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: January 31, 2007
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) MUNICIPAL INCOME TRUST
1/31/07
Quarterly portfolio holdings
[graphic omitted]
M F S(R)
INVESTMENT MANAGEMENT
MFS Municipal Income Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2007
ISSUER SHARES/PAR VALUE ($)
MUNICIPAL BONDS - 143.4%
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AIRPORT & PORT REVENUE - 4.9%
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Chicago, IL, O'Hare International Airport Rev., XLCA, 5.75%, 2022 (u) $ 3,000,000 $ 3,279,870
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New York, NY, City Industrial Development Agency,
Special Facilities Rev. (Terminal One Group), 5.5%, 2024 275,000 295,191
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Oklahoma City, OK, Airport Trust Rev., FSA, 5.75%, 2016 3,125,000 3,293,306
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Port Authority, NY, Special Obligations Rev. (JFK International),
MBIA, 5.75%, 2022 7,000,000 7,236,103
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Seattle, WA, Airport Trust Rev., FGIC, 5.625%, 2018 1,500,000 1,590,750
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$ 15,695,220
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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 $ 863,638
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Kane Kendall County, IL, Capital Appreciation, "E", FGIC, 0%, 2025 1,915,000 761,327
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Lake County, IL, Land Acquisition & Development, 5.75%, 2017 1,000,000 1,063,820
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New York, NY, "M", 5%, 2035 3,800,000 3,959,904
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$ 6,648,689
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GENERAL OBLIGATIONS - SCHOOLS - 1.3%
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Aledo, TX, Independent School District, School Building, "A",
PSF, 5.125%, 2033 $ 955,000 $ 1,005,348
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De Soto, TX, Independent School District, School Building,
PSF, 0%, 2031 555,000 162,454
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De Soto, TX, Independent School District, School Building,
PSF, 0%, 2034 415,000 102,978
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De Soto, TX, Independent School District, School Building,
PSF, 0%, 2036 555,000 123,599
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Ennis, TX, Independent School District, Capital Appreciation, "N", PSF, 0%, 2028 290,000 100,473
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Ennis, TX, Independent School District, Capital Appreciation, "N", PSF, 0%, 2029 560,000 187,107
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Ennis, TX, Independent School District, Capital Appreciation, "N", PSF, 0%, 2031 555,000 163,658
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Leander, TX, Independent School District, Capital Appreciation, Refunding, School
Building, FGIC, 0%, 2026 1,285,000 483,815
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Leander, TX, Independent School District, Capital Appreciation, Refunding, School
Building, FGIC, 0%, 2031 1,295,000 363,442
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Royse City, TX, Independent School District, School Building, PSF, 0%, 2027 955,000 348,585
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Royse City, TX, Independent School District, School Building, PSF, 0%, 2028 960,000 331,757
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Royse City, TX, Independent School District, School Building, PSF, 0%, 2029 965,000 315,555
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Weatherford, TX, Independent School District, Capital Appreciation, PSF, 0%, 2025 675,000 282,521
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Weatherford, TX, Independent School District, Capital Appreciation, PSF, 0%, 2026 695,000 276,144
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$ 4,247,436
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HEALTHCARE REVENUE - HOSPITALS - 40.5%
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Alexander City, AL, Special Care Facilities Financing Authority Medical
Facilities Rev.(Russell Hospital Corp.), "A", 5.75%, 2036 $ 600,000 $ 627,348
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Allegheny County, PA, Hospital Development Authority Rev. (South Hills Health
Systems), "B", 6.75%, 2010 (c) 500,000 535,690
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny
Health), 9.25%, 2030 2,000,000 2,371,400
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny
Health), "B", 9.25%, 2022 1,000,000 1,185,700
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Arkansas Development Finance Authority Rev. (Washington Regional Medical
Center), 7.25%, 2010 (c) 500,000 547,560
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Athens County, OH, Hospital Facilities Rev. (O'Bleness Memorial Hospital),
"A", 7.125%, 2033 1,500,000 1,623,615
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Baldwin County, AL, Eastern Shore Health Care Authority Rev. (Thomas
Hospital), 5.75%, 2008(c) 700,000 729,057
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Birmingham, AL, Baptist Medical Center, Special Care Facilities Rev.
(Baptist Health Systems, Inc.), "A", 5%, 2030 535,000 545,240
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Brookhaven, NY, Civic Facilities Rev. (Memorial Hospital Medical C
enter, Inc.), 7.75%, 2010 575,000 604,193
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California Valley Health Systems, COP, 6.875%, 2023 720,000 722,801
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Carroll County, IA, Hospital Rev. (St. Anthony Regional Hospital), "A", 5%, 2031 500,000 504,055
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Chautauqua County, NY, Industrial Development Agency, Civic Facilities
Rev. (Women's Christian Assn.), "A", 6.35%, 2017 215,000 219,943
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Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev.
(Women's Christian Assn.), "A", 6.4%, 2029 960,000 975,629
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Chemung County, NY, Civic Facilities Rev. (St. Joseph's Hospital-Elmira),
"A", 6%, 2013 425,000 426,551
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Chemung County, NY, Civic Facilities Rev. (St. Joseph's Hospital-Elmira),
"B", 6.35%, 2013 105,000 108,140
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Chester County, PA, Health & Educational Facilities Rev. (Chester County
Hospital), 6.75%, 2021 1,625,000 1,765,270
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Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial
Hospital), 6.25%, 2023 925,000 998,695
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Coffee County, GA, Hospital Authority Rev. (Coffee Regional Medical
Center, Inc.), 5%, 2026 40,000 40,514
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Colorado Health Facilities Authority Rev. (Parkview Medical Center,
Inc.), 6.6%, 2025 1,000,000 1,089,320
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Colorado Health Facilities Authority Rev. (Parkview Medical Center,
Inc.), 6.5%, 2020 1,230,000 1,340,122
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Colorado Health Facilities Authority Rev. (Portercare Adventist
Health Systems), 6.625%, 2011 (c) 675,000 762,872
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Crittenden County, AR, Hospital Rev., 7%, 2020 1,030,000 1,039,383
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Cuyahoga County, OH, Hospital Facilities Rev. (Canton, Inc.), 7.5%, 2030 1,330,000 1,476,712
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Delaware Health Facilities Authority Rev. (Nanticoke Memorial
Hospital), 5.625%, 2032 1,250,000 1,325,063
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Denver, CO, Health & Hospital Authority Rev., 5.25%, 2013 635,000 644,423
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Denver, CO, Health & Hospital Authority Rev., "A", 5.375%, 2018 1,500,000 1,527,165
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Denver, CO, Health & Hospital Authority Rev., "A", 6%, 2023 250,000 265,630
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Denver, CO, Health & Hospital Authority Rev., "A", 5.375%, 2028 860,000 868,548
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Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial
Hospital), 6.2%, 2025 250,000 258,513
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Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial
Hospital), 6.5%, 2031 295,000 308,446
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Grand Forks, ND, Health Care Authority Rev. (Altru Health Systems
Obligated Group), 7.125%, 2024 755,000 830,349
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Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), 5.75%, 2031 1,000,000 1,032,860
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Highlands County, FL, Health Facilities Authority Rev. (Adventist
Health Systems), "C", 5.25%, 2036 1,180,000 1,246,434
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Highlands County, FL, Health Facilities Authority Rev. (Adventist/Sunbelt
Hospital), 6%, 2011 (c) 900,000 992,808
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Houston County, AL, Health Care Authority Rev., AMBAC, 6.25%, 2009 (c) 2,000,000 2,143,780
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Huntsville, AL, Health Care Authority Rev., 5.625%, 2026 875,000 916,431
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Illinois Development Finance Authority, Hospital Authority Rev.
(Adventist/Sunbelt Hospital), 5.65%, 2009 (c) 1,750,000 1,845,970
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Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031 410,000 415,465
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Illinois Health Facilities Authority Rev. (Centegra Heath
Systems), 5.25%, 2018 1,000,000 1,023,150
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Indiana Health Facilities Financing Authority, Hospital Rev.
(Clarian Health), "A", 5%, 2039 375,000 385,976
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Indiana Health Facilities Financing Authority, Hospital Rev.
(Community Hospital), "A", AMBAC, 5%, 2035 1,780,000 1,853,016
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Indiana Health Facilities Financing Authority, Hospital Rev.
(Munster Medical Research Foundation, Inc.), "A", 6.375%, 2031 3,990,000 4,251,664
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Indiana Health Facilities Financing Authority, Hospital Rev.
(Riverview Hospital), 6.125%, 2031 1,000,000 1,066,490
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Johnson City, TN, Health & Educational Facilities, Hospital Rev.
(Mountain States Health), "A", 5.5%, 2036 355,000 378,877
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Joplin, MO, Industrial Development Authority Health Facilities
Rev. (Freeman Health Systems), 5.5%, 2029 440,000 464,279
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Joplin, MO, Industrial Development Authority Health Facilities
Rev. (Freeman Health Systems), 5.75%, 2035 475,000 515,233
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Kentucky Economic Development Finance Authority (Norton Healthcare),
"A", 6.5%, 2010(c) 1,965,000 2,165,017
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Kentucky Economic Development Finance Authority, Unrefunded (Norton Healthcare), "A",
6.5%, 2020 3,035,000 3,277,982
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Knox County, TN, Health, Educational Housing Facilities Board, Hospital Facilities
Rev. (Baptist Health Systems), 6.5%, 2031 1,725,000 1,855,065
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Lauderdale County & Florence, AL, Health Care Authority Rev. (Coffee Health Group),
MBIA, 5.625%, 2021 3,000,000 3,198,150
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Lufkin, TX, Health Facilities Rev. (Memorial Health System of
East Texas), 5.7%, 2008(c) 995,000 1,033,526
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Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital),
5.75%, 2025 1,000,000 1,043,000
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Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital),
5.875%, 2034 905,000 944,530
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Madison County, ID, Hospital Rev., COP, 5.25%, 2030 240,000 253,075
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Madison County, ID, Hospital Rev., COP, 5.25%, 2037 310,000 325,655
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Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health),
5.5%, 2033 380,000 401,052
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Maryland Health & Higher Educational Facilities Authority Rev. (North Arundel
Hospital), 6.5%, 2010 (c) 1,500,000 1,641,360
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Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health
Systems), "E", 6.25%, 2031 1,900,000 2,063,571
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Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), "A",
5.7%, 2015 500,000 518,380
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Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), "B", 600,000 646,206
6.5%, 2012
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Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), "D",
5.25%, 2018 1,400,000 1,414,028
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Massachusetts Health & Educational Facilities Authority Rev. (Northern Berkshire
Health), "B", 6.375%, 2034 640,000 670,381
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Massachusetts Health & Educational Facilities Authority Rev. (Saints Memorial Medical
Center), "A", 6%, 2023 465,000 465,986
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Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 810,000 912,222
6.75%, 2029
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Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), "A",
6.7%, 2019 995,000 1,090,032
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Mississippi Business Finance Corp., Health Facilities Rev. (Rush Medical Foundation,
Inc.), 5.625%, 2008 (c) 845,000 848,372
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Monongalia County, WV, Building Commission Hospital Rev. (Monongalia General
Hospital), "A", 5%, 2030 425,000 432,569
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Monroe County, MI, Hospital Finance Authority, Hospital Rev. (Mercy Memorial Hospital
Corp.), 5.5%, 2035 1,020,000 1,066,624
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Monroe County, NY, Industrial Development Agency, Civic Facilities Rev. (Highland
Hospital of Rochester), 5%, 2025 65,000 66,626
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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 1,759,793
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Montgomery, AL, Special Care Facilities, Financing Authority Rev. (Baptist Health),
"C", 5.25%, 2014 (c) 760,000 825,033
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Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032 435,000 457,381
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore
Health System), 5.625%, 2010 510,000 521,128
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore
Health System), 5.875%, 2011 415,000 431,098
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Neosho County, KS, Hospital Authority Rev., "A", 5.05%, 2026 325,000 326,167
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Neosho County, KS, Hospital Authority Rev., "A", 5.15%, 2031 230,000 230,690
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New Hampshire Health & Educational Facilities Authority Rev.
(Catholic Medical Center), "A", 6.125%, 2012 (c) 880,000 983,074
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New Hampshire Health & Educational Facilities Authority Rev.
(Catholic Medical Center), "A", 6.125%, 2032 120,000 130,865
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New Hampshire Health & Educational Facilities Authority Rev.
(Covenant Health), 6.5%, 2017 820,000 910,626
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New Jersey Health Care Facilities, Financing Authority Rev.
(Children's Specialized Hospital), "A", 5.5%, 2030 245,000 258,379
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New Jersey Health Care Facilities, Financing Authority Rev.
(St. Peter's University Hospital), "A", 6.875%, 2030 3,000,000 3,271,920
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New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai
NYU Health), 5.5%, 2026 635,000 643,611
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New York Dormitory Authority Rev., Non State Supported Debt (Mt
Sinai NYU Health), "C", 5.5%, 2026 500,000 506,780
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New York Dormitory Authority Rev., Non State Supported Debt
(NYU Hospitals Center), "A", 5%, 2026 1,750,000 1,787,765
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New York, NY, Health & Hospital Corp. Rev., "A", 5.25%, 2017 700,000 724,164
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New York, NY, Industrial Development Agency, Civic Facilities Rev.
(Staten Island University Hospital), "A", 6.375%, 2031 495,000 515,156
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Norman, OK, Regional Hospital Authority Rev., 5.375%, 2036 1,395,000 1,443,769
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North Texas Health Facilities Development Corp. Rev. (United
Regional Health Care System, Inc.), 6%, 2023 1,000,000 1,079,770
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Ohio County, WV, County Commission Health System Rev. (Ohio Valley
Medical Center), 5.75%, 2013 850,000 836,553
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Oklahoma Development Finance Authority Rev. (Comanche County
Hospital), "B", 6.6%, 2031 1,665,000 1,822,626
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Rhode Island Health & Education Building Corp. Rev., Hospital
Financing (Lifespan Obligated Group), 6.5%, 2012 (c) 505,000 571,862
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Rhode Island Health & Educational Building Corp., Hospital
Financing (Lifespan Obligated Group), 6.375%, 2012 (c) 1,560,000 1,756,903
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Rhode Island Health & Educational Building Corp., Hospital Financing
(Lifespan Obligated Group), 6.375%, 2021 245,000 271,168
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Royston, GA, Hospital Authority Rev. (Ty Cobb Healthcare Systems,
Inc.), 6.375%, 2014 955,000 985,226
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Salida, CO, Hospital District Rev., 5.25%, 2036 1,155,000 1,173,226
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Salt Lake City, UT, Hospital Authority Rev., AMBAC, ETM
(Intermountain Health Care), 10.448%, 2020 (c)(p) 600,000 601,380
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Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev.
(Methodist Healthcare), 6.375%, 2012 (c) 625,000 704,444
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev.
(Methodist Healthcare), 6.25%, 2012 (c) 185,000 207,365
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev.
(Methodist Healthcare), 6.25%, 2012 (c) 315,000 353,080
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev.
(Methodist Healthcare), 6.375%, 2012 (c) 375,000 422,666
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South Carolina Jobs & Economic Development Authority Rev. (Bon Secours
Health Systems, Inc.), "A", 5.625%, 2030 710,000 749,817
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South Carolina Jobs & Economic Development Authority, Hospital Facilities
Rev. (Palmetto Health Alliance), 6.25%, 2031 835,000 908,605
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South Dakota Health & Education Facilities Authority Rev.
(Prairie Lakes Health Care System), 5.625%, 2032 670,000 698,026
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Southwestern Illinois Development Authority Rev. (Anderson
Hospital), 5.5%, 2020 60,000 62,172
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Southwestern Illinois Development Authority Rev. (Anderson
Hospital), 5.625%, 2029 870,000 895,221
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Springfield, TN, Health & Educational Facilities Rev. (Northcrest Medical Center),
5.25%, 2018 1,400,000 1,406,622
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Steubenville, OH, Hospital Authority Rev. (Trinity Health Center), 6.5%, 2030 1,300,000 1,411,267
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Stillwater, OK, Medical Center Authority, 5.625%, 2023 1,000,000 1,064,960
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Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare), 6.25%, 2020 3,085,000 3,255,786
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Texas Metro Health Facilities Development Corp., Metro Health Facilities
Development Rev. (Wilson N. Jones Memorial Hospital), 7.2%, 2021 700,000 728,315
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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 1,039,700
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Tom Green County, TX, Health Facilities Rev. (Shannon Health System), 6.75%, 2021 1,250,000 1,356,275
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University of Colorado, Hospital Authority Rev., "A", 5.25%, 2039 245,000 256,145
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Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital),
6.625%, 2031 600,000 653,520
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Valley, AL, Special Care Facilities, Financing Authority Rev. (Lanier Memorial
Hospital), 5.6%, 2016 600,000 607,524
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Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health Center),
6.375%, 2012 (c) 1,500,000 1,689,135
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Washington County, AR, Hospital Rev. (Regional Medical Center), "A", 5%, 2035 250,000 254,613
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Washington County, AR, Hospital Rev. (Regional Medical Center), "B", 5%, 2025 1,000,000 1,026,480
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Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical
Center), 6.375%, 2031 1,115,000 1,172,211
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Weslaco, TX, Health Facilities Rev. (Knapp Medical Center), 6.25%, 2032 1,000,000 1,064,900
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West Plains, MO, Industrial Development Authority Rev. (Ozarks Medical Center),
6.75%, 2024 170,000 175,622
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West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026 1,250,000 1,331,225
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Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020 1,500,000 1,651,575
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.),
6.875%, 2030 1,000,000 1,143,320
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.),
MBIA, 5.25%, 2017 5,000,000 5,132,550
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Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic), "A",
5.375%, 2034 490,000 514,466
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John's
Riverside Hospital), 6.8%, 2016 665,000 707,853
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John's
Riverside Hospital), "A", 7.125%, 2031 490,000 524,785
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. Joseph's
Hospital), "C", 6.2%, 2020 750,000 752,903
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$ 129,883,050
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HEALTHCARE REVENUE - LONG TERM CARE - 10.7%
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Abilene, TX, Health Facilities Development Co., Retirement Facilities Rev. (Sears
Methodist Retirement), "A", 7%, 2033 $ 345,000 $ 373,197
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Arizona Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2033 750,000 847,628
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Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology),
8.125%, 2016 1,085,000 1,052,982
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Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology),
8.5%, 2026 2,405,000 2,301,874
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Bucks County, PA, Industrial Development Authority Rev. (Ann's Choice, Inc.),
6.125%, 2025 430,000 455,005
-------------------------------------------------------------------------------------------------------------------------------
Cambria County, PA, Industrial Development Authority Rev. (Beverly Enterprises, Inc.)
ETM, 10%, 2012 (c) 360,000 421,686
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Chartiers Valley, PA, Industrial & Commercial Development Authority (Asbury Health
Center Project), 5.75%, 2022 150,000 154,625
-------------------------------------------------------------------------------------------------------------------------------
Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home),
8.5%, 2032 585,000 608,546
-------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (Christian Living Communities Project), "A",
5.75%, 2037 395,000 410,488
-------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.),
"B", 6.125%, 2033 1,000,000 1,073,200
-------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (Evangelical), 6.9%, 2010 (c) 1,830,000 2,061,623
-------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (Evangelical), 6.9%, 2025 1,170,000 1,303,439
-------------------------------------------------------------------------------------------------------------------------------
Cumberland County, PA, Municipal Authority Rev. (Wesley), "A", 7.25%, 2013 (c) 720,000 851,832
-------------------------------------------------------------------------------------------------------------------------------
Cumberland County, PA, Municipal Authority Rev. (Wesley), "A", 7.25%, 2013 (c) 280,000 331,268
-------------------------------------------------------------------------------------------------------------------------------
Franklin County, OH, Healthcare Facilities Rev. (Ohio Presbyterian), 7.125%, 2011 (c) 1,000,000 1,139,520
-------------------------------------------------------------------------------------------------------------------------------
Fulton County, GA, Residential Care Facilities (Canterbury Court), "A", 6.125%, 2034 330,000 346,124
-------------------------------------------------------------------------------------------------------------------------------
Greenville County, SC, Hospital Rev. (Chestnut Hill), "A", 8%, 2015 1,985,000 1,961,180
-------------------------------------------------------------------------------------------------------------------------------
Hawaii Department of Budget & Finance, Special Purpose Rev. (Kahala Nui Senior
Living Community), 8%, 2033 500,000 575,845
-------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Clare at Water Tower), "A", 6%, 2025 490,000 511,491
-------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Landing at Plymouth Place), "A", 6%, 2037 490,000 512,148
-------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Montgomery Place), "A", 5.75%, 2038 520,000 535,007
-------------------------------------------------------------------------------------------------------------------------------
Iowa Finance Authority Senior Housing Authority Rev. (Bethany Life Communities),
"A", 5.55%, 2041 230,000 226,644
-------------------------------------------------------------------------------------------------------------------------------
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives
Project), 9.25%, 2011 (c) 1,155,000 1,412,923
-------------------------------------------------------------------------------------------------------------------------------
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives Project), "A",
5.5%, 2025 800,000 828,896
-------------------------------------------------------------------------------------------------------------------------------
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives Project), "B",
5.75%, 2018 895,000 918,834
-------------------------------------------------------------------------------------------------------------------------------
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), "B", 6.25%, 2026 500,000 511,255
-------------------------------------------------------------------------------------------------------------------------------
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), "C", 6.875%, 2032 500,000 537,735
-------------------------------------------------------------------------------------------------------------------------------
Maine Health & Higher Educational Facilities Rev. (Piper Shores), 7.5%, 2009 (c) 770,000 814,999
-------------------------------------------------------------------------------------------------------------------------------
Millbrae, CA, Residential Facilities Rev. (Magnolia of Millbrae), "A", 7.375%, 2027 1,830,000 1,897,106
-------------------------------------------------------------------------------------------------------------------------------
Montana Facility Finance Authority Rev. (Senior Living St. Johns Lutheran), "A",
6.125%, 2036 470,000 488,965
-------------------------------------------------------------------------------------------------------------------------------
Montgomery County, PA, Higher Education & Health Authority Rev.
(AHF/Montgomery), 6.875%, 2036 1,195,000 1,255,156
-------------------------------------------------------------------------------------------------------------------------------
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.125%, 2028 250,000 264,335
-------------------------------------------------------------------------------------------------------------------------------
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.25%, 2035 510,000 538,586
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Courthouse Convalescent
Center), "A", 8.7%, 2014 650,000 652,789
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Lions Gate), "A", 5.875%, 2037 310,000 320,537
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2036 505,000 510,287
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Health Care Facilities Financing Authority Rev. (Cherry Hill), 8%, 2027 1,000,000 1,024,610
-------------------------------------------------------------------------------------------------------------------------------
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement
Community), "A", 6%, 2025 125,000 128,505
-------------------------------------------------------------------------------------------------------------------------------
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement
Community), "A", 6.125%, 2035 90,000 92,435
-------------------------------------------------------------------------------------------------------------------------------
North Carolina Medical Care Commission, Health Care Facilities Rev., First Mortgage
(Presbyterian Homes), 5.4%, 2027 485,000 500,345
-------------------------------------------------------------------------------------------------------------------------------
North Carolina Medical Care Commission, Health Care Facilities Rev., First Mortgage
(Presbyterian Homes), 5.5%, 2031 295,000 305,428
-------------------------------------------------------------------------------------------------------------------------------
Shelby County, TN, Health Educational Rev. (Germantown Village), 7.25%, 2034 820,000 843,567
-------------------------------------------------------------------------------------------------------------------------------
Sterling, IL (Hoosier Care), 7.125%, 2034 700,000 720,251
-------------------------------------------------------------------------------------------------------------------------------
Suffolk County, NY, Industrial Development Agency (Medford Hamlet Assisted Living),
6.375%, 2039 500,000 515,990
-------------------------------------------------------------------------------------------------------------------------------
Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev.
(Querencia Barton Creek), 5.5%, 2025 460,000 475,654
-------------------------------------------------------------------------------------------------------------------------------
Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev.
(Querencia Barton Creek), 5.65%, 2035 695,000 720,979
-------------------------------------------------------------------------------------------------------------------------------
$ 34,335,519
-------------------------------------------------------------------------------------------------------------------------------
HUMAN SERVICES - 3.1%
-------------------------------------------------------------------------------------------------------------------------------
Colorado Educational & Cultural Facilities Authority (Cerebral Palsy Project), "A",
6.25%, 2036 $ 500,000 $ 515,335
-------------------------------------------------------------------------------------------------------------------------------
Iowa Finance Authority, Community Provider (Boys & Girls Home), 6.25%, 2028 500,000 502,245
-------------------------------------------------------------------------------------------------------------------------------
Lehigh County, PA, General Purpose Authority (Kidspeace Corp.), 6%, 2023 3,000,000 2,918,010
-------------------------------------------------------------------------------------------------------------------------------
Louisiana Local Government Environmental Facilities & Community Development
(Westside Rehab Center Project), "A", 6.85%, 2036 1,100,000 1,135,794
-------------------------------------------------------------------------------------------------------------------------------
Louisiana Local Government Environmental Facilities & Community Development
(Westside Rehab Center Project), "B", 6.5%, 2013 115,000 115,944
-------------------------------------------------------------------------------------------------------------------------------
Louisiana Local Government, Environmental Facilities & Community Development
Authority Rev. (CDF Healthcare LA, LLC), "A", 7%, 2036 500,000 508,765
-------------------------------------------------------------------------------------------------------------------------------
Louisiana Local Government, Environmental Facilities & Community Development
Authority Rev. (CDF Healthcare), "C", 7%, 2036 375,000 374,010
-------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agency, Civic Facility Rev. (A Very Special
Place), "A", 5.75%, 2029 1,000,000 961,290
-------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs
Facilities), 6.5%, 2017 1,030,000 1,069,902
-------------------------------------------------------------------------------------------------------------------------------
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare
Facilities), 8.75%, 2011 440,000 460,420
-------------------------------------------------------------------------------------------------------------------------------
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare
Facilities), 9%, 2031 1,000,000 1,098,650
-------------------------------------------------------------------------------------------------------------------------------
Osceola County, FL, Industrial Development Authority Rev. (Community Provider),
7.75%, 2017 292,000 293,936
-------------------------------------------------------------------------------------------------------------------------------
$ 9,954,301
-------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - AIRLINES - 8.0%
-------------------------------------------------------------------------------------------------------------------------------
Alliance Airport Authority, Inc., TX, Special Facilities Rev. (AMR Corp.), 7.5%, 2029 $ 3,360,000 $ 3,428,443
-------------------------------------------------------------------------------------------------------------------------------
Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American
Airlines, Inc.), 7.25%, 2030 2,530,000 2,581,157
-------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Airport Systems Rev., Special Facilities (Continental, Inc.),
"E", 6.75%, 2029 1,810,000 1,962,474
-------------------------------------------------------------------------------------------------------------------------------
Los Angeles, CA, Regional Airport Lease Rev. (AMR Corp.), "C", 7.5%, 2024 850,000 980,764
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority (Continental Airlines, Inc.), 7.2%, 2030 1,595,000 1,743,558
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Special Facilities Rev. (Continental
Airlines, Inc.), 6.25%, 2029 580,000 605,079
-------------------------------------------------------------------------------------------------------------------------------
New York, NY, City Industrial Develpment Agency (Jetblue Airways Corp.), 5%, 2020 225,000 222,482
-------------------------------------------------------------------------------------------------------------------------------
New York, NY, City Industrial Develpment Agency (Jetblue Airways Corp.),
5.125%, 2030 115,000 114,316
-------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agencies Rev. (American Airlines, Inc.),
7.625%, 2025 7,725,000 9,449,143
-------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agencies Rev. (American Airlines, Inc./JFK
International Airport), 7.125%, 2011 1,355,000 1,444,606
-------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agencies Rev. (Continental Airlines, Inc.),
7.25%, 2008 110,000 111,899
-------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agencies Rev. (Continental Airlines, Inc.),
8%, 2012 300,000 324,984
-------------------------------------------------------------------------------------------------------------------------------
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), "B", 5.65%, 2035 40,000 40,764
-------------------------------------------------------------------------------------------------------------------------------
Tulsa, OK, Municipal Airport Trust Rev. (AMR Corp.), "B", 6%, 2035 2,500,000 2,557,250
-------------------------------------------------------------------------------------------------------------------------------
$ 25,566,919
-------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - CHEMICALS - 1.0%
-------------------------------------------------------------------------------------------------------------------------------
Red River Authority, TX, Pollution Control Rev. (Celanese Project) "B", 6.7%, 2030 $ 1,920,000 $ 2,088,826
-------------------------------------------------------------------------------------------------------------------------------
Sweetwater County, WY, Solid Waste Disposal Rev. (FMC Corp.), 5.6%, 2035 985,000 1,044,425
-------------------------------------------------------------------------------------------------------------------------------
$ 3,133,251
-------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - ENVIRONMENTAL SERVICES - 3.7%
-------------------------------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Browning
Ferris, Inc.), "A", 5.8%, 2016 $ 1,000,000 $ 1,000,590
-------------------------------------------------------------------------------------------------------------------------------
California Statewide Community Development Authority, Solid Waste Facilities Rev.
(Republic Services, Inc.), "A", 4.95%, 2012 1,000,000 1,033,630
-------------------------------------------------------------------------------------------------------------------------------
Gloucester County, NJ, Solid Waste Resource Recovery Rev. (Waste Management, Inc.),
6.85%, 2029 850,000 908,829
-------------------------------------------------------------------------------------------------------------------------------
Gulf Coast Waste Disposal Authority, TX (Waste Mangement of Texas), "A", 5.2%, 2028 445,000 461,857
-------------------------------------------------------------------------------------------------------------------------------
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.),
5.45%, 2014 1,750,000 1,722,998
-------------------------------------------------------------------------------------------------------------------------------
Illinois Development Finance Authority, Solid Waste Disposal Rev. (Waste Management,
Inc.), 5.85%, 2007 4,500,000 4,500,000
-------------------------------------------------------------------------------------------------------------------------------
Nevada Department of Business & Industry Rev. (Republic Services, Inc.), 5.625%, 2026 750,000 813,068
-------------------------------------------------------------------------------------------------------------------------------
New Hampshire Business Finance Authority, Solid Waste Disposal Rev. (Waste Management,
Inc.), 5.2%, 2027 445,000 459,507
-------------------------------------------------------------------------------------------------------------------------------
New Morgan, PA, Industrial Development Authority, Solid Waste Disposal Rev. (New Morgan
Landfill Co., Inc./Browning Ferris, Inc.), 6.5%, 2019 1,000,000 1,001,540
-------------------------------------------------------------------------------------------------------------------------------
$ 11,902,019
-------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - METALS - 0.2%
-------------------------------------------------------------------------------------------------------------------------------
Mobile County, AL, Industrial Development Authority Rev. (Ipsco, Inc.), 6.875%, 2030 $ 650,000 $ 685,165
-------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - OTHER - 5.0%
-------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Industrial Development Authority (Valero Energy Corp.), 5.6%, 2031 $ 1,750,000 $ 1,807,785
-------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings LLC Project),
7%, 2036 620,000 647,627
-------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Waste Disposal Rev. (Valero Energy Corp.), 6.65%, 2032 1,000,000 1,085,610
-------------------------------------------------------------------------------------------------------------------------------
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017 2,100,000 2,155,335
-------------------------------------------------------------------------------------------------------------------------------
Madison County, FL, Rev. (Twin Oaks Project), "A", 6%, 2025 550,000 569,377
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority (Gloucester Marine), "C", 6.5%, 2015 700,000 701,666
-------------------------------------------------------------------------------------------------------------------------------
New York, NY, City Industrial Development Agency Rev., Liberty Bonds
(IAC/InterActiveCorp), 5%, 2035 620,000 641,123
-------------------------------------------------------------------------------------------------------------------------------
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), "CR-1", 7.875%, 2032 (n) 1,270,000 1,404,493
-------------------------------------------------------------------------------------------------------------------------------
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), "CR-2", 7.875%, 2032 (n) 580,000 641,422
-------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority, Finance Authority Facilities
Rev. (Amtrak), "A", 6.25%, 2031 2,000,000 2,152,500
-------------------------------------------------------------------------------------------------------------------------------
Philadelphia, PA, Industrial Development Authority Rev. (Host Marriott LP), 7.75%, 2017 3,255,000 3,267,825
-------------------------------------------------------------------------------------------------------------------------------
Port Corpus Christi, TX, Industrial Development Authority Rev. (Citgo Petroleum Corp.),
8.25%, 2031 700,000 719,215
-------------------------------------------------------------------------------------------------------------------------------
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026 385,000 400,327
-------------------------------------------------------------------------------------------------------------------------------
$ 16,194,305
-------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - PAPER - 6.4%
-------------------------------------------------------------------------------------------------------------------------------
Bedford County, VA, Industrial Development Authority Rev. (Nekoosa Packaging), "A",
6.55%, 2025 $ 1,000,000 $ 1,039,830
-------------------------------------------------------------------------------------------------------------------------------
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific
Corp.), 5.75%, 2028 155,000 157,844
-------------------------------------------------------------------------------------------------------------------------------
Columbus County, NC, Industrial Facilities & Pollution Control Financing Authority
(International Paper, Co.), "A", 6.15%, 2021 5,000,000 5,109,700
-------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev.
(Mead Westvaco Escanaba), "A", 6.25%, 2012 (c) 1,000,000 1,109,470
-------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev.
(Mead Westvaco Escanaba), "B", 6.45%, 2012 (c) 500,000 555,670
-------------------------------------------------------------------------------------------------------------------------------
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort
James), 5.625%, 2018 850,000 856,877
-------------------------------------------------------------------------------------------------------------------------------
Hodge, LA, Utilities Rev. (Stone Container Corp.), 7.45%, 2024 3,335,000 4,164,448
-------------------------------------------------------------------------------------------------------------------------------
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser
Co.), 6.8%, 2022 2,000,000 2,427,080
-------------------------------------------------------------------------------------------------------------------------------
Navajo County, AZ, Industrial Development Authority Rev. (Stone Container Corp.),
7.2%, 2027 880,000 902,484
-------------------------------------------------------------------------------------------------------------------------------
Onondaga County, NY, Industrial Development Authority Rev., Solid Waste Disposal
Rev. (Solvay Paperboard LLC), 6.8%, 2014 900,000 938,943
-------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev.
(Chesapeake Corp.), 6.25%, 2019 1,870,000 1,871,178
-------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev.
(Chesapeake Corp.), "A", 6.375%, 2019 700,000 700,154
-------------------------------------------------------------------------------------------------------------------------------
York County, SC, Pollution Control Rev. (Bowater, Inc.), "A", 7.4%, 2010 730,000 734,949
-------------------------------------------------------------------------------------------------------------------------------
$ 20,568,627
-------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - ENTERTAINMENT & TOURISM - 0.8%
-------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev., East Valley Tourist
(Cabazon Casino), "A", 9.25%, 2020 (n) $ 1,155,000 $ 1,258,788
-------------------------------------------------------------------------------------------------------------------------------
Mississippi Development Bank, Special Obligation (Diamond Lakes Utilities),
6.25%, 2017 1,000,000 1,022,930
-------------------------------------------------------------------------------------------------------------------------------
New York Liberty Development Corp. Rev. (National Sports Museum), 6.125%, 2019 420,000 437,732
-------------------------------------------------------------------------------------------------------------------------------
$ 2,719,450
-------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - OTHER - 2.8%
-------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 6.6%, 2011 (c) $ 400,000 $ 438,908
-------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 6.7%, 2011 (c) 600,000 660,516
-------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Enterprises, Inc., Rev., "B", 5.75%, 2034 775,000 824,298
-------------------------------------------------------------------------------------------------------------------------------
Baltimore, MD, Convention Center Hotel Rev., "B", 5.875%, 2039 295,000 312,682
-------------------------------------------------------------------------------------------------------------------------------
Cleveland Cuyahoga County, OH, Port Authority Rev. (Cleveland City), "B",
4.5%, 2030 1,220,000 1,182,253
-------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County County, OH, Port Authority Rev. (Myers University), "E",
5.6%, 2025 135,000 141,931
-------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County County, OH, Port Authority Rev.(Perrysburg Project),
4.8%, 2035 225,000 217,823
-------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Fairmount), "B", 5.125%, 2025 190,000 195,740
-------------------------------------------------------------------------------------------------------------------------------
Dayton Montgomery County, OH, Port Authority Rev. (Parking Garage), 6.125%, 2024 1,130,000 1,233,271
-------------------------------------------------------------------------------------------------------------------------------
Gallery Certificate Trust, PA, Parking Rev., 4.5%, 2013 (n) 695,000 689,927
-------------------------------------------------------------------------------------------------------------------------------
Maryland Economic Development Corp. (Chesapeake Bay Conference Center), "A",
5%, 2031 405,000 405,834
-------------------------------------------------------------------------------------------------------------------------------
San Antonio, TX, Convention Center, Hotel Financial Corp., Contract Rev.
(Empowerment Zone), "A", AMBAC, 5%, 2034 695,000 717,198
-------------------------------------------------------------------------------------------------------------------------------
Southwestern Illinois Development Authority Rev., Solid Waste Disposal Rev.,
5.9%, 2014 280,000 282,492
-------------------------------------------------------------------------------------------------------------------------------
Summit County, OH, Port Authority Building (Twinsburg Township), "D", 5.125%, 2025 160,000 164,834
-------------------------------------------------------------------------------------------------------------------------------
Summit County, OH, Port Authority Building (Workforce Policy Board), "F",
4.875%, 2025 915,000 930,308
-------------------------------------------------------------------------------------------------------------------------------
Summit County, OH, Port Authority Building Rev. (Seville Project), "A", 5.1%, 2025 200,000 205,420
-------------------------------------------------------------------------------------------------------------------------------
Toledo Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond
Fund), "B", 4.8%, 2035 265,000 256,547
-------------------------------------------------------------------------------------------------------------------------------
Toledo Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond
Fund), "C", 5.125%, 2025 90,000 90,785
-------------------------------------------------------------------------------------------------------------------------------
$ 8,950,767
-------------------------------------------------------------------------------------------------------------------------------
MULTI-FAMILY HOUSING REVENUE - 4.8%
-------------------------------------------------------------------------------------------------------------------------------
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II
Apartments), FSA, 5%, 2035 $ 210,000 $ 214,467
-------------------------------------------------------------------------------------------------------------------------------
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II
Apartments), FSA, 5.1%, 2046 390,000 398,003
-------------------------------------------------------------------------------------------------------------------------------
Bexar County TX, Multi-Family Housing Rev. (American Opportunity Housing), "A",
MBIA, 5.7%, 2021 1,250,000 1,310,463
-------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 7.1%, 2009 (n) 1,000,000 1,060,400
-------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 6%, 2019 (n) 2,000,000 2,204,380
-------------------------------------------------------------------------------------------------------------------------------
District of Columbia, Housing Finance Authority (Azeeze Bates Apartments),
4.8%, 2036 460,000 458,804
-------------------------------------------------------------------------------------------------------------------------------
Eaglebend, CO, Affordable Housing Corp., Multi-Family Rev. (Housing Project), "A",
6.4%, 2007 (c) 1,000,000 1,030,610
-------------------------------------------------------------------------------------------------------------------------------
GMAC Municipal Mortgage Trust, "B-1", 5.6%, 2039 (n) 1,000,000 1,052,090
-------------------------------------------------------------------------------------------------------------------------------
GMAC Municipal Mortgage Trust, "C-1", 5.7%, 2040 (n) 500,000 507,165
-------------------------------------------------------------------------------------------------------------------------------
Indianapolis, IN, Multi-Family Rev. (Cambridge Station Apartments II),
FNMA, 5.25%, 2039 465,000 478,638
-------------------------------------------------------------------------------------------------------------------------------
Metropolitan Government of Nashville & Davidson County, TN, Health, Educational &
Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023 500,000 524,620
-------------------------------------------------------------------------------------------------------------------------------
Munimae, TE, Bond Subsidiary LLC, 5.4%, 2049 (n) 1,000,000 1,015,580
-------------------------------------------------------------------------------------------------------------------------------
Munimae, TE, Bond Subsidiary LLC, FRN, 6.875%, 2009 (n) 2,000,000 2,110,660
-------------------------------------------------------------------------------------------------------------------------------
North Charleston, SC, Housing Authority Rev. (Horizon Village), "A",
FHA, 5.15%, 2048 445,000 448,186
-------------------------------------------------------------------------------------------------------------------------------
San Bernardino County, CA (Equity Residential/Redlands), "A", 5.2%, 2029 2,000,000 2,032,700
-------------------------------------------------------------------------------------------------------------------------------
Seattle, WA, Housing Authority Rev., Capped Fund Program (High Rise Rehab), "I",
FSA, 5%, 2025 670,000 682,777
-------------------------------------------------------------------------------------------------------------------------------
$ 15,529,543
-------------------------------------------------------------------------------------------------------------------------------
SALES & EXCISE TAX REVENUE - 0.2%
-------------------------------------------------------------------------------------------------------------------------------
Desloge, MO, Tax Increment Rev. (U.S. Highway 67 Street Redevelopment),
5.2%, 2020 $ 485,000 $ 490,534
-------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - LOCAL - 2.4%
-------------------------------------------------------------------------------------------------------------------------------
Cook County, IL, Single Family Mortgage Rev., "A", 0%, 2015 $ 40,000 $ 9,525
-------------------------------------------------------------------------------------------------------------------------------
Corpus Christi, TX, Housing Finance Authority Rev., "B", MBIA, 0%, 2011 1,890,000 801,266
-------------------------------------------------------------------------------------------------------------------------------
Dallas, TX, Housing Finance Corp., Single Family Mortgage Rev., MBIA, 0%, 2016 2,340,000 867,134
-------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., "B-1", GNMA, 6.625%, 2023 230,000 243,623
-------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., "B-1", GNMA, 6.75%, 2030 355,000 360,190
-------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.3%, 2032 595,000 610,684
-------------------------------------------------------------------------------------------------------------------------------
Nortex Housing Finance Corp., TX, Single Family Mortgage Rev., "B", 5.5%, 2038 140,000 141,809
-------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A",
FNMA, 5.55%, 2037 950,000 1,031,729
-------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A",
GNMA, 6.45%, 2029 355,000 357,464
-------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A",
GNMA, 5.9%, 2035 335,000 361,488
-------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A",
GNMA, 6.25%, 2035 155,000 165,701
-------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A",
GNMA, 5.65%, 2037 750,000 813,398
-------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A-1", GNMA,
5.75%, 2037 275,000 300,215
-------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A-2",
GNMA, 5.6%, 2029 710,000 750,442
-------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A-2", GNMA,
5.75%, 2037 545,000 588,556
-------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A-5",
GNMA, 5.9%, 2037 200,000 218,948
-------------------------------------------------------------------------------------------------------------------------------
$ 7,622,172
-------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - STATE - 2.4%
-------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "A-2", 7.15%, 2014 $ 8,000 $ 8,146
-------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "A-2", AMBAC, 6.6%, 2028 330,000 345,754
-------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-2", 5.9%, 2023 170,000 175,483
-------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-2", FHA, 6.6%, 2032 170,000 173,133
-------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-3", FHA, 6.375%, 2033 75,000 76,055
-------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "D-2", 6.9%, 2029 400,000 408,260
-------------------------------------------------------------------------------------------------------------------------------
Georgia Housing & Finance Authority Rev., 5.65%, 2021 2,490,000 2,581,383
-------------------------------------------------------------------------------------------------------------------------------
Louisiana Housing Finance Agency, Single Family Mortgage Rev., GNMA, 6.4%, 2032 120,000 120,254
-------------------------------------------------------------------------------------------------------------------------------
Minnesota Housing Finance Agency Rev., Residential Housing Finance,
"B", 4.8%, 2023 155,000 156,376
-------------------------------------------------------------------------------------------------------------------------------
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home
Loan Program), GNMA, 6.35%, 2032 275,000 278,465
-------------------------------------------------------------------------------------------------------------------------------
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home
Loan Program), GNMA, 6.85%, 2032 150,000 153,171
-------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority Single Family Mortgage Rev., 0%, 2015 4,450,000 2,037,299
-------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority, "C", GNMA, 6.25%, 2021 290,000 295,304
-------------------------------------------------------------------------------------------------------------------------------
New Hampshire Housing Finance Authority Rev., "B", 5.875%, 2030 90,000 90,093
-------------------------------------------------------------------------------------------------------------------------------
Texas Affordable Housing Corp., Single Family Mortgage Rev., "B", GNMA/FNMA,
5.25%, 2039 745,000 788,895
-------------------------------------------------------------------------------------------------------------------------------
$ 7,688,071
-------------------------------------------------------------------------------------------------------------------------------
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 $ 1,635,872
-------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden
Haverhill Associates), "A", 6.7%, 2014 725,000 785,197
-------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency, Resource Recovery Rev. (Ogden Haverhill
Associates), "A", 5.6%, 2019 2,850,000 2,959,155
-------------------------------------------------------------------------------------------------------------------------------
$ 5,380,224
-------------------------------------------------------------------------------------------------------------------------------
STATE & LOCAL AGENCIES - 2.6%
-------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., FGIC, 5.25%, 2016 (u) $ 2,600,000 $ 2,863,926
-------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., FGIC, 5.25%, 2017 (u) 2,100,000 2,322,810
-------------------------------------------------------------------------------------------------------------------------------
College Park, GA, Industrial Development Authority Rev. (Civic Center), AMBAC,
5.75%, 2010 (c) 1,000,000 1,083,770
-------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced,
"B", 5.375%, 2010 (c) 2,000,000 2,097,340
-------------------------------------------------------------------------------------------------------------------------------
$ 8,367,846
-------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN REVENUE - 0.2%
-------------------------------------------------------------------------------------------------------------------------------
Access to Loans for Learning, California Student Loan Rev., 7.95%, 2030 $ 650,000 $ 686,530
-------------------------------------------------------------------------------------------------------------------------------
TAX - OTHER - 1.9%
-------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5.625%, 2008 (c) $ 250,000 $ 260,640
-------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5%, 2010 80,000 81,667
-------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5%, 2013 55,000 56,557
-------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5%, 2015 170,000 174,077
-------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5%, 2021 130,000 130,774
-------------------------------------------------------------------------------------------------------------------------------
Dade County, FL, Special Obligations Rev., Capital Appreciation Bond, "B", AMBAC,
0%, 2008 (c) 15,080,000 3,178,412
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.5%, 2024 340,000 354,440
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.75%, 2029 615,000 655,559
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.5%, 2031 270,000 282,442
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.75%, 2034 410,000 434,940
-------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority Rev., "E", 5.875%, 2018 500,000 520,345
-------------------------------------------------------------------------------------------------------------------------------
$ 6,129,853
-------------------------------------------------------------------------------------------------------------------------------
TAX ASSESSMENT - 6.0%
-------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Redevelopment Authority Rev. (Pittsburgh Mills), 5.1%, 2014 $ 235,000 $ 241,723
-------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Redevelopment Authority Rev. (Pittsburgh Mills), 5.6%, 2023 150,000 158,150
-------------------------------------------------------------------------------------------------------------------------------
Amelia Walk Community Development District, FL, Special Assessment,
"B", 5.2%, 2014 685,000 687,336
-------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, FL, Capital Improvement
Rev., 5.25%, 2016 500,000 502,715
-------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, FL, Capital Improvement Rev. (Master
Infrastructure Projects), "A", 5.35%, 2036 630,000 631,373
-------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, FL, Special Assessment (Master
Infrastructure Projects), "B", 5.1%, 2014 250,000 248,608
-------------------------------------------------------------------------------------------------------------------------------
Atlanta, GA, Tax Allocation (Eastside Project), "B", 5.6%, 2030 815,000 845,008
-------------------------------------------------------------------------------------------------------------------------------
Atlanta, GA, Tax Allocation (Princeton Lakes Project), 5.5%, 2031 555,000 566,128
-------------------------------------------------------------------------------------------------------------------------------
Belmont Community Development District, FL, Capital Improvement Rev., "B",
5.125%, 2014 985,000 984,015
-------------------------------------------------------------------------------------------------------------------------------
Chicago IL, Ryan Garfield Tax Increment Allocation, 10.125%, 2007 225,000 225,097
-------------------------------------------------------------------------------------------------------------------------------
Concord Station Community Development District, FL, Special Assessment, 5%, 2015 290,000 291,476
-------------------------------------------------------------------------------------------------------------------------------
Concorde Estates Community Development District, FL, Special Assessment,
"B", 5%, 2011 540,000 541,269
-------------------------------------------------------------------------------------------------------------------------------
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing
Project), 5.625%, 2036 305,000 317,764
-------------------------------------------------------------------------------------------------------------------------------
East Homestead Community Development District, Special Assessment, FL,
"B", 5%, 2011 215,000 215,441
-------------------------------------------------------------------------------------------------------------------------------
Fishhawk Community Development District, FL, 5.125%, 2009 410,000 409,324
-------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., "B", 5.8%, 2011 745,000 763,930
-------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., "B", 6%, 2018 925,000 953,148
-------------------------------------------------------------------------------------------------------------------------------
Killarney, FL, Community Development District, Special Assessment,
"B", 5.125%, 2009 315,000 314,455
-------------------------------------------------------------------------------------------------------------------------------
Lakes by the Bay South Community Development District, FL, Rev., "B", 5.3%, 2009 875,000 874,195
-------------------------------------------------------------------------------------------------------------------------------
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037 110,000 111,720
-------------------------------------------------------------------------------------------------------------------------------
Markham, IL, Tax Increment Rev., 9%, 2012 855,000 860,241
-------------------------------------------------------------------------------------------------------------------------------
Middle Village Community Development District, FL, Special Assessment,
"B", 5%, 2009 255,000 254,911
-------------------------------------------------------------------------------------------------------------------------------
New Port Tampa Bay Community Development District, FL, Special Assessment, "B",
5.3%, 2012 440,000 442,130
-------------------------------------------------------------------------------------------------------------------------------
North Springs Improvement District, FL, Special Assessment (Parkland Golf Country
Club), "B-2", 5.125%, 2015 165,000 166,275
-------------------------------------------------------------------------------------------------------------------------------
North Springs Improvement District, FL, Special Assessment Rev. (Parkland Golf
Country Club), "B-1", 5.125%, 2015 350,000 352,492
-------------------------------------------------------------------------------------------------------------------------------
Old Palm Community Development District, FL, Special Assessment (Palm Beach
Gardens), "A", 5.9%, 2035 250,000 260,013
-------------------------------------------------------------------------------------------------------------------------------
Old Palm Community Development District, FL, Special Assessment (Palm Beach
Gardens), "B", 5.375%, 2014 310,000 312,474
-------------------------------------------------------------------------------------------------------------------------------
Overland Park, KS, Special Assessment (Grass Creek), 4.85%, 2016 170,000 170,216
-------------------------------------------------------------------------------------------------------------------------------
Overland Park, KS, Special Assessment (Grass Creek), 5.125%, 2028 350,000 351,988
-------------------------------------------------------------------------------------------------------------------------------
Panther Trace II, Community Development District Rev., FL, Special Assessment,
5.125%, 2013 355,000 355,188
-------------------------------------------------------------------------------------------------------------------------------
Panther Trace II, Community Development District Rev., FL, Special Assessment, "B",
5%, 2010 880,000 877,026
-------------------------------------------------------------------------------------------------------------------------------
Parkway Center, Community Development District, FL, Special Assessment,"B",
5.625%, 2014 1,260,000 1,281,773
-------------------------------------------------------------------------------------------------------------------------------
Paseo, FL, Community Development District, "B", 4.875%, 2010 505,000 502,738
-------------------------------------------------------------------------------------------------------------------------------
Preserve at Wilderness Lake, FL, Community Development District, Capital
Improvement, "B", 5%, 2009 55,000 54,974
-------------------------------------------------------------------------------------------------------------------------------
Prince George's County, MD, Special Obligations (National Harbor Project),
5.2%, 2034 245,000 249,898
-------------------------------------------------------------------------------------------------------------------------------
Reunion East Community Development District, FL, Special Assessment, 5.9%, 2007 100,000 100,104
-------------------------------------------------------------------------------------------------------------------------------
Riverwood Estates Community Development District, FL, Special Assessment, "B",
5%, 2013 445,000 439,887
-------------------------------------------------------------------------------------------------------------------------------
Sterling Hill Community Development District, FL, Special Assessment, 5.5%, 2010 485,000 488,128
-------------------------------------------------------------------------------------------------------------------------------
Tuscany Reserve Community Development District, FL, Special Assessment, "B",
5.25%, 2016 510,000 520,526
-------------------------------------------------------------------------------------------------------------------------------
Villasol Community Development District, FL, Special Assessment Rev.,
"B", 5.375%, 2008 205,000 205,437
-------------------------------------------------------------------------------------------------------------------------------
Watergrass Community Development District, FL, Special Assessment,
"B", 4.875%, 2010 865,000 860,303
-------------------------------------------------------------------------------------------------------------------------------
Wentworth Estates Community Development District, FL, Special Assessment, "B",
5.125%, 2012 425,000 423,173
-------------------------------------------------------------------------------------------------------------------------------
$ 19,412,770
-------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 6.8%
-------------------------------------------------------------------------------------------------------------------------------
Badger, WI, Tobacco Asset Securitization Corp., 6.125%, 2027 $ 3,885,000 $ 4,152,948
-------------------------------------------------------------------------------------------------------------------------------
California County, CA, Tobacco Securitization Agency, Capital Appreciation Asset
Backed (Gold Country), 0%, 2033 2,620,000 585,544
-------------------------------------------------------------------------------------------------------------------------------
California County, CA, Tobacco Securitization Corp., Tobacco Settlement, L.A
County, "A", 0% to 2010, 5.65% to 2041 485,000 414,806
-------------------------------------------------------------------------------------------------------------------------------
California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029 1,745,000 1,825,113
-------------------------------------------------------------------------------------------------------------------------------
Children's Trust Fund, Tobacco Settlement Rev., Puerto Rico, "A", 0%, 2050 4,000,000 273,680
-------------------------------------------------------------------------------------------------------------------------------
Children's Trust Fund, Tobacco Settlement Rev., Puerto Rico, "B", 0%, 2055 4,000,000 144,600
-------------------------------------------------------------------------------------------------------------------------------
District of Columbia, Tobacco Settlement, 6.25%, 2024 1,150,000 1,226,245
-------------------------------------------------------------------------------------------------------------------------------
District of Columbia, Tobacco Settlement, Capital Appreciation, "A", 0%, 2046 5,840,000 541,134
-------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement, "A", 5%, 2021 590,000 591,528
-------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement,
"A-1", 6.25%, 2033 785,000 875,275
-------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement,
"A-1", 6.625%, 2040 125,000 141,959
-------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement,
"A-4", 7.8%, 2042 1,000,000 1,214,080
-------------------------------------------------------------------------------------------------------------------------------
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, "B",
5.3%, 2011 (c) 2,000,000 2,104,960
-------------------------------------------------------------------------------------------------------------------------------
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, "B", 0%
to 2007, 5.6% to 2034 1,635,000 1,645,856
-------------------------------------------------------------------------------------------------------------------------------
Louisiana Tobacco Settlement Authority Rev., 5.5%, 2030 1,435,000 1,514,011
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Tobacco Settlement Authority, 5.75%, 2032 930,000 992,636
-------------------------------------------------------------------------------------------------------------------------------
New Jersey Tobacco Settlement Financing Corp., 7%, 2013 (c) 15,000 17,582
-------------------------------------------------------------------------------------------------------------------------------
Rockland Tobacco Asset Securitization Corp., NY, Tobacco Asset Backed,
"C", 0%, 2060 11,045,000 209,524
-------------------------------------------------------------------------------------------------------------------------------
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Turbo-
Santa Clara), "A", 0%, 2036 2,115,000 414,371
-------------------------------------------------------------------------------------------------------------------------------
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Turbo-
Santa Clara), "A", 0%, 2041 1,560,000 227,183
-------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority Rev., "B", 6%, 2022 1,260,000 1,333,975
-------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority Rev., "B", 6.375%, 2028 1,075,000 1,153,583
-------------------------------------------------------------------------------------------------------------------------------
Virginia Tobacco Settlement Financing Corp., 5.625%, 2037 50,000 53,019
-------------------------------------------------------------------------------------------------------------------------------
Washington Tobacco Settlement Authority, 6.5%, 2026 155,000 170,167
-------------------------------------------------------------------------------------------------------------------------------
$ 21,823,779
-------------------------------------------------------------------------------------------------------------------------------
TOLL ROADS - 1.5%
-------------------------------------------------------------------------------------------------------------------------------
E-470 Public Highway Authority, Colorado Rev., Capital Appreciation, "B",
MBIA, 0%, 2027 $ 4,115,000 $ 1,492,058
-------------------------------------------------------------------------------------------------------------------------------
Niagara Falls, NY, Bridge Commission, Toll Rev., FGIC, 5.25%, 2015 (u) 3,000,000 3,215,820
-------------------------------------------------------------------------------------------------------------------------------
$ 4,707,878
-------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - SPECIAL TAX - 2.7%
-------------------------------------------------------------------------------------------------------------------------------
Missouri Highways & Transportation Commission, State Road Rev., "A", 5.625%, 2011 (c) $ 4,500,000 $ 4,808,160
-------------------------------------------------------------------------------------------------------------------------------
Telluride, CO, Real Estate Transfer Assessment Rev. (Gondola Transit Co.), ETM,
11.5%, 2012 (c) 2,900,000 3,825,854
-------------------------------------------------------------------------------------------------------------------------------
$ 8,634,014
-------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - COLLEGES - 2.9%
-------------------------------------------------------------------------------------------------------------------------------
California Educational Facilities Authority Rev. (L.A. College of Chiropractic),
5.6%, 2017 $ 750,000 $ 754,268
-------------------------------------------------------------------------------------------------------------------------------
Harrisburg, PA, University of Science, "A", 5.4%, 2016 235,000 237,735
-------------------------------------------------------------------------------------------------------------------------------
Harrisburg, PA, University of Science, "B", 6%, 2036 555,000 563,231
-------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Community College Systems, MBIA, 7.875%, 2025 2,500,000 2,955,175
-------------------------------------------------------------------------------------------------------------------------------
Illinois Educational Facilities Authority Rev. (Augustana College), "A", 5.625%, 2022 400,000 424,068
-------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Illinois Institute of Technology), "A", 5%, 2036 480,000 492,744
-------------------------------------------------------------------------------------------------------------------------------
Louisiana State University (Health Sciences Center Project), MBIA, 6.375%, 2031 2,500,000 2,701,300
-------------------------------------------------------------------------------------------------------------------------------
Private Colleges & Universities Authority, GA, Rev. (Mercer University Project), "A",
5.375%, 2029 240,000 246,166
-------------------------------------------------------------------------------------------------------------------------------
Savannah, GA, Economic Development Authority Rev. (College of Art & Design, Inc.),
6.5%, 2009 (c) 625,000 675,869
-------------------------------------------------------------------------------------------------------------------------------
University of Arkansas, University Construction Rev. (UAMS Campus), "B", MBIA, 5%,
"B", MBIA, 5%, 2034 300,000 314,487
-------------------------------------------------------------------------------------------------------------------------------
$ 9,365,043
-------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - SECONDARY SCHOOLS - 1.4%
-------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev. (Escondido Charter
High School), 7.5%, 2011 (c) $ 555,000 $ 628,726
-------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev. (Escondido Charter
High School), 7.5%, 2011 (c) 1,000,000 1,170,080
-------------------------------------------------------------------------------------------------------------------------------
Deerfield, IL, Educational Facilities Authority Rev. (Chicagoland Jewish High School
Project), 6%, 2041 815,000 831,659
-------------------------------------------------------------------------------------------------------------------------------
Maryland Health & Higher Educational Facilities Authority Rev. (Washington Christian
Academy), 5.5%, 2038 140,000 142,535
-------------------------------------------------------------------------------------------------------------------------------
Maryland Industrial Development Financing Authority, Economic Development
Authority Rev. (Our Lady of Good Council), "A", 6%, 2035 150,000 159,744
-------------------------------------------------------------------------------------------------------------------------------
Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy),
7.625%, 2021 1,000,000 1,081,970
-------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Education Rev. (Arizona Charter
Schools), "C", 6.75%, 2031 500,000 525,470
-------------------------------------------------------------------------------------------------------------------------------
$ 4,540,184
-------------------------------------------------------------------------------------------------------------------------------
UTILITIES - COGENERATION - 1.4%
-------------------------------------------------------------------------------------------------------------------------------
Alaska Industrial Development Export Authority, Power Rev., Upper Lynn Canal
Regional Power, 5.8%, 2018 $ 830,000 $ 829,286
-------------------------------------------------------------------------------------------------------------------------------
Carbon County, PA, Industrial Development Authority Rev. (Panther Creek Partners),
6.65%, 2010 2,055,000 2,127,644
-------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery
Rev. (Colver), "G", 5.125%, 2015 350,000 352,737
-------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery
Rev. (Northampton Generating), 6.4%, 2009 250,000 253,505
-------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery
Rev. (Northampton Generating), "A", 6.5%, 2013 1,000,000 1,013,710
-------------------------------------------------------------------------------------------------------------------------------
$ 4,576,882
-------------------------------------------------------------------------------------------------------------------------------
UTILITIES - INVESTOR OWNED - 9.6%
-------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.),
"A", 5.375%, 2019 $ 500,000 $ 512,675
-------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), "B", AMBAC,
5.125%, 2020 2,000,000 2,077,060
-------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), "B", 6.3%, 2032 315,000 343,221
-------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), "C", 6.75%, 2038 715,000 797,432
-------------------------------------------------------------------------------------------------------------------------------
Calcasieu Parish, LA, Industrial Development Board, Pollution Control Rev. (Entergy
Gulf States, Inc.), 5.45%, 2010 1,250,000 1,251,213
-------------------------------------------------------------------------------------------------------------------------------
Clark County, NV, Industrial Development Rev. (Southwest Gas Corp.), "A", AMBAC,
4.85%, 2035 1,055,000 1,059,378
-------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power
Co.), 5.85%, 2028 2,000,000 2,094,060
-------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power
Co.), 5.95%, 2028 2,270,000 2,374,761
-------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), "A", 6.3%, 2016 2,195,000 2,240,085
-------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), "C", 5.8%, 2022 2,105,000 2,119,693
-------------------------------------------------------------------------------------------------------------------------------
Forsyth, MT, Pollution Control Rev. (Portland General), "B", 5.2%, 2033 230,000 234,411
-------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX (Centerpoint Energy), 5.6%, 2027 1,500,000 1,581,885
-------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030 1,655,000 1,708,258
-------------------------------------------------------------------------------------------------------------------------------
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg
LP), 6.5%, 2017 800,000 875,744
-------------------------------------------------------------------------------------------------------------------------------
New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of
New Hampshire), 6%, 2021 1,000,000 1,038,700
-------------------------------------------------------------------------------------------------------------------------------
Ohio Air Quality Development Authority, Pollution Control Rev. (Cleveland Electric),
"B", 6%, 2020 3,000,000 3,088,020
-------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.),
"A", 6.1%, 2025 650,000 650,696
-------------------------------------------------------------------------------------------------------------------------------
Pittsylvania County, VA, Industrial Development Authority Rev., 7.5%, 2014 3,000,000 3,005,340
-------------------------------------------------------------------------------------------------------------------------------
Port Morrow, OR, Pollution Control Rev. (Portland General Electric), 5.2%, 2033 550,000 562,782
-------------------------------------------------------------------------------------------------------------------------------
Trinity River Authority, TX, Pollution Control Rev. (TXU Electric Co.), 6.25%, 2028 500,000 543,655
-------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.),
5.8%, 2015 1,500,000 1,506,795
-------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.),
5.8%, 2016 1,000,000 1,002,310
-------------------------------------------------------------------------------------------------------------------------------
$ 30,668,174
-------------------------------------------------------------------------------------------------------------------------------
UTILITIES - MUNICIPAL OWNED - 2.4%
-------------------------------------------------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power Agency, Power Systems Rev., "B', 5.55%, 2014 $ 2,150,000 $ 2,252,383
-------------------------------------------------------------------------------------------------------------------------------
North Carolina Municipal Power Agency (Catawba Electric Rev.), "B", 6.5%, 2020 2,000,000 2,157,600
-------------------------------------------------------------------------------------------------------------------------------
Seattle, WA, Municipal Light & Power Rev., 5.625%, 2017 3,000,000 3,167,760
-------------------------------------------------------------------------------------------------------------------------------
Southern California Public Power Authority (Transmission Project Rev.), RIBS,
7.721%, 2012 (p) 100,000 100,194
-------------------------------------------------------------------------------------------------------------------------------
$ 7,677,937
-------------------------------------------------------------------------------------------------------------------------------
WATER & SEWER UTILITY REVENUE - 2.0%
-------------------------------------------------------------------------------------------------------------------------------
Magnolia, TX, Water & Sewer System Rev., 5.15%, 2031 $ 205,000 $ 209,711
-------------------------------------------------------------------------------------------------------------------------------
Mississippi Development Bank Special Obligations, Grenada, MS, Water & Sewer
Systems Project, "N", FSA, 5%, 2030 710,000 746,338
-------------------------------------------------------------------------------------------------------------------------------
New York, NY, Municipal Water & Sewer Finance Authority Rev., 5.5%, 2010 (c) 5,000,000 5,325,950
-------------------------------------------------------------------------------------------------------------------------------
$ 6,281,999
-------------------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS $ 460,068,151
-------------------------------------------------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES - 0.0%
-------------------------------------------------------------------------------------------------------------------------------
Illinois Health Facilities Authority Rev. (University of Chicago Hospital),
3.73%, due 2/01/07 $ 100,000 $ 100,000
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS(k) $ 460,168,151
-------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - 0.2% 769,229
-------------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES (ISSUED BY THE TRUST) - (43.6)% $ (140,047,116
-------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES - 100.0% $ 320,890,264
-------------------------------------------------------------------------------------------------------------------------------
(c) Refunded bond.
(k) As of January 31, 2007, the trust held securities fair valued in accordance with the policies adopted by the Board of
Trustees, aggregating $460,068,151 and 99.98% 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 $11,953,905, representing 3.7% of net assets applicable to common shares.
(p) Primary inverse floater.
(u) Underlying security deposited into special purpose 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
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
-------------------------------------------------------------------------------------------------------------------------------
RIBS Residual Interest Bonds
See attached schedules. For more information see notes to financial statements as disclosed in the most recent semiannual or
annual report.
MFS MUNICIPAL INCOME TRUST
SUPPLEMENTAL SCHEDULES (UNAUDITED) 01/31/2007
(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 $424,286,081
============
Gross unrealized appreciation $ 31,489,419
Gross unrealized depreciation (957,349)
------------
Net unrealized appreciation (depreciation) $ 30,532,070
============
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) FINANCIAL INSTRUMENTS
SWAP AGREEMENTS AT 01/31/07
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 Merill Lynch 7-day BMA 4.012% (fixed rate) $ (392,462)
At January 31, 2007, the trust had sufficient cash and/or 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: March 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: March 13, 2007
--------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal
Financial Officer and Accounting Officer)
Date: March 13, 2007
--------------
* Print name and title of each signing officer under his or her signature.