <br> Rev. (Vicars Landing Project), "A", 4%, 12/15/2050 <br>| 110000 | &nbsp;&nbsp; 85880 |
| Sterling Hill Community Development District, FL, Capital <br> Improvement Rev., "B", 5.5%, 11/01/2010 (d)<br>| 152041 | &nbsp;&nbsp; 62337 |
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial <br> Healthcare, Inc.), "A", 5%, 12/01/2040 <br>| 295000 | &nbsp;&nbsp; 295102 |
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial <br> Healthcare, Inc.), "A", 5%, 12/01/2044 <br>| 230000 | &nbsp;&nbsp; 230005 |
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial <br> Healthcare, Inc.), "A", 5%, 12/01/2055 <br>| 75000 | &nbsp;&nbsp; 72415 |
| Tampa, FL (University of Tampa Project), 5%, 4/01/2040  | 150000 | &nbsp;&nbsp; 150158 |
| Venice, FL, Retirement Community Improvement Rev. (Village on the <br> Isle Project), "A", 5.625%, 1/01/2060 <br>| 105000 | &nbsp;&nbsp; 104094 |
| Wildwood, FL, Special Assessment Rev. (Village Community <br> Development District No. 15), 5.25%, 5/01/2054 <br>| 245000 | &nbsp;&nbsp; 243563 |
|  |  | &nbsp;&nbsp; $26971606 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Georgia – 3.1% | Georgia – 3.1% | Georgia – 3.1% |
| Atlanta, GA, Development Authority Rev. (Gulch Enterprise Zone <br> Project), Convertible Capital Appreciation, "A-1", 0% to 6/15/2028, <br> 6.5% to 12/15/2048 <br>| $372000 | &nbsp;&nbsp; $336928 |
| Atlanta, GA, Development Authority Rev. (Westside Gulch Area <br> Project), "A-2", 5.5%, 4/01/2039 (n)<br>| 450000 | &nbsp;&nbsp; 460025 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, <br> Convention Center Hotel Rev., "B", 3.625%, 1/01/2031 (n)<br>| 105000 | &nbsp;&nbsp; 101768 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, <br> Convention Center Hotel Rev., "B", 5%, 1/01/2036 (n)<br>| 100000 | &nbsp;&nbsp; 101717 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, <br> Convention Center Hotel Rev., "B", 5%, 1/01/2054 (n)<br>| 450000 | &nbsp;&nbsp; 423975 |
| Cobb County, GA, Development Authority, Student Housing <br> Refunding Rev. (Kennesaw State University Foundation, Inc.), "C", <br> 5%, 7/15/2033 <br>| 145000 | &nbsp;&nbsp; 145120 |
| Cobb County, GA, Development Authority, Student Housing <br> Refunding Rev. (Kennesaw State University Foundation, Inc.), "C", <br> 5%, 7/15/2038 <br>| 155000 | &nbsp;&nbsp; 155055 |
| Columbia County, GA, Hospital Authority Rev. (Wellstar Health <br> System, Inc. Project), "A", 5.75%, 4/01/2053 <br>| 960000 | &nbsp;&nbsp; 1032668 |
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., "A", 5.5%, <br> 9/15/2026 <br>| 285000 | &nbsp;&nbsp; 287090 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, <br> 5/15/2043 <br>| 210000 | &nbsp;&nbsp; 213026 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 <br> Project J), "A", AGM, 5%, 7/01/2064 <br>| 695000 | &nbsp;&nbsp; 705434 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 <br> Project M), "A", 5%, 1/01/2056 <br>| 190000 | &nbsp;&nbsp; 190012 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 <br> Project P), "A", 5.5%, 7/01/2064 <br>| 365000 | &nbsp;&nbsp; 374305 |
| Georgia Ports Authority Rev., 4%, 7/01/2052  | 420000 | &nbsp;&nbsp; 389724 |
| Georgia Private Colleges & Universities Authority Rev. (Mercer <br> University Project), 5.25%, 10/01/2051 <br>| 1605000 | &nbsp;&nbsp; 1657803 |
| Savannah, GA, Convention Center Authority Rev. (Convention <br> Center Hotel First Tier), "A", 5.25%, 6/01/2061 <br>| 100000 | &nbsp;&nbsp; 99141 |
| Savannah, GA, Convention Center Authority Rev. (Convention <br> Center Hotel Second Tier), "B", 6%, 6/01/2050 <br>| 325000 | &nbsp;&nbsp; 324892 |
| Savannah, GA, Convention Center Authority Rev. (Convention <br> Center Hotel Second Tier), "B", 6.25%, 6/01/2061 <br>| 535000 | &nbsp;&nbsp; 544081 |
|  |  | &nbsp;&nbsp; $7542764 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Hawaii – 0.5% | Hawaii – 0.5% | Hawaii – 0.5% |
| Hawaii Airports System Rev., "A", 5.5%, 7/01/2054  | $805000 | &nbsp;&nbsp; $859235 |
| Hawaii Department of Budget & Finance, Special Purpose Rev. <br> (Chaminade University), 5%, 1/01/2030 (n)<br>| 100000 | &nbsp;&nbsp; 99515 |
| Hawaii Department of Budget & Finance, Special Purpose Rev. <br> (Chaminade University), 5%, 1/01/2035 (n)<br>| 125000 | &nbsp;&nbsp; 122527 |
| Hawaii Department of Budget & Finance, Special Purpose Rev. <br> (Chaminade University), 5%, 1/01/2045 (n)<br>| 125000 | &nbsp;&nbsp; 113298 |
|  |  | &nbsp;&nbsp; $1194575 |
| Idaho – 0.1% | Idaho – 0.1% | Idaho – 0.1% |
| Idaho Health Facilities Authority Rev. (Madison Memorial Hospital <br> Project), 5%, 9/01/2037 <br>| $115000 | &nbsp;&nbsp; $115020 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. <br> (Compass Public Charter School, Inc. Project), "A", 6%, <br> 7/01/2049 (n)<br>| 105000 | &nbsp;&nbsp; 105580 |
|  |  | &nbsp;&nbsp; $220600 |
| Illinois – 10.3% | Illinois – 10.3% | Illinois – 10.3% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, <br> 5.14%, 12/01/2036 <br>| $1030000 | &nbsp;&nbsp; $960490 |
| Chicago, IL, Board of Education (School Reform), Capital <br> Appreciation, "A", NPFG, 0%, 12/01/2028 <br>| 530000 | &nbsp;&nbsp; 483535 |
| Chicago, IL, Board of Education (School Reform), Capital <br> Appreciation, "A", NPFG, 0%, 12/01/2029 <br>| 460000 | &nbsp;&nbsp; 404071 |
| Chicago, IL, Board of Education (School Reform), Capital <br> Appreciation, "A", NPFG, 0%, 12/01/2030 <br>| 190000 | &nbsp;&nbsp; 160316 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, <br> 5%, 4/01/2036 <br>| 100000 | &nbsp;&nbsp; 100600 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, <br> 5%, 4/01/2037 <br>| 100000 | &nbsp;&nbsp; 100511 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, <br> 5%, 4/01/2045 <br>| 220000 | &nbsp;&nbsp; 218694 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, <br> 5%, 4/01/2046 <br>| 260000 | &nbsp;&nbsp; 253952 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, <br> 6%, 4/01/2046 <br>| 2350000 | &nbsp;&nbsp; 2376178 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, <br> 5.75%, 4/01/2048 <br>| 500000 | &nbsp;&nbsp; 524545 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation <br> Refunding Dedicated Rev., "A", 5%, 12/01/2042 <br>| 400000 | &nbsp;&nbsp; 388282 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation <br> Refunding Dedicated Rev., "A", 7%, 12/01/2046 (n)<br>| 680000 | &nbsp;&nbsp; 695790 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation <br> Refunding Dedicated Rev., "B", 4%, 12/01/2039 <br>| 155000 | &nbsp;&nbsp; 140766 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Illinois – continued | Illinois – continued | Illinois – continued |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation <br> Refunding Dedicated Rev., "B", 4%, 12/01/2041 <br>| $150000 | &nbsp;&nbsp; $133779 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation <br> Refunding Dedicated Rev., "H", 5%, 12/01/2046 <br>| 480000 | &nbsp;&nbsp; 442015 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation, <br> "A", 6%, 12/01/2049 <br>| 1210000 | &nbsp;&nbsp; 1240367 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2033  | 1495000 | &nbsp;&nbsp; 1543388 |
| Chicago, IL, General Obligation, "A", BAM, 6%, 1/01/2046  | 1290000 | &nbsp;&nbsp; 1413462 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. <br> (McCormick Place Expansion Project), Capital Appreciation, "B", <br> BAM, 0%, 12/15/2054 <br>| 1520000 | &nbsp;&nbsp; 364872 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. <br> (McCormick Place Expansion Project), Capital Appreciation, "B-1", <br> AGM, 0%, 6/15/2047 <br>| 2565000 | &nbsp;&nbsp; 941337 |
| Chicago, IL, Midway Airport Refunding Rev., "A", BAM, 5.5%, <br> 1/01/2053 <br>| 290000 | &nbsp;&nbsp; 302028 |
| Chicago, IL, O'Hare International Airport, Senior Special Facilities <br> Rev. (Trips Obligated Group), 5%, 7/01/2048 <br>| 490000 | &nbsp;&nbsp; 487555 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 5%, <br> 1/01/2048 <br>| 395000 | &nbsp;&nbsp; 391770 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 5%, <br> 1/01/2053 <br>| 220000 | &nbsp;&nbsp; 217263 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", <br> 5.5%, 1/01/2055 <br>| 1605000 | &nbsp;&nbsp; 1650284 |
| Cook County, IL, Community College District No. 508, Unlimited Tax <br> General Obligation Dedicated Rev. (City Colleges), BAM, 5%, <br> 12/01/2047 <br>| 905000 | &nbsp;&nbsp; 910901 |
| Du Page County, IL, Special Service Area No. 31 Special Tax <br> (Monarch Landing Project), 5.625%, 3/01/2036 <br>| 189000 | &nbsp;&nbsp; 189162 |
| Illinois Finance Authority Rev. (Ascension Health), "C", 4%, <br> 2/15/2041 <br>| 5000 | &nbsp;&nbsp; 4911 |
| Illinois Finance Authority Rev. (Ascension Health), "C", 5%, <br> 2/15/2041 <br>| 320000 | &nbsp;&nbsp; 322449 |
| Illinois Finance Authority Rev. (Dominican University), 5%, <br> 3/01/2034 <br>| 45000 | &nbsp;&nbsp; 45881 |
| Illinois Finance Authority Rev. (Dominican University), 5%, <br> 3/01/2038 <br>| 55000 | &nbsp;&nbsp; 54916 |
| Illinois Finance Authority Rev. (Dominican University), 5%, <br> 3/01/2042 <br>| 30000 | &nbsp;&nbsp; 28689 |
| Illinois Finance Authority Rev. (Dominican University), 5%, <br> 3/01/2047 <br>| 60000 | &nbsp;&nbsp; 55231 |
| Illinois Finance Authority Rev. (Dominican University), 5%, <br> 3/01/2052 <br>| 55000 | &nbsp;&nbsp; 48608 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Illinois – continued | Illinois – continued | Illinois – continued |
| Illinois Finance Authority Rev. (Lake Forest College), "A", 5.25%, <br> 10/01/2052 <br>| $805000 | &nbsp;&nbsp; $779305 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 5%, <br> 5/15/2051 <br>| 475000 | &nbsp;&nbsp; 416209 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 6.75%, <br> 5/15/2058 <br>| 715000 | &nbsp;&nbsp; 747861 |
| Illinois Finance Authority Rev. (Presence Health Network), 4%, <br> 2/15/2041 (Prerefunded 2/15/2027)<br>| 5000 | &nbsp;&nbsp; 5048 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "A", <br> 5%, 8/01/2047 <br>| 145000 | &nbsp;&nbsp; 139956 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "C", <br> 5%, 8/01/2046 <br>| 120000 | &nbsp;&nbsp; 117169 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "C", <br> 5%, 8/01/2049 <br>| 110000 | &nbsp;&nbsp; 104573 |
| Illinois Finance Authority, Health Services Facility Lease Rev. <br> (Provident Group - UIC Surgery Center LLC - University of Illinois <br> Health Services Facility Project), 4%, 10/01/2050 <br>| 655000 | &nbsp;&nbsp; 557674 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. <br> (CHF - Chicago LLC - University of Illinois at Chicago Project), "A", <br> 5%, 2/15/2047 <br>| 180000 | &nbsp;&nbsp; 169472 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. <br> (CHF - Chicago LLC - University of Illinois at Chicago Project), "A", <br> 5%, 2/15/2050 <br>| 45000 | &nbsp;&nbsp; 41592 |
| Romeoville, IL, Rev. (Lewis University Project), "A", 5%, 10/01/2042  | 235000 | &nbsp;&nbsp; 230002 |
| State of Illinois, General Obligation, 4.5%, 11/01/2039  | 255000 | &nbsp;&nbsp; 255143 |
| State of Illinois, General Obligation, 5%, 11/01/2040  | 755000 | &nbsp;&nbsp; 758242 |
| State of Illinois, General Obligation, "A", 5.5%, 3/01/2047  | 1605000 | &nbsp;&nbsp; 1674998 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 280000 | &nbsp;&nbsp; 292083 |
| Upper Illinois River Valley Development Authority Rev. (Morris <br> Hospital), 5%, 12/01/2043 <br>| 720000 | &nbsp;&nbsp; 724198 |
| Upper Illinois River Valley Development Authority Rev. (Morris <br> Hospital), 5%, 12/01/2048 <br>| 715000 | &nbsp;&nbsp; 714945 |
|  |  | &nbsp;&nbsp; $25325068 |
| Indiana – 2.0% | Indiana – 2.0% | Indiana – 2.0% |
| Fishers, IN, Town Hall Building Corp., Lease Rental Rev., "A", BAM, <br> 5.75%, 1/15/2063 <br>| $1150000 | &nbsp;&nbsp; $1255658 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5.375%, <br> 3/01/2055 <br>| 295000 | &nbsp;&nbsp; 299273 |
| Indiana Finance Authority, Environmental Refunding Rev. (Duke <br> Energy Indiana, Inc. Project), "A-2", 4.5%, <br> 5/01/2035 (Put Date 6/01/2032)<br>| 1205000 | &nbsp;&nbsp; 1213332 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Indiana – continued | Indiana – continued | Indiana – continued |
| Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 5%, <br> 1/01/2052 <br>| $1405000 | &nbsp;&nbsp; $1418665 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home <br> Project), "B", 5.5%, 5/01/2054 <br>| 250000 | &nbsp;&nbsp; 252153 |
| Indiana Finance Authority, Student Housing Rev. (CHF - <br> Tippecanoe LLC - Student Housing Project), "A", 5.375%, 6/01/2064 <br>| 335000 | &nbsp;&nbsp; 331838 |
| Indianapolis, IN, Local Public Improvement Bond Bank, Convention <br> Center Hotel Senior Rev., "E", 6.125%, 3/01/2057 <br>| 190000 | &nbsp;&nbsp; 198165 |
|  |  | &nbsp;&nbsp; $4969084 |
| Iowa – 0.3% | Iowa – 0.3% | Iowa – 0.3% |
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. <br> Project), "A", 5%, 3/01/2038 <br>| $75000 | &nbsp;&nbsp; $75235 |
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. <br> Project), "A", 5%, 3/01/2048 <br>| 130000 | &nbsp;&nbsp; 124040 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 565000 | &nbsp;&nbsp; 449975 |
| Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital <br> Appreciation, "B-2", 0%, 6/01/2065 <br>| 165000 | &nbsp;&nbsp; 23673 |
|  |  | &nbsp;&nbsp; $672923 |
| Kansas – 0.9% | Kansas – 0.9% | Kansas – 0.9% |
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional <br> Medical Center, Inc.), 5%, 12/01/2036 <br>| $165000 | &nbsp;&nbsp; $157778 |
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), "A", <br> 5%, 5/15/2030 <br>| 85000 | &nbsp;&nbsp; 86007 |
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), "A", <br> 5%, 5/15/2032 <br>| 75000 | &nbsp;&nbsp; 75759 |
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), "A", <br> 5%, 5/15/2039 <br>| 100000 | &nbsp;&nbsp; 100454 |
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), "A", <br> 4%, 6/01/2052 <br>| 285000 | &nbsp;&nbsp; 227128 |
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), "A", <br> 5.5%, 6/01/2060 <br>| 230000 | &nbsp;&nbsp; 229903 |
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), "A", 6.5%, <br> 12/01/2052 <br>| 300000 | &nbsp;&nbsp; 305152 |
| Wichita, KS, Health Care Facilities Rev. (Larksfield Place), "VII-A", <br> 6.75%, 6/01/2060 <br>| 375000 | &nbsp;&nbsp; 383592 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), <br> "I", 5%, 5/15/2038 <br>| 150000 | &nbsp;&nbsp; 148743 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), <br> "I", 5%, 5/15/2047 <br>| 180000 | &nbsp;&nbsp; 159127 |
| Wyandotte County/Kansas City, KS, Unified Government Community <br> Improvement District Sales Tax Rev. (Legends Apartments Garage & <br> West Lawn Project), 4.5%, 6/01/2040 <br>| 65000 | &nbsp;&nbsp; 65084 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Kansas – continued | Kansas – continued | Kansas – continued |
| Wyandotte County/Kansas City, KS, Unified Government Utility <br> System Improvement Rev., "A", 5%, 9/01/2044 <br>| $360000 | &nbsp;&nbsp; $360108 |
|  |  | &nbsp;&nbsp; $2298835 |
| Kentucky – 1.6% | Kentucky – 1.6% | Kentucky – 1.6% |
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), "B", <br> 4.45%, 1/01/2042 (n)<br>| $270000 | &nbsp;&nbsp; $266005 |
| Kentucky Economic Development Finance Authority Rev. (Masonic <br> Home Independent Living II, Inc. - Meadow Project and Grove <br> Pointe Project), "A", 5%, 5/15/2046 <br>| 650000 | &nbsp;&nbsp; 549135 |
| Kentucky Economic Development Finance Authority Rev. (Masonic <br> Home Independent Living II, Inc. - Meadow Project and Grove <br> Pointe Project), "A", 5%, 5/15/2051 <br>| 165000 | &nbsp;&nbsp; 131382 |
| Kentucky Economic Development Finance Authority, Healthcare <br> Facilities Rev. (Baptist Life Communities Project), "A", 6.25%, <br> 11/15/2046 <br>| 555000 | &nbsp;&nbsp; 394858 |
| Kentucky Economic Development Finance Authority, Healthcare <br> Facilities Rev. (Baptist Life Communities Project), "A", 6.375%, <br> 11/15/2051 <br>| 535000 | &nbsp;&nbsp; 372389 |
| Kentucky Economic Development Finance Authority, Healthcare <br> Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, <br> 11/15/2042 <br>| 430000 | &nbsp;&nbsp; 377726 |
| Kentucky Economic Development Finance Authority, Healthcare <br> Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045 <br>| 140000 | &nbsp;&nbsp; 120295 |
| Kentucky Economic Development Finance Authority, Hospital Rev. <br> (Owensboro Health, Inc.), "A", 5%, 6/01/2037 <br>| 250000 | &nbsp;&nbsp; 250916 |
| Kentucky Economic Development Finance Authority, Hospital Rev. <br> (Owensboro Health, Inc.), "A", 5%, 6/01/2041 <br>| 165000 | &nbsp;&nbsp; 165386 |
| Kentucky Economic Development Finance Authority, Hospital Rev. <br> (Owensboro Health, Inc.), "A", 5%, 6/01/2045 <br>| 205000 | &nbsp;&nbsp; 205249 |
| Kentucky Higher Education Student Loan Corp. Rev., "B-1", 5%, <br> 6/01/2036 <br>| 725000 | &nbsp;&nbsp; 743960 |
| Louisville & Jefferson County, KY, Metro Government College <br> Improvement Rev. (Bellarmine University Project), "A", 5%, <br> 5/01/2034 <br>| 160000 | &nbsp;&nbsp; 147557 |
| Louisville & Jefferson County, KY, Metro Government College <br> Improvement Rev. (Bellarmine University Project), "A", 5%, <br> 5/01/2035 <br>| 260000 | &nbsp;&nbsp; 236553 |
|  |  | &nbsp;&nbsp; $3961411 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Louisiana – 2.7% | Louisiana – 2.7% | Louisiana – 2.7% |
| Louisiana Local Government, Environmental Facilities & Community <br> Development Authority Rev. (CDF Healthcare), "A", 5.625%, <br> 6/01/2045 <br>| $1025000 | &nbsp;&nbsp; $842437 |
| Louisiana Local Government, Environmental Facilities & Community <br> Development Authority Rev. (Jefferson Parish GOMESA Project), 4%, <br> 11/01/2044 (n)<br>| 250000 | &nbsp;&nbsp; 229396 |
| Louisiana Local Government, Environmental Facilities & Community <br> Development Authority Rev. (Lafourche Parish GOMESA Project), <br> 3.95%, 11/01/2043 (n)<br>| 217505 | &nbsp;&nbsp; 199327 |
| Louisiana Local Government, Environmental Facilities & Community <br> Development Authority Rev. (St. James Parish GOMESA Project), <br> 3.9%, 11/01/2044 (n)<br>| 255000 | &nbsp;&nbsp; 230848 |
| Louisiana Local Government, Environmental Facilities & Community <br> Development Authority Rev. (Westside Habilitation Center Project), <br> "A", 5.75%, 2/01/2032 (n)<br>| 90000 | &nbsp;&nbsp; 89438 |
| Louisiana Local Government, Environmental Facilities & Community <br> Development Authority Rev. (Westside Habilitation Center Project), <br> "A", 6.125%, 2/01/2037 (n)<br>| 325000 | &nbsp;&nbsp; 322485 |
| Louisiana Local Government, Environmental Facilities & Community <br> Development Authority Rev. (Westside Habilitation Center Project), <br> "A", 6.25%, 2/01/2047 (n)<br>| 265000 | &nbsp;&nbsp; 249325 |
| Louisiana Local Government, Environmental Facilities & Community <br> Development Authority, Healthcare Refunding Rev. (St. James Place <br> of Baton Rouge Project), "A", 6%, 11/15/2035 <br>| 170000 | &nbsp;&nbsp; 170384 |
| Louisiana Local Government, Environmental Facilities & Community <br> Development Authority, Healthcare Refunding Rev. (St. James Place <br> of Baton Rouge Project), "A", 6.25%, 11/15/2045 <br>| 650000 | &nbsp;&nbsp; 651579 |
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra <br> Campus Project), "A", 4%, 6/01/2051 (n)<br>| 480000 | &nbsp;&nbsp; 350399 |
| Louisiana Public Facilities Authority Rev. (BBR Schools - Mid City <br> Campus Project), "C", 4%, 6/01/2051 (n)<br>| 230000 | &nbsp;&nbsp; 167900 |
| Louisiana Public Facilities Authority Rev. (I-10 Calcasieu River Bridge <br> Public-Private Partnership Project), 5.75%, 9/01/2064 <br>| 840000 | &nbsp;&nbsp; 862945 |
| Louisiana Public Facilities Authority Rev. (Jefferson Rise Charter <br> School Project), "A", 6.375%, 6/01/2062 (n)<br>| 215000 | &nbsp;&nbsp; 214152 |
| Louisiana Public Facilities Authority Rev. (Loyola University Project), <br> 5.25%, 10/01/2046 <br>| 890000 | &nbsp;&nbsp; 897244 |
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC <br> Properties, Inc., LSU Health Foundation, New Orleans Project), <br> "A-1", 5.1%, 1/01/2057 (n)<br>| 1240000 | &nbsp;&nbsp; 932925 |
| Port of New Orleans, LA, Board of Commissioners, Port Facility Rev., <br> "B", AGM, 5.5%, 4/01/2054 <br>| 250000 | &nbsp;&nbsp; 260548 |
|  |  | &nbsp;&nbsp; $6671332 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Maine – 0.4% | Maine – 0.4% | Maine – 0.4% |
| Maine Health & Higher Educational Facilities Authority Rev., "A", <br> AGM, 4.375%, 7/01/2048 <br>| $445000 | &nbsp;&nbsp; $439313 |
| Maine Health & Higher Educational Facilities Authority Rev., "A", <br> AGM, 4.375%, 7/01/2053 <br>| 610000 | &nbsp;&nbsp; 586413 |
|  |  | &nbsp;&nbsp; $1025726 |
| Maryland – 0.8% | Maryland – 0.8% | Maryland – 0.8% |
| Baltimore, MD, Special Obligation Refunding (East Baltimore <br> Research Park Project), "A", 5%, 9/01/2038 <br>| $205000 | &nbsp;&nbsp; $206694 |
| Howard County, MD, Special Obligation (Downtown Columbia <br> Project), "A", 4.375%, 2/15/2039 (n)<br>| 100000 | &nbsp;&nbsp; 99538 |
| Howard County, MD, Special Obligation (Downtown Columbia <br> Project), "A", 4.5%, 2/15/2047 (n)<br>| 240000 | &nbsp;&nbsp; 226951 |
| Maryland Economic Development Corp., Subordinate Parking <br> Facilities Rev. (Baltimore City Project), "C", 4%, 6/01/2058 <br>| 125000 | &nbsp;&nbsp; 96211 |
| Maryland Health & Higher Educational Facilities Authority Rev. <br> (Adventist Healthcare), "A", 5.5%, 1/01/2036 <br>| 285000 | &nbsp;&nbsp; 288394 |
| Maryland Health & Higher Educational Facilities Authority Rev. <br> (Doctors Community Hospital), "A", 5%, 7/01/2038 <br>| 480000 | &nbsp;&nbsp; 484392 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools <br> Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2053 <br>| 1795000 | &nbsp;&nbsp; 476515 |
| Rockville, MD, Mayor & Council Economic Development Rev. <br> (Ingleside at King Farm Project), "B", 5%, 11/01/2042 <br>| 135000 | &nbsp;&nbsp; 135040 |
|  |  | &nbsp;&nbsp; $2013735 |
| Massachusetts – 2.1% | Massachusetts – 2.1% | Massachusetts – 2.1% |
| Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2029  | $60000 | &nbsp;&nbsp; $60071 |
| Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2054  | 40000 | &nbsp;&nbsp; 37423 |
| Massachusetts Development Finance Agency Rev. (Adventcare), "A", <br> 6.75%, 10/15/2037 (a)(d)<br>| 1055017 | &nbsp;&nbsp; 11 |
| Massachusetts Development Finance Agency Rev. (Boston Medical <br> Center), "G", 4.375%, 7/01/2052 <br>| 460000 | &nbsp;&nbsp; 401894 |
| Massachusetts Development Finance Agency Rev. (Emmanuel <br> College), "A", 5%, 10/01/2043 <br>| 310000 | &nbsp;&nbsp; 302739 |
| Massachusetts Development Finance Agency Rev. (Lasell University), <br> 4%, 7/01/2040 <br>| 100000 | &nbsp;&nbsp; 91617 |
| Massachusetts Development Finance Agency Rev. (Lasell Village, <br> Inc.), 5.25%, 7/01/2050 <br>| 175000 | &nbsp;&nbsp; 177230 |
| Massachusetts Development Finance Agency Rev. (Middlesex <br> Sustainable Energy Partners), 6%, 10/01/2049 <br>| 100000 | &nbsp;&nbsp; 108216 |
| Massachusetts Development Finance Agency Rev. (Newbridge on <br> the Charles, Inc.), 5%, 10/01/2047 (n)<br>| 130000 | &nbsp;&nbsp; 129818 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Massachusetts – continued | Massachusetts – continued | Massachusetts – continued |
| Massachusetts Development Finance Agency Rev. (Newbridge on <br> the Charles, Inc.), 5%, 10/01/2057 (n)<br>| $655000 | &nbsp;&nbsp; $629687 |
| Massachusetts Development Finance Agency Rev. (Tufts University <br> Student Housing Project - PRG Medford Properties, Inc.), 5.25%, <br> 6/01/2065 <br>| 185000 | &nbsp;&nbsp; 189371 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), <br> "A", 5%, 7/01/2044 <br>| 105000 | &nbsp;&nbsp; 103526 |
| Massachusetts Development Finance Agency Rev. (Wentworth <br> Institute of Technology), 5%, 10/01/2046 <br>| 120000 | &nbsp;&nbsp; 114974 |
| Massachusetts Educational Financing Authority, Education Loan <br> Rev., "B", 5.5%, 7/01/2055 <br>| 340000 | &nbsp;&nbsp; 343233 |
| Massachusetts Educational Financing Authority, Education Loan <br> Rev., "C", 4.125%, 7/01/2046 <br>| 850000 | &nbsp;&nbsp; 734774 |
| Massachusetts Educational Financing Authority, Education Loan <br> Rev., "C", 3%, 7/01/2051 <br>| 225000 | &nbsp;&nbsp; 149996 |
| Massachusetts Educational Financing Authority, Education Loan <br> Rev., "C", 4.125%, 7/01/2052 <br>| 710000 | &nbsp;&nbsp; 580784 |
| Massachusetts Educational Financing Authority, Education Loan <br> Rev., "D", 5%, 7/01/2054 <br>| 405000 | &nbsp;&nbsp; 383450 |
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited <br> Tax, 3%, 8/15/2047 <br>| 415000 | &nbsp;&nbsp; 322424 |
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited <br> Tax, 3%, 8/15/2052 <br>| 255000 | &nbsp;&nbsp; 186830 |
|  |  | &nbsp;&nbsp; $5048068 |
| Michigan – 0.7% | Michigan – 0.7% | Michigan – 0.7% |
| Board of Regents of Eastern Michigan University, General Rev., "A", <br> 4%, 3/01/2047 <br>| $500000 | &nbsp;&nbsp; $437590 |
| Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at <br> Eastgate Project), "A", 5%, 11/01/2037 <br>| 45000 | &nbsp;&nbsp; 44827 |
| Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at <br> Eastgate Project), "A", 5%, 11/01/2047 <br>| 110000 | &nbsp;&nbsp; 97709 |
| Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at <br> Eastgate Project), "A", 6.125%, 11/01/2060 <br>| 875000 | &nbsp;&nbsp; 875174 |
| Kalamazoo, MI, Economic Development Corp. Limited Obligation <br> Rev. (Friendship Village of Kalamazoo Project), "A", 6.25%, <br> 8/15/2061 <br>| 210000 | &nbsp;&nbsp; 212856 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan <br> Wayne County Airport), "B", 5.75%, 12/01/2050 <br>| 100000 | &nbsp;&nbsp; 108264 |
|  |  | &nbsp;&nbsp; $1776420 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Minnesota – 0.9% | Minnesota – 0.9% | Minnesota – 0.9% |
| Duluth, MN, Economic Development Authority Rev. (Benedictine <br> Health System), "A", 4%, 7/01/2036 <br>| $115000 | &nbsp;&nbsp; $107779 |
| Duluth, MN, Economic Development Authority Rev. (Benedictine <br> Health System), "A", 4%, 7/01/2041 <br>| 285000 | &nbsp;&nbsp; 249379 |
| Duluth, MN, Economic Development Authority, Health Care Facilities <br> Rev. (Essentia Health), "A", 4.25%, 2/15/2043 <br>| 210000 | &nbsp;&nbsp; 204714 |
| Duluth, MN, Economic Development Authority, Health Care Facilities <br> Rev. (Essentia Health), "A", 5%, 2/15/2043 <br>| 310000 | &nbsp;&nbsp; 313795 |
| Duluth, MN, Economic Development Authority, Health Care Facilities <br> Rev. (Essentia Health), "A", 4.25%, 2/15/2048 <br>| 235000 | &nbsp;&nbsp; 211192 |
| Duluth, MN, Economic Development Authority, Health Care Facilities <br> Rev. (Essentia Health), "A", 5%, 2/15/2048 <br>| 240000 | &nbsp;&nbsp; 240399 |
| Minnesota Higher Educational Facilities Authority Rev. (St. Catherine <br> University), 5.125%, 10/01/2048 <br>| 750000 | &nbsp;&nbsp; 745513 |
| St. Paul, MN, Housing & Redevelopment Authority, Charter School <br> Lease Rev. (Great River School Project), "A", 5.5%, 7/01/2052 (n)<br>| 105000 | &nbsp;&nbsp; 99133 |
|  |  | &nbsp;&nbsp; $2171904 |
| Mississippi – 0.8% | Mississippi – 0.8% | Mississippi – 0.8% |
| Mississippi Development Bank, Special Obligation (Hancock County <br> GOMESA Project), 4.55%, 11/01/2039 (n)<br>| $215000 | &nbsp;&nbsp; $213504 |
| Mississippi Development Bank, Special Obligation (Jackson County <br> GOMESA Project), 3.625%, 11/01/2036 (n)<br>| 105000 | &nbsp;&nbsp; 100428 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist <br> Memorial Healthcare), "A", 5%, 9/01/2046 <br>| 215000 | &nbsp;&nbsp; 213670 |
| University of Mississippi Medical Center, Educational Building Corp. <br> Rev. (Colony Park Teaching Campus), "A", 4%, 6/01/2053 <br>| 1635000 | &nbsp;&nbsp; 1499160 |
|  |  | &nbsp;&nbsp; $2026762 |
| Missouri – 1.1% | Missouri – 1.1% | Missouri – 1.1% |
| Kansas City, MO, Industrial Development Authority, Airport Rev. <br> (Kansas City International Airport Terminal Modernization Project), <br> "B", 5%, 3/01/2054 <br>| $940000 | &nbsp;&nbsp; $942141 |
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. <br> (Convention Center Hotel Project - TIF Financing), "B", 5%, <br> 2/01/2040 (n)<br>| 100000 | &nbsp;&nbsp; 100592 |
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. <br> (Convention Center Hotel Project - TIF Financing), "B", 5%, <br> 2/01/2050 (n)<br>| 425000 | &nbsp;&nbsp; 420498 |
| St. Louis County, MO, Industrial Development Authority Rev. (St. <br> Andrew's Resources for Seniors Obligated Group), "A", 5.125%, <br> 12/01/2045 <br>| 400000 | &nbsp;&nbsp; 397368 |
| St. Louis County, MO, Industrial Development Authority, Health <br> Facilities Rev. (Nazareth Living Center), "A", 5%, 8/15/2030 <br>| 80000 | &nbsp;&nbsp; 80009 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Missouri – continued | Missouri – continued | Missouri – continued |
| St. Louis County, MO, Industrial Development Authority, Health <br> Facilities Rev. (Nazareth Living Center), "A", 5%, 8/15/2035 <br>| $55000 | &nbsp;&nbsp; $54423 |
| St. Louis County, MO, Industrial Development Authority, Health <br> Facilities Rev. (Nazareth Living Center), "A", 5.125%, 8/15/2045 <br>| 140000 | &nbsp;&nbsp; 127087 |
| St. Louis, MO, Industrial Development Authority, Financing Rev. <br> (Ballpark Village Development Project), "A", 3.875%, 11/15/2029 <br>| 55000 | &nbsp;&nbsp; 53711 |
| St. Louis, MO, Industrial Development Authority, Financing Rev. <br> (Ballpark Village Development Project), "A", 4.375%, 11/15/2035 <br>| 185000 | &nbsp;&nbsp; 179035 |
| St. Louis, MO, Industrial Development Authority, Financing Rev. <br> (Ballpark Village Development Project), "A", 4.75%, 11/15/2047 <br>| 405000 | &nbsp;&nbsp; 361296 |
|  |  | &nbsp;&nbsp; $2716160 |
| Montana – 0.2% | Montana – 0.2% | Montana – 0.2% |
| Kalispell, MT, Refunding Rev. (Immanuel Living at Buffalo Hill <br> Project), "A", 6%, 5/15/2060 <br>| $455000 | &nbsp;&nbsp; $461247 |
| Nevada – 0.4% | Nevada – 0.4% | Nevada – 0.4% |
| Director of the State of Nevada, Department of Business and <br> Industry, Charter School Lease Rev. (Somerset Academy), "A", 5%, <br> 12/15/2035 (n)<br>| $265000 | &nbsp;&nbsp; $265035 |
| Director of the State of Nevada, Department of Business and <br> Industry, Charter School Lease Rev. (Somerset Academy), "A", <br> 5.125%, 12/15/2045 (n)<br>| 205000 | &nbsp;&nbsp; 197886 |
| Director of the State of Nevada, Department of Business and <br> Industry, Charter School Lease Rev. (Somerset Academy), "A", 5%, <br> 12/15/2048 (n)<br>| 175000 | &nbsp;&nbsp; 161471 |
| Nevada Department of Business & Industry Charter School Rev. <br> (Doral Academy of Nevada), "A", 5%, 7/15/2047 (n)<br>| 275000 | &nbsp;&nbsp; 254855 |
|  |  | &nbsp;&nbsp; $879247 |
| New Hampshire – 2.7% | New Hampshire – 2.7% | New Hampshire – 2.7% |
| National Finance Authority, NH, Lease Rev. (NCCD - UNR <br> Properties LLC - University of Nevada, Reno Project), "A", BAM, <br> 5.25%, 6/01/2051 <br>| $270000 | &nbsp;&nbsp; $280826 |
| National Finance Authority, NH, Municipal Certificates, "1-A", <br> 4.375%, 9/20/2036 <br>| 929169 | &nbsp;&nbsp; 944476 |
| National Finance Authority, NH, Municipal Certificates, "4-A", <br> 4.182%, 11/20/2039 <br>| 1044600 | &nbsp;&nbsp; 1035184 |
| National Finance Authority, NH, Resource Recovery Refunding Rev. <br> (Covanta Project), "C", 4.875%, 11/01/2042 (n)<br>| 595000 | &nbsp;&nbsp; 539377 |
| National Finance Authority, NH, Special Rev. (Chambers Creek <br> Project, Montgomery County, TX), Capital Appreciation, 0%, <br> 12/15/2032 <br>| 639000 | &nbsp;&nbsp; 414010 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Hampshire – continued | New Hampshire – continued | New Hampshire – continued |
| National Finance Authority, NH, Special Rev. (Emberly & Canterra <br> Creek Projects, Fort Bend & Brazoria Counties, TX), 5.375%, <br> 12/01/2031 <br>| $375000 | &nbsp;&nbsp; $374528 |
| National Finance Authority, NH, Special Rev. (Mill Creek Project, <br> Montgomery County, TX), 5.95%, 12/01/2031 <br>| 444000 | &nbsp;&nbsp; 444081 |
| National Finance Authority, NH, Special Rev. (River Ranch Project, <br> Liberty County, TX), Capital Appreciation, 0%, 12/01/2031 <br>| 792588 | &nbsp;&nbsp; 570930 |
| National Finance Authority, NH, Special Rev. (The Wildflower Project, <br> Denton County, TX), Capital Appreciation, 0%, 12/15/2033 <br>| 630000 | &nbsp;&nbsp; 398968 |
| New Hampshire National Finance Authority, Lease Rent Rev. <br> (Centurion Foundation West Main Street LLC), "A", 5%, 5/15/2034 <br>| 1170000 | &nbsp;&nbsp; 1184429 |
| New Hampshire National Finance Authority, Municipal Certificates, <br> "2-A", 4%, 10/20/2036 <br>| 535310 | &nbsp;&nbsp; 531503 |
|  |  | &nbsp;&nbsp; $6718312 |
| New Jersey – 3.2% | New Jersey – 3.2% | New Jersey – 3.2% |
| Camden County, NJ, Improvement Authority, School Rev. (KIPP <br> Cooper Norcross Academy), 6%, 6/15/2062 <br>| $275000 | &nbsp;&nbsp; $282072 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge <br> Replacement Project), 5.5%, 1/01/2027 <br>| 70000 | &nbsp;&nbsp; 70160 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge <br> Replacement Project), 5.375%, 1/01/2043 <br>| 420000 | &nbsp;&nbsp; 420471 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge <br> Replacement Project), AGM, 5%, 1/01/2031 <br>| 210000 | &nbsp;&nbsp; 213522 |
| New Jersey Economic Development Authority Rev. (Kapkowski Road <br> Landfill Reclamation Project), 6.5%, 4/01/2031 <br>| 935000 | &nbsp;&nbsp; 938098 |
| New Jersey Economic Development Authority, Dock & Wharf Facility <br> Rev. (Repauno Port & Rail Terminal Project), 6.625%, 1/01/2045 <br>| 430000 | &nbsp;&nbsp; 453965 |
| New Jersey Economic Development Authority, Special Facilities Rev. <br> (Continental Airlines, Inc.), "A", 5.625%, 11/15/2030 <br>| 250000 | &nbsp;&nbsp; 250367 |
| New Jersey Economic Development Authority, State Lease Rev. <br> (Juvenile Justice Commission Facilities Project), "C", 5%, 6/15/2042 <br>| 365000 | &nbsp;&nbsp; 373043 |
| New Jersey Higher Education Student Assistance Authority, Senior <br> Student Loan Rev., "B", 3.5%, 12/01/2039 <br>| 310000 | &nbsp;&nbsp; 302199 |
| New Jersey Higher Education Student Assistance Authority, Senior <br> Student Loan Rev., "B", 4%, 12/01/2041 <br>| 1120000 | &nbsp;&nbsp; 1106484 |
| New Jersey Higher Education Student Assistance Authority, Student <br> Loan Refunding Rev., "C", 5%, 12/01/2053 <br>| 110000 | &nbsp;&nbsp; 104432 |
| New Jersey Higher Education Student Assistance Authority, Student <br> Loan Refunding Rev., "C", 5.25%, 12/01/2054 <br>| 70000 | &nbsp;&nbsp; 69973 |
| New Jersey Higher Education Student Assistance Authority, <br> Subordinate Student Loan Rev., "1C", 5.5%, 12/01/2055 <br>| 135000 | &nbsp;&nbsp; 136420 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Jersey – continued | New Jersey – continued | New Jersey – continued |
| New Jersey Housing & Mortgage Finance Agency, Multi-Family <br> Conduit Rev. (Riverview Towers Apartments), "B", GNMA, 5.25%, <br> 12/20/2065 <br>| $960441 | &nbsp;&nbsp; $1034625 |
| New Jersey Transportation Trust Fund Authority, "AA", 4.25%, <br> 6/15/2044 <br>| 735000 | &nbsp;&nbsp; 728232 |
| New Jersey Transportation Trust Fund Authority, Capital <br> Appreciation, "C", AAC, 0%, 12/15/2035 <br>| 525000 | &nbsp;&nbsp; 375212 |
| New Jersey Transportation Trust Fund Authority, Capital <br> Appreciation, "C", AAC, 0%, 12/15/2036 <br>| 1375000 | &nbsp;&nbsp; 939834 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. <br> (Community Charter School of Paterson Project), "A", 5%, 1/01/2060 <br>| 205000 | &nbsp;&nbsp; 188391 |
|  |  | &nbsp;&nbsp; $7987500 |
| New York – 10.3% | New York – 10.3% | New York – 10.3% |
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, <br> Inc.), 5.5%, 9/01/2045 (n)<br>| $1155000 | &nbsp;&nbsp; $1153734 |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter <br> School Project), "B", 5%, 7/01/2062 <br>| 215000 | &nbsp;&nbsp; 198101 |
| Build NYC Resource Corp. Rev. (International Leadership Charter <br> High School Project), "A", 6.25%, 7/01/2046 (z)<br>| 140000 | &nbsp;&nbsp; 140051 |
| Build NYC Resource Corp. Rev. (International Leadership Charter <br> School Project), 6%, 7/01/2043 <br>| 365000 | &nbsp;&nbsp; 365096 |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - <br> Canal West Project), 5.25%, 7/01/2062 <br>| 305000 | &nbsp;&nbsp; 307506 |
| Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health <br> Project), "A", 5.25%, 12/01/2052 <br>| 805000 | &nbsp;&nbsp; 808506 |
| New York Dormitory Authority Rev. (Montefiore Obligated Group), <br> "A", 4%, 9/01/2050 <br>| 475000 | &nbsp;&nbsp; 395222 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated <br> Group), AGM, 5.5%, 10/01/2054 <br>| 345000 | &nbsp;&nbsp; 364505 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade <br> Center Project), "1", 5%, 11/15/2044 (n)<br>| 1705000 | &nbsp;&nbsp; 1706349 |
| New York Metropolitan Transportation Authority Rev. (Green Bonds), <br> "A-1", 4%, 11/15/2052 <br>| 155000 | &nbsp;&nbsp; 133744 |
| New York Transportation Development Corp., Special Facilities Rev. <br> (American Airlines, Inc. John F. Kennedy International Airport <br> Project), 5.375%, 8/01/2036 <br>| 815000 | &nbsp;&nbsp; 846197 |
| New York Transportation Development Corp., Special Facilities Rev. <br> (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment <br> Project), 5%, 1/01/2031 <br>| 740000 | &nbsp;&nbsp; 758741 |
| New York Transportation Development Corp., Special Facilities Rev. <br> (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment <br> Project), 5.625%, 4/01/2040 <br>| 475000 | &nbsp;&nbsp; 502926 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New York – continued | New York – continued | New York – continued |
| New York Transportation Development Corp., Special Facilities Rev. <br> (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment <br> Project), 5%, 10/01/2040 <br>| $300000 | &nbsp;&nbsp; $307821 |
| New York Transportation Development Corp., Special Facilities Rev. <br> (JFK Airport Terminal 6 Redevelopment Project), "A", 5.5%, <br> 12/31/2060 <br>| 800000 | &nbsp;&nbsp; 808575 |
| New York Transportation Development Corp., Special Facilities Rev. <br> (JFK Airport Terminal 6 Redevelopment Project), "A", AGM, 5.25%, <br> 12/31/2054 <br>| 1570000 | &nbsp;&nbsp; 1588575 |
| New York Transportation Development Corp., Special Facilities Rev. <br> (John F. Kennedy International Airport New Terminal One <br> Project/Green Bonds), 6%, 6/30/2054 <br>| 1460000 | &nbsp;&nbsp; 1518310 |
| New York Transportation Development Corp., Special Facilities Rev. <br> (John F. Kennedy International Airport New Terminal One <br> Project/Green Bonds), AGM, 5.125%, 6/30/2060 <br>| 2070000 | &nbsp;&nbsp; 2079386 |
| New York Transportation Development Corp., Special Facilities Rev. <br> (John F. Kennedy International Airport New Terminal One <br> Project/Green Bonds), AGM, 5.25%, 6/30/2060 <br>| 2200000 | &nbsp;&nbsp; 2228303 |
| New York, NY, City Housing Development Corp., Housing Impact <br> (Sustainable Development Bonds), "A", 4.8%, 2/01/2053 <br>| 465000 | &nbsp;&nbsp; 463610 |
| New York, NY, City Housing Development Corp., Multi-Family <br> Housing Rev., "A-1", 4.75%, 11/01/2048 <br>| 1085000 | &nbsp;&nbsp; 1094174 |
| New York, NY, City Housing Development Corp., Multi-Family <br> Housing Rev., "G", 4.95%, 11/01/2058 <br>| 430000 | &nbsp;&nbsp; 430131 |
| New York, NY, City Housing Development Corp., Multi-Family <br> Mortgage Rev. (8 Spruce Street), "F", 5.25%, 12/15/2031 (n)<br>| 699265 | &nbsp;&nbsp; 720358 |
| New York, NY, Mortgage Agency Homeowner Rev., 4.7%, <br> 10/01/2038 <br>| 355000 | &nbsp;&nbsp; 362419 |
| Niagara, NY, Area Development Agency, Solid Waste Disposal Rev. <br> (Covanta Energy Project), "A", 4.75%, 11/01/2042 (n)<br>| 530000 | &nbsp;&nbsp; 473458 |
| Niagara, NY, Area Development Corp. Rev. (Catholic Health System, <br> Inc. Project), 4.5%, 7/01/2052 <br>| 425000 | &nbsp;&nbsp; 355510 |
| Port Authority of NY & NJ (234th Series), 5.5%, 8/01/2052  | 1005000 | &nbsp;&nbsp; 1063484 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel <br> Center Project), "A", 5%, 1/01/2028 <br>| 130000 | &nbsp;&nbsp; 113486 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel <br> Center Project), "A", 5%, 1/01/2029 <br>| 180000 | &nbsp;&nbsp; 150892 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel <br> Center Project), "A", 5%, 1/01/2031 <br>| 210000 | &nbsp;&nbsp; 167886 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel <br> Center Project), "A", 5%, 1/01/2032 <br>| 355000 | &nbsp;&nbsp; 279272 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel <br> Center Project), "A", 5%, 1/01/2034 <br>| 390000 | &nbsp;&nbsp; 300106 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New York – continued | New York – continued | New York – continued |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel <br> Center Project), "A", 5%, 1/01/2035 <br>| $360000 | &nbsp;&nbsp; $274770 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel <br> Center Project), "A", 5%, 1/01/2036 <br>| 300000 | &nbsp;&nbsp; 227411 |
| Tobacco Settlement Asset Securitization Corp., NY, "A", 5%, <br> 6/01/2041 <br>| 1440000 | &nbsp;&nbsp; 1450140 |
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at <br> New Paltz Project), 5%, 9/15/2037 <br>| 920000 | &nbsp;&nbsp; 921599 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester <br> Medical Center Obligated Group Project), AGM, 5%, 11/01/2047 <br>| 130000 | &nbsp;&nbsp; 134153 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester <br> Medical Center Obligated Group Project), AGM, 5.75%, 11/01/2048 <br>| 230000 | &nbsp;&nbsp; 247826 |
|  |  | &nbsp;&nbsp; $25442333 |
| North Carolina – 0.4% | North Carolina – 0.4% | North Carolina – 0.4% |
| North Carolina Medical Care Commission, Health Care Facilities First <br> Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2051 <br>| $375000 | &nbsp;&nbsp; $311735 |
| North Carolina Medical Care Commission, Retirement Facilities First <br> Mortgage Rev. (Sharon Towers), "A", 5%, 7/01/2039 <br>| 110000 | &nbsp;&nbsp; 111300 |
| North Carolina Medical Care Commission, Retirement Facilities First <br> Mortgage Rev. (Sharon Towers), "A", 5%, 7/01/2044 <br>| 75000 | &nbsp;&nbsp; 75084 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., <br> "A", 5%, 7/01/2047 <br>| 125000 | &nbsp;&nbsp; 124428 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., <br> "A", 5%, 7/01/2051 <br>| 250000 | &nbsp;&nbsp; 247221 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., <br> "A", 5%, 7/01/2054 <br>| 170000 | &nbsp;&nbsp; 167703 |
|  |  | &nbsp;&nbsp; $1037471 |
| North Dakota – 0.7% | North Dakota – 0.7% | North Dakota – 0.7% |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), "A", <br> AGM, 5%, 12/01/2053 <br>| $135000 | &nbsp;&nbsp; $136575 |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), "A", <br> AGM, 5.42%, 12/01/2053 <br>| 230000 | &nbsp;&nbsp; 232067 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated <br> Group), "C", 5%, 6/01/2034 <br>| 575000 | &nbsp;&nbsp; 568265 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated <br> Group), "C", 5%, 6/01/2038 <br>| 330000 | &nbsp;&nbsp; 325382 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated <br> Group), "C", 5%, 6/01/2048 <br>| 70000 | &nbsp;&nbsp; 61885 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| North Dakota – continued | North Dakota – continued | North Dakota – continued |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated <br> Group), "C", 5%, 6/01/2053 <br>| $540000 | &nbsp;&nbsp; $458363 |
|  |  | &nbsp;&nbsp; $1782537 |
| Ohio – 3.8% | Ohio – 3.8% | Ohio – 3.8% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Senior <br> Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055 <br>| $1915000 | &nbsp;&nbsp; $1518827 |
| Centerville, OH, Health Care Improvement and Refunding Rev. <br> (Graceworks Lutheran Services), 5.25%, 11/01/2037 <br>| 80000 | &nbsp;&nbsp; 80648 |
| Centerville, OH, Health Care Improvement and Refunding Rev. <br> (Graceworks Lutheran Services), 5.25%, 11/01/2047 <br>| 220000 | &nbsp;&nbsp; 211881 |
| Centerville, OH, Health Care Improvement and Refunding Rev. <br> (Graceworks Lutheran Services), 5.25%, 11/01/2050 <br>| 85000 | &nbsp;&nbsp; 80127 |
| Columbus, OH, Regional Airport Authority Rev. (John Glenn <br> Columbus International Airport), "A", 5.5%, 1/01/2050 <br>| 1635000 | &nbsp;&nbsp; 1724759 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5%, <br> 2/15/2042 <br>| 415000 | &nbsp;&nbsp; 411697 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 4.75%, <br> 2/15/2047 <br>| 565000 | &nbsp;&nbsp; 529268 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.25%, <br> 2/15/2047 <br>| 300000 | &nbsp;&nbsp; 300059 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, <br> 2/15/2052 <br>| 1530000 | &nbsp;&nbsp; 1530676 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5%, <br> 2/15/2057 <br>| 295000 | &nbsp;&nbsp; 273094 |
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare <br> Project), "A", 4%, 9/01/2045 <br>| 95000 | &nbsp;&nbsp; 78569 |
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare <br> Project), "A", 5%, 9/01/2049 <br>| 130000 | &nbsp;&nbsp; 120811 |
| Hamilton County, OH, Healthcare Improvement & Refunding Rev. <br> (Life Enriching Communities Project), 5.5%, 1/01/2055 <br>| 120000 | &nbsp;&nbsp; 122010 |
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities <br> Project), "A", 5.75%, 1/01/2053 <br>| 175000 | &nbsp;&nbsp; 180465 |
| Miami County, OH, Hospital Facilities Rev. (Kettering Health), "A", <br> 5%, 8/01/2049 <br>| 605000 | &nbsp;&nbsp; 609364 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland <br> Institute of Music 2022 Project), 5.125%, 12/01/2042 <br>| 195000 | &nbsp;&nbsp; 199376 |
| Ohio Housing Finance Agency, Multi-Family Housing Rev. (Haven's <br> Edge Apartments Project), "A", 5.7%, 8/01/2043 <br>| 250000 | &nbsp;&nbsp; 262737 |
| Ohio Housing Finance Agency, Residential Mortgage Rev. <br> (Mortgage-Backed Securities Program), "A", 4.9%, 9/01/2053 <br>| 890000 | &nbsp;&nbsp; 897754 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Ohio – continued | Ohio – continued | Ohio – continued |
| Riversouth, OH, Authority Rev. (Lazarus Building), "A", 5.75%, <br> 12/01/2027 <br>| $345000 | &nbsp;&nbsp; $345138 |
|  |  | &nbsp;&nbsp; $9477260 |
| Oklahoma – 1.7% | Oklahoma – 1.7% | Oklahoma – 1.7% |
| Norman, OK, Regional Hospital Authority Rev., 4%, 9/01/2045  | $440000 | &nbsp;&nbsp; $300866 |
| Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045  | 230000 | &nbsp;&nbsp; 180073 |
| Oklahoma Development Finance Authority, First Mortgage Rev. <br> (Sommerset Project), 5%, 7/01/2042 <br>| 15000 | &nbsp;&nbsp; 14329 |
| Oklahoma Development Finance Authority, Health System Rev. (OU <br> Medicine Project), "A", 5.5%, 8/15/2041 <br>| 530000 | &nbsp;&nbsp; 543184 |
| Oklahoma Development Finance Authority, Health System Rev. (OU <br> Medicine Project), "A", 5.5%, 8/15/2044 <br>| 535000 | &nbsp;&nbsp; 547803 |
| Oklahoma Development Finance Authority, Health System Rev. (OU <br> Medicine Project), "B", 5%, 8/15/2038 <br>| 400000 | &nbsp;&nbsp; 404774 |
| Oklahoma Development Finance Authority, Health System Rev. (OU <br> Medicine Project), "B", 5.25%, 8/15/2043 <br>| 360000 | &nbsp;&nbsp; 363167 |
| Oklahoma Development Finance Authority, Health System Rev. (OU <br> Medicine Project), "B", 5.25%, 8/15/2048 <br>| 400000 | &nbsp;&nbsp; 394820 |
| Tulsa County, OK, Industrial Authority, Senior Living Community <br> Refunding Rev. (Montereau, Inc. Project), "A", 5.25%, 11/15/2045 <br>| 1315000 | &nbsp;&nbsp; 1318942 |
| Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc. <br> Project), 6.25%, 12/01/2040 <br>| 135000 | &nbsp;&nbsp; 149041 |
|  |  | &nbsp;&nbsp; $4216999 |
| Oregon – 0.9% | Oregon – 0.9% | Oregon – 0.9% |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. <br> (Terwilliger Plaza - Parkview Project), "A", 4%, 12/01/2051 <br>| $915000 | &nbsp;&nbsp; $702248 |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. <br> (Terwilliger Plaza - Parkview Project), "A", 4%, 12/01/2056 <br>| 410000 | &nbsp;&nbsp; 304781 |
| Oregon Facilities Authority Rev. (Willamette University Projects), <br> "A", 4%, 10/01/2051 <br>| 300000 | &nbsp;&nbsp; 235438 |
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde <br> Hospital Project), 5%, 7/01/2052 <br>| 450000 | &nbsp;&nbsp; 430380 |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview <br> Retirement), "A", 5%, 11/15/2056 <br>| 530000 | &nbsp;&nbsp; 450813 |
|  |  | &nbsp;&nbsp; $2123660 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – 9.5% | Pennsylvania – 9.5% | Pennsylvania – 9.5% |
| Adams County, PA, General Authority Rev. (Brethren Home <br> Community Project), "A", 5%, 6/01/2059 <br>| $150000 | &nbsp;&nbsp; $142733 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh <br> International Airport), "A", AGM, 5.5%, 1/01/2055 <br>| 1230000 | &nbsp;&nbsp; 1293770 |
| Allegheny County, PA, Hospital Development Authority Rev. <br> (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044 <br>| 1380000 | &nbsp;&nbsp; 1275667 |
| Allentown, PA, Commercial & Industrial Development Authority, <br> Education Facility Lease Rev. (Lincoln Leadership Academy Charter <br> School Project), 6%, 6/15/2053 (n)<br>| 100000 | &nbsp;&nbsp; 101916 |
| Allentown, PA, Neighborhood Improvement Zone, Development <br> Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n)<br>| 100000 | &nbsp;&nbsp; 102569 |
| Allentown, PA, Neighborhood Improvement Zone, Development <br> Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n)<br>| 120000 | &nbsp;&nbsp; 120331 |
| Allentown, PA, Neighborhood Improvement Zone, Development <br> Authority Tax Rev. (City Center Refunding Project), 5%, <br> 5/01/2032 (n)<br>| 245000 | &nbsp;&nbsp; 246800 |
| Allentown, PA, Neighborhood Improvement Zone, Development <br> Authority Tax Rev. (City Center Refunding Project), 5%, <br> 5/01/2042 (n)<br>| 175000 | &nbsp;&nbsp; 175247 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), <br> "A-2", 6%, 6/30/2034 <br>| 367000 | &nbsp;&nbsp; 388776 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), <br> "A-3", 5%, 6/30/2039 <br>| 1874000 | &nbsp;&nbsp; 1759879 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), <br> Convertible Capital Appreciation, "B-1", 0% to 11/15/2029, 6% to <br> 6/30/2044 <br>| 936000 | &nbsp;&nbsp; 700801 |
| Blythe, PA, Solid Waste Authority Rev., 7.75%, <br> 12/01/2037 (Prerefunded 12/01/2027)<br>| 405000 | &nbsp;&nbsp; 429832 |
| Chester County, PA, Health & Education Facilities Authority Rev. <br> (Simpson Senior Services Project), 4%, 12/01/2035 <br>| 805000 | &nbsp;&nbsp; 657046 |
| Chester County, PA, Health & Education Facilities Authority Rev. <br> (Simpson Senior Services Project), "A", 5%, 12/01/2030 <br>| 90000 | &nbsp;&nbsp; 84887 |
| Chester County, PA, Health & Education Facilities Authority Rev. <br> (Simpson Senior Services Project), "A", 5.25%, 12/01/2045 <br>| 200000 | &nbsp;&nbsp; 163253 |
| Cumberland County, PA, Municipal Authority Rev. (Messiah Village <br> Project), "A", 5.5%, 6/01/2056 <br>| 355000 | &nbsp;&nbsp; 357654 |
| Doylestown, PA, Hospital Authority Rev., 5.375%, 7/01/2039  | 100000 | &nbsp;&nbsp; 109230 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, <br> 7/01/2049 (Prerefunded 7/01/2029)<br>| 5000 | &nbsp;&nbsp; 5309 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049  | 50000 | &nbsp;&nbsp; 50902 |
| Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. <br> (Luthercare Project), 5%, 12/01/2055 <br>| 100000 | &nbsp;&nbsp; 96597 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Lehigh County, PA, Water & Sewer Authority Rev. (Allentown <br> Concession), Capital Appreciation, "B", 0%, 12/01/2037 <br>| $1850000 | &nbsp;&nbsp; $1165979 |
| Montgomery County, PA, Higher Education & Health Authority Rev. <br> (Thomas Jefferson University), 4%, 9/01/2044 <br>| 205000 | &nbsp;&nbsp; 188844 |
| Montgomery County, PA, Higher Education & Health Authority Rev. <br> (Thomas Jefferson University), "B", AGM, 3.125%, 5/01/2053 <br>| 205000 | &nbsp;&nbsp; 141675 |
| Montgomery County, PA, Industrial Development Authority Rev. <br> (Whitemarsh Continuing Care Retirement Community Project), <br> 5.375%, 1/01/2050 <br>| 1435000 | &nbsp;&nbsp; 1409028 |
| Pennsylvania Economic Development Financing Authority Rev. <br> (Presbyterian Senior Living Project), "B-1", 5.25%, 7/01/2049 <br>| 300000 | &nbsp;&nbsp; 302490 |
| Pennsylvania Economic Development Financing Authority, <br> Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2044 <br>| 1075000 | &nbsp;&nbsp; 457975 |
| Pennsylvania Economic Development Financing Authority, <br> Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-3", 0%, 1/01/2049 <br>| 495000 | &nbsp;&nbsp; 105153 |
| Pennsylvania Economic Development Financing Authority, Private <br> Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, <br> 6/30/2053 <br>| 1000000 | &nbsp;&nbsp; 1003323 |
| Pennsylvania Economic Development Financing Authority, Private <br> Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5.5%, 6/30/2042 <br>| 815000 | &nbsp;&nbsp; 883424 |
| Pennsylvania Economic Development Financing Authority, Private <br> Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5%, 12/31/2057 <br>| 1145000 | &nbsp;&nbsp; 1141604 |
| Pennsylvania Economic Development Financing Authority, Private <br> Activity Rev. (Rapid Bridge Replacement Project), 5%, 6/30/2042 <br>| 1255000 | &nbsp;&nbsp; 1255461 |
| Pennsylvania Economic Development Financing Authority, UPMC <br> Rev., "A", 4%, 5/15/2053 <br>| 415000 | &nbsp;&nbsp; 354000 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan <br> Rev., "1C", 5%, 6/01/2051 <br>| 245000 | &nbsp;&nbsp; 232709 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan <br> Rev., "1C", 5.5%, 6/01/2052 <br>| 325000 | &nbsp;&nbsp; 327354 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan <br> Rev., "A", 4.5%, 6/01/2043 <br>| 475000 | &nbsp;&nbsp; 475884 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., <br> "141A", 5.75%, 10/01/2053 <br>| 717973 | &nbsp;&nbsp; 762738 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., <br> "142A", 5.5%, 10/01/2053 <br>| 470363 | &nbsp;&nbsp; 497210 |
| Pennsylvania Public School Building Authority, College Rev. <br> (Delaware County Community College Project), BAM, 5.25%, <br> 10/01/2044 <br>| 305000 | &nbsp;&nbsp; 320522 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST <br> Charter School Project), "A", 5.625%, 8/01/2036 <br>| $100000 | &nbsp;&nbsp; $100204 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST <br> Charter School Project), "A", 5.75%, 8/01/2046 <br>| 285000 | &nbsp;&nbsp; 285215 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST <br> Charter School Project), "A", 5.375%, 8/01/2051 <br>| 235000 | &nbsp;&nbsp; 232994 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST <br> Charter School Project), "B", 6%, 8/01/2051 <br>| 335000 | &nbsp;&nbsp; 335207 |
| Philadelphia, PA, Authority for Industrial Development, Charter <br> School Rev. (Green Woods Charter School Project), "A", 5.375%, <br> 6/15/2057 <br>| 100000 | &nbsp;&nbsp; 96800 |
| Philadelphia, PA, Authority for Industrial Development, Charter <br> School Rev. (Tacony Academy School Project), 5.5%, 6/15/2043 (n)<br>| 335000 | &nbsp;&nbsp; 336941 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family <br> Housing Rev. (University Square Apartment Project-Section 8), "I", <br> 5%, 12/01/2037 (Prerefunded 12/01/2026)<br>| 240000 | &nbsp;&nbsp; 242723 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family <br> Housing Rev. (University Square Apartment Project-Section 8), "III", <br> 5.25%, 12/01/2047 (Prerefunded 12/01/2026) (n)<br>| 280000 | &nbsp;&nbsp; 283578 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family <br> Housing Rev. (University Square Apartment Project-Section 8), "III", <br> 5.5%, 12/01/2058 (Prerefunded 12/01/2026) (n)<br>| 405000 | &nbsp;&nbsp; 410756 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living <br> Facilities Rev. (Wesley Enhanced Living Obligated Group), "A", 5%, <br> 7/01/2037 <br>| 220000 | &nbsp;&nbsp; 220049 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living <br> Facilities Rev. (Wesley Enhanced Living Obligated Group), "A", 5%, <br> 7/01/2042 <br>| 245000 | &nbsp;&nbsp; 241292 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living <br> Facilities Rev. (Wesley Enhanced Living Obligated Group), "A", 5%, <br> 7/01/2049 <br>| 350000 | &nbsp;&nbsp; 318678 |
| Philadelphia, PA, School District General Obligation, "B", 5%, <br> 9/01/2043 <br>| 150000 | &nbsp;&nbsp; 154132 |
| Scranton-Lackawanna, PA, Health and Welfare Authority, University <br> Rev. (Marywood University Project), 5%, 6/01/2046 <br>| 885000 | &nbsp;&nbsp; 763201 |
| Washington County, PA, Redevelopment Authority Refunding Rev. <br> (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 <br>| 30000 | &nbsp;&nbsp; 30117 |
|  |  | &nbsp;&nbsp; $23340459 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Puerto Rico – 2.7% | Puerto Rico – 2.7% | Puerto Rico – 2.7% |
| Commonwealth of Puerto Rico, General Obligation Restructured, <br> "A", 4%, 7/01/2041 <br>| $804000 | &nbsp;&nbsp; $752204 |
| Puerto Rico Electric Power Authority Rev., "NN", NPFG, 4.75%, <br> 7/01/2033 <br>| 105000 | &nbsp;&nbsp; 104410 |
| Puerto Rico Electric Power Authority Rev., "TT", NPFG, 5%, <br> 7/01/2026 <br>| 10000 | &nbsp;&nbsp; 10003 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, <br> 7/01/2026 <br>| 125000 | &nbsp;&nbsp; 125061 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, <br> 7/01/2030 <br>| 490000 | &nbsp;&nbsp; 495605 |
| Puerto Rico Industrial, Tourist, Educational, Medical & <br> Environmental Control Facilities Financing Authority (AES Puerto <br> Rico Project), 6.625%, 1/01/2027 <br>| 67059 | &nbsp;&nbsp; 48097 |
| Puerto Rico Industrial, Tourist, Educational, Medical & <br> Environmental Control Facilities Financing Authority (AES Puerto <br> Rico Project), 6.625%, 1/01/2028 <br>| 511449 | &nbsp;&nbsp; 372023 |
| Puerto Rico Industrial, Tourist, Educational, Medical & <br> Environmental Control Facilities Financing Authority, Higher <br> Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 <br>| 70000 | &nbsp;&nbsp; 69146 |
| Puerto Rico Industrial, Tourist, Educational, Medical & <br> Environmental Control Facilities Financing Authority, Higher <br> Education Rev. (University of Sacred Heart), 5%, 10/01/2042 <br>| 125000 | &nbsp;&nbsp; 120466 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., <br> "A-1", 4.75%, 7/01/2053 <br>| 197000 | &nbsp;&nbsp; 187826 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., <br> "A-1", 5%, 7/01/2058 <br>| 2543000 | &nbsp;&nbsp; 2470029 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., <br> "A-2", 4.329%, 7/01/2040 <br>| 507000 | &nbsp;&nbsp; 501256 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., <br> "A-2", 4.536%, 7/01/2053 <br>| 5000 | &nbsp;&nbsp; 4617 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., <br> "A-2", 4.784%, 7/01/2058 <br>| 93000 | &nbsp;&nbsp; 88600 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., <br> Capital Appreciation, "A-1", 0%, 7/01/2033 <br>| 1498000 | &nbsp;&nbsp; 1151981 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., <br> Capital Appreciation, "A-1", 0%, 7/01/2046 <br>| 252000 | &nbsp;&nbsp; 89824 |
|  |  | &nbsp;&nbsp; $6591148 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Rhode Island – 0.5% | Rhode Island – 0.5% | Rhode Island – 0.5% |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", <br> 4.125%, 12/01/2042 <br>| $980000 | &nbsp;&nbsp; $943628 |
| Rhode Island Student Loan Authority, Student Loan Rev., "A", 3.5%, <br> 12/01/2034 <br>| 95000 | &nbsp;&nbsp; 94078 |
| Rhode Island Student Loan Authority, Student Loan Rev., "A", <br> 3.625%, 12/01/2037 <br>| 265000 | &nbsp;&nbsp; 257004 |
|  |  | &nbsp;&nbsp; $1294710 |
| South Carolina – 4.1% | South Carolina – 4.1% | South Carolina – 4.1% |
| Charleston, SC, Housing Authority Rev. (1800 Ashley West), 4.5%, <br> 9/01/2035 <br>| $610000 | &nbsp;&nbsp; $617473 |
| Dorchester County, SC, Summers Corner Improvement District, <br> Assessment Rev., 5.25%, 10/01/2043 <br>| 415000 | &nbsp;&nbsp; 418416 |
| Dorchester County, SC, Summers Corner Improvement District, <br> Assessment Rev., 5.5%, 10/01/2051 <br>| 1115000 | &nbsp;&nbsp; 1098334 |
| South Carolina Jobs-Economic Development Authority Rev. <br> (Charleston Southern University), "C", 5.75%, 9/01/2055 <br>| 210000 | &nbsp;&nbsp; 211641 |
| South Carolina Jobs-Economic Development Authority, Educational <br> Facilities Rev. (Orangeburg High School for Health Professions <br> Project), "A", 6.625%, 6/15/2060 <br>| 755000 | &nbsp;&nbsp; 760125 |
| South Carolina Jobs-Economic Development Authority, Health <br> Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, <br> 5/01/2048 <br>| 105000 | &nbsp;&nbsp; 90095 |
| South Carolina Jobs-Economic Development Authority, Health <br> Facilities Rev. (Lutheran Homes of South Carolina, Inc.), "B", 5%, <br> 5/01/2037 <br>| 75000 | &nbsp;&nbsp; 71584 |
| South Carolina Jobs-Economic Development Authority, Health <br> Facilities Rev. (Lutheran Homes of South Carolina, Inc.), "B", 5%, <br> 5/01/2042 <br>| 40000 | &nbsp;&nbsp; 36487 |
| South Carolina Jobs-Economic Development Authority, Healthcare <br> Rev. (Beaufort Memorial Hospital & South of Broad Healthcare <br> Project), 5.5%, 11/15/2044 <br>| 100000 | &nbsp;&nbsp; 103512 |
| South Carolina Jobs-Economic Development Authority, Hospital Rev. <br> (Hampton Regional Medical Center Project), 4%, 11/01/2029 <br>| 110000 | &nbsp;&nbsp; 110162 |
| South Carolina Jobs-Economic Development Authority, Hospital Rev. <br> (Hampton Regional Medical Center Project), 5%, 11/01/2033 <br>| 170000 | &nbsp;&nbsp; 171041 |
| South Carolina Jobs-Economic Development Authority, Hospital Rev. <br> (Hampton Regional Medical Center Project), 5%, 11/01/2037 <br>| 120000 | &nbsp;&nbsp; 120052 |
| South Carolina Jobs-Economic Development Authority, Hospital Rev. <br> (Hampton Regional Medical Center Project), 5%, 11/01/2042 <br>| 300000 | &nbsp;&nbsp; 271971 |
| South Carolina Jobs-Economic Development Authority, Hospital Rev. <br> (Hampton Regional Medical Center Project), 5%, 11/01/2046 <br>| 165000 | &nbsp;&nbsp; 143259 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| South Carolina – continued | South Carolina – continued | South Carolina – continued |
| South Carolina Jobs-Economic Development Authority, Hospital Rev. <br> (Prisma Health Obligated Group), "A", 5%, 5/01/2048 <br>| $770000 | &nbsp;&nbsp; $774752 |
| South Carolina Jobs-Economic Development Authority, Residential <br> Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047 <br>| 310000 | &nbsp;&nbsp; 295928 |
| South Carolina Jobs-Economic Development Authority, Residential <br> Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2052 <br>| 240000 | &nbsp;&nbsp; 220832 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", <br> AGM, 5%, 12/01/2054 <br>| 3990000 | &nbsp;&nbsp; 4102143 |
| Spartanburg County, SC, Regional Health Services District Hospital <br> Rev., "A", 5%, 4/15/2048 <br>| 490000 | &nbsp;&nbsp; 493341 |
|  |  | &nbsp;&nbsp; $10111148 |
| Tennessee – 2.9% | Tennessee – 2.9% | Tennessee – 2.9% |
| Knox County, TN, Health Educational & Housing Facility, Board Rev. <br> (University Health Systems, Inc.), 5%, 4/01/2036 <br>| $130000 | &nbsp;&nbsp; $130756 |
| Knox County, TN, Health, Educational & Housing Facility, Board <br> Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A-1", BAM, 5.5%, 7/01/2059 <br>| 250000 | &nbsp;&nbsp; 260741 |
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., <br> "B", 5.5%, 7/01/2052 <br>| 425000 | &nbsp;&nbsp; 442260 |
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., <br> "B", 5.5%, 7/01/2056 <br>| 310000 | &nbsp;&nbsp; 325270 |
| Nashville and Davidson County, TN, Health & Education Facilities, <br> Board of Metropolitan Government, Multi-Family Tax-Exempt <br> Mortgage-Backed (Ben Allen Ridge Apartments Project), "A", 4.75%, <br> 2/01/2048 <br>| 666015 | &nbsp;&nbsp; 664014 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, <br> 10/01/2053 (Put Date 12/01/2030)<br>| 2060000 | &nbsp;&nbsp; 2189073 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A", 5.25%, <br> 9/01/2026 <br>| 500000 | &nbsp;&nbsp; 503160 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A-1", 5%, <br> 5/01/2053 (Put Date 5/01/2028)<br>| 1250000 | &nbsp;&nbsp; 1286590 |
| Tennessee Housing Development Agency, Residential Finance <br> Program Rev., "2A", 4.7%, 7/01/2053 <br>| 1265000 | &nbsp;&nbsp; 1265341 |
|  |  | &nbsp;&nbsp; $7067205 |
| Texas – 8.4% | Texas – 8.4% | Texas – 8.4% |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME <br> Preparatory Academy), "A", 5%, 8/15/2038 <br>| $95000 | &nbsp;&nbsp; $95080 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME <br> Preparatory Academy), "A", 5%, 8/15/2048 <br>| 150000 | &nbsp;&nbsp; 140379 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME <br> Preparatory Academy), "A", 5%, 8/15/2053 <br>| 155000 | &nbsp;&nbsp; 140499 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| Arlington, TX, Higher Education Finance Corp. Refunding Rev. (Basis <br> Texas Charter Schools, Inc.), 5.875%, 6/15/2065 <br>| $240000 | &nbsp;&nbsp; $242375 |
| Arlington, TX, Higher Education Finance Corp., Education Rev. <br> (Newman International Academy), "A", 5.375%, 8/15/2036 <br>| 90000 | &nbsp;&nbsp; 80801 |
| Arlington, TX, Higher Education Finance Corp., Education Rev. <br> (Newman International Academy), "A", 5.5%, 8/15/2046 <br>| 385000 | &nbsp;&nbsp; 303256 |
| Arlington, TX, Higher Education Finance Corp., Education Rev. <br> (Trinity Basin Preparatory, Inc.), Texas PSF, 4.25%, 8/15/2047 <br>| 520000 | &nbsp;&nbsp; 497330 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program <br> Rev., "1A", 5.125%, 4/01/2043 <br>| 525000 | &nbsp;&nbsp; 543202 |
| Conroe, TX, Local Government Corp., First Lien Hotel Rev. <br> (Convention Center Hotel), "A", 4%, 10/01/2050 <br>| 120000 | &nbsp;&nbsp; 93347 |
| Crowley, TX, Independent School District (Tarrant and Johnson <br> Counties), Texas PSF, 4.25%, 2/01/2053 <br>| 650000 | &nbsp;&nbsp; 615696 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles <br> at Los Paseos), 4.125%, 12/01/2039 <br>| 160000 | &nbsp;&nbsp; 158538 |
| Harris County, TX, Cultural Education Facilities Finance Corp., <br> Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, <br> 7/01/2052 <br>| 665000 | &nbsp;&nbsp; 594629 |
| Harris County, TX, Houston Sports Authority Rev., Capital <br> Appreciation, "A", AGM, 0%, 11/15/2041 <br>| 125000 | &nbsp;&nbsp; 61307 |
| Harris County, TX, Houston Sports Authority Rev., Capital <br> Appreciation, "A", AGM, 0%, 11/15/2046 <br>| 425000 | &nbsp;&nbsp; 158576 |
| Houston, TX, Airport System Refunding Rev., "A", AGM, 5.25%, <br> 7/01/2053 <br>| 515000 | &nbsp;&nbsp; 530287 |
| Houston, TX, Airport System Special Facilities Refunding Rev. (United <br> Airlines, Inc. Terminal E Project), 5%, 7/01/2029 <br>| 100000 | &nbsp;&nbsp; 100106 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, <br> Inc. Terminal Improvement Projects), "B", 5.5%, 7/15/2038 <br>| 820000 | &nbsp;&nbsp; 873136 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, <br> Inc. Terminal Improvement Projects), "B-2", 5%, 7/15/2027 <br>| 100000 | &nbsp;&nbsp; 101575 |
| Houston, TX, Higher Education Finance Corp., University Rev. <br> (Houston Christian University Project), 5.25%, 10/01/2054 <br>| 100000 | &nbsp;&nbsp; 97003 |
| Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical <br> Center-Irving), "A", 5%, 10/15/2044 <br>| 145000 | &nbsp;&nbsp; 144984 |
| Lavon, TX, Special Assessment Rev. (Trails of Lavon Public <br> Improvement District Projects), 6%, 9/15/2054 <br>| 113000 | &nbsp;&nbsp; 116494 |
| Mission, TX, Economic Development Corp. (Natgasoline Project), <br> 4.625%, 10/01/2031 (n)<br>| 305000 | &nbsp;&nbsp; 305737 |
| New Hope, TX, Cultural Education Facilities Finance Corp., <br> Retirement Facility Rev. (Bella Vida Forefront Living Project), "A", <br> 6.5%, 10/01/2060 <br>| 220000 | &nbsp;&nbsp; 225709 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| New Hope, TX, Cultural Education Facilities Finance Corp., <br> Retirement Facility Rev. (MRC Senior Living - Langford Project), "A", <br> 5.375%, 11/15/2036 <br>| $110000 | &nbsp;&nbsp; $108877 |
| New Hope, TX, Cultural Education Facilities Finance Corp., <br> Retirement Facility Rev. (MRC Senior Living - Langford Project), "A", <br> 5.5%, 11/15/2046 <br>| 80000 | &nbsp;&nbsp; 72421 |
| New Hope, TX, Cultural Education Facilities Finance Corp., <br> Retirement Facility Rev. (MRC Senior Living - Langford Project), "A", <br> 5.5%, 11/15/2052 <br>| 90000 | &nbsp;&nbsp; 79338 |
| New Hope, TX, Cultural Education Facilities Finance Corp., <br> Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 4%, <br> 1/01/2029 <br>| 15000 | &nbsp;&nbsp; 15105 |
| New Hope, TX, Cultural Education Facilities Finance Corp., <br> Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%, <br> 1/01/2039 <br>| 35000 | &nbsp;&nbsp; 35442 |
| New Hope, TX, Cultural Education Facilities Finance Corp., <br> Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%, <br> 1/01/2050 <br>| 45000 | &nbsp;&nbsp; 42595 |
| New Hope, TX, Cultural Education Facilities Finance Corp., <br> Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%, <br> 1/01/2055 <br>| 110000 | &nbsp;&nbsp; 102167 |
| New Hope, TX, Cultural Education Facilities Finance Corp., <br> Retirement Facility Rev. (Westminster Project), 5%, 11/01/2060 <br>| 195000 | &nbsp;&nbsp; 189317 |
| Red River, TX, Education Finance Corp., Higher Education Rev. <br> (Houston Baptist University Project), 5.5%, 10/01/2046 <br>| 445000 | &nbsp;&nbsp; 445521 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. <br> (Christus Health), "A", 4%, 7/01/2053 <br>| 785000 | &nbsp;&nbsp; 680851 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., <br> Hospital Rev. (Baylor Scott & White Health Project), "D", 5%, <br> 11/15/2051 <br>| 1000000 | &nbsp;&nbsp; 1028460 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., <br> Retirement Facility Rev. (Stayton Museum Way), 5.75%, 12/01/2054 <br>| 1181836 | &nbsp;&nbsp; 1021659 |
| Texas Department of Housing & Community Affairs, Single Family <br> Mortgage Rev., "A", GNMA, 5.25%, 9/01/2053 <br>| 1225000 | &nbsp;&nbsp; 1250827 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Rev., <br> "B", 5.5%, 1/01/2054 (Put Date 1/01/2034)<br>| 2140000 | &nbsp;&nbsp; 2338260 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. <br> (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2043 <br>| 505000 | &nbsp;&nbsp; 527275 |
| Texas State Technical College System Rev., Financing System <br> Improvement, "A", AGM, 6%, 8/01/2054 <br>| 480000 | &nbsp;&nbsp; 520482 |
| Texas Transportation Commission, State Highway 249 System Rev., <br> "A", 5%, 8/01/2057 <br>| 470000 | &nbsp;&nbsp; 471585 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| Texas Transportation Commission, State Highway 249 System Rev., <br> Capital Appreciation, "A", 0%, 8/01/2042 <br>| $115000 | &nbsp;&nbsp; $52767 |
| Texas Transportation Finance Corp., Subordinate Tier Toll Refunding <br> Rev. (TELA Supported), "A", 5.5%, 10/01/2055 <br>| 5165000 | &nbsp;&nbsp; 5561209 |
|  |  | &nbsp;&nbsp; $20764204 |
| U.S. Virgin Islands – 0.7% | U.S. Virgin Islands – 0.7% | U.S. Virgin Islands – 0.7% |
| Virgin Islands Hotel Development Financing Corp. Rev., Taxable <br> (Frenchman's Reef Hotel), "A-1", 6%, 12/01/2055 <br>| $800000 | &nbsp;&nbsp; $794527 |
| Virgin Islands Public Finance Authority, Economic Recovery Fee Rev., <br> Taxable (Frenchman's Reef Hotel Development Project), "B", 9%, <br> 4/01/2053 <br>| 425000 | &nbsp;&nbsp; 404340 |
| Virgin Islands Public Finance Authority, Hotel Occupancy Tax Rev. <br> (Frenchman's Reef Hotel Development Project), "A", 6%, <br> 4/01/2053 (n)<br>| 410000 | &nbsp;&nbsp; 411208 |
|  |  | &nbsp;&nbsp; $1610075 |
| Utah – 0.9% | Utah – 0.9% | Utah – 0.9% |
| MIDA Mountain Village, UT, Public Infrastructure District, Tax <br> Allocated Rev., "1", 5.75%, 6/01/2060 <br>| $175000 | &nbsp;&nbsp; $178173 |
| Pine View, UT, Public Infrastructure District No. 2, Special <br> Assessment (Firelight Assessment Area No. 1), 6.25%, 12/01/2055 <br>| 198516 | &nbsp;&nbsp; 199620 |
| Salt Lake County, UT, Copper Rim Infrastructure Financing District, <br> Utah Special Assessment (Copper Rim Assessment Area), 6.125%, <br> 12/01/2054 <br>| 113525 | &nbsp;&nbsp; 116952 |
| Sawmill Infrastructure Financing District, UT, Special Assessment <br> Rev. (Sawmill Assessment Area), 6%, 12/01/2054 <br>| 194184 | &nbsp;&nbsp; 201354 |
| Utah Charter School Finance Authority, Charter School Rev. (Da Vinci <br> Academy of Science & Arts), 4%, 4/15/2047 <br>| 475000 | &nbsp;&nbsp; 410210 |
| Utah Charter School Finance Authority, Charter School Rev. (Reagan <br> Academy Project), 5%, 2/15/2036 (n)<br>| 100000 | &nbsp;&nbsp; 96118 |
| Utah Charter School Finance Authority, Charter School Rev. (Reagan <br> Academy Project), 5%, 2/15/2046 (n)<br>| 150000 | &nbsp;&nbsp; 131420 |
| Wakara Ridge, UT, Public Infrastructure District, Special Assessment <br> (Wakara Ridge Assessment Area), 5.625%, 12/01/2054 <br>| 238473 | &nbsp;&nbsp; 243899 |
| Washington County, UT, Black Desert Public Infrastructure District <br> (Assessment Area No. 1), 5.625%, 12/01/2053 <br>| 730400 | &nbsp;&nbsp; 742853 |
|  |  | &nbsp;&nbsp; $2320599 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Vermont – 0.8% | Vermont – 0.8% | Vermont – 0.8% |
| Vermont Economic Development Authority, Solid Waste Disposal <br> Rev. (Casella Waste Systems, Inc.), 4.625%, <br> 4/01/2036 (Put Date 4/03/2028) (n)<br>| $120000 | &nbsp;&nbsp; $121145 |
| Vermont Housing Finance Agency, Multi-Purpose Rev., "A", GNMA, <br> 6%, 11/01/2053 <br>| 1245000 | &nbsp;&nbsp; 1346052 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 3.75%, <br> 6/15/2030 <br>| 35000 | &nbsp;&nbsp; 34934 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", <br> 4.375%, 6/15/2040 <br>| 335000 | &nbsp;&nbsp; 327649 |
| Vermont Student Assistance Corp., Education Loan Rev., "B", <br> 4.375%, 6/15/2046 <br>| 150000 | &nbsp;&nbsp; 132731 |
|  |  | &nbsp;&nbsp; $1962511 |
| Virginia – 2.0% | Virginia – 2.0% | Virginia – 2.0% |
| Henrico County, VA, Economic Development Authority Rev., <br> Residential Care Facility (Westminster - Canterbury of Richmond), <br> "A", 5%, 10/01/2052 <br>| $145000 | &nbsp;&nbsp; $141666 |
| James City County, VA, Economic Development Authority, <br> Residential Care Facility Rev. (United Methodist Homes of <br> Williamsburg, Inc.), "A", 4%, 6/01/2047 <br>| 210000 | &nbsp;&nbsp; 169875 |
| James City County, VA, Economic Development Authority, <br> Residential Care Facility Rev. (Williamsburg Landing), "A", 6.875%, <br> 12/01/2058 <br>| 255000 | &nbsp;&nbsp; 277680 |
| Peninsula Town Center Community Development Authority, VA, <br> Special Obligation Refunding, 5%, 9/01/2037 (n)<br>| 115000 | &nbsp;&nbsp; 115936 |
| Peninsula Town Center Community Development Authority, VA, <br> Special Obligation Refunding, 4.5%, 9/01/2045 (n)<br>| 285000 | &nbsp;&nbsp; 271892 |
| Peninsula Town Center Community Development Authority, VA, <br> Special Obligation Refunding, 5%, 9/01/2045 (n)<br>| 210000 | &nbsp;&nbsp; 210336 |
| Virginia Beach, VA, Development Authority, Residential Care Facility <br> Rev. (Westminster - Canterbury on Chesapeake Bay), "A", 7%, <br> 9/01/2059 <br>| 890000 | &nbsp;&nbsp; 969740 |
| Virginia Small Business Financing Authority Rev. (Obligated Group of <br> National Senior Campuses, Inc.), "A", 4%, 1/01/2045 <br>| 975000 | &nbsp;&nbsp; 917450 |
| Virginia Small Business Financing Authority Rev. (Pinnacle Living), <br> 5%, 6/01/2052 <br>| 190000 | &nbsp;&nbsp; 177900 |
| Virginia Small Business Financing Authority, Solid Water Disposal <br> Rev. (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n)<br>| 100000 | &nbsp;&nbsp; 97167 |
| Williamsburg, VA, Economic Development Authority, Dining Lease <br> Rev. (Provident Group - Williamsburg Properties LLC - William & <br> Mary Project), "B", AGM, 5.25%, 7/01/2053 <br>| 1225000 | &nbsp;&nbsp; 1280076 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Virginia – continued | Virginia – continued | Virginia – continued |
| Williamsburg, VA, Economic Development Authority, Student <br> Housing Rev. (Provident Group - Williamsburg Properties LLC - <br> William & Mary Project), "A", AGM, 5.25%, 7/01/2053 <br>| $355000 | &nbsp;&nbsp; $370155 |
|  |  | &nbsp;&nbsp; $4999873 |
| Washington – 3.2% | Washington – 3.2% | Washington – 3.2% |
| Everett, WA, Housing Authority Refunding Rev. (Huntington Park <br> Apartments Project), 4%, 7/01/2037 <br>| $860000 | &nbsp;&nbsp; $838448 |
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax <br> General Obligation Refunding, 5%, 12/15/2033 <br>| 225000 | &nbsp;&nbsp; 229024 |
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax <br> General Obligation Refunding, 5%, 12/15/2038 <br>| 290000 | &nbsp;&nbsp; 292273 |
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax <br> General Obligation Refunding, 5%, 12/15/2048 <br>| 560000 | &nbsp;&nbsp; 519391 |
| Kalispel Tribe of Indians, WA, Priority Distribution Rev., "A", 5.25%, <br> 1/01/2038 (n)<br>| 210000 | &nbsp;&nbsp; 213015 |
| Kalispel Tribe of Indians, WA, Priority Distribution Rev., "B", 5.25%, <br> 1/01/2038 (n)<br>| 100000 | &nbsp;&nbsp; 101436 |
| King County, WA, Housing Authority, Pooled Housing Refunding <br> Rev., 5.375%, 7/01/2045 <br>| 125000 | &nbsp;&nbsp; 132303 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "B", 4%, <br> 8/01/2047 <br>| 100000 | &nbsp;&nbsp; 89321 |
| Vancouver, WA, Housing Authority, Multi-Family Rev. (Cougar Creek <br> Project), "A", 4.5%, 10/01/2042 <br>| 540000 | &nbsp;&nbsp; 547032 |
| Washington State Housing Finance Commission, Municipal <br> Certificates, "1-A", 4.22%, 3/01/2050 <br>| 224585 | &nbsp;&nbsp; 218923 |
| Washington State Housing Finance Commission, Municipal <br> Certificates, "A", 3.5%, 12/20/2035 <br>| 1033662 | &nbsp;&nbsp; 997245 |
| Washington State Housing Finance Commission, Municipal <br> Certificates, "X", 0.726%, 12/20/2035 (i)<br>| 4187575 | &nbsp;&nbsp; 149592 |
| Washington State Housing Finance Commission, Nonprofit Housing <br> Refunding Rev. (Emerald Heights Project), "A", 5%, 7/01/2048 <br>| 140000 | &nbsp;&nbsp; 138576 |
| Washington State Housing Finance Commission, Nonprofit Housing <br> Refunding Rev. (Hearthstone Project), "A", 5%, 7/01/2048 (n)<br>| 160000 | &nbsp;&nbsp; 119487 |
| Washington State Housing Finance Commission, Nonprofit Housing <br> Refunding Rev. (Hearthstone Project), "A", 5%, 7/01/2053 (n)<br>| 125000 | &nbsp;&nbsp; 88347 |
| Washington State Housing Finance Commission, Nonprofit Housing <br> Refunding Rev. (Horizon House Project), "A", 6.25%, 1/01/2061 <br>| 1440000 | &nbsp;&nbsp; 1451037 |
| Washington State Housing Finance Commission, Nonprofit Housing <br> Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n)<br>| 100000 | &nbsp;&nbsp; 92830 |
| Washington State Housing Finance Commission, Nonprofit Housing <br> Rev. (Presbyterian Retirement Communities Northwest Projects), <br> "A", 5%, 1/01/2036 (n)<br>| 140000 | &nbsp;&nbsp; 140580 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Washington – continued | Washington – continued | Washington – continued |
| Washington State Housing Finance Commission, Nonprofit Housing <br> Rev. (Presbyterian Retirement Communities Northwest Projects), <br> "A", 5%, 1/01/2046 (n)<br>| $225000 | &nbsp;&nbsp; $217108 |
| Washington State Housing Finance Commission, Nonprofit Housing <br> Rev. (Presbyterian Retirement Communities Northwest Projects), <br> "A", 5%, 1/01/2051 (n)<br>| 260000 | &nbsp;&nbsp; 239159 |
| Washington State Housing Finance Commission, Nonprofit <br> Refunding Rev. (Seattle Academy of Arts and Sciences Project), <br> 6.375%, 7/01/2063 (n)<br>| 215000 | &nbsp;&nbsp; 228710 |
| Washington State Housing Finance Commission, Nonprofit Rev. <br> (Blakeley & Laurel Villages Portfolio), "A", 5.75%, 7/01/2060 <br>| 470000 | &nbsp;&nbsp; 479225 |
| Washington State Housing Finance Commission, Nonprofit Rev. <br> (Blakeley & Laurel Villages Portfolio), "A", BAM, 5.25%, 7/01/2064 <br>| 240000 | &nbsp;&nbsp; 241655 |
|  |  | &nbsp;&nbsp; $7764717 |
| West Virginia – 0.8% | West Virginia – 0.8% | West Virginia – 0.8% |
| Monongalia County, WV, Commission Special District Excise Tax <br> Refunding & Improvement Rev. (University Town Centre Economic <br> Opportunity Development District), "A", 4.125%, 6/01/2043 (n)<br>| $95000 | &nbsp;&nbsp; $88362 |
| Monongalia County, WV, Special District Excise Tax Rev. (University <br> Town Centre Economic Opportunity Development District), "A", 7%, <br> 6/01/2043 (n)<br>| 103000 | &nbsp;&nbsp; 109299 |
| Monongalia County, WV, Special District Excise Tax Rev. (University <br> Town Centre Economic Opportunity Development District), "B", <br> 4.875%, 6/01/2043 (n)<br>| 185000 | &nbsp;&nbsp; 186231 |
| Monongalia County, WV, Special District Excise Tax Rev. (University <br> Town Centre Economic Opportunity Development District), <br> Convertible Capital Appreciation, "B", 0% to 6/01/2043, 8% to <br> 6/01/2053 (n)<br>| 1068000 | &nbsp;&nbsp; 241124 |
| West Virginia Economic Development Authority, Solid Waste <br> Disposal Facility Rev. (Core Natural Resources, Inc. Project), 5.45%, <br> 1/01/2055 (Put Date 3/27/2035)<br>| 495000 | &nbsp;&nbsp; 534678 |
| West Virginia Hospital Finance Authority, Hospital Improvement Rev. <br> (Cabell Huntington Hospital Obligated Group), "A", 5%, 1/01/2043 <br>| 750000 | &nbsp;&nbsp; 712093 |
|  |  | &nbsp;&nbsp; $1871787 |
| Wisconsin – 9.2% | Wisconsin – 9.2% | Wisconsin – 9.2% |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. <br> (American Baptist Homes), 5%, 8/01/2027 (a)(d)<br>| $130000 | &nbsp;&nbsp; $71500 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. <br> (American Baptist Homes), 5%, 8/01/2032 (a)(d)<br>| 205000 | &nbsp;&nbsp; 112750 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. <br> (American Baptist Homes), 5%, 8/01/2037 (a)(d)<br>| 110000 | &nbsp;&nbsp; 60500 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. <br> (American Baptist Homes), 5%, 8/01/2039 (a)(d)<br>| $110000 | &nbsp;&nbsp; $60500 |
| Wisconsin Health & Educational Facilities Authority Rev. (Aspirus, <br> Inc. Obligated Group), 4%, 8/15/2048 <br>| 2000000 | &nbsp;&nbsp; 1767348 |
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin <br> Memorial Hospital, Inc.), "A", 5.5%, 12/01/2052 <br>| 365000 | &nbsp;&nbsp; 388135 |
| Wisconsin Health & Educational Facilities Authority Rev. (Cedar <br> Crest, Inc. Project), 5.125%, 4/01/2057 <br>| 965000 | &nbsp;&nbsp; 823874 |
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield <br> Clinic Health System, Inc.), "C", 5%, 2/15/2047 <br>| 80000 | &nbsp;&nbsp; 80180 |
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield <br> Clinic Health System, Inc.), "C", 4%, 2/15/2050 <br>| 190000 | &nbsp;&nbsp; 167075 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. <br> Camillus Health System, Inc.), "A", 5%, 11/01/2039 <br>| 75000 | &nbsp;&nbsp; 75313 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. <br> Camillus Health System, Inc.), "A", 5%, 11/01/2046 <br>| 150000 | &nbsp;&nbsp; 140750 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. <br> Camillus Health System, Inc.), "A", 5%, 11/01/2054 <br>| 450000 | &nbsp;&nbsp; 398743 |
| Wisconsin Public Finance Authority Rev. (Kahala Nui Project), <br> 5.25%, 11/15/2061 <br>| 225000 | &nbsp;&nbsp; 226808 |
| Wisconsin Public Finance Authority Rev. (McLemore Hotel & <br> Conference Center), "B", 6.5%, 6/01/2056 (n)<br>| 390000 | &nbsp;&nbsp; 296400 |
| Wisconsin Public Finance Authority Rev. (Obligated Group of <br> National Senior Communities, Inc.), 4%, 1/01/2047 <br>| 565000 | &nbsp;&nbsp; 507278 |
| Wisconsin Public Finance Authority Rev. (Obligated Group of <br> National Senior Communities, Inc.), 4%, 1/01/2052 <br>| 945000 | &nbsp;&nbsp; 807928 |
| Wisconsin Public Finance Authority Rev. (Roseman University of <br> Health Sciences Project), 5.75%, 4/01/2035 <br>| 325000 | &nbsp;&nbsp; 325255 |
| Wisconsin Public Finance Authority Rev. (Roseman University of <br> Health Sciences Project), 4%, 4/01/2052 (n)<br>| 275000 | &nbsp;&nbsp; 217840 |
| Wisconsin Public Finance Authority Rev. (Roseman University of <br> Health Sciences Project), 4%, <br> 4/01/2052 (Prerefunded 4/01/2032) (n)<br>| 5000 | &nbsp;&nbsp; 5265 |
| Wisconsin Public Finance Authority Rev., Subordinate-Social <br> Certificates, "B-1", 4%, 12/28/2044 (n)<br>| 796030 | &nbsp;&nbsp; 660382 |
| Wisconsin Public Finance Authority, Airport Facilities Rev. <br> (Transportation Infrastructure Properties LLC), "B", 5.25%, <br> 7/01/2028 <br>| 190000 | &nbsp;&nbsp; 190160 |
| Wisconsin Public Finance Authority, Airport Facilities Rev. <br> (Transportation Infrastructure Properties LLC), "B", 5%, 7/01/2042 <br>| 2575000 | &nbsp;&nbsp; 2575647 |
| Wisconsin Public Finance Authority, Charter School Rev. (Alamance <br> Community School Project), "A", 5%, 6/15/2051 (n)<br>| 155000 | &nbsp;&nbsp; 134275 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Public Finance Authority, Charter School Rev. (Alamance <br> Community School Project), "A", 7%, 6/15/2053 <br>| $300000 | &nbsp;&nbsp; $319201 |
| Wisconsin Public Finance Authority, Charter School Rev. (Foundation <br> Academy Charter School Project), 5%, 7/01/2060 <br>| 205000 | &nbsp;&nbsp; 183142 |
| Wisconsin Public Finance Authority, Charter School Rev. (North East <br> Carolina Preparatory School Project), "A", 5.25%, 6/15/2054 <br>| 235000 | &nbsp;&nbsp; 230300 |
| Wisconsin Public Finance Authority, Charter School Rev. (Unity <br> Classical Charter School; A Challenge Foundation Academy), 7%, <br> 7/01/2058 (n)<br>| 355000 | &nbsp;&nbsp; 360665 |
| Wisconsin Public Finance Authority, Education Rev. (Mountain Island <br> Charter School), 5%, 7/01/2037 <br>| 75000 | &nbsp;&nbsp; 75015 |
| Wisconsin Public Finance Authority, Education Rev. (Mountain Island <br> Charter School), 5%, 7/01/2047 <br>| 110000 | &nbsp;&nbsp; 103905 |
| Wisconsin Public Finance Authority, Education Rev. (Triad <br> Educational Services, Inc.), 5.5%, 6/15/2062 <br>| 285000 | &nbsp;&nbsp; 269129 |
| Wisconsin Public Finance Authority, Educational Facilities Rev. <br> (Community School of Davidson Project), 5%, 10/01/2033 (n)<br>| 40000 | &nbsp;&nbsp; 40533 |
| Wisconsin Public Finance Authority, Educational Facilities Rev. <br> (Community School of Davidson Project), 5%, 10/01/2048 (n)<br>| 400000 | &nbsp;&nbsp; 376466 |
| Wisconsin Public Finance Authority, Health Care System Rev. (Cone <br> Health), "A", 5%, 10/01/2052 <br>| 1205000 | &nbsp;&nbsp; 1218302 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. <br> (Appalachian Regional Healthcare System Obligated Group), "A", <br> 4%, 7/01/2051 <br>| 190000 | &nbsp;&nbsp; 144877 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church <br> Home of Hartford, Inc. Project), "A", 5%, 9/01/2030 (n)<br>| 155000 | &nbsp;&nbsp; 155138 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church <br> Home of Hartford, Inc. Project), "A", 5%, 9/01/2038 (n)<br>| 150000 | &nbsp;&nbsp; 150066 |
| Wisconsin Public Finance Authority, Higher Education Facilities Rev. <br> (Gannon University Project), 5%, 5/01/2047 <br>| 200000 | &nbsp;&nbsp; 181539 |
| Wisconsin Public Finance Authority, Hospital Rev. (WakeMed), "A", <br> 4%, 10/01/2049 <br>| 1995000 | &nbsp;&nbsp; 1702609 |
| Wisconsin Public Finance Authority, Hotel & Conference Center <br> Facilities Rev. (Foundation of the University of North Carolina at <br> Charlotte, Inc.), "A", 4%, 9/01/2051 (n)<br>| 735000 | &nbsp;&nbsp; 561337 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. <br> (American Dream at Meadowlands Project), "A", 6.25%, <br> 8/01/2027 (a)(d)(n)<br>| 1070000 | &nbsp;&nbsp; 781100 |
| Wisconsin Public Finance Authority, Multi-Family Affordable Housing <br> Certificates (Dominium Holdings I), "B-1", 6.81%, 4/28/2036 <br>| 620000 | &nbsp;&nbsp; 642790 |
| Wisconsin Public Finance Authority, Multi-Family Housing Rev. <br> (Promenade Apartments), 6.25%, 2/01/2039 (n)<br>| 275000 | &nbsp;&nbsp; 280583 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Public Finance Authority, Retirement Facilities First <br> Mortgage Rev. (Galloway Ridge Project), "A", 6.875%, 1/01/2043 <br>| $405000 | &nbsp;&nbsp; $420110 |
| Wisconsin Public Finance Authority, Retirement Facilities First <br> Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, <br> 10/01/2051 <br>| 100000 | &nbsp;&nbsp; 85570 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR <br> 400 Express Lanes Project), 5.75%, 12/31/2065 <br>| 870000 | &nbsp;&nbsp; 889290 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds <br> Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2037 (n)<br>| 125000 | &nbsp;&nbsp; 125834 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds <br> Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2042 (n)<br>| 135000 | &nbsp;&nbsp; 135569 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds <br> Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2047 (n)<br>| 395000 | &nbsp;&nbsp; 392732 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds <br> Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2052 (n)<br>| 270000 | &nbsp;&nbsp; 259271 |
| Wisconsin Public Finance Authority, Senior Secured Rev. (McLemore <br> Hotel & Conference Center), "A", 4.5%, 6/01/2056 (n)<br>| 1105000 | &nbsp;&nbsp; 850235 |
| Wisconsin Public Finance Authority, Special Facility Convertible Rev. <br> (Million Air Three General Aviation Facilities Project), "B", 7%, <br> 9/01/2054 <br>| 100000 | &nbsp;&nbsp; 105594 |
| Wisconsin Public Finance Authority, Special Facility Rev. (Million Air <br> Three LLC General Aviation Facilities Project), "A", 6.25%, 9/01/2046 <br>| 100000 | &nbsp;&nbsp; 103138 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. <br> (Campus Real Estate Holding Corp. LLC Project), "A", 5.5%, <br> 6/01/2055 <br>| 100000 | &nbsp;&nbsp; 100507 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU <br> Bixby Real Estate Foundation LLC Project), "C", 5.75%, 6/15/2055 <br>| 115000 | &nbsp;&nbsp; 112901 |
| Wisconsin Public Finance Authority, Student Housing Rev. (NC A&T <br> Real Estate Foundation LLC Project), "B", 5%, 6/01/2034 <br>| 170000 | &nbsp;&nbsp; 173990 |
| Wisconsin Public Finance Authority, Student Housing Rev. (NC A&T <br> Real Estate Foundation LLC Project), "B", 5%, 6/01/2044 <br>| 130000 | &nbsp;&nbsp; 129078 |
| Wisconsin Public Finance Authority, Student Housing Rev. (NC A&T <br> Real Estate Foundation LLC Project), "B", 5%, 6/01/2049 <br>| 255000 | &nbsp;&nbsp; 242461 |
| Wisconsin Public Finance Authority, Student Housing Rev. (University <br> of Hawai'i Foundation Project), "A-1", 4%, 7/01/2061 (n)<br>| 335000 | &nbsp;&nbsp; 232059 |
| Wisconsin Public Finance Authority, Student Housing Rev. (Western <br> Carolina University Project), 5.25%, 7/01/2047 <br>| 345000 | &nbsp;&nbsp; 335781 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Public Finance Authority, Texas Infrastructure Program <br> Improvement & Refunding Rev. (Astro Texas Land Projects), Capital <br> Appreciation, 0%, 12/15/2037 <br>| $170000 | &nbsp;&nbsp; $84037 |
|  |  | &nbsp;&nbsp; $22648760 |
| **Total Municipal Bonds (Identified Cost, $336,321,344)** |  | **$324297356** |
| Other Municipal Bonds – 0.5% | Other Municipal Bonds – 0.5% | Other Municipal Bonds – 0.5% |
| Multi-Family Housing Revenue – 0.5% | Multi-Family Housing Revenue – 0.5% |  |
| Affordable Housing Tax-Exempt, Pass-Thru Trust Certificates, "1", <br> 6%, 10/05/2040<br>| $797310 | &nbsp;&nbsp; $806484 |
| FRETE 2021-ML12 Trust, "X-US", FHLMC, 1.305%, 7/25/2041 (i)(n) | 1016292 | &nbsp;&nbsp; 88344 |
| FRETE 2023-ML16 Trust, "A", 4.632%, 7/25/2038 | 383255 | &nbsp;&nbsp; 386973 |
| **Total Other Municipal Bonds (Identified Cost, $1,260,925)** |  | **$1281801** |
| Bonds – 0.1% | Bonds – 0.1% | Bonds – 0.1% |
| Medical & Health Technology & Services – 0.0% | Medical & Health Technology & Services – 0.0% |  |
| ProMedica Toledo Hospital, "B", 5.325%, 11/15/2028 | $140000 | &nbsp;&nbsp; $140929 |
| Transportation & Logistics – 0.1% | Transportation & Logistics – 0.1% |  |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, <br> 0%, 2/15/2033 (n)<br>| $340000 | &nbsp;&nbsp; $208510 |
| **Total Bonds (Identified Cost, $372,804)** |  | **$349439** |
| Escrow Interests (e) – 0.1% |  |  |
| Healthcare Revenue - Long Term Care – 0.1% |  |  |
| Michigan Strategic Fund Ltd. (Canterbury Health Care, Inc.) (a) | $100000 | &nbsp;&nbsp; $22300 |
| Waterford Township, MI, Economic Development Corp. (Canterbury <br> Health Care, Inc.), "A" (a)<br>| 190000 | &nbsp;&nbsp; 42370 |
| Waterford Township, MI, Economic Development Corp. (Canterbury <br> Health Care, Inc.), "A" (a)<br>| 190000 | &nbsp;&nbsp; 42370 |
| **Total Escrow Interests (Identified Cost, $106,309)** |  | **$107040** |
| Preferred Stocks – 0.0% |  |  |
| Utilities – 0.0% |  |  |
| AES Guayama Holdings B.V. (Identified Cost, $29,247) | 11249 | &nbsp;&nbsp; $112 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 4.9% | Mutual Funds (h) – 4.9% | Mutual Funds (h) – 4.9% |
| Money Market Funds – 4.9% | Money Market Funds – 4.9% |  |
| MFS Institutional Money Market Portfolio, 3.7% (v) (Identified Cost, <br> $12,082,661)<br>| 12082103 | &nbsp;&nbsp; $12083311 |
| Other Assets, Less Liabilities – 1.9% |  | &nbsp;&nbsp; 4697456 |
| Remarketable Variable Rate MuniFund Term Preferred Shares <br> (RVMTP shares), at liquidation value (issued by the fund) – <br> (39.3)% | Remarketable Variable Rate MuniFund Term Preferred Shares <br> (RVMTP shares), at liquidation value (issued by the fund) – <br> (39.3)% | &nbsp;&nbsp; (96700000)<br>|
| **Net assets applicable to common shares – 100.0%** |  | **$246116515** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Escrow interests represent beneficial interests in liquidation proceedings. The interests
 cannot be sold and the amount and timing of related future payments, if any, cannot be predicted
 with certainty.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period
 end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated
 issuers were $12,083,311 and $326,035,748, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $44,610,551, representing 18.1% of net assets applicable to common shares.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Build NYC Resource Corp. Rev. (International Leadership <br> Charter High School Project), "A", 6.25%, 7/01/2046<br>| 7/14/2016 | $140001 | $140051 |
| California Pollution Control Financing Authority, Solid Waste <br> Disposal Rev. (CalPlant I Project), 8%, 7/01/2039<br>| 5/25/2017 | 746292 | 8437 |
| California Pollution Control Financing Authority, Solid Waste <br> Disposal Rev. (CalPlant I Project), 7.5%, 12/01/2039<br>| 7/26/2019 | 835468 | 10 |
| California Statewide Communities Development Authority, <br> College Housing Rev. (NCCD - Hooper Street LLC College of <br> the Arts Project), 5.25%, 7/01/2049<br>| 1/16/2019 | 177799 | 175138 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities - continued** | &nbsp;&nbsp; **Acquisition**<br> **Date**<br>| **Cost** | **Value** |
| California Statewide Communities Development Authority, <br> College Housing Rev. (NCCD - Hooper Street LLC College of <br> the Arts Project), 5.25%, 7/01/2052<br>| 1/16/2019 | $116670 | $113197 |
| Total Restricted Securities |  |  | $436833 |
| % of Net assets applicable to common shares |  |  | 0.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Statement of Assets and Liabilities**

At 4/30/26 (unaudited)

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $338,090,629) | &nbsp;&nbsp; $326035748 |
| Investments in affiliated issuers, at value (identified cost, $12,082,661) | &nbsp;&nbsp; 12083311 |
| Cash | &nbsp;&nbsp; 1280 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp; 328959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; 5040635 |
| Receivable from investment adviser | &nbsp;&nbsp; 13514 |
| Other assets | &nbsp;&nbsp; 27534 |
| Total assets | &nbsp;&nbsp; $343530981 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions on common shares | &nbsp;&nbsp; $39957 |
| &nbsp;&nbsp;&nbsp;&nbsp; When-issued investments purchased | &nbsp;&nbsp; 240568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | &nbsp;&nbsp; 340861 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services fee | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent and dividend disbursing costs | &nbsp;&nbsp; 866 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1196 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 90706 |
| RVMTP shares, at liquidation value of $96,700,000 | &nbsp;&nbsp; 96700000 |
| Total liabilities | &nbsp;&nbsp; $97414466 |
| Net assets applicable to common shares | &nbsp;&nbsp; $246116515 |
| **Net assets consist of** |  |
| Paid-in capital - common shares | &nbsp;&nbsp; $280191728 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (34075213)<br>|
| Net assets applicable to common shares | &nbsp;&nbsp; $246116515 |
| &nbsp;&nbsp;&nbsp;&nbsp; RVMTP shares, at liquidation value of $96,700,000 (967 shares issued and outstanding <br> at $100,000 per share)<br>| &nbsp;&nbsp; 96700000 |
| Net assets including preferred shares | &nbsp;&nbsp; $342816515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common shares of beneficial interest issued and outstanding (unlimited number of <br> shares authorized)<br>| &nbsp;&nbsp; 41187631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per common share (net assets of $246,116,515 / 41,187,631 shares of <br> beneficial interest outstanding)<br>| &nbsp;&nbsp; $5.98 |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Statement of Operations**

Six months ended 4/30/26 (unaudited)

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; $8581915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated issuers | &nbsp;&nbsp; 87996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 47 |
| Total investment income | &nbsp;&nbsp; $8669958 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | &nbsp;&nbsp; $1216917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent and dividend disbursing costs | &nbsp;&nbsp; 17618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services fee | &nbsp;&nbsp; 27753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Trustees' compensation | &nbsp;&nbsp; 6469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock exchange fee | &nbsp;&nbsp; 19907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | &nbsp;&nbsp; 22632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder communications | &nbsp;&nbsp; 13285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | &nbsp;&nbsp; 48878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | &nbsp;&nbsp; 2668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; 2022281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 35839 |
| Total expenses | &nbsp;&nbsp; $3434247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reduction of expenses by investment adviser | &nbsp;&nbsp; (150961)<br>|
| Net expenses | &nbsp;&nbsp; $3283286 |
| Net investment income (loss) | &nbsp;&nbsp; $5386672 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $(778362)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 23 |
| Net realized gain (loss) | &nbsp;&nbsp; $(778339)<br>|
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $(649760)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 596 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(649164)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $(1427503)<br>|
| Change in net assets from operations | &nbsp;&nbsp; $3959169 |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**4/30/26** <br>**(unaudited)**<br>| <br>**10/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $5386672 | &nbsp;&nbsp;&nbsp; $10417248 |
| Net realized gain (loss) | (778339)<br>| &nbsp;&nbsp;&nbsp; (3740483)<br>|
| Net unrealized gain (loss) | (649164)<br>| &nbsp;&nbsp;&nbsp; (1010765)<br>|
| Change in net assets from operations | $3959169 | &nbsp;&nbsp;&nbsp; $5666000 |
| Distributions to common shareholders | $(5931019)<br>| &nbsp;&nbsp;&nbsp; $(11161848)<br>|
| Total change in net assets | $(1971850)<br>| &nbsp;&nbsp;&nbsp; $(5495848)<br>|
| **Net assets applicable to common shares** |  |  |
| At beginning of period | 248088365 | &nbsp;&nbsp;&nbsp; 253584213 |
| At end of period | $246116515 | &nbsp;&nbsp;&nbsp; $248088365 |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Statement of Cash Flows** 

Six months ended 4/30/26 (unaudited)

This statement provides a summary of cash flows from investment activity for the fund.

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| | |
|:---|:---|
| **Cash flows from operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from operations | &nbsp;&nbsp; $3959169 |
| **Adjustments to reconcile change in net assets from operations to net** <br> **cash provided by operating activities:**<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of investment securities | &nbsp;&nbsp; (21553689)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investment securities | &nbsp;&nbsp; 43330296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of short-term investments, net | &nbsp;&nbsp; (11566888)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/loss on investments | &nbsp;&nbsp; 778362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation/depreciation on investments | &nbsp;&nbsp; 649164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net amortization/accretion of income | &nbsp;&nbsp; 167935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in interest receivable | &nbsp;&nbsp; 306326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses and other liabilities | &nbsp;&nbsp; (37979)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable from investment adviser | &nbsp;&nbsp; (5866)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in other assets | &nbsp;&nbsp; (20827)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for interest expense | &nbsp;&nbsp; (121959)<br>|
| Net cash provided by operating activities | &nbsp;&nbsp; $15884044 |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash distributions paid on common shares | &nbsp;&nbsp; $(5932764)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Payment for redemption of floating rate certificates | &nbsp;&nbsp; (9950000)<br>|
| Net cash used by financing activities | &nbsp;&nbsp; $(15882764)<br>|
| Net increase in cash and restricted cash | &nbsp;&nbsp; $1280 |
| **Cash and restricted cash:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $1280 |

---

Supplemental disclosure of cash flow information:

Cash paid during the six months ended April 30, 2026 for interest was $2,144,240.

**See Notes to Financial Statements**

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*Financial Statements*

**Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Common Shares** | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **4/30/26** <br>**(unaudited)**<br>| **10/31/25** | **10/31/24** | **10/31/23** | **10/31/22** | **10/31/21** |
| Net asset value, beginning of period | $6.02 | $6.16 | $5.26 | $5.45 | $7.37 | $7.09 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (d) | $0.13 | $0.25 | $0.22 | $0.22 | $0.25 | $0.29 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.03)<br>| (0.12)<br>| 0.92 | (0.19)<br>| (1.91)<br>| 0.30 |
| Total from investment operations | $0.10 | $0.13 | $1.14 | $0.03 | $(1.66)<br>| $0.59 |
| **Less distributions declared to common shareholders** | **Less distributions declared to common shareholders** | **Less distributions declared to common shareholders** | **Less distributions declared to common shareholders** | **Less distributions declared to common shareholders** | **Less distributions declared to common shareholders** | **Less distributions declared to common shareholders** |
| &nbsp;&nbsp;&nbsp; From net investment income | $(0.14)<br>| $(0.27)<br>| $(0.24)<br>| $(0.22)<br>| $(0.26)<br>| $(0.31)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.00)(w)<br>|  |
| &nbsp;&nbsp;&nbsp; Total distributions declared <br> to shareholders<br>| $(0.14)<br>| $(0.27)<br>| $(0.24)<br>| $(0.22)<br>| $(0.26)<br>| $(0.31)<br>|
| Net asset value, end of period (x) | $5.98 | $6.02 | $6.16 | $5.26 | $5.45 | $7.37 |
| Market value, end of period | $5.39 | $5.41 | $5.60 | $4.43 | $4.77 | $6.90 |
| Total return at market value (%) | 2.21<br> (n)<br>| 1.64 | 32.21 | (3.10)<br>| (27.72)<br>| 14.27 |
| &nbsp;&nbsp;&nbsp; Total return at net asset value <br> (%) (j)(r)(s)(x)<br>| 2.00<br> (n)<br>| 2.82 | 22.48 | 0.70 | (22.68)<br>| 8.62 |
| **Ratios (%) (to average net assets** <br>**applicable to common shares) and** <br>**Supplemental data:** | **Ratios (%) (to average net assets** <br>**applicable to common shares) and** <br>**Supplemental data:** | **Ratios (%) (to average net assets** <br>**applicable to common shares) and** <br>**Supplemental data:** | **Ratios (%) (to average net assets** <br>**applicable to common shares) and** <br>**Supplemental data:** | **Ratios (%) (to average net assets** <br>**applicable to common shares) and** <br>**Supplemental data:** | **Ratios (%) (to average net assets** <br>**applicable to common shares) and** <br>**Supplemental data:** | **Ratios (%) (to average net assets** <br>**applicable to common shares) and** <br>**Supplemental data:** |
| Expenses before expense reductions | 2.80<br> (a)<br>| 2.96 | 3.27 | 3.19 | 1.82 | 1.45 |
| Expenses after expense reductions | 2.68<br> (a)<br>| 2.83 | 3.15 | 3.08 | 1.81 | N/A |
| Net investment income (loss) | 4.40<br> (a)<br>| 4.26 | 3.72 | 3.85 | 3.83 | 3.86 |
| Portfolio turnover rate | 2<br> (n)<br>| 14 | 14 | 28 | 20 | 15 |
| Net assets at end of period (000 omitted) | $246117 | $248088 | $253584 | $216787 | $224500 | $303595 |
| **Supplemental Ratios (%):** | **Supplemental Ratios (%):** | **Supplemental Ratios (%):** | **Supplemental Ratios (%):** | **Supplemental Ratios (%):** | **Supplemental Ratios (%):** | **Supplemental Ratios (%):** |
| &nbsp;&nbsp;&nbsp; Ratios of expenses to average net assets <br> applicable to common shares after <br> expense reductions and excluding <br> interest expense and fees (l)<br>| 1.03<br> (a)<br>| 1.03 | 1.07 | 1.09 | 1.05 | 1.01 |
| &nbsp;&nbsp;&nbsp; Ratios of expenses to average net assets <br> applicable to common and preferred <br> shares after expense reductions and <br> excluding interest expense and fees (l)<br>| 0.74<br> (a)<br>| 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |

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------

*Financial Highlights – continued*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months**<br> **ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **4/30/26**<br> **(unaudited)**<br>| **10/31/25** | **10/31/24** | **10/31/23** | **10/31/22** | **10/31/21** |
| **Senior Securities:** | **Senior Securities:** | **Senior Securities:** | **Senior Securities:** | **Senior Securities:** | **Senior Securities:** | **Senior Securities:** |
| RVMTP shares | 967 | 967 | 967 | 1138 | 1138 | 1138 |
| Asset coverage per preferred share (k) | $354516 | $356555 | $362238 | $290498 | $297276 | $366575 |
| &nbsp;&nbsp;&nbsp; Asset coverage per $1 liquidation <br>preference (v)<br>| $3.55 | $3.57 | $3.62 | $2.90 | $2.97 | $3.67 |
| &nbsp;&nbsp;&nbsp; Involuntary liquidation preference per <br> preferred share (m)<br>| $100000 | $100000 | $100000 | $100000 | $100000 | $100000 |
| &nbsp;&nbsp;&nbsp; Average market value per preferred <br> share (m)(u)<br>| $100000 | $100000 | $100000 | $100000 | $100000 | $100000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Total return at net asset value is calculated using the net asset value of the fund,
 not the publicly traded price and therefore may be different than the total return at market
 value.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Calculated by subtracting the fund's total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing by the total number of
 preferred shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Interest expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of RVMTP shares, and amortization
 of RVMTP shares debt issuance costs, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Amount excludes accrued unpaid distributions on preferred shares.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(u) Average market value represents the approximate fair value of each of the fund's preferred shares held at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Calculated by subtracting the fund's total liabilities (not including liquidation
 preference of preferred shares) from the fund's total assets and dividing by the aggregate liquidation preference of preferred shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns at net asset value have been calculated on
 net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

**Notes to Financial Statements**

(unaudited)

**(1) Business and Organization**

MFS Municipal Income Trust (the fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company.

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

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions and developments in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. Municipal instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and certain distributions made by the fund could be taxable to shareholders. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already

------

*Notes to Financial Statements (unaudited) - continued* 

be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments.

**Segment Reporting** — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

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

Under the fund's valuation policy and procedures, 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. Open-end investment companies are generally valued at net asset value per share. 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.

------

*Notes to Financial Statements (unaudited) - continued* 

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of April 30, 2026 in valuing the fund's assets and liabilities:

------

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $112 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $112 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 325686197 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 325686197 |
| U.S. Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 349439 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 349439 |
| Investment Companies | &nbsp;&nbsp; 12083311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12083311 |
| Total | &nbsp;&nbsp; $12083311 | &nbsp;&nbsp;&nbsp; $326035748 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $338119059 |

---

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

**Inverse Floaters** — The fund invests in municipal inverse floating rate securities in the form of self-deposited secondary market inverse floaters which have variable rates of interest that typically move in the opposite direction of short-term rates. A self-deposited secondary market inverse floater is created when the fund transfers a municipal bond from its portfolio to a special purpose trust ("the trust") and causes the trust to issue (a) inverse floaters to be held by the fund and (b) floating rate certificates to be held by third parties. The floating rate certificates usually pay tax-exempt interest at short-term rates that reset daily or weekly and the holders of those certificates typically have the option to tender at par plus accrued interest. Self-deposited secondary market inverse floaters are accounted for as secured borrowings, with the municipal bonds transferred to the trust being reflected as fund investments and the amounts owed to floating rate certificate holders being reflected as fund liabilities in the Statement of Assets and Liabilities as "Payable to the holders of the floating rate certificates".

For the six months ended April 30, 2026, the average payable to the holders of the settled floating rate certificates was $15,008,466 at a weighted average interest rate of 2.58%. Interest expense and fees, which are recorded as incurred, include interest payments made to the holders of the floating rate certificates and associated fees. For the six months ended April 30, 2026, the related interest expense and fees amounted to $238,084 which is included in "Interest expense and fees" in the Statement of Operations. At April 30, 2026, the fund did not hold any self-deposited secondary market inverse floaters and, therefore, there was no payable to the holders of the floating rate certificates.

**Statement of Cash Flows** — Information on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in the Statement of Cash Flows. Cash as presented in the fund's Statement of Assets and Liabilities includes cash on hand at the fund's custodian bank and does not include any short-term investments. Restricted cash is presented in the fund's Statement of Assets and Liabilities as cash collateral posted for uncleared derivatives and/or cash pledged for exchange-traded or cleared derivatives and represents cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts.

------

*Notes to Financial Statements (unaudited) - continued* 

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities with that shown in the Statement of Cash Flows:

---

| | |
|:---|:---|
|  | **4/30/26** |
| Cash | $1280 |
| Restricted cash included in Cash collateral posted |  |
| Restricted cash included in Cash pledged |  |
| Total cash and restricted cash in the Statement of Cash Flows | $1280 |

---

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

------

*Notes to Financial Statements (unaudited) - continued* 

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to defaulted bonds, amortization of premium and accretion of discount of debt securities, accounting for secured borrowings, and non-deductible expenses that result from the treatment of preferred shares as equity for tax purposes.

The tax character of distributions made during the six months ended April 30, 2026 will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended** <br>**10/31/25**<br>|
| Ordinary income (including any <br> short-term capital gains)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $348231 |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14633396 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14981627 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 4/30/26** |  |
| Cost of investments | &nbsp;&nbsp; $351895728 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 4679409 |
| Gross depreciation | &nbsp;&nbsp; (18456078) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(13776669) |
| **As of 10/31/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416619 |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; 2892102 |
| Capital loss carryforwards | &nbsp;&nbsp; (21655016) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358958) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (13398110) |

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

As of October 31, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(2786483)<br>|
| Long-Term | (18868533)<br>|
| Total | $(21655016)<br>|

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.40% of the fund's average weekly net assets (including the value of preferred shares) and 6.32% of gross income. Gross income is calculated based on tax elections that generally include the amortization of premium and exclude the accretion of discount, which may differ from investment income reported in the Statement of Operations. The management fee, from net assets and gross income, incurred for the six months ended April 30, 2026 was equivalent to an annual effective rate of 0.71% of the fund's average daily net assets (including the value of preferred shares).

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest expense on RVMTP shares, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), other interest expense, and investment-related expenses (including interest expense and fees associated with investments in inverse floating rate instruments), such that total fund operating expenses do not exceed 0.74% annually of the fund's average daily net assets (including the value of preferred shares). This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until October 31, 2027. For the six months ended April 30, 2026, this reduction amounted to $150,961, which is included in the reduction of total expenses in the Statement of Operations.

------

*Notes to Financial Statements (unaudited) - continued* 

**Transfer Agent** — The fund engages Computershare Trust Company, N.A. ("Computershare") as the sole transfer agent for the fund's common shares. MFS Service Center, Inc. (MFSC) monitors and supervises the activities of Computershare for an agreed upon fee approved by the Board of Trustees. For the six months ended April 30, 2026, fees paid to MFSC amounted to $5,741.

**Administrator** – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets (including the value of preferred shares). The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended April 30, 2026 was equivalent to an annual effective rate of 0.0163% of the fund's average daily net assets (including the value of preferred shares).

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

**(4) Portfolio Securities**

For the six months ended April 30, 2026, purchases and sales of investments, other than short-term obligations, aggregated $6,998,385 and $35,558,825, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. The fund reserves the right to repurchase shares of beneficial interest of the fund subject to Trustee approval. During the six months ended April 30, 2026 and the year ended October 31, 2025, there were no transactions in fund shares.

------

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended April 30, 2026, the fund's commitment fee and interest expense were $540 and $0, respectively, and are included in "Interest expense and fees" in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended April 30, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money <br> Market Portfolio<br>| $515827 | $24486236 | $12919371 | $23 | $596 | $12083311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | $87996 | $— |

---

**(8) Preferred Shares**

The fund has 967 shares issued and outstanding of RVMTP shares. The outstanding RVMTP shares are redeemable at the option of the fund in whole or in part at the liquidation preference of $100,000 per share, plus accumulated and unpaid dividends, but generally for the purpose of decreasing the leverage of the fund. The RVMTP shares have a stated maturity date of 2051 but are subject to a mandatory early term redemption date of January 20, 2028, and at each 42 month anniversary from that date and subsequent extensions of the RVMTP shares, unless the holder(s) of the RVMTP shares agrees to retain the RVMTP shares. Otherwise, the RVMTP shares are subject to mandatory tender for remarketing to another purchaser. In the event the remarketing is unsuccessful, the RVMTP shares would be subject to redemption at the liquidation preference of $100,000 per share, plus accumulated and unpaid dividends. There is no assurance that the term of the RVMTP shares will be extended or that the RVMTP shares will be replaced with any other preferred shares or other form of leverage upon the redemption of the RVMTP shares. Dividends on the RVMTP shares

------

*Notes to Financial Statements (unaudited) - continued* 

are cumulative and reset weekly to a fixed spread against the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index. During the six months ended April 30, 2026, the dividend rates on the RVMTP shares ranged from 2.48% to 4.85%. For the six months ended April 30, 2026, the average dividend rate was 3.66%.

In the fund's Statement of Assets and Liabilities, the RVMTP shares aggregate liquidation preference is shown as a liability since they have a stated mandatory redemption date. Dividends paid on the RVMTP shares are treated as interest expense and recorded as incurred. For the six months ended April 30, 2026, interest expense related to the dividends paid on RVMTP shares amounted to $1,783,475 and is included in "Interest expense and fees" in the Statement of Operations. Costs directly related to the issuance of the RVMTP shares are considered debt issuance costs. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt liability and are amortized into interest expense over the life of the RVMTP shares. The period-end carrying value for the RVMTP shares in the fund's Statement of Assets and Liabilities is its liquidation value less any unamortized debt issuance costs, which approximates its fair value. Its fair value would be considered level 2 under the fair value hierarchy.

Under the terms of a purchase agreement between the fund and the investor in the RVMTP shares, the fund is subject to various investment restrictions. These investment-related requirements are in various respects more restrictive than those to which the fund is otherwise subject in accordance with its investment objectives and policies. In addition, the fund is subject to certain restrictions on its investments imposed by guidelines of the rating agency that rates the RVMTP shares, which guidelines may be changed by the applicable rating agency, in its sole discretion, from time to time. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the fund by the Investment Company Act of 1940 (the "1940 Act").

The fund is required to maintain certain asset coverage with respect to the RVMTP shares as defined in the fund's governing documents and the 1940 Act. One of a number of asset coverage-related requirements is that the fund is not permitted to declare or pay common share dividends unless immediately thereafter the fund has a minimum asset coverage ratio of at least 200% with respect to the RVMTP shares after deducting the amount of such common share dividends. The fund may be subject to more stringent asset coverage levels which exceed the requirements under the 1940 Act and may change from time to time as agreed to by the fund and the holders of the RVMTP shares.

The 1940 Act requires that the preferred shareholders of the fund, voting as a separate class, have the right to elect at least two trustees at all times, and elect a majority of the trustees at any time when dividends on the preferred shares are unpaid for two full years. Unless otherwise required by law or under the terms of the preferred shares, each preferred share is entitled to one vote and preferred shareholders will vote together with common shareholders as a single class.

Leverage involves risks and special considerations for the fund's common shareholders. To the extent that investments are purchased by the fund with proceeds from the issuance of preferred shares, the fund's net asset value will increase or decrease at a greater rate than a comparable unleveraged fund. Changes in the value of the fund's portfolio will be borne entirely by the common shareholders. It is possible that the fund

------

*Notes to Financial Statements (unaudited) - continued* 

will be required to sell assets at a time when it may be disadvantageous to do so in order to redeem preferred shares to comply with asset coverage or other restrictions including those imposed by the 1940 Act and the rating agency that rates the preferred shares. There is no assurance that the fund's leveraging strategy will be successful.

**(9) Subsequent Event**

On December 10, 2025, the Board of Trustees of the fund approved a proposal to appoint abrdn Inc. ("Aberdeen") as the fund's new investment adviser, nominated five new trustees as a new board for the fund, and approved a proposal to issue additional common shares of the fund to accommodate separately proposed reorganizations, as discussed further below (collectively, the "Aberdeen Proposals"). The Aberdeen Proposals were approved by the fund's shareholders at the Special Meeting of Shareholders held on April 2, 2026, and all other conditions agreed to between MFS and Aberdeen relating to the Aberdeen Proposals have been satisfied. In addition to the Aberdeen Proposals, the respective shareholders of the MFS High Income Municipal Trust, MFS High Yield Municipal Trust, and MFS Investment Grade Municipal Trust (each a "Target Fund") approved a proposal to reorganize each Target Fund into the fund (the "Reorganizations"). It is anticipated that the Reorganizations will occur on or around June 5, 2026, and that Aberdeen will begin serving as the fund's investment adviser and the new trustees will begin serving as the fund's board on or around June 8, 2026.

------

**Results of Shareholder Meeting (unaudited)**

At the special meeting of shareholders of MFS Municipal Income Trust, which was held on March 11, 2026, and adjourned to April 2, 2026, the following actions were taken:

**Item 1:** To approve the issuance of additional common shares of beneficial interest of MFS Municipal Income Trust, in connection with the proposed reorganizations of each of MFS High Income Municipal Trust, MFS High Yield Municipal Trust, MFS Investment Grade Municipal Trust, and/or abrdn National Municipal Income Fund:

---

| | |
|:---|:---|
| **Number of Shares** | **Number of Shares** |
| **For** | **Against/** <br>**Withheld/** <br>**Abstention**<br>|
| 18,730,168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,943,560 |

---

**Item 2:** To approve a new investment management agreement between MFS Municipal Income Trust and abrdn Inc.:

---

| | |
|:---|:---|
| **Number of Shares** | **Number of Shares** |
| **For** | **Against/** <br>**Withheld/** <br>**Abstention**<br>|
| 18,861,829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,811,899 |

---

**Items 3.1, 3.2, 3.3:** To elect the following individuals as Trustees, elected by the holders of common and preferred shares together:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Number of Shares** | **Number of Shares** |
| **Item Number** | **Nominee** | **For** | **Against/** <br>**Withheld/** <br>**Abstention**<br>|
| 3.1 | Gordon Baird | 18,871,541 | &nbsp;&nbsp;&nbsp;&nbsp; 3,802,187 |
| 3.2 | Christian Pittard | 18,899,766 | &nbsp;&nbsp;&nbsp;&nbsp; 3,773,962 |
| 3.3 | Todd Reit | 18,910,173 | &nbsp;&nbsp;&nbsp;&nbsp; 3,763,555 |

---

**Items 3.4, 3.5:** To elect the following individuals as Trustees, elected by the holders of preferred shares only:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Number of Shares** | **Number of Shares** |
| **Item Number** | **Nominee**  | **For** | **Against/** <br>**Withheld/** <br>**Abstention**<br>|
| 3.4 | Nancy Yao | 967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| 3.5 | C. William Maher | 967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |

---

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**Board Review of Investment** 

**Advisory Agreement**

**MFS Municipal Income Trust**

The Board has considered and approved an arrangement pursuant to which abrdn Inc. ("Aberdeen") will serve as the new investment adviser to the Fund (the "Investment Advisory Agreement") in connection with certain other business transactions relevant to the Fund, as described herein. Shareholders subsequently approved the Investment Advisory Agreement on April 2, 2026.

On December 10, 2025, MFS and abrdn Inc. ("Aberdeen") and, for the purposes specified therein, Aberdeen Group plc, entered into a purchase agreement (the "Purchase Agreement") pursuant to which Aberdeen would acquire certain assets and liabilities related to MFS' business of providing investment management services with respect to the assets of the Fund and certain other registered investment companies (the "Business") if certain closed-end fund reorganizations into the Fund were approved (the "Reorganizations"), and upon satisfaction or waiver of certain other conditions. Under the Purchase Agreement, MFS agreed to transfer to Aberdeen, in exchange for a cash payment at the closing of the Transaction, and subject to certain conditions and exceptions, (i) all right, title and interest of MFS in and to the books and records relating to the Business of the Trusts; (ii); the historical investment performance records of the funds being reorganized; and (iii) the goodwill of the Business (the "Transaction").

On December 9-10, 2025 (the "Contract Review Meeting") the Board of Trustees of the Fund (the "Board"), including all of the non-interested ("independent") Trustees, met to consider various factors relating to the Transaction, including whether to recommend to shareholders the approval of the Investment Advisory Agreement. In addition, independent Trustees met on several occasions together and separately with senior executives and other representatives of MFS and Aberdeen to discuss various aspects of the Transaction, including the Investment Advisory Agreement. The Trustees were assisted in their evaluation of the Investment Advisory Agreement by independent legal counsel, from whom they received assistance and advice, including a review of the legal standards applicable to the consideration of advisory arrangements, and with whom they met separately from MFS and Aberdeen management. MFS had recommended that the Board approve the Investment Advisory Agreement in connection with its consideration of the broader Transaction.

In connection with their deliberations regarding the Investment Advisory Agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services to be performed by Aberdeen under the Investment Advisory Agreement, and other proposed arrangements between Aberdeen and the Fund, as appropriate.

In advance of the Contract Review Meeting and at the request of the independent Trustees, Aberdeen and MFS provided detailed information to the Board about the Investment Advisory Agreement and the broader Transaction, as well as information about Aberdeen and MFS. MFS and Aberdeen responded to questions and supplemental information requests from the Board in advance of and at the Contract

------

*Board Review of Investment Advisory Agreement - continued*

Review Meeting. In connection with their Contract Review Meeting, the Trustees received and relied upon materials that included, among other items: (i) general and financial information regarding Aberdeen and its affiliates; (ii) information about the Transaction and the Reorganizations; (iii) information regarding Aberdeen personnel and services to be provided to the Fund; (iv) information relating to Aberdeen's investment advisory services and performance generally; (v) Aberdeen's brokerage practices and allocation of portfolio transactions; (vi) information regarding the Fund's fees, expenses and use of leverage; (vii) Aberdeen's expected profitability with respect to their management of the Fund and other benefits; (viii) Aberdeen's governance, oversight and compliance policies and procedures as proposed for the Fund; (ix) information relating to Aberdeen's cybersecurity, artificial intelligence risk and business continuity; (x) information relating to Aberdeen's affiliates and management of any potential conflicts of interest; (xi) and proposed services arrangements for the Fund. The Board also considered information it had previously received regarding Aberdeen and the proposed Transaction at meetings held earlier in the year. For purposes of evaluating the Investment Advisory Agreements, the Trustees also considered information about the Fund and MFS, received over the course of many years, as part of the Board's annual 15(c) contract review process for the Fund, as well as additional information received from MFS in advance of the Contract Review Meeting, as described above. In addition, prior to the Contract Review Meeting, independent Trustees met with each trustee Nominee.

The Trustees' conclusions to approve, and to recommend that shareholders approve, the Investment Advisory Agreement were based on a comprehensive consideration of all information provided to the Board and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. In reaching the decision to approve, and to recommend that shareholders approve, the Investment Advisory Agreement, the Board considered a number of factors, including, among others and in no order of priority:

*Nature, extent, and quality of services*

The Trustees received and considered various information regarding the nature, extent, and quality of the advisory services to be provided to the Fund under the applicable Investment Advisory Agreement by Aberdeen. With respect to Aberdeen, the most recent investment adviser registration forms were provided to the Trustees, as were responses to detailed requests submitted by the independent Trustees' independent legal counsel on their behalf, as described above. The Trustees also had previously met with senior personnel across various departments of Aberdeen. The Trustees considered the information provided with respect to the proposed experienced portfolio management teams and other resources that would be dedicated to the Fund, as well as the investment philosophies and processes that would be followed by those individuals in managing the Fund. Further, the Trustees noted that Aberdeen has advised the Trustees that in transitioning the management of the Fund, Aberdeen would be focused on minimizing any disruption to the Fund and its shareholders and that it expects any repositioning of the Fund's investment portfolio to be undertaken in a manner that minimizes transaction costs and mitigates adverse tax consequences. The Trustees noted that Aberdeen has substantial experience in assimilating closed-end funds into its family of funds.

------

*Board Review of Investment Advisory Agreement - continued*

The Trustees considered that Aberdeen and its affiliates managed 15 U.S. closed-end funds and 13 non-U.S. closed-end funds, totaling $26.1 billion in assets as of November 10, 2025. The Trustees additionally considered Aberdeen's commitment to its asset management business, in particular its larger closed-end fund platform, its knowledge of the closed-end fund marketplace, and dedicated closed-end fund investor services professionals. They also considered that Aberdeen has extensive experience in managing municipal securities and currently manages another municipal closed-end fund, Aberdeen National Municipal Income Fund.

The Trustees noted Aberdeen's and MFS' representations that, if Aberdeen were approved as the Fund's investment adviser, there would be no expected diminution in the nature, quality and extent of services provided to the Fund and its respective shareholders, including administrative, regulatory and compliance services. The Trustees further considered the valuation policies of Aberdeen and MFS and its anticipated impact on the Fund's net asset value following the close of the transaction, noting MFS' and Aberdeen's representations that the policies were substantially similar and that any resulting impact was expected to be minimal.

Based on the foregoing and other relevant information reviewed, the Trustees concluded that they were satisfied with assurances from Aberdeen and MFS as to the expected nature, extent and quality of the services to be provided to the Fund under the Investment Advisory Agreement.

*Investment performance*

The Trustees considered the investment performance of Aberdeen advised closed-end funds, generally as well as the investment performance of other Aberdeen advised products, as the Trustees deemed relevant. The Trustees considered the performance of Aberdeen advised products with similar investment objectives and/or strategies as the as the Fund. The Trustees considered performance results for various periods ended September 30, 2025 and evaluated performance in comparison to similar Aberdeen advised products' relevant benchmark index, as applicable, as well as against the Fund's performance. The Trustees were generally satisfied with Aberdeen's performance as an investment adviser with respect to those products with strategies and/or objectives comparable to those of the Fund.

*Fees, Expenses and Economies of Scale*

The Trustees considered that the Investment Advisory Agreement will have a different fee structure and different fee rates than the MFS Management Agreement. The Trustees considered that the investment advisory fee rate under the Investment Advisory Agreement will be computed with reference to the Fund's average daily total Managed Assets[1] and that currently, under the MFS Advisory Agreement, the investment advisory fee rate is computed with reference to the relevant Fund's average daily total net assets (including the value of preferred shares, if applicable). The Trustees therefore considered the current fees and expenses of the Fund, as compared to the expected fees and expenses after the Reorganization, on the basis of both net and Managed Assets.

The Trustees also considered that the total annual fund operating expenses (excluding interest payments on borrowed funds, dividends on preferred shares, and interest on tender option bonds, as applicable), after application of Aberdeen's proposed expense limitation, would decrease (on both a Managed Asset and net asset basis) as compared to the current total annual fund operating expenses of the Fund. The Trustees noted

------

*Board Review of Investment Advisory Agreement - continued*

that the proposed expense limitation agreement for the Fund would remain in place for at least two years following the consummation of the Transaction and could only be changed with the approval of a majority of the independent Trustees.

The Trustees also considered the fees and expenses of the Fund, as managed by Aberdeen, as compared to those of the Fund as managed by MFS, in the event that the Reorganizations are completed but the Transaction is not consummated. The Trustees took into account the long-term viability of the Fund both as managed by Aberdeen in the event that the Transaction is consummated and as managed by MFS, in the event that the Transaction is not consummated. Additionally, the Trustees considered the anticipated fees and expenses of the Fund in the context of Broadridge Financial Solutions, Inc. expense peer groups last reviewed by the Trustees in connection with the Fund's most recent contract renewal. The Trustees also evaluated the fees and expenses of other comparable funds that MFS and Aberdeen had deemed relevant in the context of the broader Transaction and as provided in response to the Trustees' information request in advance of the Contract Review Meeting.

The Trustees also noted that while the Fund, as a closed-end fund, would not present the opportunity for economies of scale on its own, Aberdeen's large platform presented opportunities for the Fund to receive the benefits of economies of scale through Aberdeen's relationships with service providers and other operational efficiencies. The Trustees considered the ways in which Aberdeen may be able to achieve economies of scale for the Fund, but noted that there can be no assurances that economies of scale will be achieved by Aberdeen. Under the circumstances, the Board concluded that the proposed advisory fee for the Fund is not excessive and that the advisory fee structure is appropriate.

*Profitability*

The Trustees also considered information prepared by Aberdeen relating to Aberdeen's costs and profits with respect to the Fund as well as Aberdeen's methodologies used to determine and allocate costs to the Fund. The Trustees further noted the pro forma nature of the profitability information presented and that it was not possible to predict with certainty how Aberdeen's profitability actually would be affected by becoming the investment adviser to the Fund but that they had been satisfied, based on their review of the projected profitability of Aberdeen, that the profitability from its relationship with the Fund would not be excessive.

*Other Benefits to Aberdeen*

The Trustees considered so-called "fall-out benefits" to Aberdeen such as reputational value derived from serving as investment manager to the Fund; the benefits from allocation of the Fund brokerage to improve trading efficiencies; and the fees that it and/or various affiliates would receive for providing administration and investor relations services and to the Fund, subject to approval by the Fund's board of trustees. The Trustees considered that Aberdeen does not currently engage in commission sharing arrangements or "soft dollars" and would not do so with respect to their management of the Fund.

The Board concluded that, to the extent Aberdeen or its affiliates derive other benefits from its relationship with the Fund, those benefits are not so significant as to render Aberdeen's fees excessive.

------

*Board Review of Investment Advisory Agreement - continued*

The Trustees also considered that MFS has a financial interest under the Purchase Agreement in having the Board and shareholders approve the Investment Advisory Agreement.

*Conclusion*

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded to approve the Investment Advisory Agreement and recommend to shareholders the approval of the Fund's Investment Advisory Agreement.

[1] "Managed Assets" means the total assets of the Combined Fund, including assets attributable to any form of leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding).

------

**Proxy Voting Policies and Information**

MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

**Quarterly Portfolio Disclosure**

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov*. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/closedendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Reports and Other Documents" tab.

**Further Information**

From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (*mfs.com*). This information is available at *https://www.mfs.com/announcements* or at *mfs.com/closedendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

Additional information about the fund (e.g., performance, dividends and the fund's price history) is also available at *mfs.com/closedendfunds* by choosing the fund's name, if any.

**INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS**

The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

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![](imgbbe449ba1.gif)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CONTACT US**

**COMPUTERSHARE TRUST COMPANY, N.A.**

**TRANSFER AGENT, REGISTRAR, AND**

**DIVIDEND DISBURSING AGENT**

**CALL**

1-800-637-2304

9 a.m. to 5 p.m. Eastern time

**WRITE**

Computershare Trust Company, N.A.

P.O. Box 43078

Providence, RI 02940-3078

New York Stock Exchange Symbol: **MFM**

------

**Item 1(b):**

A copy of the notice transmitted to the Registrant's shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.

**ITEM 2. CODE OF ETHICS.**

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semi-annual reports.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semi-annual reports.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable for semi-annual reports.

**ITEM 6. INVESTMENTS**

A schedule of investments of the Registrant is included as part of the report to shareholders of the Registrant under Item 1(a) of this Form N-CSR.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 10. RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

This information is disclosed as part of the financial statements included in Item 1 above.

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable for semi-annual reports.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a)Not applicable to semi-annual report on Form N-CSR.

(b)In connection with a change in the Fund's investment adviser from MFS Investment Management to abrdn Inc. (the "Adviser"), Jonathan Mondillo and Miguel Laranjeiro replaced Michael Dawson and Jason Kosty as the Fund's portfolio managers effective as of June 8, 2026. The information required by paragraphs (a)(1), (a)(2), (a)(3), and (a)(4) of this Item for Jonathan Mondillo and Miguel Laranjeiro is as follows:

(a)(1) PORTFOLIO MANAGER BIOGRAPHIES

As of the date of filing this report, the members of the portfolio management team having the most significant responsibility for day-to-day management of the Fund are listed below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Individual &</u> | <u>Past Business Experience</u> | Served on Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Position</u> |  | Since |
| &nbsp;&nbsp; Miguel Laranjeiro | Miguel Laranjeiro is an Investment Director within the Municipals team | 2026 |
| &nbsp;&nbsp; Investment Director | at Aberdeen where he is responsible for asset allocation and investment |  |
|  | management decisions for the municipal suite of products, which |  |
|  | includes infrastructure debt as well as both investment grade and below |  |
|  | investment grade debt investments. Miguel's experience includes |  |
|  | municipal credit analysis in the high yield sector as well as high grade |  |
|  | tax backed sectors. Miguel joined the company in 2018 from Alpine |  |
|  | Woods Capital Investors where he was focused on credit analysis in the |  |
|  | Public Finance sector for Alpine's two municipal mutual funds, which |  |
|  | were contracted with Aberdeen in connection with a transaction between |  |
|  | Alpine and Aberdeen. Previously, Miguel worked for Thomson Reuters |  |
|  | as an analyst focused primarily on Fundamentals Analysis in the |  |
|  | Emerging Markets sectors. |  |
| &nbsp;&nbsp; Jonathan Mondillo | Jonathan Mondillo is Global Head of Fixed Income at Aberdeen. He is | 2026 |
| &nbsp;&nbsp; Global Head of Fixed Income | responsible for overseeing all public and private markets fixed income |  |
|  | teams globally, which include DM Credit, EMD, Liquidity & Rates, and |  |
|  | Private Credit. He is further responsible for five municipal bond and |  |
|  | infrastructure debt funds that invest in both investment grade and high |  |
|  | yield credits. Jonathan joined the firm in 2018 from Alpine Woods |  |
|  | Capital Investors, LLC, when two mutual funds he managed were |  |
|  | contracted with Aberdeen in connection with a transaction between |  |
|  | Alpine and Aberdeen. Prior to that, Jonathan worked for Fidelity Capital |  |
|  | Markets. Jonathan graduated with a B.S. in Finance from Bentley |  |
|  | University. |  |

---

(a)(2) OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS.

The following chart summarizes information regarding other accounts for which each portfolio manager has day-to- day management responsibilities. Accounts are grouped into the following three categories: (1) registered investment companies; (2) other pooled investment vehicles; and (3) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is provided separately. The figures in the chart below for the category of "registered investment companies" include the Fund. The "Other Accounts Managed" represents the accounts managed by the teams of which the portfolio manager is a member. The information in the table below is as of April 30, 2026.

![](gb-notice_imagesgbnotice4xg.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of |  |
|  |  |  |  | Accounts |  |
|  |  |  |  | Managed for |  |
|  |  |  |  | Which | Total Assets for |
|  |  |  |  | Advisory | Which |
|  |  |  |  | Fee is Based | Advisory Fee is |
| Name of |  | Other Accounts |  | on | Based on |
| Portfolio Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Type of Accounts | Managed | Total Assets ($M) | Performance | Performance ($M) |
| Jonathan Mondillo<sup>1</sup> | Registered Investment Companies | 5 | $1457.67 | 0 | $0 |
|  | Pooled Investment Vehicles | 5 | $10193 | 0 | $0 |
|  | Other Accounts | 11 | $1196.80 | 0 | $0 |
| Miguel Laranjeiro <sup>1</sup> | Registered Investment Companies | 5 | $1457.67 | 0 | $0 |
|  | Pooled Investment Vehicles | 5 | $101.93 | 0 | $0 |
|  | Other Accounts | 11 | $1196.80 | 0 | $0 |

---

1Includes accounts managed by the US Municipals Team and US Investment Grade Fixed Income Team, of which the portfolio manager is a member.

POTENTIAL CONFLICTS OF INTEREST

The Adviser and its affiliates (collectively referred to herein as "Aberdeen") serve as investment advisers for multiple clients, including the Registrant and other investment companies registered under the 1940 Act and private funds (such clients are also referred to below as "accounts"). The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Registrant's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Registrant. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. However, the Adviser believes that these risks are mitigated by the fact that: (i) accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors; and (ii) portfolio manager personal trading is monitored to avoid potential conflicts. In addition, the Adviser has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.

In some cases, another account managed by the same portfolio manager may compensate Aberdeen based on the performance-based fees with qualified clients. The existence of such a performance-based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities.

Another potential conflict could include instances in which securities considered as investments for the Registrant also may be appropriate for other investment accounts managed by the Adviser or its affiliates. Whenever decisions are made to buy or sell securities for the Registrant and one or more of the other accounts simultaneously, the Adviser may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that it believes to be equitable under the circumstances. As a result of the allocations, there may be instances where the Registrant will not participate in a transaction that is allocated among other accounts. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to the Registrant from time to time, it is the opinion of the Adviser that the benefits from the policies outweigh any disadvantage that may arise from exposure to simultaneous transactions. The Registrant has adopted policies that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies will detect each and every situation in which a conflict arises.

With respect to non-discretionary model delivery accounts (including UMA accounts) and discretionary SMA accounts, abrdn Inc. will utilize a third party service provider to deliver model portfolio recommendations and model changes to the Sponsors. abrdn Inc. seeks to treat clients fairly and equitably over time, by delivering model changes to our service provider and investment instructions for our other discretionary accounts to our trading desk, simultaneously or approximately at the same time. The service provider will then deliver the model changes to each

Sponsor on a when-traded, randomized full rotation schedule. All Sponsors will be included in the rotation schedule, including SMA and UMA.

UMA Sponsors will be responsible for determining how and whether to implement the model portfolio or model changes and implementation of any client specific investment restrictions. The Sponsors are solely responsible for determining the suitability of the model portfolio for each model delivery client, executing trades and seeking best execution for such clients.

As it relates to SMA accounts, abrdn Inc. will be responsible for managing the account on the basis of each client's financial situation and objectives, the day to day investment decisions, best execution, accepting or rejecting client specific investment restrictions and performance. The SMA Sponsors will collect suitability information and will provide a summary questionnaire for our review and approval or rejection. For dual contract SMAs, abrdn Inc. will collect a suitability assessment from the client, along with the Sponsor suitability assessment. Our third party service provider will monitor client specific investment restrictions on a day to day basis. For SMA accounts, model trades will be traded by the Sponsor or may be executed through a "step-out transaction,"- or traded away- from the client's Sponsor if doing so is consistent with Aberdeen's obligation to obtain best execution. When placing trades through Sponsor Firms (instead of stepping them out), we will generally aggregate orders where it is possible and in the client's best interests. In the event we are not comfortable that a Sponsor can obtain best execution for a specific security and trading away is infeasible, we may exclude the security from the model.

Trading costs are not covered by the Wrap Program fee and may result in additional costs to the client. In some instances, step-out trades are executed without any additional commission, mark-up, or mark-down, but in many instances, the executing broker-dealer may impose a commission or a mark-up or mark-down on the trade. Typically, the executing broker will embed the added costs into the price of the trade execution, making it difficult to determine and disclose the exact added cost to clients. In this instance, these additional trading costs will be reflected in the price received for the security, not as a separate commission, on trade confirmations or on account statements. In determining best execution for SMA accounts, abrdn Inc. takes into consideration that the client will not pay additional trading costs or commission if executing with the Sponsor.

While UMA accounts are invested in the same strategies as and may perform similarly to SMA accounts, there are expected to be performance differences between them. There will be performance dispersions between UMAs and other types of accounts because Aberdeen does not have discretion over trading and there may be client specific restrictions for SMA accounts.

Aberdeen may have already commenced trading for its discretionary client accounts before the model delivery accounts have executed Aberdeen's recommendations. In this event, trades placed by the model delivery clients may be subject to price movements, particularly with large orders or where securities are thinly traded, that may result in model delivery clients receiving less favorable prices than our discretionary clients. Aberdeen has no discretion over transactions executed by model delivery clients and is unable to control the market impact of those transactions.

Timing delays or other operational factors associated with the implementation of trades may result in non-discretionary and model delivery clients receiving materially different prices relative to other client accounts. In addition, the constitution and weights of stocks within model portfolios may not always be exactly aligned with similar discretionary accounts. This may create performance dispersions within accounts with the same or similar investment mandate.

(a)(3)

<u>DESCRIPTION OF COMPENSATION STRUCTURE</u>

Aberdeen's remuneration policies are designed to support its business strategy as a leading international asset manager. The objective is to attract, retain and reward talented individuals for the delivery of sustained, superior returns for Aberdeen's clients and shareholders. Aberdeen operates in a highly competitive international employment market, and aims to maintain its strong track record of success in developing and retaining talent.

Aberdeen's policy is to recognize corporate and individual achievements each year through an appropriate annual bonus scheme. The bonus is a single, fully discretionary variable pay award. The aggregate value of awards in any year is dependent on the group's overall performance and profitability. Consideration is also given to the levels of bonuses paid in the market. Individual awards, which are payable to all members of staff, are determined by a rigorous assessment of achievement against defined objectives.

The variable pay award is composed of a mixture of cash and a deferred award, the portion of which varies based on the size of the award. Deferred awards are by default Aberdeen Group plc shares, with an option to put up to 50% of the deferred award into funds managed by Aberdeen. Overall compensation packages are designed to be competitive relative to the investment management industry.

**<u>Base Salary</u>**

Aberdeen's policy is to pay a fair salary commensurate with the individual's role, responsibilities and experience, and having regard to the market rates being offered for similar roles in the asset management sector and other comparable companies. Any increase is generally to reflect inflation and is applied in a manner consistent with other Aberdeen employees; any other increases must be justified by reference to promotion or changes in responsibilities.

**<u>Annual Bonus</u>**

The Remuneration Committee determines the key performance indicators that will be applied in considering the overall size of the bonus pool. In line with practices amongst other asset management companies, individual bonuses are not subject to an absolute cap. However, the aggregate size of the bonus pool is dependent on the group's overall performance and profitability. Consideration is also given to the levels of bonuses paid in the market. Individual awards are determined by a rigorous assessment of achievement against defined objectives, and are reviewed and approved by the Remuneration Committee.

Aberdeen has a deferral policy which is intended to assist in the retention of talent and to create additional alignment of executives' interests with Aberdeen's sustained performance and, in respect of the deferral into funds managed by Aberdeen, to align the interest of portfolio managers with our clients.

Staff performance is reviewed formally at least once a year. The review process evaluates the various aspects that the individual has contributed to Aberdeen, and specifically, in the case of portfolio managers, to the relevant investment team. Discretionary bonuses are based on client service, asset growth and the performance of the respective portfolio manager. Overall participation in team meetings, generation of original research ideas and contribution to presenting the team externally are also evaluated.

In the calculation of a portfolio management team's bonus, Aberdeen takes into consideration investment matters (which include the performance of funds, adherence to the company investment process, and quality of company meetings) as well as more subjective issues such as team participation and effectiveness at client presentations through key performance indicator scorecards. To the extent performance is factored in, such performance is not judged against any specific benchmark and is evaluated over the period of a year - January to December. The pre- or after-tax performance of an individual account is not considered in the determination of a portfolio manager's discretionary bonus; rather the review process evaluates the overall performance of the team for all of the accounts the team manages.

Portfolio manager performance on investment matters is judged over all of the accounts the portfolio manager contributes to and is documented in the appraisal process. A combination of the team's and individual's performance is considered and evaluated.

Although performance is not a substantial portion of a portfolio manager's compensation, Aberdeen also recognizes that fund performance can often be driven by factors outside one's control, such as (irrational) markets, and as such pays attention to the effort by portfolio managers to ensure integrity of our core process by sticking to disciplines and processes set, regardless of momentum and 'hot' themes. Short-terming is thus discouraged and trading-oriented managers will thus find it difficult to thrive in the Aberdeen environment. Additionally, if any of

the aforementioned undue risks were to be taken by a portfolio manager, such trend would be identified via Aberdeen's dynamic compliance monitoring system.

In rendering investment management services, the Adviser may use the resources of additional investment adviser subsidiaries of Aberdeen Group plc. These affiliates have entered into a memorandum of understanding ("MOU") pursuant to which investment professionals from each affiliate may render portfolio management, research or trading services to Aberdeen clients. Each investment professional who renders portfolio management, research or trading services under a MOU or personnel sharing arrangement ("Participating Affiliate") must comply with the provisions of the Advisers Act, the 1940 Act, the Securities Act of 1933, the Exchange Act, and the Employee Retirement Income Security Act of 1974, and the laws of states or countries in which the Adviser does business or has clients. No remuneration is paid by the Fund with respect to the MOU/personnel sharing arrangements.

---

| |
|:---|
| (a)(4) |
| **Dollar Range of Equity Securities in the** |
| **Registrant Beneficially Owned by the Portfolio** |
| **Manager as of June 8, 2026** |
| Miguel Laranjeiro |
| Jonathan Mondillo |
| (b) Not applicable. |

---

![](gb-notice_imagesgbnotice8xg.jpg)

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

**MFS Municipal Income Trust**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Total | &nbsp;&nbsp;&nbsp;&nbsp;(d) Maximum |
|  |  |  | **Number of** | **Number (or** |
|  | (a) Total number | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | **Shares** | **Approximate** |
|  **Period** | **of Shares** | &nbsp;&nbsp;&nbsp; **Average** | **Purchased as** | **Dollar Value) of** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Price** | &nbsp;&nbsp; **Part of Publicly** | &nbsp;&nbsp; **Shares that May** |
|  |  | &nbsp;&nbsp; **Paid per** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Announced** | &nbsp;&nbsp; **Yet Be Purchased** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Share** | **Plans or** | **under the Plans** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Programs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **or Programs** |
| 11/01/25-11/30/25 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | 0 | 4118763 |
| 12/01/25-12/31/25 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | 0 | 4118763 |
| 01/01/26-01/31/26 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | 0 | 4118763 |
| 02/01/26-02/28/26 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | 0 | 4118763 |
| 03/01/26-03/31/26 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | 0 | 4118763 |
| 04/01/26-04/30/26 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | 0 | 4118763 |
| **Total** | **0** |  | **0** |  |

---

Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant's outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2025 plan year is 4,118,763.

**ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

**ITEM 16. 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 report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable for semi-annual reports.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

Not applicable.

**ITEM 19. EXHIBITS.**

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as [EX-99.302CERT](f45564d2.htm).

&nbsp;&nbsp;&nbsp;&nbsp;(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Change in the registrant's independent public accountant. Not applicable.

(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as [EX-99.906CERT](f45564d3.htm).

(c)Registrant's Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as [EX-99.30e-3Notice](f45564d4.htm).

**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 MUNICIPAL INCOME TRUST

By (Signature and Title)\*

<u>/S/ ALAN GOODSON</u>

Alan Goodson, Principal Executive Officer

Date: June 12, 2026

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)\*

<u>/S/ ALAN GOODSON</u>

Alan Goodson, Principal Executive Officer

Date: June 12, 2026

By (Signature and Title)\*

<u>/S/ SHARON FERRARI</u>

Sharon Ferrari, Principal Financial Officer Date: June 12, 2026

\* Print name and title of each signing officer under his or her signature.

------

## Exhibit 99.302

**<u>EX-99.302CERT</u>**

**MFS MUNICIPAL INCOME TRUST**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Sharon Ferrari, certify that:

1. I have reviewed this report on Form N-CSR of MFS Municipal Income Trust;

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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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 period covered by the report 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 12, 2026

<u>/S/ SHARON FERRARI</u>

Sharon Ferrari

Principal Financial Officer

**<u>EX-99.302CERT</u>**

**MFS MUNICIPAL INCOME TRUST**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Alan Goodson, certify that:

1. I have reviewed this report on Form N-CSR of MFS Municipal Income Trust;

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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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 period covered by the report 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 12, 2026

<u>/S/ ALAN GOODSON</u>

Alan Goodson

Principal Executive Officer

## Exhibit 99.906

**<u>EX-99.906CERT</u>**

**MFS MUNICIPAL INCOME TRUST**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, Sharon Ferrari, certify that, to my knowledge:

1. The Form N-CSR (the "Report") of MFS Municipal Income Trust (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 12, 2026

<u>/S/ SHARON FERRARI</u>

Sharon Ferrari

Principal Financial Officer

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

**<u>EX-99.906CERT</u>**

**MFS MUNICIPAL INCOME TRUST**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, Alan Goodson, certify that, to my knowledge:

1. The Form N-CSR (the "Report") of MFS Municipal Income Trust (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 12, 2026

<u>/S/ ALAN GOODSON</u>

Alan Goodson

Principal Executive Officer

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

## Exhibit 99.30

**<u>EX-99.30e-3Notice</u>**

![](gg-30e3_imagesgg30e32x1.jpg)

**MFS Municipal Income Trust**

Thank you for being a shareholder. You are encouraged to access and review this important report containing information about the fund, including portfolio holdings and ﬁnancial statements.

The report is available at:

**closedendfunds.mfs.com**

This report is available by mail or email upon request free of charge. Reports for the prior reporting period and the fund's portfolio holdings for its most recent ﬁ rst and third ﬁscal quarters are also available online and in print by request.

Current and future report delivery requests can be submitted at any time using the options in the right panel.

**Why am I receiving this Notice?**

The Securities and Exchange Commission adopted new rule 30e-3, which, among other things, allows mutual fund companies to deliver shareholder reports by making such reports accessible at a website address. You still may elect to receive a paper copy of the current report and/or any future reports by following the instructions on the panel on the right-hand side.

001CD80003 : CCS-Letter-75GSM-Plain-white-20/50#

**An Important Report to Shareholders is Now Available Online and In Print by Request**

Scan this code with your

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Within USA, US Territories & Canada

800-637-2304

Outside USA, US Territories & Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(781) 575-2879

Regular Mail

Computershare Trust Company, N.A.

P.O. Box 505005

Louisville, KY 40233-5005

In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.

03DCCB