UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4841
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MFS MUNICIPAL INCOME TRUST
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(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
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(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
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(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
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Date of fiscal year end: October 31
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Date of reporting period: July 31, 2006
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) MFS Municipal Income Trust
7/31/06
Quarterly portfolio holdings
[graphic omitted]
M F S(R)
INVESTMENT MANAGEMENT
MFS Municipal Income Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 07/31/2006
ISSUER SHARES/PAR VALUE ($)
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MUNICIPAL BONDS - 141.5%
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AIRPORT & PORT REVENUE - 4.7%
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Chicago, IL, O'Hare International Airport Rev., RITES, XLCA, 6.92%, 2022 (v)(z) $ 1,500,000 $ 1,743,770
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New York, NY, City Industrial Development Agency, Special Facilities Rev. (Terminal
One Group), 5.5%, 2024 275,000 289,417
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Oklahoma City, OK, Airport Trust Rev., FSA, 5.75%, 2016 3,125,000 3,295,594
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Port Authority, NY, Special Obligations Rev. (JFK International), MBIA, 5.75%, 2022 7,000,000 7,287,420
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Port of Seattle, WA, Rev., XLCA, 5%, 2027 695,000 717,268
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Seattle, WA, Airport Trust Rev., FGIC, 5.625%, 2018 1,500,000 1,581,090
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$ 14,914,559
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GENERAL OBLIGATIONS - GENERAL PURPOSE - 2.0%
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Kane Kendall County, IL, Capital Appreciation, "E", FGIC, 0%, 2023 $ 1,945,000 $ 822,190
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Kane Kendall County, IL, Capital Appreciation, "E", FGIC, 0%, 2025 1,915,000 723,123
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Lake County, IL, Land Acquisition & Development, 5.75%, 2017 1,000,000 1,071,490
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New York, NY, "M", 5%, 2035 3,800,000 3,882,802
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$ 6,499,605
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GENERAL OBLIGATIONS - SCHOOLS - 1.1%
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Aledo, TX, Independent School District, School Building, "A", PSF, 5.125%, 2033 $ 955,000 $ 985,961
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De Soto, TX, Independent School District, School Building, PSF, 0%, 2031 555,000 151,665
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De Soto, TX, Independent School District, School Building, PSF, 0%, 2034 415,000 96,550
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De Soto, TX, Independent School District, School Building, PSF, 0%, 2036 555,000 116,023
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Ennis, TX, Independent School District, Capital Appreciation, "N", PSF, 0%, 2028 290,000 93,577
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Ennis, TX, Independent School District, Capital Appreciation, "N", PSF, 0%, 2029 560,000 176,114
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Ennis, TX, Independent School District, Capital Appreciation, "N", PSF, 0%, 2031 555,000 151,665
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Leander, TX, Independent School District, Capital Appreciation, Refunding, School
Building, FGIC, 0%, 2026 1,285,000 454,286
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Leander, TX, Independent School District, Capital Appreciation, Refunding, School
Building, FGIC, 0%, 2031 1,295,000 340,274
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Royse City, TX, Independent School District, School Building, PSF, 0%, 2027 955,000 329,083
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Royse City, TX, Independent School District, School Building, PSF, 0%, 2028 960,000 313,114
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Royse City, TX, Independent School District, School Building, PSF, 0%, 2029 965,000 298,475
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$ 3,506,787
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HEALTHCARE REVENUE - HOSPITALS - 39.6%
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Alexander City, AL, Special Care Facilities Financing Authority Medical Facilities Rev
(Russell Hospital Corp.), "A", 5.75%, 2036 $ 600,000 $ 610,500
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Allegheny County, PA, Hospital Development Authority Rev. (South Hills Health Systems),
"B", 6.75%, 2025 500,000 535,480
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health),
9.25%, 2030 2,000,000 2,370,340
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health),
"B", 9.25%, 2022 1,000,000 1,185,170
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Arkansas Development Finance Authority Rev. (Washington Regional Medical Center),
7.25%, 2010 (c) 500,000 554,740
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Athens County, OH, Hospital Facilities Rev. (O'Bleness Memorial Hospital), "A", 7.125%, 2033 1,500,000 1,612,770
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Baldwin County, AL, Eastern Shore Health Care Authority Rev. (Thomas Hospital),
5.75%, 2008 (c) 700,000 734,769
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Birmingham, AL, Baptist Medical Center, Special Care Facilities Rev. (Baptist Health
Systems, Inc.), "A", 5%, 2030 490,000 487,236
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Brookhaven, NY, Civic Facilities Rev. (Memorial Hospital Medical Center, Inc.),
7.75%, 2010 695,000 733,496
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California Valley Health Systems, COP, 6.875%, 2023 720,000 722,434
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Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev. (Women's
Christian Assn.), "A", 6.35%, 2017 235,000 238,913
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Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev. (Women's
Christian Assn.), "A", 6.4%, 2029 980,000 988,340
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Chemung County, NY, Civic Facilities Rev. (St. Joseph's Hospital-Elmira), "A", 6%, 2013 490,000 495,802
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Chemung County, NY, Civic Facilities Rev. (St. Joseph's Hospital-Elmira), "B",
6.35%, 2013 120,000 123,596
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Chester County, PA, Health & Educational Facilities Rev. (Chester County Hospital),
6.75%, 2021 1,625,000 1,755,715
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Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial Hospital),
6.25%, 2023 925,000 989,556
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Coffee County, GA, Hospital Authority Rev. (Coffee Regional Medical Center, Inc.),
5%, 2026 40,000 39,445
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Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.5%, 2020 1,230,000 1,334,120
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Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.6%, 2025 1,000,000 1,083,960
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Colorado Health Facilities Authority Rev. (Portercare Adventist Health Systems),
6.625%, 2011 (c) 675,000 769,595
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Crittenden County, AR, Hospital Rev., 7%, 2020 1,030,000 1,035,902
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Cuyahoga County, OH, Hospital Facilities Rev. (Canton, Inc.), 7.5%, 2030 1,330,000 1,479,199
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Delaware Health Facilities Authority Rev. (Nanticoke Memorial Hospital), 5.625%, 2032 1,250,000 1,311,363
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Denver, CO, Health & Hospital Authority Rev., 5.25%, 2013 635,000 641,312
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Denver, CO, Health & Hospital Authority Rev., 5.375%, 2018 1,500,000 1,520,145
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Denver, CO, Health & Hospital Authority Rev., 5.375%, 2028 860,000 862,133
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Denver, CO, Health & Hospital Authority Rev., "A", 6%, 2023 250,000 263,338
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District of Columbia, Health & Hospital Authority Rev. (Medstar University Hospital),
"D", 6.875%, 2007 (c) 1,200,000 1,220,340
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Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.2%, 2025 250,000 255,273
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Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.5%, 2031 295,000 304,977
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Grand Forks, ND, Health Care Authority Rev. (Altru Health Systems Obligated Group),
7.125%, 2024 755,000 830,425
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Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), 5.75%, 2031 1,000,000 1,022,650
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Highlands County, FL, Health Facilities Authority Rev. (Adventist Health Systems), "C",
5.25%, 2036 1,180,000 1,219,707
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Highlands County, FL, Health Facilities Authority Rev. (Adventist/Sunbelt Hospital),
6%, 2011 (c) 900,000 999,459
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Houston County, AL, Health Care Authority Rev., AMBAC, 6.25%, 2009 (c) 2,000,000 2,166,020
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Huntsville, AL, Health Care Authority Rev., 5.625%, 2026 875,000 905,861
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Illinois Development Finance Authority, Hospital Authority Rev. (Adventist/Sunbelt
Hospital), 5.65%, 2009 (c) 1,750,000 1,859,393
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Illinois Health Facilities Authority Rev. (Centegra Heath Systems), 5.25%, 2018 1,000,000 1,008,710
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Indiana Health Facilities Financing Authority, Hospital Rev. (Clarian Health),
"A", 5%, 2039 375,000 377,254
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Indiana Health Facilities Financing Authority, Hospital Rev. (Community Hospital),
"A", AMBAC, 5%, 2035 1,780,000 1,816,526
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Indiana Health Facilities Financing Authority, Hospital Rev. (Munster Medical Research
Foundation, Inc.), 6.375%, 2031 3,990,000 4,222,019
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Indiana Health Facilities Financing Authority, Hospital Rev. (Riverview Hospital),
6.125%, 2031 1,000,000 1,053,660
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Johnson City, TN, Health & Educational Facilities, Hospital Rev. (Mountain States
Health), "A", 5.5%, 2036 355,000 369,850
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Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health
Systems), 5.5%, 2029 440,000 453,834
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Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health
Systems), 5.75%, 2035 475,000 503,890
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Kentucky Economic Development Finance Authority, Health Systems Rev. (Norton
Healthcare, Inc.), 6.5%, 2020 5,000,000 5,387,200
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Knox County, TN, Health Educational Housing Facilities Board, Hospital Facilities Rev
(Baptist Health Systems), 6.5%, 2031 1,725,000 1,829,725
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Lauderdale County & Florence, AL, Health Care Authority Rev. (Coffee Health Group),
MBIA, 5.625%, 2021 3,000,000 3,208,080
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Lufkin, TX, Health Facilities Rev. (Memorial Health System of East Texas), 5.7%, 2008 (c) 995,000 1,041,516
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Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital),
5.75%, 2025 1,000,000 1,046,210
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Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital),
5.875%, 2034 905,000 947,852
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Madison County, ID, Hospital Rev., COP, 5.25%, 2030 240,000 242,578
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Madison County, ID, Hospital Rev., COP, 5.25%, 2037 310,000 313,329
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Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health), 5.5%, 2033 380,000 394,474
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Maryland Health & Higher Educational Facilities Authority Rev. (North Arundel
Hospital), 6.5%, 2010 (c) 1,500,000 1,657,635
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Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health
Systems), 6.25%, 2031 1,900,000 2,009,896
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Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), 6.5%, 2012 600,000 647,022
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Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), 5.7%, 2015 500,000 517,570
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Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), 5.25%, 2018 1,400,000 1,403,920
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Massachusetts Health & Educational Facilities Authority Rev. (Northern Berkshire
Health), "B", 6.375%, 2034 640,000 663,827
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Massachusetts Health & Educational Facilities Authority Rev. (Saints Memorial Medical
Center), 6%, 2023 465,000 466,056
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Miami Beach, FL, Health Facilities Rev. (Mount Sinai Medical Center), 6.75%, 2029 810,000 897,278
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Miami Beach, FL, Health Facilities Rev. (Mount Sinai Medical Center), "A", 6.7%, 2019 995,000 1,091,376
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Mississippi Business Finance Corp., Health Facilities Rev. (Rush Medical Foundation,
Inc.), 5.625%, 2023 845,000 838,468
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Mississippi Hospital Equipment, Health Facilities Rev. (Rush Medical Foundation, Inc.),
5.4%, 2007 105,000 105,445
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Monongalia County, WV, Building Commission Hospital Rev. (Monongalia General Hospital),
"A", 5%, 2030 425,000 425,285
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Monroe County, MI, Hospital Finance Authority Hospital Rev. (Mercy Memorial Hospital
Corp.), 5.5%, 2035 1,020,000 1,044,001
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Monroe County, NY, Industrial Development Agency, Civic Facilities Rev. (Highland
Hospital of Rochester), 5%, 2025 65,000 65,280
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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 1,718,945
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Montgomery, AL, Special Care Facilities, Financing Authority Rev. (Baptist Health),
"C", 5.25%, 2014 (c) 760,000 826,933
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Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032 435,000 452,126
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore
Health System), 5.625%, 2010 620,000 636,994
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore
Health System), 5.875%, 2011 485,000 505,651
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New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical Center),
"A", 6.125%, 2012 (c) 880,000 987,958
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New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical
Center), "A", 6.125%, 2032 120,000 129,642
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New Hampshire Health & Educational Facilities Authority Rev. (Covenant Health), 6.5%, 2017 820,000 907,724
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New Jersey Health Care Facilities, Financing Authority Rev. (Children's Specialized
Hospital), "A", 5.5%, 2030 245,000 252,918
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New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter's University
Hospital), 6.875%, 2030 3,000,000 3,306,990
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New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai NYU Health),
5.5%, 2026 635,000 643,922
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New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai NYU Health),
"C", 5.5%, 2026 500,000 507,025
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New York, NY, Health & Hospital Corp. Rev., "A", 5.25%, 2017 700,000 723,947
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New York, NY, Industrial Development Agency, Civic Facilities Rev. (Staten Island
University Hospital), "A", 6.375%, 2031 495,000 503,346
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Norman, OK, Regional Hospital Authority Rev., 5.375%, 2036 490,000 500,746
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North Texas Health Facilities Development Corp. Rev. (United Regional Health Care
System, Inc.), 6%, 2023 1,000,000 1,065,690
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Ohio County, WV, County Commission Health System Rev. (Ohio Valley Medical Center),
5.75%, 2013 850,000 812,677
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Oklahoma Development Finance Authority Rev. (Comanche County Hospital), 6.6%, 2031 1,665,000 1,809,755
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Rhode Island Health & Education Building Rev., Hospital Financing (Lifespan Obligated
Group), 6.5%, 2012 (c) 505,000 575,559
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Rhode Island Health & Educational Building (Hospital Financing Lifespan), 6.375%, 2012 (c) 1,560,000 1,767,558
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Rhode Island Health & Educational Building Unrefunded (Hospital Lifespan), 6.375%, 2021 245,000 269,167
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Royston, GA, Hospital Authority Rev. (Ty Cobb Healthcare Systems, Inc.), 6.375%, 2014 955,000 981,062
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Salt Lake City, UT, Hospital Authority Rev. INFLOS, AMBAC, ETM (Intermountain Health
Care), 9.414%, 2020 (v)(c) 600,000 601,884
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Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev. (Methodist
Healthcare), 6.375%, 2012 (c) 625,000 708,688
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist
Healthcare), 6.25%, 2012 (c) 185,000 208,530
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist
Healthcare), 6.375%, 2012 (c) 375,000 425,213
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist
Healthcare), 6.25%, 2012 (c) 315,000 355,065
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South Carolina Jobs & Economic Development Authority Rev. (Bon Secours Health Systems,
Inc.), "A", 5.625%, 2030 710,000 740,608
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South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev
(Palmetto Health Alliance), 6.25%, 2031 835,000 897,500
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South Carolina Medical University, Hospital Facilities Rev., "A", MBIA, 5%, 2031 685,000 700,447
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South Dakota Health & Education Facilities Authority Rev. (Prairie Lakes Health Care
System), 5.625%, 2032 670,000 688,083
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Southwestern Illinois Development Authority Rev. (Anderson Hospital), 5.5%, 2020 60,000 61,966
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Southwestern Illinois Development Authority Rev. (Anderson Hospital), 5.625%, 2029 870,000 890,628
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Springfield, TN, Health & Educational Facilities Rev. (Northcrest Medical Center),
5.25%, 2018 1,400,000 1,373,162
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Steubenville, OH, Hospital Authority Rev. (Trinity Health Center), 6.5%, 2030 1,300,000 1,409,356
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Stillwater, OK, Medical Center Authority, 5.625%, 2023 1,000,000 1,043,090
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Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare), 6.25%, 2020 3,085,000 3,240,484
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Texas Metro Health Facilities Development Corp., Metro Health Facilities Development
Rev. (Wilson N. Jones Memorial Hospital), 7.2%, 2021 700,000 727,041
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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 1,036,670
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Tom Green County, TX, Health Facilities Rev. (Shannon Health System), 6.75%, 2021 1,250,000 1,342,863
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University of Colorado Hospital Authority Rev., "A", 5.25%, 2039 245,000 250,437
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Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital),
6.625%, 2031 600,000 648,792
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Valley, AL, Special Care Facilities, Financing Authority Rev. (Lanier Memorial
Hospital), 5.6%, 2016 600,000 605,424
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Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health Center),
6.375%, 2031 1,500,000 1,590,150
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Washington County, AR, Hospital Rev., Regional Medical Center, "A", 5%, 2035 250,000 246,635
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Washington County, AR, Hospital Rev., Regional Medical Center, "B", 5%, 2025 1,000,000 1,006,880
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Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical
Center), 6.375%, 2031 1,115,000 1,146,989
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Weslaco, TX, Health Facilities Rev. (Knapp Medical Center), 6.25%, 2032 1,000,000 1,054,170
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West Plains, MO, Industrial Development Authority Rev. (Ozarks Medical Center),
6.75%, 2024 170,000 174,947
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West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026 1,250,000 1,319,675
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Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020 1,500,000 1,642,830
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.),
6.875%, 2030 1,000,000 1,134,120
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.),
MBIA, 5.25%, 2017 5,000,000 5,165,300
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Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic), "A",
5.375%, 2034 490,000 501,549
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John's Riverside
Hospital), 6.8%, 2016 665,000 695,836
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John's Riverside
Hospital), "A", 7.125%, 2031 490,000 509,855
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. Joseph's
Hospital), "C", 6.2%, 2020 750,000 746,850
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$ 126,091,292
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HEALTHCARE REVENUE - LONG TERM CARE - 12.6%
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Abilene, TX, Health Facilities Development Co., Retirement Facilities Rev. (Sears
Methodist Retirement), "A", 7%, 2033 $ 345,000 $ 370,554
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Arizona Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2033 750,000 843,615
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Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology),
7.75%, 2006 65,000 64,953
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Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology),
8.125%, 2016 1,085,000 1,043,412
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Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology),
8.5%, 2026 2,405,000 2,270,945
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Bridgeport, CT, Senior Living Facility Rev. (3030 Park Retirement Community), 7.25%, 2035 1,020,000 778,566
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Bucks County, PA, Industrial Development Authority Rev. (Ann's Choice, Inc.), 6.125%, 2025 430,000 444,547
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Cambria County, PA, Industrial Development Authority Rev. (Beverly Enterprises, Inc.)
ETM, 10%, 2012 (c) 360,000 430,358
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Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home), 8.5%, 2032 585,000 603,392
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Clarion, PA, Industrial Development Authority Rev. (Beverly Enterprises, Inc.), 7.5%, 2012 1,000,000 1,012,770
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Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), "B",
6.125%, 2033 1,000,000 1,066,800
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Colorado Health Facilities Authority Rev. (Evangelical Lutheran), 6.9%, 2025 3,000,000 3,354,720
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Cumberland County, PA, Municipal Authority Rev. (Wesley), "A", 7.25%, 2013 (c) 720,000 857,628
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Cumberland County, PA, Municipal Authority Rev. (Wesley), "A", 7.25%, 2035 280,000 299,289
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Franklin County, OH, Healthcare Facilities Rev. (Ohio Presbyterian), 7.125%, 2011 (c) 1,000,000 1,151,590
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Fulton County, GA, Residential Care Facilities (Canterbury Court), "A", 6.125%, 2034 330,000 342,382
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Greenville County, SC, Hospital Rev. (Chestnut Hill), "A", 8%, 2015 2,055,000 2,061,021
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Hawaii Department of Budget & Finance, Special Purpose Rev. (Kahala Nui Senior
Living Community), 8%, 2033 500,000 573,420
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Illinois Finance Authority Rev. (Clare at Water Tower), "A", 6%, 2025 490,000 504,156
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Illinois Finance Authority Rev. (Landing at Plymouth Place), "A", 6%, 2037 490,000 504,455
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Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives Project),
9.25%, 2011 (c) 1,620,000 2,015,896
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Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives Project),
5.75%, 2018 895,000 916,301
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Iowa Finance Authority, Health Care Facilities Rev. (Development Care Initiatives
Project), "A", 5.5%, 2025 800,000 816,368
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Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 6.875%, 2032 500,000 535,370
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Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), "B", 6.25%, 2026 500,000 508,090
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Louisiana Local Government, Environmental Facilities & Community Development
Authority Rev. (CDF Healthcare LA, LLC), "A", 7%, 2036 500,000 501,470
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Maine Health & Higher Educational Facilities Rev. (Piper Shores), 7.5%, 2009 (c) 800,000 856,488
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Millbrae, CA, Residential Facilities Rev. (Magnolia of Millbrae), "A", 7.375%, 2027 1,880,000 1,955,557
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Montana Facility Finance Authority Rev. (Senior Living St. Johns Lutheran), "A",
6.125%, 2036 470,000 476,063
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Montgomery County, PA, Higher Education & Health Authority Rev. (AHF/Montgomery),
6.875%, 2036 1,195,000 1,237,028
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Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing
Care), 6.125%, 2028 250,000 263,160
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Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.25%, 2035 510,000 538,478
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New Jersey Economic Development Authority Rev. (Courthouse Convalescent Center), "A",
8.7%, 2014 650,000 652,269
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New Jersey Economic Development Authority Rev. (Lions Gate), "A", 5.875%, 2037 310,000 316,888
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New Jersey Health Care Facilities Financing Authority Rev. (Cherry Hill), 8%, 2027 1,000,000 1,028,880
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Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community),
"A", 6%, 2025 125,000 127,309
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Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community),
"A", 6.125%, 2035 90,000 91,683
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North Carolina Medical Care Commission, Health Care Facilities Rev. (First
Mortgage-Presbyterian Homes), 5.4%, 2027 485,000 489,423
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North Carolina Medical Care Commission, Health Care Facilities Rev. (First
Mortgage-Presbyterian Homes), 5.5%, 2031 295,000 299,062
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Reedley, CA, COP (Mennonite Home), 7.5%, 2006 (c) 2,705,000 2,774,600
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Shelby County, TN, Health Educational Rev. (Germantown Village), 7.25%, 2034 820,000 872,414
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Sterling, IL (Hoosier Care), 7.125%, 2034 705,000 710,139
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Suffolk County, NY, Industrial Development Agency (Medford Hamlet Assisted Living),
6.375%, 2039 500,000 493,640
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Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev
(Querencia Barton Creek), 5.5%, 2025 460,000 452,677
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Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev
(Querencia Barton Creek), 5.65%, 2035 695,000 683,407
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Washington County, FL, Industrial Development Authority Rev. (Washington County),
10%, 2016 860,000 865,014
----------------------------------------------------------------------------------------------------------------------------------
Wilkinsburg, PA, Municipal Authority Health Rev. (Monroeville Christian/Judea),
8.25%, 2007 (c) 980,000 1,033,116
----------------------------------------------------------------------------------------------------------------------------------
$ 40,089,363
----------------------------------------------------------------------------------------------------------------------------------
HUMAN SERVICES - 2.8%
----------------------------------------------------------------------------------------------------------------------------------
Colorado Educational & Cultural Facilities Authority (Cerebral Palsy Project), "A",
6.25%, 2036 $ 500,000 $ 508,555
----------------------------------------------------------------------------------------------------------------------------------
Iowa Finance Authority, Community Provider (Boys & Girls Home), 6.25%, 2028 500,000 476,715
----------------------------------------------------------------------------------------------------------------------------------
Lehigh County, PA, General Purpose Authority (Kidspeace Corp.), 6%, 2023 3,000,000 2,852,880
----------------------------------------------------------------------------------------------------------------------------------
Louisiana Local Government Environmental Facilities & Community Development (Westside
Rehab Center Project), "A", 6.85%, 2036 1,100,000 1,101,617
----------------------------------------------------------------------------------------------------------------------------------
Louisiana Local Government Environmental Facilities & Community Development (Westside
Rehab Center Project), "B", 6.5%, 2013 125,000 125,079
----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs
Facilities), 6.5%, 2017 1,030,000 1,062,527
----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs
Facilities), "A", 5.75%, 2029 1,000,000 942,170
----------------------------------------------------------------------------------------------------------------------------------
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities),
8.75%, 2011 440,000 464,424
----------------------------------------------------------------------------------------------------------------------------------
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities),
9%, 2031 1,000,000 1,100,370
----------------------------------------------------------------------------------------------------------------------------------
Osceola County, FL, Industrial Development Authority Rev. (Community Provider),
7.75%, 2017 422,000 424,515
----------------------------------------------------------------------------------------------------------------------------------
$ 9,058,852
----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - AIRLINES - 7.1%
----------------------------------------------------------------------------------------------------------------------------------
Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American
Airlines, Inc.), 7.25%, 2030 $ 2,515,000 $ 2,522,822
----------------------------------------------------------------------------------------------------------------------------------
Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American
Airlines, Inc.), 6.375%, 2035 2,740,000 2,688,488
----------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Airport Systems Rev., Special Facilities (Continental, Inc.), "E",
6.75%, 2029 1,810,000 1,915,451
----------------------------------------------------------------------------------------------------------------------------------
Los Angeles, CA, Regional Airport Lease Rev. (AMR Corp.), 7.5%, 2024 850,000 941,936
----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority (Continental Airlines, Inc.), 7.2%, 2030 1,595,000 1,663,920
----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Special Facilities Rev. (Continental
Airlines, Inc.), 6.25%, 2029 580,000 593,427
----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agencies Rev. (Continental Airlines, Inc.),
7.25%, 2008 160,000 162,926
----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agencies Rev. (Continental Airlines, Inc.),
8%, 2012 300,000 326,676
----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Industrial Development Agency Rev. (American Airlines, Inc.),
7.625%, 2025 5,210,000 6,000,097
----------------------------------------------------------------------------------------------------------------------------------
Texas Alliance Airport Authority, Inc., Special Facilities Rev. (AMR Corp.), 7.5%, 2029 3,285,000 3,302,378
----------------------------------------------------------------------------------------------------------------------------------
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), "B", 5.65%, 2035 40,000 39,935
----------------------------------------------------------------------------------------------------------------------------------
Tulsa, OK, Municipal Airport Trust Rev. (AMR Corp.), "B", 6%, 2035 2,500,000 2,502,175
----------------------------------------------------------------------------------------------------------------------------------
$ 22,660,231
----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - CHEMICALS - 1.0%
----------------------------------------------------------------------------------------------------------------------------------
Red River Authority, TX, Pollution Control Rev. (Celanese Project), 6.7%, 2030 $ 1,920,000 $ 2,087,693
----------------------------------------------------------------------------------------------------------------------------------
Sweetwater County, WY, Solid Waste Disposal Rev. (FMC Corp.), 5.6%, 2035 985,000 1,032,083
----------------------------------------------------------------------------------------------------------------------------------
$ 3,119,776
----------------------------------------------------------------------------------------------------------------------------------
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 $ 981,420
----------------------------------------------------------------------------------------------------------------------------------
California Statewide Community Development Authority, Solid Waste Facilities Rev
(Republic Services, Inc.), "A", 4.95%, 2012 1,000,000 1,021,170
----------------------------------------------------------------------------------------------------------------------------------
Gloucester County, NJ, Solid Waste Resource Recovery Rev. (Waste Management, Inc.),
6.85%, 2029 850,000 917,295
----------------------------------------------------------------------------------------------------------------------------------
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.),
5.45%, 2014 1,750,000 1,696,748
----------------------------------------------------------------------------------------------------------------------------------
Illinois Development Finance Authority, Solid Waste Disposal Rev. (Waste Management,
Inc.), 5.85%, 2007 4,500,000 4,533,975
----------------------------------------------------------------------------------------------------------------------------------
Nevada Department of Business Rev. (Republic Services, Inc.), 5.625%, 2026 750,000 797,625
----------------------------------------------------------------------------------------------------------------------------------
New Hampshire State Business Finance Authority, Solid Waste Disposal Rev, (Waste
Management, Inc. Project), 5.2%, 2027 445,000 447,688
----------------------------------------------------------------------------------------------------------------------------------
New Morgan, PA, Industrial Development Authority, Solid Waste Disposal Rev. (New
Morgan Landfill Co., Inc./Browning Ferris, Inc.), 6.5%, 2019 1,000,000 1,001,650
----------------------------------------------------------------------------------------------------------------------------------
Texas Gulf Coast Waste Disposal Authority (Waste Mangement of Texas), "A", 5.2%, 2028 445,000 450,429
----------------------------------------------------------------------------------------------------------------------------------
$ 11,848,000
----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - METALS - 0.2%
----------------------------------------------------------------------------------------------------------------------------------
Mobile County, AL, Industrial Development Authority Rev. (Ipsco, Inc.), 6.875%, 2030 $ 650,000 $ 687,447
----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - OTHER - 5.0%
----------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Industrial Development Authority (Valero Energy Corp.), 5.6%, 2031 $ 1,750,000 $ 1,800,138
----------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Waste Disposal Rev. (Valero Energy Corp.), 6.65%, 2032 1,000,000 1,082,320
----------------------------------------------------------------------------------------------------------------------------------
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017 2,100,000 2,164,911
----------------------------------------------------------------------------------------------------------------------------------
Madison County, FL, Rev. (Twin Oaks Project), "A", 6%, 2025 550,000 562,155
----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Economic Development Rev. (Holt Hauling &
Warehousing), 4%, 2015 (q) 1,000,000 910,000
----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Economic Development Rev. (Holt Hauling &
Warehousing), 4%, 2017 (q) 1,000,000 910,000
----------------------------------------------------------------------------------------------------------------------------------
Park Creek Metropolitan District, CO, Rev., Custodial Receipts, CR-1, 7.875%, 2032 (a) 1,270,000 1,399,210
----------------------------------------------------------------------------------------------------------------------------------
Park Creek Metropolitan District, CO, Rev., Custodial Receipts, CR-2, 7.875%, 2032 (a) 580,000 639,009
----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority, Finance Authority Facilities
Rev. (Amtrak), "A", 6.25%, 2031 2,000,000 2,143,680
----------------------------------------------------------------------------------------------------------------------------------
Philadelphia, PA, Industrial Development Authority Rev. (Host Marriott LP), 7.75%, 2017 3,255,000 3,267,044
----------------------------------------------------------------------------------------------------------------------------------
Port Corpus Christi, TX, Industrial Development Authority Rev. (Citgo Petroleum
Corp.), 8.25%, 2031 700,000 729,302
----------------------------------------------------------------------------------------------------------------------------------
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026 385,000 401,312
----------------------------------------------------------------------------------------------------------------------------------
$ 16,009,081
----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - PAPER - 6.4%
----------------------------------------------------------------------------------------------------------------------------------
Bedford County, VA, Industrial Development Authority Rev. (Nekoosa Packaging), "A",
6.55%, 2025 $ 1,000,000 $ 1,039,480
----------------------------------------------------------------------------------------------------------------------------------
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific
Corp.), 5.75%, 2028 155,000 157,610
----------------------------------------------------------------------------------------------------------------------------------
Columbus County, NC, Industrial Facilities & Pollution Control Financing Authority
(International Paper, Co.), "A", 6.15%, 2021 5,000,000 5,133,300
----------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev. (Mead
Westvaco Escanaba), "A", 6.25%, 2012 (c) 1,000,000 1,122,800
----------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev. (Mead
Westvaco Escanaba), "B", 6.45%, 2012 (c) 500,000 562,390
----------------------------------------------------------------------------------------------------------------------------------
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort James),
5.625%, 2018 850,000 840,200
----------------------------------------------------------------------------------------------------------------------------------
Hodge, LA, Utilities Rev. (Stone Container Corp.), 7.45%, 2024 3,335,000 3,788,293
----------------------------------------------------------------------------------------------------------------------------------
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.),
6.8%, 2022 2,000,000 2,358,740
----------------------------------------------------------------------------------------------------------------------------------
Navajo County, AZ, Industrial Development Authority (Stone Container Corp.), 7.2%, 2027 880,000 908,239
----------------------------------------------------------------------------------------------------------------------------------
Onondaga County, NY, Industrial Development Authority Rev., Solid Waste Disposal Rev
(Solvay Paperboard LLC), 6.8%, 2014 1,000,000 1,046,210
----------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev
(Chesapeake Corp.), 6.25%, 2019 1,870,000 1,873,441
----------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev
(Chesapeake Corp.), "A", 6.375%, 2019 700,000 700,070
----------------------------------------------------------------------------------------------------------------------------------
York County, SC, Pollution Control Rev. (Bowater, Inc.), "A", 7.4%, 2010 830,000 835,237
----------------------------------------------------------------------------------------------------------------------------------
$ 20,366,010
----------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - ENTERTAINMENT & TOURISM - 0.9%
----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev., East Valley Tourist
(Cabazon Casino), "A", 9.25%, 2020 (a) $ 1,155,000 $ 1,263,662
----------------------------------------------------------------------------------------------------------------------------------
Mississippi Development Bank, Special Obligation (Diamond Lakes Utilities), 6.25%, 2017 1,000,000 1,020,910
----------------------------------------------------------------------------------------------------------------------------------
New York, NY, City Industrial Development Agency Rev., Liberty IAC/InterActiveCorp,
5%, 2035 620,000 610,929
----------------------------------------------------------------------------------------------------------------------------------
$ 2,895,501
----------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - OTHER - 2.3%
----------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 6.6%, 2021 $ 400,000 $ 427,152
----------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 6.7%, 2028 600,000 641,364
----------------------------------------------------------------------------------------------------------------------------------
Baltimore, MD, Convention Center Hotel Rev., "B", 5.875%, 2039 295,000 308,676
----------------------------------------------------------------------------------------------------------------------------------
Cleveland Cuyahoga County, OH, Port Authority Rev. (Cleveland City), "B", 4.5%, 2030 1,220,000 1,200,663
----------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Fairmount), "B", 5.125%, 2025 190,000 192,295
----------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Myers University), "E", 5.6%, 2025 135,000 139,872
----------------------------------------------------------------------------------------------------------------------------------
Dayton Montgomery County, OH, Port Authority Rev. (Parking Garage), 6.125%, 2024 1,130,000 1,219,338
----------------------------------------------------------------------------------------------------------------------------------
Gallery Certificate Trust, PA, Parking Rev., FSA, 4.5%, 2013 (a) 785,000 775,376
----------------------------------------------------------------------------------------------------------------------------------
San Antonio, TX, Convention Center, Hotel Financial Corp., Contract Rev. (Empowerment
Zone), "A", AMBAC, 5%, 2034 695,000 702,478
----------------------------------------------------------------------------------------------------------------------------------
Southwestern Illinois Development Authority Rev., Solid Waste Disposal Rev., 5.9%, 2014 310,000 312,195
----------------------------------------------------------------------------------------------------------------------------------
Summit County, OH, Port Authority Building (Seville), "A", 5.1%, 2025 205,000 207,007
----------------------------------------------------------------------------------------------------------------------------------
Summit County, OH, Port Authority Building (Twinsburg Township), "D", 5.125%, 2025 160,000 161,933
----------------------------------------------------------------------------------------------------------------------------------
Summit County, OH, Port Authority Building (Workforce Policy Board), "F", 4.875%, 2025 915,000 910,974
----------------------------------------------------------------------------------------------------------------------------------
Toledo Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond Fund),
"C", 5.125%, 2025 90,000 89,069
----------------------------------------------------------------------------------------------------------------------------------
$ 7,288,392
----------------------------------------------------------------------------------------------------------------------------------
MULTI-FAMILY HOUSING REVENUE - 4.7%
----------------------------------------------------------------------------------------------------------------------------------
Bay County, FL, Housing Finance Authority, Multi-family Rev. (Andrews Place II
Apartments), FSA, 5%, 2035 $ 210,000 $ 211,302
----------------------------------------------------------------------------------------------------------------------------------
Bay County, FL, Housing Finance Authority, Multi-family Rev. (Andrews Place II
Apartments), FSA, 5.1%, 2046 390,000 392,406
----------------------------------------------------------------------------------------------------------------------------------
Bexar County TX, Multi-Family Housing Rev. (American Opportunity Housing), "A", MBIA,
5.7%, 2021 1,250,000 1,299,513
----------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 7.1%, 2009 (a) 1,000,000 1,070,650
----------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 6%, 2019 (a) 2,000,000 2,161,100
----------------------------------------------------------------------------------------------------------------------------------
Eaglebend, CO, Affordable Housing Corp., Multi-Family Rev. (Housing Project), "A",
6.4%, 2017 1,000,000 1,013,660
----------------------------------------------------------------------------------------------------------------------------------
GMAC Municipal Mortgage Trust, "B-1", 5.6%, 2039 (a) 1,000,000 1,029,160
----------------------------------------------------------------------------------------------------------------------------------
GMAC Municipal Mortgage Trust, "C-1", 5.7%, 2040 (a) 500,000 498,240
----------------------------------------------------------------------------------------------------------------------------------
Indianapolis, IN, Multi-Family Rev. (Cambridge Station Apartments II), 5.25%, 2039 465,000 471,529
----------------------------------------------------------------------------------------------------------------------------------
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational &
Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023 500,000 521,250
----------------------------------------------------------------------------------------------------------------------------------
Munimae, TE, Bond Subsidiary LLC, 6.875%, 2009 (a) 2,000,000 2,129,160
----------------------------------------------------------------------------------------------------------------------------------
Munimae, TE, Bond Subsidiary LLC, 5.4%, 2049 (a) 1,000,000 1,000,580
----------------------------------------------------------------------------------------------------------------------------------
North Charleston, SC, Housing Authority Rev. (Horizon Village), "A", FHA/GNMA,
5.15%, 2048 445,000 436,020
----------------------------------------------------------------------------------------------------------------------------------
San Bernardino County, CA (Equity Residential/Redlands), "A", 5.2%, 2029 2,000,000 2,038,760
----------------------------------------------------------------------------------------------------------------------------------
Seattle, WA, Housing Authority Rev., Capped Fund Program (High Rise Rehab), "I",
FSA, 5%, 2025 670,000 669,129
----------------------------------------------------------------------------------------------------------------------------------
$ 14,942,459
----------------------------------------------------------------------------------------------------------------------------------
SALES & EXCISE TAX REVENUE - 0.2%
----------------------------------------------------------------------------------------------------------------------------------
Desloge, MO, Tax Increment Rev. (U.S. Highway 67 Street Redevelopment), 5.2%, 2020 $ 500,000 $ 497,255
----------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - LOCAL - 2.4%
----------------------------------------------------------------------------------------------------------------------------------
Cook County, IL, Single Family Mortgage Rev., "A", 0%, 2015 $ 40,000 $ 9,595
----------------------------------------------------------------------------------------------------------------------------------
Corpus Christi, TX, Housing Finance Authority Rev., "B",MBIA, 0%, 2011 2,145,000 820,806
----------------------------------------------------------------------------------------------------------------------------------
Dallas, TX, Housing Finance Corp., Single Family Mortgage Rev., MBIA, 0%, 2016 2,735,000 963,103
----------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.625%, 2023 270,000 276,539
----------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.75%, 2030 390,000 400,936
----------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.3%, 2032 680,000 702,970
----------------------------------------------------------------------------------------------------------------------------------
Nortex Housing Finance Corp., TX, Single Family Mortgage Rev., "B", 5.5%, 2038 140,000 139,744
----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A", FNMA, 5.55%, 2037 990,000 1,055,845
----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A", GNMA, 6.45%, 2029 395,000 402,288
----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A", GNMA, 5.65%, 2037 780,000 826,207
----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A-1", GNMA, 5.75%, 2037 280,000 299,499
----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A-5", GNMA, 5.9%, 2037 200,000 216,210
----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., Mortgage Backed
Securities Program, "A-2", GNMA, 5.6%, 2029 725,000 766,506
----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., Mortgage Backed
Securities Program, "A-2",GNMA, 5.75%, 2037 555,000 591,891
----------------------------------------------------------------------------------------------------------------------------------
$ 7,472,139
----------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - STATE - 2.6%
----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "A-2", 7.15%, 2014 $ 8,000 $ 8,148
----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "A-2", AMBAC, 6.6%, 2028 365,000 376,571
----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-2", 5.9%, 2023 185,000 191,891
----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-2", FHA, 6.6%, 2032 185,000 189,934
----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-3", FHA, 6.375%, 2033 85,000 86,712
----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "D-2", 6.9%, 2029 430,000 442,208
----------------------------------------------------------------------------------------------------------------------------------
Georgia Housing & Finance Authority Rev., 5.65%, 2021 2,490,000 2,571,647
----------------------------------------------------------------------------------------------------------------------------------
Louisiana Housing Finance Agency, Single Family Mortgage Rev., GNMA, 6.4%, 2032 150,000 151,482
----------------------------------------------------------------------------------------------------------------------------------
Minnesota Housing Finance Agency Rev., Residential Housing Finance, "B", 4.8%, 2023 190,000 190,496
----------------------------------------------------------------------------------------------------------------------------------
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan
Program), 6.35%, 2032 320,000 326,634
----------------------------------------------------------------------------------------------------------------------------------
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan
Program), GNMA, 6.85%, 2032 165,000 169,788
----------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority Single Family Mortgage Rev., 0%, 2015 5,175,000 2,256,145
----------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority, "C", GNMA, 6.25%, 2021 460,000 471,031
----------------------------------------------------------------------------------------------------------------------------------
New Hampshire Housing Finance Authority Rev., "B", 5.875%, 2030 100,000 100,483
----------------------------------------------------------------------------------------------------------------------------------
Texas Affordable Housing Corp., Single Family Mortgage Rev., "B", 5.25%, 2039 745,000 770,576
----------------------------------------------------------------------------------------------------------------------------------
$ 8,303,746
----------------------------------------------------------------------------------------------------------------------------------
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 $ 1,646,960
----------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev. (Ogden Haverhill Associates), 6.7%, 2014 725,000 788,822
----------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency, Resource Recovery Rev. (Ogden Haverhill
Associates), 5.6%, 2019 2,850,000 2,945,447
----------------------------------------------------------------------------------------------------------------------------------
$ 5,381,229
----------------------------------------------------------------------------------------------------------------------------------
STATE & LOCAL AGENCIES - 1.9%
----------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC, 9.004%, 2016 (v)(z) $ 1,300,000 $ 1,535,820
----------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC, 9.004%, 2017 (v)(z) 1,050,000 1,248,996
----------------------------------------------------------------------------------------------------------------------------------
College Park, GA, Industrial Development Authority Rev. (Civic Center), AMBAC,
5.75%, 2010 (c) 1,000,000 1,091,330
----------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced,
"B", 5.375%, 2010 (c) 2,000,000 2,113,320
----------------------------------------------------------------------------------------------------------------------------------
$ 5,989,466
----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN REVENUE - 0.2%
----------------------------------------------------------------------------------------------------------------------------------
Access to Loans for Learning, California Student Loan Rev., 7.95%, 2030 $ 650,000 $ 681,967
----------------------------------------------------------------------------------------------------------------------------------
TAX - OTHER - 1.8%
----------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5.625%, 2021 $ 250,000 $ 252,125
----------------------------------------------------------------------------------------------------------------------------------
Dade County, FL, Special Obligations Rev., Capital Appreciation Bond, "B", AMBAC,
0%, 2008 (c) 15,080,000 3,110,401
----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.5%, 2024 340,000 353,005
----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.75%, 2029 615,000 650,030
----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.5%, 2031 270,000 279,758
----------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.75%, 2034 410,000 431,164
----------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority Rev., 6%, 2006 250,000 250,785
----------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority Rev., "E", 5.875%, 2018 500,000 522,090
----------------------------------------------------------------------------------------------------------------------------------
$ 5,849,358
----------------------------------------------------------------------------------------------------------------------------------
TAX ASSESSMENT - 6.4%
----------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Redevelopment Authority Rev. (Pittsburgh Mills), 5.1%, 2014 $ 235,000 $ 236,993
----------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Redevelopment Authority Rev. (Pittsburgh Mills), 5.6%, 2023 150,000 154,923
----------------------------------------------------------------------------------------------------------------------------------
Amelia Walk Community Development District, FL, "B", 5.2%, 2014 685,000 688,007
----------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, FL, Capital Improvement Rev., 5.25%, 2016 500,000 500,750
----------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, FL, Capital Improvement Rev. (Master
Infrastructure Projects), "B", 5.1%, 2014 250,000 250,293
----------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, Florida Capital Improvement Rev. (Master
Infrastructure Projects), "A", 5.35%, 2036 630,000 628,961
----------------------------------------------------------------------------------------------------------------------------------
Atlanta, GA, Tax Allocation (Eastside Project), "B", 5.6%, 2030 815,000 831,846
----------------------------------------------------------------------------------------------------------------------------------
Atlanta, GA, Tax Allocation (Princeton Lakes Project), 5.5%, 2031 555,000 556,415
----------------------------------------------------------------------------------------------------------------------------------
Belmont Community Development District, FL, Capital Improvement Rev., "B", 5.125%, 2014 985,000 985,148
----------------------------------------------------------------------------------------------------------------------------------
Chicago IL, Ryan Garfield Tax Increment Allocation, 10.125%, 2007 425,000 425,128
----------------------------------------------------------------------------------------------------------------------------------
Concord Station Community Development District, FL, Capital Improvement Rev., 5%, 2015 290,000 287,367
----------------------------------------------------------------------------------------------------------------------------------
Concorde Estates Community Development District, FL, Capital Improvement Rev.,
"B", 5%, 2011 620,000 618,636
----------------------------------------------------------------------------------------------------------------------------------
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing
Project), 5.625%, 2036 305,000 305,186
----------------------------------------------------------------------------------------------------------------------------------
East Homestead Community Development District, Special Assessment, "B", 5%, 2011 245,000 245,662
----------------------------------------------------------------------------------------------------------------------------------
Fishhawk Community Development District, FL, 5.125%, 2009 650,000 648,375
----------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., 5.8%, 2011 745,000 765,219
----------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., "B", 6%, 2018 925,000 952,963
----------------------------------------------------------------------------------------------------------------------------------
Killarney, FL, Community Development District, "B", 5.125%, 2009 375,000 374,033
----------------------------------------------------------------------------------------------------------------------------------
Lakes by the Bay South Community Development District, FL, Special Assessment, "B",
5.3%, 2009 1,025,000 1,023,360
----------------------------------------------------------------------------------------------------------------------------------
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037 110,000 111,322
----------------------------------------------------------------------------------------------------------------------------------
Markham, IL, Tax Increment Rev., 9%, 2012 935,000 940,376
----------------------------------------------------------------------------------------------------------------------------------
Middle Village Community Development District, FL, Special Assessment, "B", 5%, 2009 395,000 394,641
----------------------------------------------------------------------------------------------------------------------------------
New Port Tampa Bay Community Development District, FL, Special Assessment, "B",
5.3%, 2012 440,000 439,556
----------------------------------------------------------------------------------------------------------------------------------
North Springs Improvement District, FL, Special Assessment Rev. (Parkland Golf
Country Club), "B-1", 5.125%, 2015 350,000 347,270
----------------------------------------------------------------------------------------------------------------------------------
North Springs Improvement District, FL, Special Assessment Rev. (Parkland Golf
Country Club), "B-2", 5.125%, 2015 165,000 163,817
----------------------------------------------------------------------------------------------------------------------------------
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens),
"A", 5.9%, 2035 250,000 256,815
----------------------------------------------------------------------------------------------------------------------------------
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens),
"B", 5.375%, 2014 345,000 347,305
----------------------------------------------------------------------------------------------------------------------------------
Panther Trace II, FL, Community Development District Rev., Special Assessment,
5.125%, 2013 355,000 356,324
----------------------------------------------------------------------------------------------------------------------------------
Panther Trace, FL, Community Development District Rev., "B", 5%, 2010 980,000 973,111
----------------------------------------------------------------------------------------------------------------------------------
Parkway Center, FL, Community Development District Rev., "B", 5.625%, 2014 1,260,000 1,275,196
----------------------------------------------------------------------------------------------------------------------------------
Paseo, FL, Community Development District, "B", 4.875%, 2010 505,000 498,430
----------------------------------------------------------------------------------------------------------------------------------
Preserve at Wilderness Lake, FL, Community Development District, Capital Improvement,
"B", 5%, 2009 135,000 134,856
----------------------------------------------------------------------------------------------------------------------------------
Prince George's County, MD, Special Obligations (National Harbor Project), 5.2%, 2034 245,000 244,018
----------------------------------------------------------------------------------------------------------------------------------
Reunion East Community Development District, FL, Special Assessment, 5.9%, 2007 100,000 100,132
----------------------------------------------------------------------------------------------------------------------------------
Shingle Creek Community Development District, FL, Capital Improvement Rev.,
6.125%, 2037 470,000 466,513
----------------------------------------------------------------------------------------------------------------------------------
Sterling Hill Community Development District, FL, Capital Improvement Rev., 5.5%, 2010 730,000 732,905
----------------------------------------------------------------------------------------------------------------------------------
Tuscany Reserve Community Development District, FL, "B", 5.25%, 2016 510,000 512,009
----------------------------------------------------------------------------------------------------------------------------------
Villasol Community Development District, FL, Special Assessment Rev., "B", 5.375%, 2008 365,000 365,792
----------------------------------------------------------------------------------------------------------------------------------
Watergrass Community Development District, FL, Special Assessment Rev., "B",
4.875%, 2010 935,000 933,485
----------------------------------------------------------------------------------------------------------------------------------
Wentworth Estates Community Development District, FL, Special Assessment, "B",
5.125%, 2012 430,000 430,507
----------------------------------------------------------------------------------------------------------------------------------
$ 20,503,645
----------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 6.4%
----------------------------------------------------------------------------------------------------------------------------------
Badger, WI, Tobacco Asset Securitization Corp., 6.125%, 2027 $ 3,915,000 $ 4,160,549
----------------------------------------------------------------------------------------------------------------------------------
California County, CA, Tobacco Securitization Agency, Capital Appreciation Asset
Backed (Gold Country), 0%, 2033 2,620,000 562,016
----------------------------------------------------------------------------------------------------------------------------------
California County, CA, Tobacco Securitization Corp., Tobacco Settlement, L.A. County,
"A", 0%, 2041 485,000 392,137
----------------------------------------------------------------------------------------------------------------------------------
California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029 1,775,000 1,836,380
----------------------------------------------------------------------------------------------------------------------------------
Children's Trust Fund, Tobacco Settlement Rev., Puerto Rico, "A", 0%, 2050 4,000,000 258,480
----------------------------------------------------------------------------------------------------------------------------------
Children's Trust Fund, Tobacco Settlement Rev., Puerto Rico, "B", 0%, 2055 4,000,000 136,240
----------------------------------------------------------------------------------------------------------------------------------
District of Columbia, Tobacco Settlement, 6.25%, 2024 1,150,000 1,214,009
----------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement, 7.8%, 2042 1,000,000 1,201,880
----------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement, "A", 5%, 2021 600,000 602,520
----------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement, "A-1", 6.25%, 2033 785,000 857,675
----------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement, "A-1", 6.625%, 2040 125,000 139,289
----------------------------------------------------------------------------------------------------------------------------------
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, "B",
5.3%, 2011 (c) 2,000,000 2,110,840
----------------------------------------------------------------------------------------------------------------------------------
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, "B", 0% to
2007, 5.6% to 2034 1,635,000 1,533,810
----------------------------------------------------------------------------------------------------------------------------------
Louisiana Tobacco Settlement Authority, 5.5%, 2030 1,435,000 1,491,381
----------------------------------------------------------------------------------------------------------------------------------
New Jersey Tobacco Settlement Authority, 5.75%, 2032 930,000 970,818
----------------------------------------------------------------------------------------------------------------------------------
Rockland Tobacco Asset Securitization Corp., NY, Tobacco Asset Backed, "C", 0%, 2060 11,045,000 196,049
----------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority, 6.375%, 2028 1,075,000 1,148,498
----------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority, "B", 6%, 2022 1,260,000 1,314,495
----------------------------------------------------------------------------------------------------------------------------------
Tobacco Settlement Financing Corp., 5.625%, 2037 50,000 51,673
----------------------------------------------------------------------------------------------------------------------------------
Tobacco Settlement Financing Corp., 7%, 2041 15,000 17,022
----------------------------------------------------------------------------------------------------------------------------------
Washington Tobacco Settlement Authority, 6.5%, 2026 155,000 169,038
----------------------------------------------------------------------------------------------------------------------------------
$ 20,364,799
----------------------------------------------------------------------------------------------------------------------------------
TOLL ROADS - 1.0%
----------------------------------------------------------------------------------------------------------------------------------
E-470 Public Highway Authority, Colorado Rev., Capital Appreciation, "B", MBIA,
0%, 2027 $ 4,115,000 $ 1,398,689
----------------------------------------------------------------------------------------------------------------------------------
Niagara Falls, NY, Bridge Commission, Toll Rev., RITES, FGIC, 5.989%, 2015 (v)(z) 1,500,000 1,723,920
----------------------------------------------------------------------------------------------------------------------------------
$ 3,122,609
----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - SPECIAL TAX - 2.7%
----------------------------------------------------------------------------------------------------------------------------------
Missouri Highways & Transportation Commission, State Road Rev., "A", 5.625%, 2018 $ 4,500,000 $ 4,826,745
----------------------------------------------------------------------------------------------------------------------------------
Telluride, CO, Real Estate Transfer Assessment Rev. (Gondola Transit Co.), ETM,
11.5%, 2012 (c) 2,900,000 3,908,011
----------------------------------------------------------------------------------------------------------------------------------
$ 8,734,756
----------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - COLLEGES - 2.9%
----------------------------------------------------------------------------------------------------------------------------------
California Educational Facilities Authority Rev. (L.A. College of Chiropractic),
5.6%, 2017 $ 750,000 $ 725,850
----------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Community College Systems, MBIA, 7.875%, 2025 2,500,000 2,976,025
----------------------------------------------------------------------------------------------------------------------------------
Illinois Educational Facilities Authority Rev. (Augustana College), "A", 5.625%, 2022 400,000 420,656
----------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Illinois Institute of Technology), "A", 5%, 2036 480,000 482,525
----------------------------------------------------------------------------------------------------------------------------------
Louisiana State University (Health Sciences Center Project), MBIA, 6.375%, 2031 2,500,000 2,716,850
----------------------------------------------------------------------------------------------------------------------------------
Private Colleges & Universities Authority, GA, Rev. (Mercer University Project), "A",
5.375%, 2029 240,000 244,361
----------------------------------------------------------------------------------------------------------------------------------
Savannah, GA, Economic Development Authority Rev. (College of Art & Design, Inc.),
6.5%, 2009 (c) 625,000 682,150
----------------------------------------------------------------------------------------------------------------------------------
University of Arkansas, University Rev. (UAMS Campus), "B", MBIA, 5%, 2034 300,000 308,343
----------------------------------------------------------------------------------------------------------------------------------
University of Colorado Enterprise Systems Rev., Refunding & Improvement, FGIC, 5%, 2030 635,000 656,012
----------------------------------------------------------------------------------------------------------------------------------
$ 9,212,772
----------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - SECONDARY SCHOOLS - 1.4%
----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev. (Escondido Charter High
School), 7.5%, 2011 (c) $ 570,000 $ 652,462
----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev. (Escondido Charter High
School), 7.5%, 2011 (c) 1,000,000 1,183,950
----------------------------------------------------------------------------------------------------------------------------------
Deerfield, IL, Educational Facilities Authority, Chicagoland Jewish High School
Project, 6%, 2041 815,000 821,496
----------------------------------------------------------------------------------------------------------------------------------
Maryland Industrial Development Financing Authority, Economic Development Authority
Rev. (Our Lady of Good Council), "A", 6%, 2035 150,000 158,714
----------------------------------------------------------------------------------------------------------------------------------
Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy), 7.625%, 2021 1,000,000 1,059,660
----------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Education Rev. (Arizona Charter
Schools), "C", 6.75%, 2031 500,000 518,980
----------------------------------------------------------------------------------------------------------------------------------
$ 4,395,262
----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - COGENERATION - 1.5%
----------------------------------------------------------------------------------------------------------------------------------
Alaska Industrial Development Export Authority, Power Rev., Upper Lynn Canal Regional
Power, 5.8%, 2018 $ 830,000 $ 804,959
----------------------------------------------------------------------------------------------------------------------------------
Carbon County, PA, Industrial Development Authority Rev. (Panther Creek Partners),
6.65%, 2010 2,055,000 2,149,900
----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev
(Colver), "G", 5.125%, 2015 350,000 343,375
----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev
(Northampton Generating), 6.4%, 2009 350,000 350,007
----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev
(Northampton Generating), 6.5%, 2013 1,000,000 999,560
----------------------------------------------------------------------------------------------------------------------------------
$ 4,647,801
----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - INVESTOR OWNED - 9.6%
----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), "A",
5.375%, 2019 $ 500,000 $ 507,670
----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), "B", AMBAC,
5.125%, 2020 2,000,000 2,073,340
----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), "B", 6.3%, 2032 315,000 339,157
----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), "C", 6.75%, 2038 715,000 789,532
----------------------------------------------------------------------------------------------------------------------------------
Calcasieu Parish, LA, Industrial Development Board, Pollution Control Rev. (Entergy
Gulf States, Inc.), 5.45%, 2010 1,250,000 1,261,288
----------------------------------------------------------------------------------------------------------------------------------
Clark County, NV, Industrial Development Rev. (Southwest Gas Corp.), "A", AMBAC,
4.85%, 2035 1,055,000 1,038,742
----------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power
Co.), 5.85%, 2028 2,000,000 2,095,860
----------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power
Co.), 5.95%, 2028 2,270,000 2,376,213
----------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), 5.8%, 2022 2,105,000 2,129,186
----------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), "A", 6.3%, 2016 2,195,000 2,254,067
----------------------------------------------------------------------------------------------------------------------------------
Forsyth, MT, Pollution Control Rev. (Portland General), 5.2%, 2033 230,000 235,474
----------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX (Centerpoint Energy), 5.6%, 2027 1,500,000 1,549,875
----------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030 1,655,000 1,693,346
----------------------------------------------------------------------------------------------------------------------------------
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg LP),
6.5%, 2017 800,000 870,328
----------------------------------------------------------------------------------------------------------------------------------
New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of
New Hampshire), 6%, 2021 1,000,000 1,040,060
----------------------------------------------------------------------------------------------------------------------------------
Ohio Air Quality Development Authority, Pollution Control Rev. (Cleveland Electric),
"B", 6%, 2020 3,000,000 3,103,350
----------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.),
"A", 6.1%, 2025 650,000 650,637
----------------------------------------------------------------------------------------------------------------------------------
Pittsylvania County, VA, Industrial Development Authority Rev., 7.5%, 2014 3,000,000 3,042,750
----------------------------------------------------------------------------------------------------------------------------------
Port Morrow, OR, Pollution Control Rev. (Portland General Electric), 5.2%, 2033 550,000 565,807
----------------------------------------------------------------------------------------------------------------------------------
Trinity River Authority, TX, Pollution Control Rev. (TXU Electric Co.), 6.25%, 2028 500,000 537,400
----------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.), 5.8%, 2015 1,500,000 1,505,985
----------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.),
5.8%, 2016 1,000,000 1,002,080
----------------------------------------------------------------------------------------------------------------------------------
$ 30,662,147
----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - MUNICIPAL OWNED - 2.4%
----------------------------------------------------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power Agency, Power Systems Rev., "B', 5.55%, 2014 $ 2,150,000 $ 2,264,359
----------------------------------------------------------------------------------------------------------------------------------
North Carolina Municipal Power Agency (Catawba Electric Rev.), "B", 6.5%, 2020 2,000,000 2,172,000
----------------------------------------------------------------------------------------------------------------------------------
Seattle, WA, Municipal Light & Power Rev., 5.625%, 2017 3,000,000 3,185,670
----------------------------------------------------------------------------------------------------------------------------------
Southern California Public Power Authority (Transmission Project Rev.),
RIBS, 7.559%, 2012 (v) 100,000 100,206
----------------------------------------------------------------------------------------------------------------------------------
$ 7,722,235
----------------------------------------------------------------------------------------------------------------------------------
WATER & SEWER UTILITY REVENUE - 2.3%
----------------------------------------------------------------------------------------------------------------------------------
Louisville & Jefferson, KY, District Sewer & Drain System, "A", FGIC, 5.25%, 2037 $ 865,000 $ 918,535
----------------------------------------------------------------------------------------------------------------------------------
Magnolia, TX, Water & Sewer System Rev., 5.15%, 2031 205,000 205,941
----------------------------------------------------------------------------------------------------------------------------------
Mississippi Development Bank Special Obligations, Grenada, MS, Water & Sewer
Systems Project, "N", FSA, 5%, 2030 710,000 731,918
----------------------------------------------------------------------------------------------------------------------------------
New York, NY, Municipal Water & Sewer Finance Authority Rev., 5.5%, 2010 (c) 5,000,000 5,360,900
----------------------------------------------------------------------------------------------------------------------------------
$ 7,217,294
----------------------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS $ 450,735,835
----------------------------------------------------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES - 1.1%
----------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Hospital Development Authority Rev. (Presbyterian University
Hospital), "B", 3.68%, due 8/03/06 $ 100,000 $ 100,000
----------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Hospital Development Authority Rev. (Presbyterian University
Hospital), "D", 3.68%, due 8/03/06 100,000 100,000
----------------------------------------------------------------------------------------------------------------------------------
New Castle, PA, Area Hospital Authority (Jameson Memorial Hospital), 3.7%, due 8/02/06 125,000 125,000
----------------------------------------------------------------------------------------------------------------------------------
Philadelphia, PA, Hospitals & Higher Educational Facilities Authority Rev
(Children's Hospital Project), "C", 3.56%, due 8/01/06 600,000 600,000
----------------------------------------------------------------------------------------------------------------------------------
State of Oregon, "73G", 3.67%, due 8/02/06 400,000 400,000
----------------------------------------------------------------------------------------------------------------------------------
Triborough Bridge & Tunnel Authority, NY, Rev., "F", 3.60%, due 8/03/06 2,100,000 2,100,000
----------------------------------------------------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES $ 3,425,000
----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS(K) $ 454,160,835
----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - 1.4% 4,445,994
----------------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES (ISSUED BY THE TRUST) - (44.0)% $(140,068,272)
----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES - 100.0% $ 318,538,557
----------------------------------------------------------------------------------------------------------------------------------
(a) 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 $11,966,147, representing 3.8% of net assets.
(c) Refunded bond.
(k) As of July 31, 2006, the trust held securities fair valued in accordance with the policies adopted by the Board of Trustees,
aggregating $450,735,835 and 99.25% of market value. All of these security values were provided by an independent pricing
service using an evaluated bid.
(q) Interest received was less than stated coupon rate.
(v) Inverse floating rate security.
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale.
These securities generally may be resold in transactions exempt from registration or to the public if the securities are
subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an
acceptable price may be difficult. The trust holds the following restricted securities:
TOTAL % OF
NET ASSETS
CURRENT APPLICABLE
ACQUISITION ACQUISITION MARKET TO COMMON
RESTRICTED SECURITIES - CONTINUED DATE COST VALUE SHARES
------------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, O'Hare International Airport Rev., RITES, XLCA, 6.92%, 2022 8/21/2003 $1,599,510 $1,743,770
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC, 9.004%, 2016 3/11/1999 1,403,610 1,535,820
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC, 9.004%, 2017 3/11/1999 1,123,542 1,248,996
Niagara Falls, NY, Bridge Commission, Toll Rev., RITES, FGIC, 5.989%, 2015 5/21/1999 1,609,680 1,723,920
------------------------------------------------------------------------------------------------------------------------------------
Total Restricted Securities $6,252,506 2.0%
========== ======
The following abbreviations are used in this report and are defined:
BMA Bond Market Assn.
COP Certificate of Participation
ETM Escrowed to Maturity
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
------------------------------------------------------------------------------------------------------------------------------------
INFLOS Inverse Floating Security
RIBS Residual Interest Bonds
RITES Residual Interest Tax-Exempt Security
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) 07/31/2006
(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 $426,806,992
============
Gross unrealized appreciation $ 29,053,701
Gross unrealized depreciation (1,699,858)
------------
Net unrealized appreciation (depreciation) $ 27,353,843
============
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) FINANCIAL INSTRUMENTS
INTEREST RATE SWAPS
NOTIONAL PRINCIPAL UNREALIZED
AMOUNT OF CASH FLOWS PAID CASH FLOWS APPRECIATION
EXPIRATION CURRENCY CONTRACT BY THE TRUST RECEIVED BY THE TRUST (DEPRECIATION)
-------------------------------------------------------------------------------------------------------------------
8/29/2016 USD $45,000,000 Fixed - 10 Year BMA Floating - 7 Day BMA $ 339,682
Swap Index (3.927%) Swap Index
-------------------------------------------------------------------------------------------------------------------
2/15/2017 USD 25,000,000 Fixed - 10 Year BMA Floating - 7 Day BMA (222,847)
Swap Index (4.184%) Swap Index
-------------------------------------------------------------------------------------------------------------------
$ 116,835
==========
At July 31, 2006, 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: September 25, 2006
------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President (Principal Executive
Officer)
Date: September 25, 2006
------------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: September 25, 2006
------------------
* Print name and title of each signing officer under his or her signature.