Edgar Filing: MFS MUNICIPAL INCOME TRUST

MFS MUNICIPAL INCOME TRUST N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04841

MFS MUNICIPAL INCOME TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: January 31, 2013

ITEM 1.

SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

January 31, 2013

LOGO

MFS® MUNICIPAL INCOME TRUST

LOGO

PORTFOLIO OF INVESTMENTS

1/31/13 (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 - 139.7%
Airport Revenue - 3.7%
Burlington, VT, Airport Rev., “A”, 4%, 2028	$	235,000	$	229,136
Chicago, IL, O’Hare International Airport Rev. (Third Lien Passenger Facility), “B”, AGM, 5.75%, 2022		3,000,000		3,137,910
Dallas Fort Worth, TX, International Airport Rev., “D”, 5%, 2038		1,560,000		1,707,732
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 2027		270,000		308,807
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 2028		260,000		294,809
Denver, CO, City & County Airport Systems Rev., “B”, 5%, 2032		525,000		604,254
Houston, TX, Airport System Rev., “B”, 5%, 2026		265,000		311,863
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 2031		255,000		285,855
Massachusetts Port Authority Rev., “A”, 5%, 2037		65,000		73,366
Miami-Dade County, FL, Aviation Rev., “A”, 5%, 2031		285,000		318,767
Miami-Dade County, FL, Aviation Rev., “B”, AGM, 5%, 2035		1,365,000		1,536,526
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2036		485,000		569,856
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2042		550,000		646,228
San Jose, CA, Airport Rev., “A-2”, 5.25%, 2034		1,215,000		1,359,743

			$	11,384,852
General Obligations - General Purpose - 3.9%
Allegheny County, PA, “C-70”, 5%, 2037	$	435,000	$	488,048
Bellwood, IL, General Obligation, 5.875%, 2027		300,000		297,774
Bellwood, IL, General Obligation, 6.15%, 2032		700,000		692,034
Chicago, IL, Metropolitan Water Reclamation District-Greater Chicago, “C”, 5%, 2030		1,260,000		1,493,705
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037		495,000		537,501
Luzerne County, PA, AGM, 6.75%, 2023		860,000		1,008,402
Puerto Rico Public Buildings Authority Rev., Guaranteed (Government Facilities), “F”, 5.25%, 2024		2,500,000		2,615,725
State of California, 5.25%, 2028		660,000		798,739
State of California, 5.25%, 2030		1,560,000		1,857,305
State of California, 5.25%, 2035		1,285,000		1,512,663
State of California, 5%, 2041		455,000		513,172
State of Hawaii, “DZ”, 5%, 2031		335,000		399,464

			$	12,214,532
General Obligations - Improvement - 0.1%
Guam Government, “A”, 7%, 2039	$	170,000	$	192,772
New Orleans, LA, 5%, 2030		85,000		95,366
New Orleans, LA, 5%, 2031		155,000		173,220

			$	461,358
General Obligations - Schools - 0.6%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2031	$	525,000	$	263,660
Frisco, TX, Independent School District, School Building, “B”, 3%, 2042		355,000		336,288
Los Angeles, CA, Unified School District, “D”, 5%, 2034		180,000		203,972
Merced, CA, Union High School District, Capital Appreciation, “A”, ASSD GTY, 0.01%, 2030		145,000		66,017
Royse City, TX, Independent School District, School Building, Capital Appreciation, PSF, 0%, 2027		955,000		495,387
Royse City, TX, Independent School District, School Building, Capital Appreciation, PSF, 0%, 2029		965,000		448,291

			$	1,813,615
Healthcare Revenue - Hospitals - 28.2%
Alexander City, AL, Special Care Facilities Financing Authority Medical Facilities Rev., “A” (Russell Hospital Corp.), 5.75%, 2036	$	600,000	$	619,434
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028		115,000		97,649
Athens County, OH, Hospital Facilities Rev. (O’Bleness Memorial Hospital), “A”, 7.125%, 2033		1,500,000		1,514,265
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 2040		260,000		292,404
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 2039		650,000		739,239
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 2031		1,295,000		1,542,280

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Hospitals - continued
Chautauqua County, NY, Capital Resource Corp., Rev. (Women’s Christian Assn.), “A”, 8%, 2030	$	1,060,000	$	1,151,033
Citrus County, FL, Hospital Rev. (Citrus Memorial Hospital), 6.25%, 2023		700,000		702,786
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029		865,000		940,644
Dauphin County, PA, General Authority Health System Rev. (Pinnacle Health System), “A”, 5%, 2042		670,000		724,384
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 2040		1,150,000		1,355,103
Duluth, MN, Economic Development Authority Health Care Facilities Rev. (St. Luke’s Hospital Authority Obligated Group), 5.75%, 2027		365,000		396,036
Duluth, MN, Economic Development Authority Health Care Facilities Rev. (St. Luke’s Hospital Authority Obligated Group), 5.75%, 2032		795,000		853,218
Duluth, MN, Economic Development Authority Health Care Facilities Rev. (St. Luke’s Hospital Authority Obligated Group), 6%, 2039		910,000		987,223
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036		615,000		712,883
Fruita, CO, Rev. (Family Health West Project), 7%, 2018		210,000		242,143
Fruita, CO, Rev. (Family Health West Project), 8%, 2043		1,310,000		1,520,700
Gallia County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 2042		1,860,000		2,160,632
Glasgow, KY, Healthcare Rev. (TJ Samson Community Hospital), 6.375%, 2035		570,000		662,619
Harris County, TX, Cultural Education Facilities Finance Corp. Medical Facilities Rev. (Baylor College of Medicine), “A”, 5%, 2037		925,000		1,045,546
Harris County, TX, Cultural Education Facilities Finance Corp. Medical Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 2032		510,000		567,630
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 2035		610,000		762,305
Illinois Finance Authority Rev. (Advocate Healthcare), 4%, 2047		495,000		494,975
Illinois Finance Authority Rev. (Ascension Healthcare), “A”, 5%, 2042		230,000		258,828
Illinois Finance Authority Rev. (Centegra Health System), 5%, 2038		410,000		445,727
Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031		370,000		387,479
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 2034		945,000		1,194,575
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 2038		940,000		1,127,944
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Clarian Health), “A”, 5%, 2039		1,000,000		1,062,240
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 2037		1,860,000		2,039,955
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 2031		595,000		696,691
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 2041		375,000		440,663
Johnson City, TN, Health & Educational Facilities Board, Hospital Rev. (Mountain States Health Alliance), 6%, 2038		365,000		434,018
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		1,095,000		1,317,909
Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 2037		85,000		93,442
Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 2042		170,000		184,957
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2032		65,000		72,911
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2037		210,000		230,160
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2042		325,000		351,631
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 2034		1,615,000		1,751,258
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2037		110,000		113,724
Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital), 5.875%, 2013 (c)		435,000		454,140
Martin County, FL, Health Facilities Authority Rev. (Martin Memorial Medical Center), 5.5%, 2042		495,000		550,638
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 6.75%, 2014 (c)		110,000		122,465
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 6.75%, 2029		700,000		757,757
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		2,000,000		2,269,320
Monroe County, MI, Hospital Finance Authority, Hospital Rev. (Mercy Memorial Hospital Corp.), 5.5%, 2035		1,020,000		1,093,001
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), “A”, 5%, 2032		85,000		92,241
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), “A”, 5%, 2041		60,000		64,178
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031		225,000		231,998
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2036		1,135,000		1,163,716
Nassau County, NY, Local Economic Assistance Corp. Rev. (Winthrop-University Hospital Association Project), 5%, 2032		140,000		154,811
Nassau County, NY, Local Economic Assistance Corp. Rev. (Winthrop-University Hospital Association Project), 5%, 2037		260,000		280,205
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		1,110,000		1,296,380
New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5%, 2017		100,000		100,079
New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5.25%, 2026		440,000		404,734
Norfolk, VA, Economic Development Authority Health Care Facilities Rev. (Sentara Healthcare), “B”, 5%, 2043		350,000		395,150

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Hospitals - continued
Norman, OK, Regional Hospital Authority Rev., 5%, 2027	$	300,000	$	314,841
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2029		175,000		182,872
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2036		1,395,000		1,443,658
Ohio Higher Educational Facility Commission Rev. (University Hospital Health System), 6.75%, 2015 (c)		1,610,000		1,808,159
Olympia, WA, Healthcare Facilities Authority Rev. (Catholic Health Initiatives), “D”, 6.375%, 2036		1,500,000		1,787,265
Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039		1,735,000		1,984,528
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		1,595,000		2,029,207
Rutherford County, TN, Health & Educational Facilities Board Rev. (Ascension Health), 5%, 2040 (u)		12,500,000		13,812,500
Salida, CO, Hospital District Rev., 5.25%, 2036		1,578,000		1,612,590
Salt Lake City, UT, Hospital Authority Rev. (Intermountain Health Care), ETM, FRN, AMBAC, 13.089%, 2020 (c)(p)		600,000		603,660
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 6%, 2023		205,000		210,709
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Palmetto Health Alliance), 6.25%, 2031		835,000		855,240
South Dakota Health & Educational Facilities Authority Rev. (Avera Health), “A”, 5%, 2042		175,000		189,852
South Dakota Health & Educational Facilities Authority Rev. (Prairie Lakes Health Care System), 5.625%, 2013 (c)		670,000		675,668
South Dakota Health & Educational Facilities Authority Rev. (Sanford), “E”, 5%, 2037		145,000		159,293
South Dakota Health & Educational Facilities Authority Rev. (Sanford), “E”, 5%, 2042		475,000		516,976
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 2029		255,000		293,518
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 2039		385,000		442,692
Southeastern Ohio Port Authority, Hospital Facilities Rev. (Memorial Health System), 5.75%, 2032		595,000		643,653
Southeastern Ohio Port Authority, Hospital Facilities Rev. (Memorial Health System), 6%, 2042		620,000		669,104
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2036		1,115,000		1,184,576
Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health Systems, Inc.), “A”, 5.5%, 2046 (a)(d)		735,000		1,845
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), 6.25%, 2020		3,085,000		3,092,188
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 2032		985,000		1,045,912
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 2037		810,000		848,686
Upland, CA, COP (San Antonio Community Hospital), 6.375%, 2032		1,750,000		2,090,778
Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital), 6.625%, 2031		585,000		588,896
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), “A”, 6.25%, 2042		1,400,000		1,546,944
West Contra Costa, CA, Healthcare District, AMBAC, 5.5%, 2029		195,000		199,893
West Virginia Hospital Finance Authority, Hospital Rev. (Thomas Health System), 6.5%, 2038		905,000		944,377
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.875%, 2030		1,000,000		1,009,300
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 2026		320,000		363,082
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 2028		95,000		106,222
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2034		1,135,000		1,211,249
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “A”, 5.25%, 2025		745,000		760,980
Wood County, OH, Hospital Facilities Rev. (Wood County Hospital Project), 5%, 2037		230,000		242,774
Wood County, OH, Hospital Facilities Rev. (Wood County Hospital Project), 5%, 2042		230,000		242,020

			$	87,435,763
Healthcare Revenue - Long Term Care - 13.5%
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement Systems, Inc.), “A”, 7%, 2033	$	345,000	$	278,788
Arizona Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2013 (c)		750,000		800,790
Bell County, TX, Health Facility Development Corp. (Advanced Living Technologies, Inc.), 8%, 2036 (a)(d)		3,400,000		2,210,000
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.125%, 2025		430,000		434,674
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.25%, 2035		290,000		292,540
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2027		170,000		174,646
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2037		225,000		227,648
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), “A”, 5%, 2043		155,000		166,662
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 2027		25,000		28,308

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Long Term Care - continued
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 2032	$	35,000	$	39,039
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 2042		85,000		93,466
Chartiers Valley, PA, Industrial & Commercial Development Authority (Asbury Health Center Project), 5.75%, 2022		150,000		155,070
Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home), 8.5%, 2032		540,000		525,220
Colorado Health Facilities Authority Rev. (American Baptist Homes), “A”, 5.9%, 2037		755,000		764,173
Colorado Health Facilities Authority Rev. (Christian Living Communities Project), “A”, 5.75%, 2037		375,000		400,594
Colorado Health Facilities Authority Rev. (Christian Living Communities), 5.125%, 2030		80,000		86,063
Colorado Health Facilities Authority Rev. (Christian Living Communities), 5.25%, 2037		115,000		122,569
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), “A”, 5%, 2033		655,000		702,782
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society Project), 5%, 2042		1,055,000		1,150,952
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 5.25%, 2041		740,000		757,938
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 2029		1,360,000		1,528,096
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Canterbury Court), “A”, 6.125%, 2034		330,000		336,805
Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2027		1,000,000		1,022,810
Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2037		215,000		214,989
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 8.75%, 2029		105,000		125,256
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 2044		275,000		329,324
Hawaii Department of Budget & Finance, Special Purpose Rev. (Kahala Nui Senior Living Community), 8%, 2013 (c)		500,000		539,820
Hawaii Department of Budget & Finance, Special Purpose Senior Living Rev. (Kahala Nui), 5.125%, 2032		185,000		202,636
Hawaii Department of Budget & Finance, Special Purpose Senior Living Rev. (Kahala Nui), 5.25%, 2037		165,000		178,215
Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 2028		410,000		412,694
Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 2043		440,000		432,370
Illinois Finance Authority Rev. (Christian Homes, Inc.), 6.125%, 2027		850,000		958,443
Illinois Finance Authority Rev. (Evangelical Retirement Homes of Greater Chicago, Inc.), 7.25%, 2045		500,000		554,415
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.5%, 2037		800,000		814,856
Illinois Finance Authority Rev. (Friendship Village), “A”, 5.375%, 2025		1,270,000		1,283,195
Illinois Finance Authority Rev. (Lutheran Home & Services), 5.625%, 2042		475,000		496,427
Illinois Finance Authority Rev. (Montgomery Place), “A”, 5.75%, 2038		520,000		525,346
Illinois Finance Authority Rev. (The Clare at Water Tower), “A-6”, 6%, 2028 (a)(d)		343,000		34
Illinois Finance Authority Rev., Capital Appreciation, (The Clare at Water Tower), “B”, 0%, 2050 (a)		147,000		15
Indiana Finance Authority Rev. (Marquette Project), 4.75%, 2032		740,000		765,900
Indiana Finance Authority Rev. (Marquette Project), 5%, 2039		185,000		193,504
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “A”, 5.5%, 2025		800,000		859,432
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “B”, 5.75%, 2018		595,000		596,464
James City County, VA, Economic Development (WindsorMeade Project), “A”, 5.4%, 2027 (a)		195,000		142,808
James City County, VA, Economic Development (WindsorMeade Project), “A”, 5.5%, 2037 (a)		785,000		572,304
Kentucky Economic Development Finance Authority Health Care Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 2042		355,000		361,046
Kentucky Economic Development Finance Authority Health Care Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 2045		200,000		203,156
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II), 7.25%, 2041		250,000		289,763
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II), 7.375%, 2046		200,000		232,606
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 5.375%, 2027		315,000		325,842
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 7.125%, 2029		345,000		390,995
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community), 6.25%, 2041		475,000		545,761
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 2037		1,270,000		1,341,742
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 2031		239,410		196,211
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 2039		59,939		46,334
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-2”, 5.5%, 2046		15,996		10,750
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 2056		79,566		1,125
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.75%, 2039		150,000		71,444
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.875%, 2044		225,000		107,150
Michigan Strategic Fund Ltd. Obligation Rev. (Evangelical Homes), 5.25%, 2032		190,000		191,098
Michigan Strategic Fund Ltd. Obligation Rev. (Evangelical Homes), 5.5%, 2047		350,000		351,999

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Long Term Care - continued
Montgomery County, PA, Higher Education & Health Authority Rev. (AHF/Montgomery), 6.875%, 2036	$	1,145,000	$	1,200,052
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.), 5%, 2028		565,000		636,388
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.), 5%, 2029		255,000		283,359
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.125%, 2028		250,000		254,788
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035		510,000		519,027
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.875%, 2037		530,000		534,277
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2036		715,000		736,143
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6%, 2025		215,000		216,451
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6.125%, 2035		330,000		332,096
Oklahoma County, OK, Finance Authority Rev. (Epworth Villa Project), “A”, 5.125%, 2042		565,000		569,271
Pell City, AL, Special Care Facilities, Financing Authority Rev. (Noland Health Services, Inc.), 5%, 2039		290,000		308,699
Sarasota County, FL, Health Facility Authority Rev. (Sarasota Manatee), 5.75%, 2037		490,000		440,887
Sarasota County, FL, Health Facility Authority Rev. (Sarasota Manatee), 5.75%, 2045		105,000		92,739
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034		665,000		702,120
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2032		367,169		255,788
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2047		335,086		218,302
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), Capital Appreciation, “B”, 0%, 2047		157,358		3,102
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), Capital Appreciation, “B”, 0%, 2047		143,608		2,831
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 2045		1,565,000		1,781,017
Suffolk County, NY, Industrial Development Agency (Medford Hamlet Assisted Living), 6.375%, 2039		470,000		463,227
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.125%, 2029		115,000		129,084
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 5.125%, 2037		100,000		101,584
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.375%, 2044		780,000		862,641
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way), 8.25%, 2044		1,500,000		1,673,985
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 2042		225,000		246,191
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 2046		170,000		185,756
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030		245,000		294,208
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 2040		370,000		441,654
Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Querencia Barton Creek), 5.5%, 2025		460,000		476,960
Ulster County, NY, Industrial Development Agency (Woodland Pond), “A”, 6%, 2037		1,075,000		728,012

			$	41,855,741
Healthcare Revenue - Other - 0.3%
Koyukuk, AK, Tanana Chiefs Conference, Healthcare Facilities Project, 7.75%, 2041	$	705,000	$	802,854

Human Services - 2.1%
Alaska Industrial Development & Export Authority Community Provider Rev. (Boys & Girls Home of Alaska, Inc.), 5.875%, 2027 (a)(d)	$	210,000	$	94,500
Alaska Industrial Development & Export Authority Community Provider Rev. (Boys & Girls Home of Alaska, Inc.), 6%, 2036 (a)(d)		325,000		146,250
Greenville County, SC, Hospital Rev. (Chestnut Hill), “A”, 8%, 2015		825,000		829,752
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 7%, 2036		490,000		500,520
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “C”, 7%, 2036		375,000		381,368
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “A”, 6.85%, 2036		1,100,000		1,136,718
Massachusetts Development Finance Agency Rev. (Evergreen Center, Inc.), 5.5%, 2035		620,000		629,703
New York, NY, Industrial Development Agency, Civic Facility Rev. (A Very Special Place), “A”, 5.75%, 2029		980,000		954,069
New York, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs Facilities), 6.5%, 2017		905,000		914,340
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 9%, 2031		890,000		891,015
Osceola County, FL, Industrial Development Authority Rev. (Community Provider), 7.75%, 2017		165,000		165,955

			$	6,644,190
Industrial Revenue - Airlines - 7.7%
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 2029	$	555,000	$	697,935
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 2035		285,000		319,035

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Industrial Revenue - Airlines - continued
Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 2032	$	3,735,000	$	3,811,941
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 2032		1,600,000		1,672,800
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc. Terminal E project), 6.75%, 2029		2,940,000		2,948,320
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc. Terminal E project), 7%, 2029		385,000		386,155
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), 6.625%, 2038		470,000		526,536
Los Angeles, CA, Regional Airport Lease Rev. (American Airlines, Inc.), “C”, 7.5%, 2024 (d)		850,000		863,889
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 4.875%, 2019		1,595,000		1,637,985
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.125%, 2023		910,000		934,315
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 2029 (b)		910,000		927,345
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 7.2%, 2030		1,595,000		1,602,656
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.625%, 2025 (d)(q)		5,485,000		6,259,701
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031 (d)(q)		1,025,000		1,180,985

			$	23,769,598
Industrial Revenue - Chemicals - 2.0%
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “A”, 5.95%, 2033	$	2,000,000	$	2,291,480
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 2033		75,000		81,294
Louisiana Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), 6.75%, 2032		1,000,000		1,137,440
Louisiana Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), “A”, 6.5%, 2029		610,000		730,085
Red River Authority, TX, Pollution Control Rev. (Celanese Project) “B”, 6.7%, 2030		1,920,000		1,946,880

			$	6,187,179
Industrial Revenue - Environmental Services - 2.6%
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 5%, 2022	$	695,000	$	761,477
Gulf Coast Waste Disposal Authority (Waste Management, Inc.), 5.2%, 2028		440,000		474,206
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.), 5.45%, 2014		1,750,000		1,802,115
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 6.25%, 2025 (b)		705,000		723,704
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “A”, 4.875%, 2027		540,000		548,289
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “C”, 5.25%, 2042		1,785,000		1,841,442
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 5.25%, 2042		1,825,000		1,882,707

			$	8,033,940
Industrial Revenue - Other - 2.7%
California Statewide Communities Development Authority Facilities (Microgy Holdings Project), 9%, 2038 (a)(d)	$	12,624	$	126
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 2025		735,000		746,562
Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings LLC Project), 7%, 2036 (a)(d)		224,775		2,248
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023		90,000		90,093
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 2037		430,000		435,642
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “C”, 6.5%, 2015		500,000		503,895
New York, NY, City Industrial Development Agency Rev., Liberty Bonds (IAC/InterActiveCorp), 5%, 2035		620,000		644,093
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-1”, 7.875%, 2032 (b)(n)		1,270,000		1,285,723
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-2”, 7.875%, 2032 (b)(n)		580,000		587,180
Philadelphia, PA, Industrial Development Authority Rev. (Host Marriott LP), 7.75%, 2017		3,255,000		3,263,170
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 2040 (b)		600,000		662,844

			$	8,221,576
Industrial Revenue - Paper - 2.2%
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia-Pacific Corp.), 5.75%, 2028	$	155,000	$	160,768
Cass County, TX, Industrial Development Corp. (International Paper Co.), “A”, 4.625%, 2027		2,150,000		2,202,417
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 4.75%, 2030		525,000		525,373
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 2022		2,000,000		2,410,320
Phenix City, AL, Industrial Development Board Environmental Improvement Rev. (MeadWestvaco Coated Board Project), “A”, 4.125%, 2035		260,000		255,705
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 2034		640,000		668,915
Selma, AL, Industrial Development Board Rev., Gulf Opportunity Zone (International Paper Co.), “A”, 5.375%, 2035		565,000		625,783

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Industrial Revenue - Paper - continued
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), 6.25%, 2019 (a)(d)	$	1,870,000	$	187
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 2019 (a)(d)		700,000		70

			$	6,849,538
Miscellaneous Revenue - Entertainment & Tourism - 1.2%
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 2030	$	230,000	$	271,239
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040		150,000		175,646
Fort Sill Apache Tribe, OK, Economic Development Authority, Gaming Enterprise., “A”, 8.5%, 2026 (n)		520,000		578,739
Harris County, Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, 0%, 2038		1,205,000		309,010
Harris County, Houston, TX, Sports Authority, Special Rev., “A”, NATL, 5%, 2025		885,000		885,204
Louisiana Stadium & Exposition District Rev., “A”, 5%, 2030		375,000		431,104
Louisiana Stadium & Exposition District Rev., “A”, 5%, 2031		80,000		91,666
Louisiana Stadium & Exposition District Rev., “A”, 5%, 2036		240,000		271,164
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.25%, 2027 (n)		515,000		548,825
Seneca Nation of Indians, NY, Capital Improvements Authority, Special Obligation, 5%, 2023 (n)		275,000		284,697

			$	3,847,294
Miscellaneous Revenue - Other - 5.5%
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5.25%, 2015	$	500,000	$	530,130
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2017		215,000		239,323
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2020		170,000		187,689
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2024		330,000		359,578
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5%, 2034		290,000		306,066
Baker, FL, Correctional Development Corp. (Baker County Detention Center), 7.5%, 2030		440,000		435,420
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019		245,000		287,329
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		1,285,000		1,509,027
Cleveland-Cuyahoga County, OH, Port Authority Rev., 7%, 2040		235,000		262,805
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Cleveland City), “B”, 4.5%, 2030		210,000		188,662
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Fairmount), “B”, 5.125%, 2025		140,000		142,076
Columbus, OH, Franklin County Finance Authority Development Rev., 6%, 2035		700,000		729,967
Dayton Montgomery County, OH, Port Authority Rev. (Parking Garage), 6.125%, 2024		1,130,000		1,143,097
District of Columbia Rev. (American Society Hematology), 5%, 2036		85,000		92,930
District of Columbia Rev. (American Society Hematology), 5%, 2042		65,000		70,263
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017		1,165,000		1,173,353
Massachusetts Port Authority Facilities Rev. (Conrac Project), “A”, 5.125%, 2041		65,000		70,949
Miami-Dade County, FL, Special Obligation, “B”, 5%, 2035		325,000		364,354
Miami-Dade County, FL, Special Obligation, “B”, 5%, 2037		935,000		1,039,309
New Orleans, LA, Aviation Board Gulf Opportunity Zone CFC Rev. (Consolidated Rental Car), “A”, 6.25%, 2030		455,000		516,571
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 2049		1,065,000		1,261,663
New York Liberty Development Corp., Liberty Rev. (World Trade Center Project), 5%, 2044		895,000		997,809
Riversouth, OH, Authority Rev. (Lazarus Building), “A”, 5.75%, 2027		1,125,000		1,151,483
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 2040		85,000		95,053
Summit County, OH, Port Authority Building Rev. (Seville Project), “A”, 5.1%, 2025		155,000		155,592
Summit County, OH, Port Authority Building Rev. (Workforce Policy Board), “F”, 4.875%, 2025		915,000		919,941
Texas Midwest Public Facilities Corp. Rev. (Secure Treatment Facilities Project), 9%, 2030 (a)(d)		395,000		118,500
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 2028		325,000		356,840
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 2042		2,245,000		2,333,700

			$	17,039,479
Multi-Family Housing Revenue - 2.1%
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), AGM, 5%, 2035	$	210,000	$	212,297
Charter Mac Equity Issuer Trust, FHLMC, 6%, 2052 (n)		2,000,000		2,328,460
Indianapolis, IN, Multi-Family Rev. (Cambridge Station Apartments II), FNMA, 5.25%, 2039 (b)		435,000		441,408
Mississippi Home Corp., Rev. (Kirkwood Apartments), 6.8%, 2037 (d)(q)		1,095,000		711,914
MuniMae TE Bond Subsidiary LLC, 5.4%, 2049 (z)		1,000,000		720,040

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Multi-Family Housing Revenue - continued
MuniMae TE Bond Subsidiary LLC, FRN, 7.5%, 2049 (n)	$	1,515,878	$	1,515,878
North Charleston, SC, Housing Authority Rev. (Horizon Village), “A”, GNMA, 5.15%, 2048		445,000		454,140

			$	6,384,137
Parking - 0.2%
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 2036	$	460,000	$	533,784

Port Revenue - 0.3%
Alameda Corridor Transportation Authority, California Rev., “A”, AGM, 5%, 2028	$	125,000	$	148,531
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.375%, 2025		195,000		223,991
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.75%, 2035		375,000		426,754

			$	799,276
Sales & Excise Tax Revenue - 3.6%
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2029	$	275,000	$	323,337
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2030		550,000		643,880
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2031		105,000		122,745
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2040		990,000		1,130,976
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2034		1,180,000		1,369,319
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041		590,000		680,069
Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 2027		1,490,000		1,824,594
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5%, 2024		2,150,000		2,756,773
Miami-Dade County, FL, Transit Sales Surtax Rev., 5%, 2037		460,000		526,778
Poplar Bluff, MO, Regional Transportation Development District, Sales Tax Rev., 4%, 2036		150,000		147,054
Poplar Bluff, MO, Regional Transportation Development District, Sales Tax Rev., 4.75%, 2042		120,000		121,877
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2042		350,000		371,648
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		180,000		189,085
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 2054		4,455,000		389,634
Utah Transit Authority Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 2028		950,000		483,474

			$	11,081,243
Single Family Housing - Local - 0.1%
Nortex, TX, Housing Finance Corp., Single Family Mortgage Rev., “B”, 5.5%, 2038	$	5,000	$	4,775
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 5.9%, 2035		110,000		116,516
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 6.25%, 2035		35,000		37,060
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-1”, GNMA, 5.75%, 2037		40,000		42,721
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-2”, GNMA, 5.75%, 2037		125,000		132,096
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.9%, 2037		50,000		52,162

			$	385,330
Single Family Housing - State - 0.8%
California Housing Finance Agency Rev. (Home Mortgage), “E”, 4.75%, 2030	$	365,000	$	365,850
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 2023		1,180,000		1,206,963
Colorado Housing & Finance Authority Rev., “C-2”, 5.9%, 2023		75,000		78,839
Colorado Housing & Finance Authority Rev., “C-2”, FHA, 6.6%, 2032		60,000		62,576
Colorado Housing & Finance Authority Rev., “C-3”, FHA, 6.375%, 2033		25,000		25,839
Colorado Housing & Finance Authority Rev., “D-2”, 6.9%, 2029		125,000		127,849
Texas Affordable Housing Corp. (Single Family Mortgage), “B”, GNMA, 5.25%, 2039		610,000		637,926

			$	2,505,842
Solid Waste Revenue - 0.1%
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 2032	$	145,000	$	166,299

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
State & Agency - Other - 0.3%
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.5%, 2037	$	900,000	$	934,569
Tift County, GA, Hospital Authority Rev. Anticipation Certificates, 5%, 2038		55,000		61,321

			$	995,890
State & Local Agencies - 0.9%
Alabama Incentives Financing Authority Special Obligation, “A”, 5%, 2037	$	230,000	$	262,067
Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (School District of Philadelphia Project), 5%, 2028		250,000		281,863
Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (School District of Philadelphia Project), 5%, 2030		125,000		139,678
Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (School District of Philadelphia Project), 5%, 2031		95,000		105,762
Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (School District of Philadelphia Project), 5%, 2032		30,000		33,275
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2035		220,000		230,496
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 2040		620,000		683,060
Mississippi Development Bank Special Obligation (Marshall County Industrial Development Authority Mississippi Highway Construction Project), 5%, 2028		195,000		229,443
Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034		260,000		301,454
Puerto Rico Public Finance Corp., Commonwealth Appropriations, “B”, 6%, 2026		370,000		392,973

			$	2,660,071
Student Loan Revenue - 0.7%
Iowa Student Loan Liquidity Corp., “A-2”, 5.5%, 2025	$	335,000	$	369,415
Iowa Student Loan Liquidity Corp., “A-2”, 5.6%, 2026		335,000		370,547
Iowa Student Loan Liquidity Corp., “A-2”, 5.7%, 2027		40,000		44,430
Iowa Student Loan Liquidity Corp., “A-2”, 5.75%, 2028		675,000		747,900
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 2030		725,000		796,449

			$	2,328,741
Tax - Other - 1.7%
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 2035	$	160,000	$	174,182
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 2042		685,000		735,793
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2047		710,000		753,516
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2047		620,000		737,912
New Jersey Economic Development Authority Rev., 5%, 2025		220,000		253,152
New Jersey Economic Development Authority Rev., 5%, 2026		110,000		125,807
New Jersey Economic Development Authority Rev., 5%, 2028		45,000		50,884
New Jersey Economic Development Authority Rev., 5%, 2029		45,000		50,538
New York Dormitory Authority, State Personal Income Tax Rev., “C”, 5%, 2034		1,670,000		1,934,879
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037		395,000		459,902

			$	5,276,565
Tax Assessment - 4.1%
Anne Arundel County, MD, Special Obligation (National Business Park-North Project), 6.1%, 2040	$	265,000	$	288,230
Arborwood Community Development District, FL, Capital Improvement Rev. (Master Infrastructure Projects), “A”, 5.35%, 2036		580,000		451,223
Arborwood Community Development District, FL, Special Assessment (Master Infrastructure Projects), “B”, 5.1%, 2014		190,000		167,774
Arvada, CO, Cimarron Metropolitan District, Rev., 6%, 2022		500,000		503,625
Atlanta, GA, Tax Allocation (Eastside Project), “B”, 5.6%, 2030		815,000		872,621
Atlanta, GA, Tax Allocation (Princeton Lakes Project), 5.5%, 2031		470,000		495,737
Baltimore, MD, Special Obligation, (East Baltimore Research Park Project), “A”, 7%, 2038		715,000		782,675
Capital Region Community Development District, FL, Capital Improvement Rev., “A”, 7%, 2039		625,000		621,338
Concord Station Community Development District, FL, Special Assessment, 5%, 2015		110,000		109,831
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 2036		305,000		305,369
Fishhawk Community Development District, FL, 7.04%, 2014		10,000		10,111
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 2038		560,000		560,650
Homestead, Community Development District, FL, Special Assessment, “A”, 6%, 2037		660,000		493,739
Homestead, Community Development District, FL, Special Assessment, “B”, 5.9%, 2013		105,000		85,562
Killarney Community Development District, FL, Special Assessment, “B”, 5.125%, 2009 (a)(d)		170,000		76,500

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Tax Assessment - continued
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037	$	100,000	$	100,199
Legends Bay Community Development District, FL, “A”, 5.5%, 2014		415,000		374,359
Legends Bay Community Development District, FL, “A”, 5.875%, 2038		355,000		273,052
Main Street Community Development District, FL, “A”, 6.8%, 2038		540,000		530,280
Naturewalk Community Development District, FL, Capital Improvement Rev., “B”, 5.30%, 2016 (d)(q)		650,000		338,000
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), “A”, 5.85%, 2034		235,000		246,755
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens), “B”, 5.375%, 2014		190,000		188,689
OTC Community Development District, FL, Special Assessment, “A”, 5.3%, 2038		930,000		935,878
Overland Park, KS, Special Assessment (Tallgrass Creek), 4.85%, 2016		169,000		166,818
Overland Park, KS, Special Assessment (Tallgrass Creek), 5.125%, 2028		592,000		531,723
Panther Trace II, Community Development District, FL, Special Assessment, 5.125%, 2013		130,000		122,633
Parkway Center Community Development District, FL, Special Assessment, “B”, 5.625%, 2014		705,000		663,010
Paseo Community Development District, FL, “B”, 4.875%, 2010 (a)(d)		210,000		2
Paseo Community Development District, FL, Capital Improvement Rev., Capital Appreciation, “A-2”, 0%, 2036		475,000		177,132
Paseo Community Development District, FL, Special Assessment, “A-1”, 5.4%, 2036		40,000		42,745
Prince George’s County, MD, Special Obligation (National Harbor Project), 5.2%, 2034		245,000		251,076
San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 (Mission Bay South Public Improvements), “A”, 5%, 2031		145,000		153,661
San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 (Mission Bay South Public Improvements), Capital Appreciation, “A”, 0%, 2043		1,275,000		215,105
Sterling Hill Community Development District, FL, Special Assessment, 5.5%, 2010 (d)		165,000		107,252
Stone Ridge, CO, Metropolitan District No. 2, 7.25%, 2031		500,000		131,125
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 2016		780,000		763,831
Villa Vizcaya Community Development District, FL, “A”, 5.55%, 2039 (a)(d)		210,000		90,300
Watergrass Community Development District, FL, “A”, 5.375%, 2039		420,000		244,936
Watergrass Community Development District, FL, Special Assessment, “B”, 6.96%, 2017		305,000		297,268

			$	12,770,814
Tobacco - 6.1%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	2,905,000	$	2,684,540
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		1,935,000		1,761,547
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047		825,000		743,020
California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029		1,410,000		1,410,649
District of Columbia, Tobacco Settlement, 6.25%, 2024		735,000		755,176
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 4.5%, 2027		345,000		325,125
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		1,035,000		977,402
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-4”, 7.8%, 2013 (c)		1,000,000		1,024,660
Illinois Railsplitter Tobacco Settlement Authority, 5.5%, 2023		880,000		1,052,374
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		2,645,000		3,214,548
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “B”, 5.6%, 2034		1,635,000		1,624,798
Louisiana Tobacco Settlement Authority Rev., “2001-B”, 5.5%, 2030		830,000		846,525
New Jersey Tobacco Settlement Financing Corp., 7%, 2013 (c)		15,000		15,330
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 2023		345,000		343,572
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		2,095,000		1,881,813
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B”, 5.25%, 2037		155,000		166,079
Washington Tobacco Settlement Authority Rev., 6.5%, 2026		130,000		135,044

			$	18,962,202
Toll Roads - 3.6%
Chesapeake, VA, Toll Road Rev. (Transportation System), “A”, 5%, 2047	$	170,000	$	181,878
Chesapeake, VA, Toll Road Rev. Convertible Capital Appreciation (Transportation System), “B”, 0%, 2032		245,000		152,255
Chesapeake, VA, Toll Road Rev. Convertible Capital Appreciation (Transportation System), “B”, 0%, 2040		230,000		140,606
E-470 Public Highway Authority Rev., CO, Capital Appreciation, “B”, NATL, 0%, 2027		4,115,000		2,031,617
Mid-Bay Bridge Authority, FL, Springing Lien Rev., “A”, 7.25%, 2040		1,580,000		2,024,501
North Texas Tollway Authority Rev., 6%, 2038		1,505,000		1,770,783

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Toll Roads - continued
North Texas Tollway Authority Rev. (Special Projects System), “D”, 5%, 2031	$	1,110,000	$	1,300,476
Virginia Small Business Financing Authority Rev. (95 Express Lanes LLC), 5%, 2034		335,000		350,923
Virginia Small Business Financing Authority Rev. (95 Express Lanes LLC), 5%, 2040		540,000		559,607
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.25%, 2032		460,000		500,176
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 2037		765,000		889,787
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 2042		1,225,000		1,342,649

			$	11,245,258
Transportation - Special Tax - 0.5%
Arizona Transportation Board Highway Rev., “A”, 5%, 2036	$	1,290,000	$	1,490,763

Universities - Colleges - 14.8%
Allegheny County, PA, Higher Education Building Authority Rev. (Chatham University), “A”, 5%, 2030	$	155,000	$	173,234
Brevard County, FL, Industrial Development Rev. (TUFF Florida Tech LLC Project), 6.75%, 2039		1,055,000		1,184,406
California Educational Facilities Authority Rev. (Chapman University), 5%, 2031		240,000		268,956
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 2040		530,000		616,703
California State University Rev., “A”, 5%, 2037		1,950,000		2,236,455
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.4%, 2027		370,000		398,605
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.5%, 2038		420,000		450,862
Florida Higher Educational Facilities, Financial Authority Rev. (University of Tampa Project), “A”, 5%, 2032		40,000		43,778
Florida Higher Educational Facilities, Financial Authority Rev. (University of Tampa Project), “A”, 5.25%, 2042		355,000		391,870
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2031		795,000		797,480
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2036		1,380,000		1,380,304
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		905,000		1,032,542
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039		300,000		341,922
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 2051		270,000		297,462
Lakeland, FL, Educational Facilities Rev. (Florida Southern College), “A”, 5%, 2032		145,000		158,972
Lakeland, FL, Educational Facilities Rev. (Florida Southern College), “A”, 5%, 2037		210,000		227,951
Lakeland, FL, Educational Facilities Rev. (Florida Southern College), “A”, 5%, 2042		110,000		118,946
Louisiana State University (Health Sciences Center Project), NATL, 6.375%, 2031		2,500,000		2,504,675
Massachusetts Development Finance Agency Rev. (Simmons College), “H”, SYNCORA, 5.25%, 2033		110,000		122,755
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), 5%, 2038 (u)		20,000,000		22,780,600
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029		535,000		616,695
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030		1,370,000		1,611,956
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 5.75%, 2039		885,000		1,007,599
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		590,000		700,643
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 7.5%, 2032		1,065,000		1,333,487
New York Dormitory Authority Rev., Non-State Supported Debt (Rochester Institute of Technology), 4%, 2030		190,000		205,466
New York Dormitory Authority Rev., Non-State Supported Debt (Rochester Institute of Technology), 4%, 2031		190,000		204,659
New York Dormitory Authority Rev., Non-State Supported Debt (Rochester Institute of Technology), 4%, 2032		160,000		171,667
New York Dormitory Authority Rev., Non-State Supported Debt (Rochester Institute of Technology), 4%, 2033		130,000		138,931
Onondaga, NY, Civic Development Corp. (Le Moyne College), 5%, 2042		185,000		201,040
Pennsylvania Higher Educational Facilities Authority Rev. (La Salle University), “A”, 5.25%, 2027		105,000		114,921
Pennsylvania Higher Educational Facilities Authority Rev. (Saint Francis University Project), “JJ2”, 6.25%, 2041		295,000		336,515
Portage County, OH, Port Authority Rev. (Northeast Ohio Medical University Project), 5%, 2037		320,000		347,274
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 4.375%, 2031		70,000		68,900
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 5%, 2042		35,000		35,238
University of California Rev., “G”, 4%, 2029		2,325,000		2,567,498
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 2034		540,000		606,328

			$	45,797,295
Universities - Dormitories - 1.4%
Bowling Green, OH, Student Housing Rev. (State University Project), 5.75%, 2031	$	350,000	$	388,759
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033		380,000		408,622
Illinois Finance Authority Student Housing Rev. (Illinois State University), 6.75%, 2031		415,000		490,240

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Universities - Dormitories - continued
Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 2031	$	1,215,000	$	1,455,181
Oregon Facilities Authority, Student Housing Rev. (Southern Oregon University), ASSD GTY, 4.7%, 2033		85,000		92,119
Oregon Facilities Authority, Student Housing Rev. (Southern Oregon University), ASSD GTY, 5%, 2044		105,000		116,461
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 2030		155,000		176,018
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 6%, 2043		215,000		243,051
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services), 5%, 2030		170,000		189,111
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services), 5%, 2044		175,000		189,770
Platteville, WI, Redevelopment Authority, Redevelopment Rev. (Platteville Real Estate), 5%, 2032		160,000		169,346
Platteville, WI, Redevelopment Authority, Redevelopment Rev. (Platteville Real Estate), 5%, 2042		345,000		354,895

			$	4,273,573
Universities - Secondary Schools - 4.2%
California Municipal Finance Authority Rev. (Partnerships to Uplift Communities Project), “A”, 5%, 2032	$	250,000	$	252,823
California Statewide Communities Development Authority Rev. (Aspire Public Schools), 6.375%, 2045		1,000,000		1,066,880
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.5%, 2031		160,000		179,653
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.75%, 2041		130,000		147,910
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 2042		365,000		394,580
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 2040		570,000		648,210
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 4.35%, 2042		180,000		180,850
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 2045		350,000		399,672
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 4.4%, 2047		160,000		160,752
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 4%, 2027		60,000		62,052
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 2037		75,000		79,757
Delaware Economic Development Authority Rev. (Newark Charter School, Inc. Project), 5%, 2042		180,000		193,010
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 2032		295,000		296,230
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 2043		615,000		609,502
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 2040		380,000		410,020
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 7.625%, 2041		875,000		1,019,323
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 2039		365,000		421,301
Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), “A”, 5.25%, 2027		430,000		440,053
Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), “A”, 5.375%, 2037		945,000		958,296
Maryland Health & Higher Educational Facilities Authority Rev. (Washington Christian Academy), 5.5%, 2038 (a)(d)		140,000		56,000
Maryland Industrial Development Financing Authority, Economic Development Authority Rev. (Our Lady of Good Council), “A”, 6%, 2035		150,000		156,812
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 4.875%, 2032		110,000		117,776
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 2042		275,000		297,083
Phoenix, AZ, Industrial Development Authority Education Rev. (Choice Academies, Inc. Project), 5.625%, 2042		345,000		352,280
St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Nova Classical Academy), “A”, 6.375%, 2031		120,000		130,252
St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Nova Classical Academy), “A”, 6.625%, 2042		240,000		260,309
Utah County, UT, Charter School Finance Authority, Charter School Rev. (Early Light Academy Project), 8.25%, 2035		770,000		894,956
Utah County, UT, Charter School Finance Authority, Charter School Rev. (Hawthorne Academy Project), 8.25%, 2035		830,000		926,039
Utah County, UT, Charter School Rev. (Renaissance Academy), “A”, 5.625%, 2037		495,000		495,653
Utah County, UT, Charter School Rev. (Ronald Wilson Reagan Academy), “A”, 6%, 2038		1,255,000		1,292,198

			$	12,900,232
Utilities - Cogeneration - 0.8%
California Pollution Control Financing Authority, Water Furnishing Rev. (Poseidon Resources Desalination Project), 5%, 2045	$	2,005,000	$	2,084,218
New Jersey Economic Development Authority Energy Facility Rev. (UMM Energy Partners LLC Project), “A”, 5%, 2037		130,000		135,418
New Jersey Economic Development Authority Energy Facility Rev. (UMM Energy Partners LLC Project), “A”, 5.125%, 2043		135,000		141,380
Pennsylvania Economic Development Financing Authority Rev., Resource Recovery Rev. (Colver), “G”, 5.125%, 2015		250,000		258,163

			$	2,619,179
Utilities - Investor Owned - 3.6%
Apache County, AZ, Industrial Development Authority, Pollution Control Rev. (Tucson Electric Power Co.), “A”, 4.5%, 2030	$	1,055,000	$	1,097,221
Brazos River Authority, TX, Pollution Control Rev. (TXU Energy Co. LLC), 5%, 2041		835,000		89,871

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Utilities - Investor Owned - continued
Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 2034	$	470,000	$	552,593
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 2040		1,840,000		2,059,898
Fort Bend County, TX, Industrial Development Corp. (NRG Energy, Inc.), “A”, 4.75%, 2038		540,000		559,138
Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 2039		750,000		873,405
Maricopa County, AZ, Pollution Control Rev. (El Paso Electric Co. Palo Verde Project), “A”, 4.5%, 2042		250,000		258,193
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)		165,000		202,311
Matagorda County, TX (CenterPoint Energy), 5.6%, 2027		1,500,000		1,547,280
Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), “A”, 6.3%, 2029		525,000		613,121
Owen County, KY, Waterworks System Rev. (American Water Co. Project), “A”, 6.25%, 2039		400,000		447,204
Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039		1,165,000		1,396,905
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), 5.75%, 2029		1,315,000		1,392,953

			$	11,090,093
Utilities - Municipal Owned - 0.6%
Guam Power Authority Rev., “A”, AGM, 5%, 2025	$	150,000	$	173,078
Guam Power Authority Rev., “A”, AGM, 5%, 2026		130,000		149,417
Guam Power Authority Rev., “A”, AGM, 5%, 2027		50,000		57,155
Guam Power Authority Rev., “A”, 5%, 2034		150,000		162,534
Los Angeles, CA, Department of Water & Power Rev. (Power System), “B”, 5%, 2038		695,000		802,614
Sacramento, CA, Municipal Utility District, “X”, 5%, 2028		565,000		666,220

			$	2,011,018
Utilities - Other - 3.5%
California M-S-R Energy Authority Gas Rev., “A”, 7%, 2034	$	210,000	$	299,737
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039		465,000		635,804
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 2022		500,000		583,090
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 2026		285,000		348,025
Indiana Bond Bank Special Program, Gas Rev., “A”, 5.25%, 2018		440,000		517,365
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 2028		240,000		307,954
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038		1,035,000		1,405,551
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2037		2,395,000		2,732,671
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5%, 2014		455,000		483,984
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		510,000		592,411
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023		80,000		92,664
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2024		560,000		649,684
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		905,000		1,051,483
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2025		450,000		508,563
Texas Gas Acquisition & Supply Corp. III, Gas Supply Rev., 5%, 2031		240,000		261,634
Texas Gas Acquisition & Supply Corp. III, Gas Supply Rev., 5%, 2032		390,000		421,836

			$	10,892,456
Water & Sewer Utility Revenue - 9.4%
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 2022	$	710,000	$	904,114
California Department of Water Resources, Center Valley Project Rev., “AJ”, 5%, 2035		1,990,000		2,340,260
Cary, NC, Combined Enterprise Systems Rev., 4%, 2037		2,000,000		2,147,840
Clairton, PA, Municipal Authority, “B”, 5%, 2037		265,000		277,985
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2028		1,100,000		1,315,182
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2029		270,000		321,438
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2030		910,000		1,078,750
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2031		40,000		47,283
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2041		1,965,000		2,260,949
East Bay, CA, Municipal Utility District, Water System Rev., “A”, 5%, 2028		3,200,000		3,781,440
Houston, TX, Utility System Rev., “D”, 5%, 2036		855,000		996,109
King County, WA, Sewer Rev., 5%, 2040		2,750,000		3,106,895
Madera, CA, Irrigation Financing Authority Rev., 6.5%, 2040		1,280,000		1,450,726

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Water & Sewer Utility Revenue - continued
New York Environmental Facilities Corp., Clean Drinking Water Revolving Funds, 5%, 2024	$	335,000	$	410,861
New York Environmental Facilities Corp., Clean Drinking Water Revolving Funds, 5%, 2041		1,345,000		1,543,643
New York Environmental Facilities, “C”, 5%, 2041		1,860,000		2,132,267
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “AA”, 5%, 2034 (f)		3,900,000		4,535,505
North Hudson, NJ, Sewerage Authority, Gross Rev. Lease Certificates, “A”, 5%, 2042		350,000		391,143
St. Johns County, FL, Water & Sewer Rev., Capital Appreciation, “B”, 0%, 2030		125,000		62,945
St. Johns County, FL, Water & Sewer Rev., Capital Appreciation, “B”, 0%, 2031		80,000		38,100
St. Johns County, FL, Water & Sewer Rev., Capital Appreciation, “B”, 0%, 2032		100,000		45,390
St. Johns County, FL, Water & Sewer Rev., Capital Appreciation, “B”, 0%, 2033		125,000		53,925
St. Johns County, FL, Water & Sewer Rev., Capital Appreciation, “B”, 0%, 2034		135,000		55,184

			$	29,297,934
Total Municipal Bonds			$	433,029,504

Money Market Funds - 1.1%
MFS Institutional Money Market Portfolio, 0.14%, at Net Asset Value (v)		3,560,294	$	3,560,294
Total Investments			$	436,589,798

Other Assets, Less Liabilities - (4.1)%				(12,806,713	)
ARPS, at liquidation value (issued by the fund) - (2.3)%				(7,275,000	)
VMTPS, at liquidation value (issued by the fund) - (34.3)%				(106,475,000	)
Net assets applicable to common shares - 100.0%			$	310,033,085

(a)	Non-income producing security.

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(d)	In default. Interest and/or scheduled principal payment(s) have been missed.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(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 $7,129,502 representing 2.3% of net assets applicable to common shares.

(p)	Primary inverse floater.

(q)	Interest received was less than stated coupon rate.

(u)	Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.

(v)	Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

(z)

Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:


Restricted Securities	Acquisition Date	Cost		Value
MuniMae TE Bond Subsidiary LLC, 5.4%, 2049	10/14/04		$1,000,000		$720,040
% of Net assets applicable to common shares					0.2%

The following abbreviations are used in this report and are defined:


ARPS		Auction Rate Preferred Shares
COP		Certificate of Participation
ETM		Escrowed to Maturity
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
VMTPS		Variable Rate Municipal Term Preferred Shares

Portfolio of Investments (unaudited) – continued


Insurers
AGM		Assured Guaranty Municipal
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
FGIC		Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Assn.
GNMA		Government National Mortgage Assn.
NATL		National Public Finance Guarantee Corp.
PSF		Permanent School Fund
SYNCORA		Syncora Guarantee Inc.

Derivative Contracts at 1/31/13

Futures Contracts Outstanding at 1/31/13

Description

Currency

Contracts

Value

Expiration Date

Unrealized
Appreciation
(Depreciation)

Asset Derivative

Interest Rate Futures

U.S. Treasury Bond 30 yr (Short)

USD

$11,477,500

March - 2013

$486,595

At January 31, 2013, the fund had liquid securities with an aggregate value of $258,166 to cover any commitments for certain derivative contracts.

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

Supplemental Information

1/31/13 (unaudited)

(1) Investment Valuations

Debt instruments and floating rate loans (other than short-term instruments), 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 generally are valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures contracts. The following is a summary of the levels used as of January 31, 2013 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds		$—		$433,029,504		$—		$433,029,504
Mutual Funds		3,560,294		—		—		3,560,294
Total Investments		$3,560,294		$433,029,504		$—		$436,589,798

Other Financial Instruments
Futures Contracts		$486,595		$—		$—		$486,595

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$390,167,200
Gross unrealized appreciation	39,149,150
Gross unrealized depreciation	(9,052,139	)
Net unrealized appreciation (depreciation)	$30,097,011

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

Supplemental Information (unaudited) – continued

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be an affiliated issuer:


Underlying Affiliated Fund	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		11,048,764		17,632,180		(25,120,650	)		3,560,294

Underlying Affiliated Fund	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$—		$—		$4,315			$3,560,294

ITEM 2.

CONTROLS AND PROCEDURES.

(a)

Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: MFS MUNICIPAL INCOME TRUST


By (Signature and Title)*		JOHN M. CORCORAN
		John M. Corcoran, President

Date: March 18, 2013

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)*		JOHN M. CORCORAN
		John M. Corcoran, President (Principal Executive Officer)

Date: March 18, 2013

By (Signature and Title)*

DAVID L. DILORENZO

David L. DiLorenzo, Treasurer (Principal Financial Officer

and Accounting Officer)

Date: March 18, 2013

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