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 811-4841
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MFS MUNICIPAL INCOME TRUST
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(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
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(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
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(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
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Date of fiscal year end: October 31
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Date of reporting period: July 31, 2007
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) MUNICIPAL INCOME TRUST
7/31/07
Quarterly portfolio holdings
[graphic omitted]
M F S(R)
INVESTMENT MANAGEMENT
MFS Municipal Income Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/07
ISSUER SHARES/PAR VALUE ($)
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MUNICIPAL BONDS - 144.8%
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AIRPORT & PORT REVENUE - 5.3%
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Branson, MO, Regional Airport Transportation Development District Airport Rev., "B ", 6%, 2025 $ 325,000 $ 316,960
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Branson, MO, Regional Airport Transportation Development District Airport Rev., "B ", 6%, 2037 100,000 98,897
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Branson, MO, Regional Airport Transportation Development District Airport Rev., "B ", 6%, 2037 675,000 654,014
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Chicago, IL, O'Hare International Airport Rev. RITES, XLCA, 6.955%, 2022 (u) 3,000,000 3,225,720
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New York, NY, City Industrial Development Agency, Special Facilities Rev. (Terminal One Group),
5.5%, 2024 275,000 290,912
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Oklahoma City, OK, Airport Trust Rev., FSA, 5.75%, 2016 3,125,000 3,259,781
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Port Authority, NY, Special Obligations Rev. (JFK International), MBIA, 5.75%, 2022 7,000,000 7,178,780
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Seattle, WA, Airport Trust Rev., FGIC, 5.625%, 2018 1,500,000 1,574,895
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$ 16,599,959
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GENERAL OBLIGATIONS - GENERAL PURPOSE - 2.1%
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Kane Kendall County, IL, Capital Appreciation, "E", FGIC, 0%, 2023 $ 1,945,000 $ 873,149
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Kane Kendall County, IL, Capital Appreciation, "E", FGIC, 0%, 2025 1,915,000 770,309
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Lake County, IL, Land Acquisition & Development, 5.75%, 2010 (c) 1,000,000 1,061,030
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New York, NY, "M", 5%, 2035 3,800,000 3,901,916
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$ 6,606,404
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GENERAL OBLIGATIONS - SCHOOLS - 1.0%
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Aledo, TX, Independent School District, School Building, "A", PSF, 5.125%, 2033 $ 955,000 $ 988,444
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DeSoto, TX, Independent School District, School Building, PSF, 0%, 2031 555,000 163,392
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DeSoto, TX, Independent School District, School Building, PSF, 0%, 2034 415,000 103,588
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DeSoto, TX, Independent School District, School Building, PSF, 0%, 2036 555,000 124,242
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Leander, TX, Independent School District, Capital Appreciation, Refunding, School Building,
FGIC, 0%, 2026 1,285,000 489,161
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Leander, TX, Independent School District, Capital Appreciation, Refunding, School Building,
FGIC, 0%, 2031 1,295,000 366,718
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Royse City, TX, Independent School District, School Building, PSF, 0%, 2027 955,000 351,087
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Royse City, TX, Independent School District, School Building, PSF, 0%, 2029 965,000 317,350
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Santa Clarita Community College District, CA, Election 2006, MBIA, 0%, 2030 595,000 191,566
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$ 3,095,548
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HEALTHCARE REVENUE - HOSPITALS - 41.4%
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Alexander City, AL, Special Care Facilities Financing Authority Medical Facilities Rev.
(Russell Hospital Corp.), "A", 5.75%, 2036 $ 600,000 $ 617,394
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Allegheny County, PA, Hospital Development Authority Rev. (South Hills Health Systems),
"B", 6.75%, 2010 (c) 500,000 537,520
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health),
9.25%, 2010 (c) 2,000,000 2,363,840
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health),
5.375%, 2040 835,000 809,157
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), 405,000 377,347
"A", 5%, 2028
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health),
"B", 9.25%, 2010 (c) 1,000,000 1,181,920
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Arkansas Development Finance Authority Rev. (Washington Regional Medical Center), 7.25%, 2010 (c) 500,000 540,190
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Athens County, OH, Hospital Facilities Rev. (O'Bleness Memorial Hospital), "A", 7.125%, 2033 1,500,000 1,600,800
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Baldwin County, AL, Eastern Shore Health Care Authority Rev. (Thomas Hospital), 5.75%, 2008 (c) 700,000 722,582
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Brookhaven, NY, Civic Facilities Rev. (Memorial Hospital Medical Center, Inc.), ETM,
7.75%, 2010 (c) 575,000 611,662
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California Statewide Communities Development Authority Rev. (Valleycare Health Systems),
"A", 5.125%, 2031 100,000 96,979
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California Statewide Communities Development Authority Rev. (Valleycare Health Systems),
"A", 5%, 2022 205,000 200,353
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California Valley Health Systems, COP, 6.875%, 2023 700,000 700,798
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Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev.
(Women's Christian Assn.), "A", 6.35%, 2017 215,000 218,266
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Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev.
(Women's Christian Assn.), "A", 6.4%, 2029 960,000 968,083
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Chemung County, NY, Civic Facilities Rev. (St. Joseph's Hospital-Elmira), "A", 6%, 2013 425,000 423,462
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Chemung County, NY, Civic Facilities Rev. (St. Joseph's Hospital-Elmira), "B", 6.35%, 2013 105,000 107,328
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Chester County, PA, Health & Educational Facilities Rev. (Chester County Hospital), 6.75%, 2021 1,625,000 1,734,623
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Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial Hospital), 6.25%, 2023 895,000 949,049
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Coffee County, GA, Hospital Authority Rev. (Coffee Regional Medical Center, Inc.), 5%, 2026 40,000 39,461
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Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.6%, 2025 1,000,000 1,078,170
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Colorado Health Facilities Authority Rev. (Parkview Medical Center, Inc.), 6.5%, 2020 1,230,000 1,322,090
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Colorado Health Facilities Authority Rev. (Portercare Adventist Health Systems), 6.625%, 2011 (c) 675,000 754,853
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Crittenden County, AR, Hospital Rev., 7%, 2020 1,030,000 1,070,201
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Cuyahoga County, OH, Hospital Facilities Rev. (Canton, Inc.), 7.5%, 2030 1,330,000 1,441,760
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Delaware Health Facilities Authority Rev. (Nanticoke Memorial Hospital), 5.625%, 2032 1,250,000 1,300,175
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Denver, CO, Health & Hospital Authority Rev., 5.25%, 2008 (c) 635,000 653,237
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Denver, CO, Health & Hospital Authority Rev., "A", 5.375%, 2008 (c) 1,500,000 1,545,480
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Denver, CO, Health & Hospital Authority Rev., "A", 5.375%, 2008 (c) 860,000 886,075
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Denver, CO, Health & Hospital Authority Rev., "A", 6%, 2011 (c) 250,000 270,498
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Garden City, MI, Hospital Finance Authority Rev. (Garden City Hospital), "A", 4.875%, 2027 1,275,000 1,190,684
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Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.2%, 2025 250,000 257,105
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Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.5%, 2031 295,000 307,458
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Grand Forks, ND, Health Care Authority Rev. (Altru Health Systems Obligated Group), 7.125%, 2010 755,000 812,961
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Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), 5.75%, 2031 1,000,000 1,019,190
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Highlands County, FL, Health Facilities Authority Rev. (Adventist Health Systems), "C", 5.25%, 2036 1,180,000 1,192,862
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Highlands County, FL, Health Facilities Authority Rev. (Adventist/Sunbelt Hospital), 6%, 2011 (c) 900,000 980,712
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Houston County, AL, Health Care Authority Rev., AMBAC, 6.25%, 2009 (c) 2,000,000 2,121,200
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Huntsville, AL, Health Care Authority Rev., 5.625%, 2011 (c) 875,000 937,624
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Illinois Development Finance Authority, Hospital Authority Rev. (Adventist/Sunbelt Hospital),
5.65%, 2009 (c) 1,750,000 1,834,945
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Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031 410,000 402,198
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Illinois Health Facilities Authority Rev. (Centegra Heath Systems), 5.25%, 2018 1,000,000 1,016,560
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Indiana Health & Educational Facilities Hospital Rev. (Community Foundation Northwest), 5.5%, 2037 1,375,000 1,388,186
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Indiana Health Facilities Financing Authority, Hospital Rev. (Clarian Health), "A", 5%, 2039 375,000 373,811
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Indiana Health Facilities Financing Authority, Hospital Rev. (Community Foundation),
"A ", 6.375%, 2011 (c) 3,025,000 3,328,922
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Indiana Health Facilities Financing Authority, Hospital Rev. (Community Foundation),
"A ", 6.375%, 2031 965,000 1,019,137
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Indiana Health Facilities Financing Authority, Hospital Rev. (Community Hospital), "A",
AMBAC, 5%, 2035 1,780,000 1,824,660
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Indiana Health Facilities Financing Authority, Hospital Rev. (Riverview Hospital), 6.125%, 2031 1,000,000 1,055,180
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Johnson City, TN, Health & Educational Facilities, Hospital Rev. (Mountain States Health),
"A", 5.5%, 2036 355,000 367,106
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Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health Systems),
5.5%, 2029 440,000 451,480
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Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health Systems),
5.75%, 2035 475,000 500,270
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Kentucky Economic Development Finance Authority (Norton Healthcare), "A", 6.5%, 2010 (c) 1,965,000 2,140,789
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Kentucky Economic Development Finance Authority, Unrefunded (Norton Healthcare), "A", 6.5%, 2020 3,035,000 3,230,758
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Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev.
(Baptist Health Systems), 6.5%, 2031 1,725,000 1,779,338
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Lauderdale County & Florence, AL, Health Care Authority Rev. (Coffee Health Group), MBIA,
5.625%, 2021 3,000,000 3,179,250
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Lufkin, TX, Health Facilities Rev. (Memorial Health System of East Texas), 5.7%, 2008 (c) 995,000 1,024,482
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Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital), 5.75%, 2025 1,000,000 1,030,150
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Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital), 5.875%, 2034 935,000 963,835
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Madison County, ID, Hospital Rev., COP, 5.25%, 2037 310,000 304,467
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Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health), 5.5%, 2033 380,000 392,962
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Maryland Health & Higher Educational Facilities Authority Rev. (North Arundel Hospital),
6.5%, 2010 (c) 1,500,000 1,624,425
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Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health Systems),
"E", 6.25%, 2031 1,900,000 2,024,165
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Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), "A", 5.7%, 2015 500,000 510,445
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Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), "B", 6.5%, 2012 600,000 645,846
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Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), "D", 5.25%, 2018 1,400,000 1,403,122
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Massachusetts Health & Educational Facilities Authority Rev. (Northern Berkshire Health),
"B", 6.375%, 2034 640,000 671,424
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Massachusetts Health & Educational Facilities Authority Rev. (Saints Memorial Medical Center),
"A", 6%, 2023 465,000 465,874
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Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 6.75%, 2029 810,000 902,883
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Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), "A", 6.7%, 2019 995,000 1,081,475
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Mississippi Business Finance Corp., Health Facilities Rev. (Rush Medical Foundation, Inc.),
5.625%, 2008 (c) 845,000 874,981
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Monongalia County, WV, Building Commission Hospital Rev. (Monongalia General Hospital),
"A", 5%, 2030 425,000 422,688
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Monroe County, MI, Hospital Finance Authority, Hospital Rev. (Mercy Memorial Hospital Corp.),
5.5%, 2035 1,020,000 1,046,081
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Monroe County, NY, Industrial Development Agency, Civic Facilities Rev.
(Highland Hospital of Rochester), 5%, 2025 65,000 65,255
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Montgomery, AL, Special Care Facilities, Financing Authority Rev. (Baptist Health), "A-2",
MBIA, 0% to 2007, 5% to 2014(c) 1,725,000 1,795,535
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Montgomery, AL, Special Care Facilities, Financing Authority Rev. (Baptist Health), "C",
5.25%, 2014 (c) 760,000 818,467
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Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032 435,000 449,938
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev.
(North Shore Health System), 5.625%, 2010 510,000 516,574
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev.
(North Shore Health System), 5.875%, 2011 415,000 427,143
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Neosho County, KS, Hospital Authority Rev., "A", 5.05%, 2026 325,000 319,826
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Neosho County, KS, Hospital Authority Rev., "A", 5.15%, 2031 230,000 225,605
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New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical Center),
"A", 6.125%, 2012 (c) 880,000 973,157
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New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical Center),
"A", 6.125%, 2032 120,000 127,666
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New Hampshire Health & Educational Facilities Authority Rev. (Covenant Health), 6.5%, 2017 765,000 832,488
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New Jersey Health Care Facilities, Financing Authority Rev. (Children's Specialized Hospital),
"A", 5.5%, 2030 245,000 252,090
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New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter's University Hospital),
"A", 6.875%, 2030 3,000,000 3,170,430
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New Mexico State Hospital Equipment Loan Council, Hospital Rev.
(Rehoboth McKinley Christian Hospital), "A", 5.25%, 2026 440,000 422,101
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New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai NYU Health), 5.5%, 2026 635,000 641,826
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New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai NYU Health), "C", 5.5%, 2026 500,000 505,375
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New York Dormitory Authority Rev., Non State Supported Debt (NYU Hospitals Center), "A", 5%, 2026 1,750,000 1,714,300
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New York, NY, Industrial Development Agency, Civic Facilities Rev.
(Staten Island University Hospital), "A", 6.375%, 2031 485,000 499,448
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Norman, OK, Regional Hospital Authority Rev., 5.375%, 2036 1,395,000 1,417,473
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North Texas Health Facilities Development Corp. Rev. (United Regional Health Care System, Inc.),
6%, 2013 (c) 1,000,000 1,107,500
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Ohio County, WV, County Commission Health System Rev. (Ohio Valley Medical Center), 5.75%, 2013 850,000 830,306
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Oklahoma Development Finance Authority Rev. (Comanche County Hospital), "B", 6.6%, 2031 1,665,000 1,792,256
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Quincy, IL, Quincy Hospital Rev. (Blessing Hospital), 5%, 2029 315,000 312,052
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Rhode Island Health & Education Building Corp. Rev., Hospital Financing
(Lifespan Obligated Group), 6.5%, 2012 (c) 505,000 565,206
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Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group),
6.375%, 2012 (c) 1,560,000 1,737,138
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Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group),
6.375%, 2021 245,000 266,055
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Royston, GA, Hospital Authority Rev. (Ty Cobb Healthcare Systems, Inc.), 6.375%, 2014 955,000 976,249
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Salida, CO, Hospital District Rev., 5.25%, 2036 1,155,000 1,149,791
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Salt Lake City, UT, Hospital Authority Rev., AMBAC, INFLOS, ETM (Intermountain Health Care),
9.566%, 2020 (c)(u) 600,000 602,868
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Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev., Refunded Balance
(Methodist Healthcare), 6.375%, 2012 (c) 625,000 695,006
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare),
6.25%, 2012 (c) 185,000 204,666
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare),
6.25%, 2012 (c) 315,000 348,485
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare),
6.375%, 2012 (c) 375,000 417,004
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South Carolina Jobs & Economic Development Authority Rev. (Bon Secours Health Systems, Inc.),
"A", 5.625%, 2030 710,000 737,662
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South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev.
(Palmetto Health Alliance), 6.25%, 2031 835,000 888,490
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South Dakota Health & Education Facilities Authority Rev. (Prairie Lakes Health Care System),
5.625%, 2032 670,000 686,395
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Southwestern Illinois Development Authority Rev. (Anderson Hospital), 5.5%, 2020 60,000 61,547
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Southwestern Illinois Development Authority Rev. (Anderson Hospital), 5.625%, 2029 870,000 885,808
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Springfield, TN, Health & Educational Facilities Rev. (Northcrest Medical Center),
5.25%, 2018 1,400,000 1,390,760
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Steubenville, OH, Hospital Authority Rev. (Trinity Health Center), 6.5%, 2010 (c) 1,300,000 1,403,948
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Stillwater, OK, Medical Center Authority, 5.625%, 2023 1,000,000 1,040,300
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Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare), 6.25%, 2020 3,085,000 3,208,307
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Texas Metro Health Facilities Development Corp., Metro Health Facilities Development Rev.
(Wilson N. Jones Memorial Hospital), 7.2%, 2021 700,000 717,290
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Texas Metro Health Facilities Development Corp., Metro Health Facilities Development Rev.
(Wilson N. Jones Memorial Hospital), 7.25%, 2031 1,000,000 1,023,450
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Tom Green County, TX, Health Facilities Rev. (Shannon Health System), 6.75%, 2021 1,250,000 1,333,425
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University of Colorado, Hospital Authority Rev., "A", 5.25%, 2039 245,000 248,597
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Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital), 6.625%, 2031 600,000 640,866
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Valley, AL, Special Care Facilities, Financing Authority Rev. (Lanier Memorial Hospital),
5.6%, 2016 600,000 604,464
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Vigo County, IN, Hospital Authority Rev. (Union Hospital), 5.8%, 2047 1,035,000 1,037,287
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Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health Center), 6.375%, 2012 (c) 1,500,000 1,670,460
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Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical Center),
6.375%, 2031 1,115,000 1,161,150
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Weslaco, TX, Health Facilities Rev. (Knapp Medical Center), 6.25%, 2032 1,000,000 1,044,670
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West Plains, MO, Industrial Development Authority Rev. (Ozarks Medical Center), 6.75%, 2024 170,000 173,930
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West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026 1,250,000 1,308,150
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Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020 1,500,000 1,623,870
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.),
MBIA, 5.25%, 2017 5,000,000 5,105,450
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.875%, 2030 1,000,000 1,114,430
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Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic), "A", 5.375%, 2034 490,000 497,526
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John's Riverside Hospital),
6.8%, 2016 615,000 649,059
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John's Riverside Hospital),
"A", 7.125%, 2031 490,000 520,013
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. Joseph's Hospital),
"C", 6.2%, 2020 750,000 745,560
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$ 130,927,187
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HEALTHCARE REVENUE - LONG TERM CARE - 13.2%
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Abilene, TX, Health Facilities Development Co., Retirement Facilities Rev.
(Sears Methodist Retirement), "A", 7%, 2033 $ 345,000 $ 369,095
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Arizona Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2033 750,000 836,265
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Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology), 8.125%, 2016 1,085,000 1,047,209
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Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology), 8.5%, 2026 2,405,000 2,275,106
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Bucks County, PA, Industrial Development Authority Rev. (Ann's Choice, Inc.), 6.125%, 2025 430,000 450,236
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Cambria County, PA, Industrial Development Authority Rev. (Beverly Enterprises, Inc.)
ETM, 10%, 2012 (c) 320,000 373,005
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Chartiers Valley, PA, Industrial & Commercial Development Authority (Asbury Health Center Project),
5.75%, 2022 150,000 152,925
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Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home), 8.5%, 2032 580,000 601,454
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Colorado Health Facilities Authority Rev. (American Baptist Homes), "A ", 5.9%, 2037 755,000 755,000
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Colorado Health Facilities Authority Rev. (Christian Living Communities Project), "A", 5.75%, 2037 395,000 400,996
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Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.),
"B", 6.125%, 2033 1,000,000 1,062,060
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Colorado Health Facilities Authority Rev. (Evangelical), 6.9%, 2010 (c) 1,830,000 2,038,547
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Colorado Health Facilities Authority Rev. (Evangelical), 6.9%, 2025 1,170,000 1,280,167
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Cumberland County, PA, Municipal Authority Rev. (Wesley), "A", 7.25%, 2013 (c) 720,000 836,330
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Cumberland County, PA, Municipal Authority Rev. (Wesley), "A", 7.25%, 2013 (c) 280,000 325,240
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Franklin County, OH, Healthcare Facilities Rev. (Ohio Presbyterian), 7.125%, 2011 (c) 1,000,000 1,125,650
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Fulton County, GA, Residential Care Facilities (Canterbury Court), "A", 6.125%, 2034 330,000 342,368
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Greenville County, SC, Hospital Rev. (Chestnut Hill), "A", 8%, 2015 1,910,000 1,867,789
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Hawaii Department of Budget & Finance, Special Purpose Rev. (Kahala Nui Senior Living Community),
8%, 2033 500,000 577,325
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Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority
(Redstone Village Project), 5.5%, 2028 525,000 513,639
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Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority
(Redstone Village Project), 5.5%, 2043 540,000 517,288
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Illinois Finance Authority Rev. (Bond Anticipation Notes Tallgrass), 13%, 2012 210,000 209,664
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Illinois Finance Authority Rev. (Clare at Water Tower), "A", 6%, 2025 490,000 505,460
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Illinois Finance Authority Rev. (Landing at Plymouth Place), "A", 6%, 2037 490,000 506,150
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Illinois Finance Authority Rev. (Montgomery Place), "A", 5.75%, 2038 520,000 532,522
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Iowa Finance Authority Senior Housing Authority Rev. (Bethany Life Communities), "A", 5.55%, 2041 230,000 224,133
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Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives Project), 9.25%, 2011 (c) 1,130,000 1,356,373
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Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives Project), "A", 5.5%, 2025 800,000 826,120
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Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives Project), "B", 5.75%, 2018 895,000 917,805
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James City County, VA, Economic Development (Virginia United Methodist Homes), "A ", 5.40%, 2027 585,000 579,337
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James City County, VA, Economic Development (Virginia United Methodist Homes), "A ", 5.5%, 2037 940,000 929,068
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Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), "C", 6.875%, 2012 (c) 500,000 567,990
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Lenexa, KS, Health Care Facilities Rev. (Refunding & Improvement), 5.375%, 2027 420,000 424,263
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Lenexa, KS, Health Care Facilities Rev. (Refunding & Improvement), 5.5%, 2039 720,000 729,173
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Maine Health & Higher Educational Facilities Rev. (Piper Shores), 7.5%, 2009 (c) 770,000 804,742
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Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc. Facilities), "A ", 5.25%, 2027 340,000 342,091
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Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc. Facilities), "A ", 5.75%, 2035 85,000 86,778
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Millbrae, CA, Residential Facilities Rev. (Magnolia of Millbrae), "A", 7.375%, 2027 1,825,000 1,880,973
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Montana Facility Finance Authority Rev. (Senior Living St. Johns Lutheran), "A", 6.125%, 2036 470,000 484,683
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Montgomery County, PA, Higher Education & Health Authority Rev. (AHF/Montgomery), 6.875%, 2036 1,195,000 1,239,179
-----------------------------------------------------------------------------------------------------------------------------------
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care),
6.125%, 2028 250,000 261,363
-----------------------------------------------------------------------------------------------------------------------------------
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care),
6.25%, 2035 510,000 532,598
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Courthouse Convalescent Center), "A", 8.7%, 2014 650,000 654,316
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Lions Gate), "A", 5.875%, 2037 310,000 317,301
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2036 505,000 502,041
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Health Care Facilities Financing Authority Rev. (Cherry Hill), 8%, 2027 1,000,000 1,021,970
-----------------------------------------------------------------------------------------------------------------------------------
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community),
"A", 6%, 2025 125,000 129,696
-----------------------------------------------------------------------------------------------------------------------------------
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community),
"A", 6.125%, 2035 110,000 114,267
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina Medical Care Commission, Health Care Facilities Rev. (Presbyterian Homes),
5.4%, 2027 485,000 487,396
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina Medical Care Commission, Health Care Facilities Rev. (Presbyterian Homes),
5.5%, 2031 295,000 297,086
-----------------------------------------------------------------------------------------------------------------------------------
Orange County, FL, Health Facilities Authority Rev. (Orlando Lutheran Tower), 5.5%, 2032 215,000 211,807
-----------------------------------------------------------------------------------------------------------------------------------
Orange County, FL, Health Facilities Authority Rev. (Orlando Lutheran Tower), 5.5%, 2038 320,000 312,867
-----------------------------------------------------------------------------------------------------------------------------------
Sarasota County, FL, Health Facility Authority Rev. (Health Care Sarasota Manatee), 5.75%, 2037 490,000 477,020
-----------------------------------------------------------------------------------------------------------------------------------
Sarasota County, FL, Health Facility Authority Rev. (Health Care Sarasota Manatee), 5.75%, 2045 105,000 100,932
-----------------------------------------------------------------------------------------------------------------------------------
Scott County, IA, Rev. (Ridgecrest Village), 5.25%, 2027 350,000 341,191
-----------------------------------------------------------------------------------------------------------------------------------
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village),
7.25%, 2034 820,000 836,925
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina Jobs & Economic Development Authority, First Mortgage
(Lutheran Homes of South Carolina), 5.5%, 2028 230,000 228,321
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina Jobs & Economic Development Authority, First Mortgage
(Lutheran Homes of South Carolina), 5.625%, 2042 150,000 148,449
-----------------------------------------------------------------------------------------------------------------------------------
Sterling, IL (Hoosier Care), 7.125%, 2034 695,000 710,366
-----------------------------------------------------------------------------------------------------------------------------------
Suffolk County, NY, Industrial Development Agency (Medford Hamlet Assisted Living), 6.375%, 2039 500,000 511,220
-----------------------------------------------------------------------------------------------------------------------------------
Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev.
(Querencia Barton Creek), 5.5%, 2025 460,000 470,396
-----------------------------------------------------------------------------------------------------------------------------------
Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev.
(Querencia Barton Creek), 5.65%, 2035 695,000 712,952
-----------------------------------------------------------------------------------------------------------------------------------
Washington State Housing Finance Commission Non-profit Rev. (Skyline at First Hill), "A",
5.625%, 2027 215,000 217,414
-----------------------------------------------------------------------------------------------------------------------------------
Washington State Housing Finance Commission Non-profit Rev. (Skyline at First Hill), "A",
5.625%, 2038 1,120,000 1,124,402
-----------------------------------------------------------------------------------------------------------------------------------
$ 41,616,494
-----------------------------------------------------------------------------------------------------------------------------------
HUMAN SERVICES - 3.4%
-----------------------------------------------------------------------------------------------------------------------------------
Alaska Industrial Development & Export Authority Community Provider Rev.
(Boys & Girls Home of Alaska, Inc.), 5.875%, 2027 $ 210,000 $ 211,678
-----------------------------------------------------------------------------------------------------------------------------------
Alaska Industrial Development & Export Authority Community Provider Rev.
(Boys & Girls Home of Alaska, Inc.), 6%, 2036 325,000 329,462
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Educational & Cultural Facilities Authority (Cerebral Palsy Project), "A", 6.25%, 2036 500,000 518,330
-----------------------------------------------------------------------------------------------------------------------------------
Iowa Finance Authority, Community Provider (Boys & Girls Home), 6.25%, 2008 (c) 500,000 515,355
-----------------------------------------------------------------------------------------------------------------------------------
Lehigh County, PA, General Purpose Authority (Kidspeace Corp.), 6%, 2023 3,000,000 3,012,810
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev.
(CDF Healthcare), "A", 7%, 2036 500,000 503,245
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev.
(CDF Healthcare), "C", 7%, 2036 375,000 366,776
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev.
(Westside Rehab Center Project), "A", 6.85%, 2036 1,100,000 1,206,491
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev.
(Westside Rehab Center Project), "B", 6.5%, 2013 115,000 118,012
-----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agency, Civic Facility Rev. (A Very Special Place),
"A", 5.75%, 2029 1,000,000 978,390
-----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs Facilities),
6.5%, 2017 1,030,000 1,063,248
-----------------------------------------------------------------------------------------------------------------------------------
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 8.75%, 2011 365,000 385,181
-----------------------------------------------------------------------------------------------------------------------------------
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 9%, 2031 1,000,000 1,113,800
-----------------------------------------------------------------------------------------------------------------------------------
Osceola County, FL, Industrial Development Authority Rev. (Community Provider), 7.75%, 2017 292,000 293,825
-----------------------------------------------------------------------------------------------------------------------------------
$ 10,616,603
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - AIRLINES - 8.7%
-----------------------------------------------------------------------------------------------------------------------------------
Alliance Airport Authority, TX (American Airlines, Inc.), 5.75%, 2029 $ 2,410,000 $ 2,412,675
-----------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, O'Hare International Airport Special Facilities Rev., (American Airlines, Inc.),
5.5%, 2030 2,140,000 2,084,959
-----------------------------------------------------------------------------------------------------------------------------------
Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American Airlines, Inc.),
5.5%, 2030 1,175,000 1,136,014
-----------------------------------------------------------------------------------------------------------------------------------
Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 2032 1,145,000 1,112,230
-----------------------------------------------------------------------------------------------------------------------------------
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 2032 925,000 956,570
-----------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Airport Systems Rev., Special Facilities (Continental, Inc.), "E", 6.75%, 2029 1,810,000 1,917,568
-----------------------------------------------------------------------------------------------------------------------------------
Los Angeles, CA, Regional Airport Lease Rev. (AMR Corp.), "C", 7.5%, 2024 850,000 949,433
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.),
6.25%, 2029 580,000 595,341
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.),
7.2%, 2030 1,595,000 1,701,466
-----------------------------------------------------------------------------------------------------------------------------------
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031 1,065,000 1,258,095
-----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agencies Rev. (American Airlines, Inc.), 7.125%, 2011 1,355,000 1,423,428
-----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agencies Rev. (American Airlines, Inc.), 7.625%, 2025 7,725,000 9,057,176
-----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agencies Rev. (Continental Airlines, Inc.), 7.25%, 2008 110,000 111,692
-----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agencies Rev. (Continental Airlines, Inc.), 8%, 2012 300,000 322,176
-----------------------------------------------------------------------------------------------------------------------------------
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), "B", 5.65%, 2035 40,000 40,332
-----------------------------------------------------------------------------------------------------------------------------------
Tulsa, OK, Municipal Airport Trust Rev. (AMR Corp.), "B", 6%, 2035 2,500,000 2,536,350
-----------------------------------------------------------------------------------------------------------------------------------
$ 27,615,505
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - CHEMICALS - 1.0%
-----------------------------------------------------------------------------------------------------------------------------------
Red River Authority, TX, Pollution Control Rev. (Celanese Project) "B", 6.7%, 2030 $ 1,920,000 $ 2,067,130
-----------------------------------------------------------------------------------------------------------------------------------
Sweetwater County, WY, Solid Waste Disposal Rev. (FMC Corp.), 5.6%, 2035 985,000 1,026,823
-----------------------------------------------------------------------------------------------------------------------------------
$ 3,093,953
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - ENVIRONMENTAL SERVICES - 2.1%
-----------------------------------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority, Solid Waste Disposal Rev.
(Browning Ferris, Inc.), "A", 5.8%, 2016 1,000,000 1,013,050
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority, Solid Waste Facilities Rev.
(Republic Services, Inc.), "A", 4.95%, 2012 1,000,000 1,018,670
-----------------------------------------------------------------------------------------------------------------------------------
Gloucester County, NJ, Solid Waste Resource Recovery Rev. (Waste Management, Inc.), 6.85%, 2029 850,000 892,840
-----------------------------------------------------------------------------------------------------------------------------------
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.), 5.45%, 2014 1,750,000 1,776,355
-----------------------------------------------------------------------------------------------------------------------------------
Nevada Department of Business & Industry Rev. (Republic Services, Inc.), 5.625%, 2026 750,000 792,630
-----------------------------------------------------------------------------------------------------------------------------------
New Morgan, PA, Industrial Development Authority, Solid Waste Disposal Rev.
(New Morgan Landfill Co., Inc./Browning Ferris, Inc.), 6.5%, 2019 1,000,000 1,002,220
-----------------------------------------------------------------------------------------------------------------------------------
$ 6,495,765
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - METALS - 0.2%
-----------------------------------------------------------------------------------------------------------------------------------
Mobile County, AL, Industrial Development Authority Rev. (Ipsco, Inc.), 6.875%, 2030 $ 650,000 $ 679,133
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - OTHER - 5.3%
-----------------------------------------------------------------------------------------------------------------------------------
Aztalan, WI, Exempt Facility Rev. (Renew Energy LLC Project), 7.5%, 2018 $ 840,000 $ 828,862
-----------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Industrial Development Authority (Valero Energy Corp.), 5.6%, 2031 1,750,000 1,776,320
-----------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings LLC Project), 7%, 2036 620,000 656,599
-----------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Waste Disposal Rev. (Valero Energy Corp.), 6.65%, 2032 1,000,000 1,061,810
-----------------------------------------------------------------------------------------------------------------------------------
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017 1,970,000 2,030,164
-----------------------------------------------------------------------------------------------------------------------------------
Madison County, FL, Rev. (Twin Oaks Project), "A", 6%, 2025 545,000 558,957
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority (Gloucester Marine), "C", 6.5%, 2015 700,000 734,727
-----------------------------------------------------------------------------------------------------------------------------------
New York, NY, City Industrial Development Agency Rev., Liberty Bonds (IAC/InterActiveCorp),
5%, 2035 620,000 630,025
-----------------------------------------------------------------------------------------------------------------------------------
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), "CR-1", 7.875%, 2032 (n) 1,270,000 1,390,066
-----------------------------------------------------------------------------------------------------------------------------------
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), "CR-2", 7.875%, 2032 (n) 580,000 634,833
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority, Finance Authority Facilities Rev. (Amtrak),
"A", 6.25%, 2031 2,000,000 2,118,400
-----------------------------------------------------------------------------------------------------------------------------------
Philadelphia, PA, Industrial Development Authority Rev. (Host Marriott LP), 7.75%, 2017 3,255,000 3,267,206
-----------------------------------------------------------------------------------------------------------------------------------
Port Corpus Christi, TX, Industrial Development Authority Rev. (Citgo Petroleum Corp.), 8.25%, 2031 700,000 713,958
-----------------------------------------------------------------------------------------------------------------------------------
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026 385,000 396,554
-----------------------------------------------------------------------------------------------------------------------------------
$ 16,798,481
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - PAPER - 4.8%
-----------------------------------------------------------------------------------------------------------------------------------
Bedford County, VA, Industrial Development Authority Rev. (Nekoosa Packaging), "A", 6.55%, 2025 $ 1,000,000 $ 1,035,800
-----------------------------------------------------------------------------------------------------------------------------------
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific Corp.),
5.75%, 2028 155,000 158,240
-----------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev.
(Mead Westvaco Escanaba), "A", 6.25%, 2012 (c) 1,000,000 1,097,710
-----------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev.
(Mead Westvaco Escanaba), "B", 6.45%, 2012 (c) 500,000 549,730
-----------------------------------------------------------------------------------------------------------------------------------
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort James), 5.625%, 2018 850,000 851,641
-----------------------------------------------------------------------------------------------------------------------------------
Hodge, LA, Utilities Rev. (Stone Container Corp.), 7.45%, 2024 3,335,000 3,967,349
-----------------------------------------------------------------------------------------------------------------------------------
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 2022 2,000,000 2,359,280
-----------------------------------------------------------------------------------------------------------------------------------
Navajo County, AZ, Industrial Development Authority Rev. (Stone Container Corp.), 7.2%, 2027 880,000 902,220
-----------------------------------------------------------------------------------------------------------------------------------
Onondaga County, NY, Industrial Development Authority Rev., Solid Waste Disposal Rev.
(Solvay Paperboard LLC), 6.8%, 2014 900,000 931,716
-----------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.),
6.25%, 2019 1,870,000 1,871,122
-----------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.),
"A", 6.375%, 2019 700,000 700,413
-----------------------------------------------------------------------------------------------------------------------------------
York County, SC, Pollution Control Rev. (Bowater, Inc.), "A", 7.4%, 2010 730,000 734,190
-----------------------------------------------------------------------------------------------------------------------------------
$ 15,159,411
-----------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - ENTERTAINMENT & TOURISM - 0.9%
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev., East Valley Tourist
(Cabazon Casino), "A", 9.25%, 2020 (n) $ 1,155,000 $ 1,247,885
-----------------------------------------------------------------------------------------------------------------------------------
Mississippi Development Bank, Special Obligation (Diamond Lakes Utilities), 6.25%, 2017 1,000,000 1,016,960
-----------------------------------------------------------------------------------------------------------------------------------
New York Liberty Development Corp. Rev. (National Sports Museum), 6.125%, 2019 420,000 433,654
-----------------------------------------------------------------------------------------------------------------------------------
Seneca Nation Indians, NY, Capital Improvements Authority Special Obligation, 5%, 2023 (n) 275,000 270,850
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,969,349
-----------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - OTHER - 2.6%
-----------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 6.6%, 2011 (c) $ 400,000 $ 434,164
-----------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 6.7%, 2011 (c) 600,000 653,148
-----------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Enterprises, Inc., Rev., "B", 5.75%, 2034 775,000 798,227
-----------------------------------------------------------------------------------------------------------------------------------
Cleveland Cuyahoga County, OH, Port Authority Rev. (Cleveland City), "B", 4.5%, 2030 1,055,000 996,004
-----------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Fairmount), "B", 5.125%, 2025 190,000 193,257
-----------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Myers University), "E", 5.6%, 2025 135,000 140,133
-----------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Perrysburg Project), 4.8%, 2035 225,000 211,410
-----------------------------------------------------------------------------------------------------------------------------------
Dayton Montgomery County, OH, Port Authority Rev. (Parking Garage), 6.125%, 2024 1,130,000 1,215,722
-----------------------------------------------------------------------------------------------------------------------------------
Gallery Certificate Trust, PA, Parking Rev., FSA, 4.5%, 2013 (n) 695,000 688,286
-----------------------------------------------------------------------------------------------------------------------------------
Maryland Economic Development Corp. (Chesapeake Bay Conference Center), "A", 5%, 2031 405,000 400,476
-----------------------------------------------------------------------------------------------------------------------------------
San Antonio, TX, Convention Center, Hotel Financial Corp., Contract Rev. (Empowerment Zone),
"A", AMBAC, 5%, 2034 695,000 707,295
-----------------------------------------------------------------------------------------------------------------------------------
Southwestern Illinois Development Authority Rev., Solid Waste Disposal Rev., 5.9%, 2014 280,000 281,282
-----------------------------------------------------------------------------------------------------------------------------------
Summit County, OH, Port Authority Building Rev. (Seville Project), "A", 5.1%, 2025 195,000 197,233
-----------------------------------------------------------------------------------------------------------------------------------
Summit County, OH, Port Authority Building Rev. (Twinsburg Township), "D", 5.125%, 2025 160,000 162,197
-----------------------------------------------------------------------------------------------------------------------------------
Summit County, OH, Port Authority Building Rev. (Workforce Policy Board), "F", 4.875%, 2025 915,000 910,004
-----------------------------------------------------------------------------------------------------------------------------------
Toledo Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond Fund),
"B", 4.8%, 2035 265,000 248,994
-----------------------------------------------------------------------------------------------------------------------------------
Toledo Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond Fund),
"C", 5.125%, 2025 90,000 89,518
-----------------------------------------------------------------------------------------------------------------------------------
$ 8,327,350
-----------------------------------------------------------------------------------------------------------------------------------
MULTI-FAMILY HOUSING REVENUE - 4.5%
-----------------------------------------------------------------------------------------------------------------------------------
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments),
FSA, 5%, 2035 $ 210,000 $ 207,184
-----------------------------------------------------------------------------------------------------------------------------------
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments),
FSA, 5.1%, 2046 390,000 384,134
-----------------------------------------------------------------------------------------------------------------------------------
Bexar County TX, Multi-Family Housing Rev. (American Opportunity Housing), "A", MBIA, 5.7%, 2021 1,250,000 1,295,163
-----------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 7.1%, 2009 (n) 1,000,000 1,048,480
-----------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 6%, 2019 (n) 2,000,000 2,173,980
-----------------------------------------------------------------------------------------------------------------------------------
District of Columbia, Housing Finance Authority (Azeeze Bates Apartments), FHLMC, 4.8%, 2036 455,000 444,353
-----------------------------------------------------------------------------------------------------------------------------------
GMAC Municipal Mortgage Trust, "B-1", 5.6%, 2039 (n) 1,000,000 999,030
-----------------------------------------------------------------------------------------------------------------------------------
GMAC Municipal Mortgage Trust, "C-1", 5.7%, 2040 (n) 500,000 503,370
-----------------------------------------------------------------------------------------------------------------------------------
Indianapolis, IN, Multi-Family Rev. (Cambridge Station Apartments II), FNMA, 5.25%, 2039 465,000 472,561
-----------------------------------------------------------------------------------------------------------------------------------
Metropolitan Government of Nashville & Davidson County, TN, Health, Educational & Housing
Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023 500,000 519,360
-----------------------------------------------------------------------------------------------------------------------------------
Munimae, TE, Bond Subsidiary LLC, 5.4%, 2049 (n) 1,000,000 1,011,160
-----------------------------------------------------------------------------------------------------------------------------------
Munimae, TE, Bond Subsidiary LLC, FRN, 6.875%, 2009 (n) 2,000,000 2,088,800
-----------------------------------------------------------------------------------------------------------------------------------
North Charleston, SC, Housing Authority Rev. (Horizon Village), "A", FHA, 5.15%, 2048 445,000 439,758
-----------------------------------------------------------------------------------------------------------------------------------
San Bernardino County, CA (Equity Residential/Redlands), "A", 5.2%, 2029 2,000,000 2,038,680
-----------------------------------------------------------------------------------------------------------------------------------
Seattle, WA, Housing Authority Rev., Capped Fund Program (High Rise Rehab), "I", FSA, 5%, 2025 670,000 667,568
-----------------------------------------------------------------------------------------------------------------------------------
$ 14,293,581
-----------------------------------------------------------------------------------------------------------------------------------
SALES & EXCISE TAX REVENUE - 0.1%
-----------------------------------------------------------------------------------------------------------------------------------
Desloge, MO, Tax Increment Rev. (U.S. Highway 67 Street Redevelopment), 5.2%, 2020 $ 445,000 $ 447,207
-----------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - LOCAL - 2.4%
-----------------------------------------------------------------------------------------------------------------------------------
Cook County, IL, Single Family Mortgage Rev., "A", 0%, 2015 $ 25,000 $ 6,475
-----------------------------------------------------------------------------------------------------------------------------------
Corpus Christi, TX, Housing Finance Authority Rev., "B", 0%, 2011 1,665,000 696,936
-----------------------------------------------------------------------------------------------------------------------------------
Dallas, TX, Housing Finance Corp., Single Family Mortgage Rev., MBIA, 0%, 2016 2,060,000 803,194
-----------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.3%, 2032 555,000 570,057
-----------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., "B-1", GNMA, 6.625%, 2023 205,000 214,721
-----------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., "B-1", GNMA, 6.75%, 2030 285,000 285,544
-----------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., "D", GNMA, 5%, 2038 570,000 587,670
-----------------------------------------------------------------------------------------------------------------------------------
Nortex, TX, Housing Finance Corp., Single Family Mortgage Rev., "B", 5.5%, 2038 140,000 140,741
-----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A", GNMA, 6.45%, 2029 320,000 319,597
-----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A", GNMA, 5.9%, 2035 335,000 356,795
-----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A", GNMA, 6.25%, 2035 145,000 153,088
-----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A", FNMA, 5.55%, 2037 945,000 1,011,566
-----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A", GNMA, 5.65%, 2037 745,000 795,802
-----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A-1", GNMA, 5.75%, 2037 275,000 296,318
-----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A-2", GNMA, 5.6%, 2029 665,000 696,873
-----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A-2", GNMA, 5.75%, 2037 530,000 564,005
-----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A-5", GNMA, 5.9%, 2037 195,000 210,777
-----------------------------------------------------------------------------------------------------------------------------------
$ 7,710,159
-----------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - STATE - 1.5%
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "A-2", 7.15%, 2014 $ 3,000 $ 3,035
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "A-2", AMBAC, 6.6%, 2028 305,000 315,715
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-2", 5.9%, 2023 155,000 158,872
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-2", FHA, 6.6%, 2032 160,000 169,163
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-3", FHA, 6.375%, 2033 70,000 71,867
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "D-2", 6.9%, 2029 345,000 349,023
-----------------------------------------------------------------------------------------------------------------------------------
Georgia Housing & Finance Authority Rev., 5.65%, 2021 190,000 195,075
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana Housing Finance Agency, Single Family Mortgage Rev., GNMA, 6.4%, 2032 70,000 70,747
-----------------------------------------------------------------------------------------------------------------------------------
Minnesota Housing Finance Agency Rev., Residential Housing Finance, "B", 4.8%, 2023 120,000 120,580
-----------------------------------------------------------------------------------------------------------------------------------
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program),
GNMA, 6.35%, 2032 250,000 251,298
-----------------------------------------------------------------------------------------------------------------------------------
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program),
GNMA, 6.85%, 2032 140,000 147,682
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority Single Family Mortgage Rev., 0%, 2015 3,875,000 1,862,441
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority, "C", GNMA, 6.25%, 2021 145,000 147,192
-----------------------------------------------------------------------------------------------------------------------------------
New Hampshire Housing Finance Authority Rev., "B", 5.875%, 2030 80,000 82,490
-----------------------------------------------------------------------------------------------------------------------------------
Texas Affordable Housing Corp., Single Family Mortgage Rev., "B", GNMA, 5.25%, 2039 745,000 765,577
-----------------------------------------------------------------------------------------------------------------------------------
$ 4,710,757
-----------------------------------------------------------------------------------------------------------------------------------
SOLID WASTE REVENUE - 1.7%
-----------------------------------------------------------------------------------------------------------------------------------
Delaware County, PA, Industrial Development Authority Rev., Resource Recovery Facilities,
(American Ref-fuel), "A", 6.5%, 2008 $ 1,600,000 $ 1,612,096
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates),
"A", 6.7%, 2014 725,000 775,562
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates),
"A", 5.6%, 2019 2,850,000 2,901,614
-----------------------------------------------------------------------------------------------------------------------------------
$ 5,289,272
-----------------------------------------------------------------------------------------------------------------------------------
STATE & LOCAL AGENCIES - 2.6%
-----------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC, 5.978%, 2016 (u) $ 2,600,000 $ 2,831,790
-----------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC, 5.978%, 2017 (u) 2,100,000 2,294,145
-----------------------------------------------------------------------------------------------------------------------------------
College Park, GA, Industrial Development Authority Rev. (Civic Center), AMBAC, 5.75%, 2010 (c) 1,000,000 1,074,820
-----------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, "B",
5.375%, 2010 (c) 2,000,000 2,086,860
-----------------------------------------------------------------------------------------------------------------------------------
$ 8,287,615
-----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN REVENUE - 0.2%
-----------------------------------------------------------------------------------------------------------------------------------
Access to Loans for Learning, California Student Loan Rev., 7.95%, 2030 $ 650,000 $ 677,144
-----------------------------------------------------------------------------------------------------------------------------------
TAX - OTHER - 2.0%
-----------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5.625%, 2008 (c) $ 250,000 $ 258,383
-----------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5%, 2010 80,000 81,392
-----------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5%, 2013 55,000 56,192
-----------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5%, 2015 170,000 173,470
-----------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5%, 2021 130,000 130,694
-----------------------------------------------------------------------------------------------------------------------------------
Dade County, FL, Special Obligations Rev., Capital Appreciation Bond, "B", AMBAC, 0%, 2008 (c) 15,080,000 3,234,660
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.5%, 2024 340,000 351,115
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.75%, 2029 615,000 656,925
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.5%, 2031 270,000 283,492
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.75%, 2034 410,000 435,219
-----------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority Rev., "E", 5.875%, 2018 500,000 514,700
-----------------------------------------------------------------------------------------------------------------------------------
$ 6,176,242
-----------------------------------------------------------------------------------------------------------------------------------
TAX ASSESSMENT - 6.6%
-----------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, FL, Capital Improvement Rev., 5.25%, 2016 $ 500,000 $ 496,155
-----------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, FL, Capital Improvement Rev.
(Master Infrastructure Projects), "A", 5.35%, 2036 620,000 609,224
-----------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, FL, Special Assessment
(Master Infrastructure Projects), "B", 5.1%, 2014 250,000 246,340
-----------------------------------------------------------------------------------------------------------------------------------
Atlanta, GA, Tax Allocation (Eastside Project), "B", 5.6%, 2030 815,000 835,880
-----------------------------------------------------------------------------------------------------------------------------------
Atlanta, GA, Tax Allocation (Princeton Lakes Project), 5.5%, 2031 555,000 557,564
-----------------------------------------------------------------------------------------------------------------------------------
Belmont Community Development District, FL, Capital Improvement Rev., "B", 5.125%, 2014 985,000 965,330
-----------------------------------------------------------------------------------------------------------------------------------
Chicago IL, Ryan Garfield Tax Increment Allocation, 10.125%, 2007 225,000 228,132
-----------------------------------------------------------------------------------------------------------------------------------
Concord Station Community Development District, FL, Special Assessment, 5%, 2015 265,000 259,652
-----------------------------------------------------------------------------------------------------------------------------------
Concorde Estates Community Development District, FL, Special Assessment, "B", 5%, 2011 535,000 531,180
-----------------------------------------------------------------------------------------------------------------------------------
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 2036 305,000 311,957
-----------------------------------------------------------------------------------------------------------------------------------
Durbin Crossing Community Development District, FL, Special Assessment, "B-1", 4.875%, 2010 500,000 494,875
-----------------------------------------------------------------------------------------------------------------------------------
East Homestead Community Development District, FL, Special Assessment, "B", 5%, 2011 175,000 173,768
-----------------------------------------------------------------------------------------------------------------------------------
Enclave at Black Point Marina Community Development District, FL, "A", 5.4%, 2037 105,000 101,376
-----------------------------------------------------------------------------------------------------------------------------------
Enclave at Black Point Marina Community Development District, FL, "B", 5.2%, 2014 215,000 213,295
-----------------------------------------------------------------------------------------------------------------------------------
Fishhawk Community Development District, FL, 5.125%, 2009 370,000 369,101
-----------------------------------------------------------------------------------------------------------------------------------
Grand Bay at Doral Community Development "A ", 6%, 2039 170,000 169,742
-----------------------------------------------------------------------------------------------------------------------------------
Grand Bay at Doral Community Development, "B ", 6%, 2017 500,000 499,580
-----------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., "B", 5.8%, 2011 655,000 667,661
-----------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., "B", 6%, 2018 925,000 945,914
-----------------------------------------------------------------------------------------------------------------------------------
Killarney Community Development District, FL, Special Assessment, "B", 5.125%, 2009 250,000 249,448
-----------------------------------------------------------------------------------------------------------------------------------
Lakes by the Bay South Community Development District, FL, Rev., "B", 5.3%, 2009 685,000 684,151
-----------------------------------------------------------------------------------------------------------------------------------
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037 110,000 110,870
-----------------------------------------------------------------------------------------------------------------------------------
Legends Bay Community Development District "A ", 5.875%, 2038 380,000 380,657
-----------------------------------------------------------------------------------------------------------------------------------
Legends Bay Community Development District "B ", 5.5%, 2014 420,000 421,134
-----------------------------------------------------------------------------------------------------------------------------------
Markham, IL, Tax Increment Rev., 9%, 2012 855,000 860,053
-----------------------------------------------------------------------------------------------------------------------------------
Middle Village Community Development District, FL, Special Assessment, "B", 5%, 2009 195,000 194,343
-----------------------------------------------------------------------------------------------------------------------------------
Naturewalk Community Development District, FL, Capital Improvement Rev., "B", 5.3%, 2016 660,000 650,423
-----------------------------------------------------------------------------------------------------------------------------------
New Port Tampa Bay Community Development District, FL, Special Assessment, "B", 5.3%, 2012 440,000 438,790
-----------------------------------------------------------------------------------------------------------------------------------
North Springs Improvement District, FL, Special Assessment (Parkland Golf Country Club),
"B-1", 5.125%, 2015 350,000 345,468
-----------------------------------------------------------------------------------------------------------------------------------
North Springs Improvement District, FL, Special Assessment (Parkland Golf Country Club),
"B-2", 5.125%, 2015 165,000 162,863
-----------------------------------------------------------------------------------------------------------------------------------
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens),
"A", 5.9%, 2035 245,000 251,537
-----------------------------------------------------------------------------------------------------------------------------------
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens),
"B", 5.375%, 2014 285,000 284,450
-----------------------------------------------------------------------------------------------------------------------------------
Overland Park, KS, Special Assessment (Tallgrass Creek), 4.85%, 2016 170,000 169,007
-----------------------------------------------------------------------------------------------------------------------------------
Overland Park, KS, Special Assessment (Tallgrass Creek), 5.125%, 2028 350,000 348,866
-----------------------------------------------------------------------------------------------------------------------------------
Panther Trace II, Community Development District, FL, Special Assessment, 5.125%, 2013 355,000 352,263
-----------------------------------------------------------------------------------------------------------------------------------
Panther Trace II, Community Development District, FL, Special Assessment, "B", 5%, 2010 595,000 590,044
-----------------------------------------------------------------------------------------------------------------------------------
Parker Road Community Development District, FL, "A ", 5.6%, 2038 340,000 332,506
-----------------------------------------------------------------------------------------------------------------------------------
Parkway Center Community Development District, FL, Special Assessment, "B", 5.625%, 2014 1,260,000 1,268,581
-----------------------------------------------------------------------------------------------------------------------------------
Paseo FL, Community Development District, "B", 4.875%, 2010 480,000 475,781
-----------------------------------------------------------------------------------------------------------------------------------
Preserve at Wilderness Lake, FL, Community Development District, Capital Improvement, "B", 5%, 2009 40,000 39,879
-----------------------------------------------------------------------------------------------------------------------------------
Prince George's County, MD, Special Obligation (National Harbor Project), 5.2%, 2034 245,000 243,581
-----------------------------------------------------------------------------------------------------------------------------------
Reunion East Community Development District, FL, Special Assessment, 5.9%, 2007 45,000 44,998
-----------------------------------------------------------------------------------------------------------------------------------
Riverwood Estates Community Development District, FL, Special Assessment, "B", 5%, 2013 445,000 438,859
-----------------------------------------------------------------------------------------------------------------------------------
Sterling Hill Community Development District, FL, Special Assessment, 5.5%, 2010 345,000 346,035
-----------------------------------------------------------------------------------------------------------------------------------
Tuscany Reserve Community Development District, FL, Special Assessment, "B", 5.25%, 2016 500,000 497,535
-----------------------------------------------------------------------------------------------------------------------------------
Villa Vizcaya Community Development District, FL, "A ", 5.55%, 2039 210,000 207,203
-----------------------------------------------------------------------------------------------------------------------------------
Villasol Community Development District, FL, Special Assessment Rev., "B", 5.375%, 2008 160,000 160,109
-----------------------------------------------------------------------------------------------------------------------------------
Watergrass Community Development District, FL, "A ", 5.375%, 2039 420,000 406,010
-----------------------------------------------------------------------------------------------------------------------------------
Watergrass Community Development District, FL, Special Assessment, "B", 4.875%, 2010 865,000 857,397
-----------------------------------------------------------------------------------------------------------------------------------
Wentworth Estates Community Development District, FL, Special Assessment, "B", 5.125%, 2012 385,000 380,807
-----------------------------------------------------------------------------------------------------------------------------------
$ 20,870,374
-----------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 6.6%
-----------------------------------------------------------------------------------------------------------------------------------
Badger, WI, Tobacco Asset Securitization Corp., 6.125%, 2027 $ 3,685,000 $ 3,843,455
-----------------------------------------------------------------------------------------------------------------------------------
California County, CA, Tobacco Securitization Agency, Capital Appreciation Asset Backed
(Gold Country), 0%, 2033 2,570,000 575,295
-----------------------------------------------------------------------------------------------------------------------------------
California County, CA, Tobacco Securitization Corp., Tobacco Settlement, L.A. County,
"A", 0% to 2010, 5.65% to 2041 485,000 417,119
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029 1,730,000 1,775,793
-----------------------------------------------------------------------------------------------------------------------------------
Children's Trust Fund, Tobacco Settlement Rev., Puerto Rico, "A", 0%, 2050 4,000,000 273,320
-----------------------------------------------------------------------------------------------------------------------------------
Children's Trust Fund, Tobacco Settlement Rev., Puerto Rico, "B", 0%, 2055 4,000,000 146,560
-----------------------------------------------------------------------------------------------------------------------------------
District of Columbia, Tobacco Settlement, 6.25%, 2024 1,080,000 1,133,352
-----------------------------------------------------------------------------------------------------------------------------------
District of Columbia, Tobacco Settlement, Capital Appreciation, "A", 0%, 2046 5,840,000 556,610
-----------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement, "A", 5%, 2008 (c) 85,000 85,888
-----------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement, "A-4", 7.8%, 2013 (c) 1,000,000 1,200,900
-----------------------------------------------------------------------------------------------------------------------------------
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, "B", 5.3%, 2011 (c) 2,000,000 2,102,100
-----------------------------------------------------------------------------------------------------------------------------------
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, "B", 0% to
2007, 5.6% to 2034 1,635,000 1,657,857
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana Tobacco Settlement Authority Rev., 5.5%, 2030 1,435,000 1,493,620
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Tobacco Settlement Financing Corp., 7%, 2013 (c) 15,000 17,394
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Tobacco Settlement Financing Corp., 5.75%, 2032 (c) 825,000 877,850
-----------------------------------------------------------------------------------------------------------------------------------
Northern Tobacco Securitization Corp., AK, Asset Backed, "A", 5%, 2046 430,000 388,131
-----------------------------------------------------------------------------------------------------------------------------------
Rhode Island Tobacco Settlement Financing Corp., "A ", 0%, 2052 11,115,000 742,037
-----------------------------------------------------------------------------------------------------------------------------------
Rockland Tobacco Asset Securitization Corp., NY, Tobacco Asset Backed, "C", 0%, 2060 11,045,000 214,936
-----------------------------------------------------------------------------------------------------------------------------------
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Turbo-Santa Clara),
"A", 0%, 2036 2,115,000 429,197
-----------------------------------------------------------------------------------------------------------------------------------
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Turbo-Santa Clara),
"A", 0%, 2041 1,560,000 235,919
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority Rev., "B", 6%, 2022 1,260,000 1,312,416
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority Rev., "B", 6.375%, 2028 1,075,000 1,135,340
-----------------------------------------------------------------------------------------------------------------------------------
Virginia Tobacco Settlement Financing Corp., 5.625%, 2015 (c) 50,000 55,270
-----------------------------------------------------------------------------------------------------------------------------------
Virginia Tobacco Settlement Financing Corp., "B-1", 5%, 2047 70,000 65,020
-----------------------------------------------------------------------------------------------------------------------------------
Washington Tobacco Settlement Authority, 6.5%, 2026 150,000 160,436
-----------------------------------------------------------------------------------------------------------------------------------
$ 20,895,815
-----------------------------------------------------------------------------------------------------------------------------------
TOLL ROADS - 1.5%
-----------------------------------------------------------------------------------------------------------------------------------
E-470 Public Highway Authority, Colorado Rev., Capital Appreciation, "B", MBIA, 0%, 2027 $ 4,115,000 $ 1,491,893
-----------------------------------------------------------------------------------------------------------------------------------
Niagara Falls, NY, Bridge Commission, Toll Rev., RITES, FGIC, 6.012%, 2015 (u) 3,000,000 3,192,330
-----------------------------------------------------------------------------------------------------------------------------------
$ 4,684,223
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - SPECIAL TAX - 2.7%
-----------------------------------------------------------------------------------------------------------------------------------
Missouri Highways & Transportation Commission, State Road Rev., "A", 5.625%, 2011 (c) $ 4,500,000 $ 4,766,355
-----------------------------------------------------------------------------------------------------------------------------------
Telluride, CO, Real Estate Transfer Assessment Rev. (Gondola Transit Co.), ETM, 11.5%, 2012 (c) 2,900,000 3,728,356
-----------------------------------------------------------------------------------------------------------------------------------
$ 8,494,711
-----------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - COLLEGES - 3.9%
-----------------------------------------------------------------------------------------------------------------------------------
California Educational Facilities Authority Rev. (L.A. College of Chiropractic), 5.6%, 2017 $ 750,000 $ 752,123
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev. (California Baptist University),
"A ", 5.5%, 2038 420,000 424,515
-----------------------------------------------------------------------------------------------------------------------------------
Chabot Las Positas, CA, Community College, Capital Appreciation, Election of 2004, "B",
AMBAC, 0%, 2027 950,000 358,492
-----------------------------------------------------------------------------------------------------------------------------------
Foothill-DE Anza Community College District, CA, Capital Appreciation, "B", AMBAC, 0%, 2034 785,000 206,965
-----------------------------------------------------------------------------------------------------------------------------------
Harrisburg, PA, University of Science, "A", 5.4%, 2016 235,000 239,719
-----------------------------------------------------------------------------------------------------------------------------------
Harrisburg, PA, University of Science, "B", 6%, 2036 555,000 569,741
-----------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Community College Systems, MBIA, 7.875%, 2025 2,500,000 2,907,575
-----------------------------------------------------------------------------------------------------------------------------------
Illinois Educational Facilities Authority Rev. (Augustana College), "A", 5.625%, 2022 400,000 418,804
-----------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Illinois Institute of Technology), "A", 5%, 2036 480,000 476,352
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana State University (Health Sciences Center Project), MBIA, 6.375%, 2031 2,500,000 2,675,775
-----------------------------------------------------------------------------------------------------------------------------------
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola College),"A ", 5.125%, 2045 905,000 916,068
-----------------------------------------------------------------------------------------------------------------------------------
New York Dormitory Authority Rev. (Vassar College), 4.25%, 2039 195,000 176,097
-----------------------------------------------------------------------------------------------------------------------------------
Private Colleges & Universities Authority, GA, Rev. (Mercer University Project), "A",
5.375%, 2029 240,000 244,752
-----------------------------------------------------------------------------------------------------------------------------------
San Leanna, TX, Educational Facilities Corp., Higher Education Rev. (Saint Edwards University),
5.125%, 2024 135,000 138,717
-----------------------------------------------------------------------------------------------------------------------------------
San Leanna, TX, Educational Facilities Corp., Higher Education Rev. (Saint Edwards University),
5.125%, 2026 130,000 132,149
-----------------------------------------------------------------------------------------------------------------------------------
San Leanna, TX, Educational Facilities Corp., Higher Education Rev. (Saint Edwards University),
5.125%, 2027 240,000 243,593
-----------------------------------------------------------------------------------------------------------------------------------
San Leanna, TX, Educational Facilities Corp., Higher Education Rev. (Saint Edwards University),
5.125%, 2036 280,000 282,890
-----------------------------------------------------------------------------------------------------------------------------------
Savannah, GA, Economic Development Authority Rev. (College of Art & Design, Inc.), 6.5%, 2009 (c) 625,000 669,150
-----------------------------------------------------------------------------------------------------------------------------------
University of Arkansas, University Construction Rev. (UAMS Campus), "B", MBIA, 5%, 2034 300,000 309,915
-----------------------------------------------------------------------------------------------------------------------------------
$ 12,143,392
-----------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - DORMITORIES - 0.2%
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev. (California Baptist University),
"A ", 5.4%, 2027 $ 370,000 $ 373,600
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing
Project), 5.625%, 2033 380,000 382,744
-----------------------------------------------------------------------------------------------------------------------------------
$ 756,344
-----------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - SECONDARY SCHOOLS - 2.1%
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev. (Escondido Charter High School),
7.5%, 2011 (c) $ 545,000 $ 613,893
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev. (Escondido Charter High School),
7.5%, 2011 (c) 1,000,000 1,154,350
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing Finance Development Rev. (Evergreen Country Day School), 5.875%, 2037 770,000 769,384
-----------------------------------------------------------------------------------------------------------------------------------
Deerfield, IL, Educational Facilities Authority Rev. (Chicagoland Jewish High School Project),
6%, 2041 815,000 825,082
-----------------------------------------------------------------------------------------------------------------------------------
Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), "A", 5.25%, 2027 430,000 421,658
-----------------------------------------------------------------------------------------------------------------------------------
Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), "A", 5.375%, 2037 425,000 415,395
-----------------------------------------------------------------------------------------------------------------------------------
Maryland Health & Higher Educational Facilities Authority Rev. (Washington Christian Academy),
5.5%, 2038 140,000 139,993
-----------------------------------------------------------------------------------------------------------------------------------
Maryland Industrial Development Financing Authority, Economic Development Authority Rev.
(Our Lady of Good Council), "A", 6%, 2035 150,000 158,240
-----------------------------------------------------------------------------------------------------------------------------------
Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy), 7.625%, 2021 1,000,000 1,068,890
-----------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Education Rev. (Arizona Charter Schools),
"C", 6.75%, 2031 495,000 520,200
-----------------------------------------------------------------------------------------------------------------------------------
Utah County, UT, Charter School Rev. (Lakeview Academy), "A ", 5.625%, 2037 215,000 214,839
-----------------------------------------------------------------------------------------------------------------------------------
Utah County, UT, Charter School Rev. (Renaissance Academy), "A ", 5.625%, 2037 285,000 284,786
-----------------------------------------------------------------------------------------------------------------------------------
$ 6,586,710
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - COGENERATION - 1.3%
-----------------------------------------------------------------------------------------------------------------------------------
Alaska Industrial Development Export Authority, Power Rev., Upper Lynn Canal Regional Power,
5.8%, 2018 $ 830,000 $ 832,166
-----------------------------------------------------------------------------------------------------------------------------------
Carbon County, PA, Industrial Development Authority Rev. (Panther Creek Partners), 6.65%, 2010 1,710,000 1,751,741
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev. (Colver),
"G", 5.125%, 2015 350,000 350,375
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev.
(Northampton Generating), 6.4%, 2009 250,000 251,125
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev.
(Northampton Generating), "A", 6.5%, 2013 1,000,000 1,004,570
-----------------------------------------------------------------------------------------------------------------------------------
$ 4,189,977
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - INVESTOR OWNED - 8.2%
-----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), "A", 5.375%, 2019 $ 500,000 $ 500,865
-----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), "B", AMBAC, 5.125%, 2020 2,000,000 2,066,240
-----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co.), "C", 5.75%, 2036 1,240,000 1,259,852
-----------------------------------------------------------------------------------------------------------------------------------
Calcasieu Parish, LA, Industrial Development Board, Pollution Control Rev.
(Entergy Gulf States, Inc.), 5.45%, 2010 1,250,000 1,251,075
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power Co.),
5.85%, 2028 2,000,000 2,071,520
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power Co.),
5.95%, 2028 2,270,000 2,347,679
-----------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), "A", 6.3%, 2016 2,195,000 2,229,769
-----------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), "C", 5.8%, 2022 2,105,000 2,118,977
-----------------------------------------------------------------------------------------------------------------------------------
Forsyth, MT, Pollution Control Rev. (Portland General), "B", 5.2%, 2033 230,000 234,276
-----------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX (Centerpoint Energy), 5.6%, 2027 1,500,000 1,537,020
-----------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030 1,655,000 1,669,713
-----------------------------------------------------------------------------------------------------------------------------------
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg LP), 6.5%, 2017 800,000 861,096
-----------------------------------------------------------------------------------------------------------------------------------
New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of New Hampshire),
6%, 2021 1,000,000 1,032,070
-----------------------------------------------------------------------------------------------------------------------------------
Ohio Air Quality Development Authority, Pollution Control Rev. (Cleveland Electric), "B", 6%, 2020 3,000,000 3,086,700
-----------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), "A", 6.1%, 2025 650,000 650,696
-----------------------------------------------------------------------------------------------------------------------------------
Port Morrow, OR, Pollution Control Rev. (Portland General), 5.2%, 2033 550,000 559,680
-----------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.), 5.8%, 2015 1,500,000 1,506,420
-----------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.), 5.8%, 2016 1,000,000 1,002,250
-----------------------------------------------------------------------------------------------------------------------------------
$ 25,985,898
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - MUNICIPAL OWNED - 2.4%
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power Agency, Power Systems Rev., "B', 5.55%, 2014 $ 2,150,000 $ 2,235,248
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina Municipal Power Agency (Catawba Electric Rev.), "B", 6.5%, 2020 2,000,000 2,127,180
-----------------------------------------------------------------------------------------------------------------------------------
Seattle, WA, Municipal Light & Power Rev., 5.625%, 2017 3,000,000 3,150,300
-----------------------------------------------------------------------------------------------------------------------------------
$ 7,512,728
-----------------------------------------------------------------------------------------------------------------------------------
WATER & SEWER UTILITY REVENUE - 2.0%
-----------------------------------------------------------------------------------------------------------------------------------
Magnolia, TX, Water & Sewer System Rev., 5.15%, 2031 $ 205,000 $ 206,958
-----------------------------------------------------------------------------------------------------------------------------------
Mississippi Development Bank Special Obligations, Grenada, MS, Water & Sewer Systems Project,
"N", FSA, 5%, 2030 710,000 735,255
-----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Municipal Water & Sewer Finance Authority Rev., 5.5%, 2010 (c) 5,000,000 5,287,450
-----------------------------------------------------------------------------------------------------------------------------------
$ 6,229,663
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS $ 456,542,954
-----------------------------------------------------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES - 0.3%
-----------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Midway Airport Rev., Second Lien, "B", 3.77%, due 8/01/07 $ 300,000 $ 300,000
-----------------------------------------------------------------------------------------------------------------------------------
East Baton Rouge, LA, Pollution Control Rev. (Exxon Mobil Corp.), 3.63%, due 8/01/07 50,000 50,000
-----------------------------------------------------------------------------------------------------------------------------------
Sevier County, TN, Public Building Authority, 3.64%, due 8/02/07 500,000 500,000
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES $ 850,000
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS(k) $ 457,392,954
-----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - (0.5)% (1,448,327)
-----------------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES (ISSUED BY THE TRUST) - (44.3)% (140,000,000)
-----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - 100.0% $315,944,627
-----------------------------------------------------------------------------------------------------------------------------------
(c) Refunded bond.
(k) As of July 31, 2007, the trust held securities fair valued in accordance with the policies adopted by the Board of Trustees,
aggregating $456,542,954 and 99.81% of market value. All of these security values were provided by an independent pricing
service using an evaluated bid.
(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 $12,056,740, representing 3.8% of net assets applicable to common shares.
(u) Underlying security deposited into special purpose trust ("the trust") by investment banker upon creation of self-deposited
inverse floaters.
The following abbreviations are used in this report and are defined:
BMA Bond Market Assn.
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.
Insurers
-----------------------------------------------------------------------------------------------------------------------------------
AMBAC AMBAC Indemnity Corp.
FGIC Financial Guaranty Insurance Co.
FHA Federal Housing Administration
FHLMC Federal Home Loan Mortgage Corp.
FNMA Federal National Mortgage Assn.
FSA Financial Security Assurance Inc.
GNMA Government National Mortgage Assn.
MBIA MBIA Insurance Corp.
PSF Permanent School Fund
XLCA XL Capital Insurance Co.
Inverse Floaters
-----------------------------------------------------------------------------------------------------------------------------------
INFLOS Inverse Floating Security
RIBS Residual Interest Bonds
RITES Residual Interest Tax-Exempt Security
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent
semiannual or annual report.
MFS MUNICIPAL INCOME TRUST
SUPPLEMENTAL INFORMATION (UNAUDITED) 7/31/07
(1) PORTFOLIO SECURITIES
The cost and unrealized appreciation and depreciation in the value of the
investments owned by the trust, as computed on a federal income tax basis, are
as follows:
Aggregate Cost $428,273,003
============
Gross unrealized appreciation $ 25,662,250
Gross unrealized depreciation (1,907,689)
------------
Net unrealized appreciation (depreciation) $ 23,754,561
============
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) FINANCIAL INSTRUMENTS
SWAP AGREEMENTS AT 7/31/07
UNREALIZED
NOTIONAL CASH FLOWS CASH FLOWS APPRECIATION
EXPIRATION AMOUNT COUNTERPARTY TO RECEIVE TO PAY (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------------
INTEREST RATE SWAPS
8/29/19 USD 35,000,000 Merrill Lynch Capital Services 7-day BMA 4.012% (fixed rate) $(48,447)
At July 31, 2007, the trust had sufficient cash and/or other liquid securities
to cover any commitments under these derivative contracts.
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 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)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President
Date: September 13, 2007
------------------
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)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President (Principal Executive
Officer)
Date: September 13, 2007
------------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: September 13, 2007
------------------
* Print name and title of each signing officer under his or her signature.