N-Q 1 d37563dnq.htm MFS INVESTMENT GRADE MUNICIPAL TRUST N-Q MFS INVESTMENT GRADE MUNICIPAL TRUST N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-5785

MFS INVESTMENT GRADE MUNICIPAL TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Kristin V. Collins

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: November 30

Date of reporting period: August 31, 2015

ITEM 1. SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

August 31, 2015

 

LOGO

 

MFS® INVESTMENT GRADE MUNICIPAL TRUST

 

LOGO

PORTFOLIO OF INVESTMENTS

8/31/15 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - 143.8%                 
Alabama - 1.2%                 
Alabama Incentives Financing Authority Special Obligation, “A”, 5%, 9/01/37    $ 55,000      $ 60,559   
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2/01/29      355,000        383,478   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, 0%, 10/01/25      5,000        3,253   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/26      95,000        58,900   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/29      135,000        68,002   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/34      190,000        66,017   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/35      365,000        118,818   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/15      10,000        10,032   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/16      20,000        20,784   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/17      25,000        26,665   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/18      30,000        32,650   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/21      35,000        38,783   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/23      45,000        49,970   
Pell City, AL, Special Care Facilities, Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/39      140,000        150,146   
Selma, AL, Industrial Development Board Rev., Gulf Opportunity Zone (International Paper Co.), “A”, 5.8%, 5/01/34      275,000        312,843   
    

 

 

  
             $ 1,400,900   
Arizona - 1.8%                 
Arizona Transportation Board Highway Rev., “B”, 5%, 7/01/31 (Prerefunded 7/01/18)    $ 1,000,000      $ 1,112,940   
Phoenix, AZ, Industrial Development Authority Education Rev. (Basis Schools, Inc. Projects), “A”, 5%, 7/01/35      35,000        35,323   
Phoenix, AZ, Industrial Development Authority Education Rev. (Basis Schools, Inc. Projects), “A”, 5%, 7/01/45      50,000        49,386   
Phoenix, AZ, Industrial Development Authority Education Rev. (Legacy Traditional School Projects), 5%, 7/01/35      70,000        68,023   
Phoenix, AZ, Industrial Development Authority Education Rev. (Legacy Traditional School Projects), 5%, 7/01/45      80,000        75,503   
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/32      795,000        876,575   
    

 

 

  
             $ 2,217,750   
Arkansas - 0.8%                 
Arkansas Development Finance Authority Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/35    $ 30,000      $ 32,951   
Arkansas Development Finance Authority Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/33      50,000        55,044   
Pulaski County, AR, Public Facilities Board Healthcare Rev. (Baptist Health), 5%, 12/01/39      730,000        791,809   
Pulaski County, AR, Public Facilities Board Healthcare Rev. (Baptist Health), 5%, 12/01/42      120,000        129,677   
    

 

 

  
             $ 1,009,481   
California - 16.2%                 
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/31    $ 130,000      $ 75,069   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/32      235,000        130,014   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/33      470,000        248,884   
California Department of Water Resources, Center Valley Project Rev., “AJ”, 5%, 12/01/35      1,000,000        1,136,350   
California Educational Facilities Authority Rev. (California Lutheran University), 5.75%, 10/01/38      350,000        387,527   
California Educational Facilities Authority Rev. (Chapman University), 5%, 4/01/31      135,000        149,514   
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/36      75,000        90,948   
California Educational Facilities Authority Rev. (University of Southern California), “A”, 5.25%, 10/01/38      535,000        596,124   
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 7/01/39      195,000        223,012   
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 8/15/31      535,000        629,957   
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 8/01/23      1,050,000        1,079,075   
California Housing Finance Agency Rev. (Home Mortgage), “G”, 5.5%, 8/01/42      50,000        51,411   
California Housing Finance Agency Rev. (Home Mortgage), “I”, 4.8%, 8/01/36      40,000        40,148   
California Municipal Finance Authority Rev. (Biola University), 5.8%, 10/01/28      100,000        109,086   
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 6/01/40      70,000        79,895   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “B”, 5.25%, 6/01/23 (Put Date 12/01/17)      135,000        144,293   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 5%, 1/01/22      305,000        315,077   

 

1

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
California - continued                 
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “C”, 5.125%, 11/01/23    $ 335,000      $ 340,842   
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/38      1,220,000        1,374,806   
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/33      1,135,000        1,293,673   
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/30      40,000        41,864   
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/45      100,000        102,097   
California State University Rev., “A”, 5%, 11/01/37      805,000        907,267   
California Statewide Communities Development Authority Environmental Facilities Rev. (Microgy Holdings Project), 9%, 12/01/38 (a)(d)      25,246        0   
California Statewide Communities Development Authority Rev. (Enloe Medical Center), CALHF, 5.75%, 8/15/38      360,000        396,371   
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 6/01/33      500,000        506,430   
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/44      105,000        109,524   
California Statewide Communities Development Authority Rev. (Student Housing, SUCI East Campus), 6%, 5/15/40      220,000        239,844   
Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 1/01/34      195,000        223,673   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, 5%, 6/01/30      85,000        96,172   
La Verne, CA, COP (Brethren Hillcrest Homes), 5%, 5/15/36      50,000        52,842   
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev. “D”, 5%, 9/01/22      210,000        245,971   
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev. “D”, 5%, 9/01/23      210,000        245,860   
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro Inc. Project), “A”, CALHF, 5%, 11/15/44      65,000        71,768   
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro Inc. Project), “A”, CALHF, 5%, 11/15/34      35,000        39,072   
Los Angeles, CA, Unified School District, “D”, 5%, 1/01/34      95,000        106,585   
Mt. San Antonio, CA, Community College District, Convertible Capital Appreciation, 0% to 8/01/23, 5.875% to 8/01/28      140,000        121,422   
Palomar Pomerado Health Care District, CA, COP, 6.75%, 11/01/39      245,000        267,753   
Port of Oakland, CA, Rev., “P”, 5%, 5/01/33      970,000        1,064,265   
Riverside County, CA, Transportation Commission Sales Tax Rev. ( Limited Tax), “A”, 5.25%, 6/01/39      345,000        396,505   
Sacramento, CA, Municipal Utility District, “X”, 5%, 8/15/28      335,000        392,965   
San Diego County, CA, Regional Airport Authority Rev., “A”, 5%, 7/01/40      835,000        927,710   
San Francisco, CA, City & County Airports Commission, International Airport Rev., “D”, 5%, 5/01/25      1,000,000        1,166,770   
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Public Improvements), “A”, 5%, 8/01/43      25,000        27,152   
San Jose, CA, Airport Rev., “A-2”, 5.25%, 3/01/34      710,000        796,904   
State of California, 4%, 9/01/26      725,000        783,943   
State of California, 5.25%, 10/01/28      270,000        314,636   
State of California, 5.25%, 9/01/30      645,000        746,375   
State of California, 5%, 5/01/44      230,000        256,864   
Upland, CA, COP (San Antonio Community Hospital), 6.5%, 1/01/41      85,000        98,063   
West Contra Costa, CA, Unified School District, “B”, NATL, 6%, 8/01/24      250,000        290,790   
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/44      125,000        135,683   
    

 

 

  
      $ 19,668,845   
Colorado - 2.7%                 
Colorado Educational & Cultural Facilities Authority Rev. (Academy of Charter Schools Project), 5.625%, 5/01/40    $ 230,000      $ 251,648   
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/37      40,000        42,455   
Colorado Educational & Cultural Facilities Authority Rev. (The Classical Academy Project), “A”, 5%, 12/01/38      75,000        81,350   
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/31      145,000        161,259   
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc. Project), “A”, 5%, 12/01/35      150,000        159,387   
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/43      90,000        98,528   
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/44      380,000        419,718   
Colorado Housing & Finance Authority, “A”, 5.5%, 11/01/29      5,000        5,167   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/30      560,000        650,961   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/34      480,000        541,786   
Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 10/01/32      245,000        253,271   
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/45      95,000        101,888   
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/38      425,000        559,134   
    

 

 

  
      $ 3,326,552   

 

2

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Connecticut - 1.3%                 
Mohegan Tribal Finance Authority Economic Development Bonds, 7%, 2/01/45    $ 180,000      $ 163,048   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/28      405,000        467,552   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/29      405,000        467,261   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/30      385,000        445,353   
    

 

 

  
      $ 1,543,214   
District of Columbia - 1.7%                 
District of Columbia Housing Finance Agency (Henson Ridge), “E”, FHA, 5.1%, 6/01/37    $ 500,000      $ 507,735   
District of Columbia Rev. (Georgetown University), Convertible Capital Appreciation, BHAC, 0% to 4/01/18, 5% to 4/01/40      1,430,000        1,329,900   
District of Columbia Rev. (Kipp, D.C. Charter School), “A”, 6%, 7/01/43      105,000        119,830   
District of Columbia Rev. (Kipp, D.C. Charter School), “A”, 6%, 7/01/33      40,000        45,941   
District of Columbia Rev. (Methodist Home of the District of Columbia Issue), 4.5%, 1/01/25      20,000        19,969   
District of Columbia Rev. (Methodist Home of the District of Columbia Issue), “A”, 5.125%, 1/01/35      20,000        19,752   
District of Columbia Rev. (Methodist Home of the District of Columbia Issue), “A”, 5.25%, 1/01/39      10,000        9,898   
    

 

 

  
      $ 2,053,025   
Florida - 5.4%                 
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.375%, 5/01/30    $ 80,000      $ 82,619   
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.5%, 5/01/33      35,000        36,166   
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.6%, 5/01/34      60,000        62,522   
Capital Trust Agency, FL, Housing Rev. (Atlantic Housing Foundation), “B”, 7%, 7/15/32 (d)(q)      340,000        68,010   
Collier County, FL, Educational Facilities Authority Rev. (Ave Maria University, Inc. Project), “A”, 6.125%, 6/01/43      320,000        351,702   
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/29      105,000        115,540   
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/30      105,000        114,822   
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/26      115,000        130,123   
Florida Citizens Property Insurance Corp., “A-1”, 5%, 6/01/19      50,000        56,299   
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 5/01/38      125,000        130,768   
Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/33      175,000        192,029   
Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/34      150,000        164,475   
Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/35      215,000        235,397   
Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/40      865,000        930,325   
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), “A”, 5.75%, 4/01/28      125,000        128,441   
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Miami Children’s Hospital), “A”, 6.125%, 8/01/42      195,000        224,390   
Miami-Dade County, FL, Special Obligation, “B”, 5%, 10/01/35      180,000        198,824   
Mid-Bay Bridge Authority, FL, Springing Lien Rev., “A”, 7.25%, 10/01/40 (Prerefunded 10/01/21)      175,000        228,867   
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.75%, 10/01/22 (n)      250,000        266,035   
Seven Oaks, FL, Community Development District II Special Assessment Rev., “A”, 5.875%, 5/01/35      380,000        356,489   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 4/01/29      105,000        119,062   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 4/01/39      155,000        176,283   
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 8/01/45      400,000        444,604   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/26      20,000        22,490   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/29      20,000        22,121   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/34      40,000        43,843   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/44      120,000        131,604   
Tampa Bay, FL, Sports Authority Rev. (Tampa Bay Arena), NATL, 5.75%, 10/01/25      1,000,000        1,166,910   
Tampa, FL (University of Tampa Project), 5%, 4/01/40      85,000        91,920   
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/37 (a)(d)      480,000        264,000   
    

 

 

  
      $ 6,556,680   
Georgia - 3.7%                 
Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.25%, 5/15/33    $ 75,000      $ 82,031   
Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.375%, 5/15/43      75,000        81,696   
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 11/01/22      290,000        347,269   
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 6/01/29      125,000        153,663   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/28      125,000        145,550   

 

3

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Georgia - continued                 
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/29    $ 120,000      $ 139,820   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/30      75,000        87,388   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/31      15,000        17,478   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/41      340,000        389,756   
Fulton County, GA, Water & Sewer Rev., 5%, 1/01/26      320,000        364,330   
Fulton County, GA, Water & Sewer Rev., 5%, 1/01/27      215,000        243,281   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 3/15/22      525,000        598,957   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/26      120,000        140,975   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/28      250,000        294,223   
Georgia Municipal Electric Authority Power Rev., “GG”, 5%, 1/01/26      225,000        261,815   
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., 5.625%, 8/01/34 (Prerefunded 8/01/18)      150,000        170,037   
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Unrefunded Balance, 5.625%, 8/01/34      15,000        16,408   
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc.), “A”, 5.5%, 8/15/54      320,000        365,600   
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 6/15/30      100,000        105,269   
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 6/15/39      100,000        104,702   
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 1/01/34      320,000        327,203   
    

 

 

  
      $ 4,437,451   
Hawaii - 1.1%                 
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 11/15/44    $ 115,000      $ 144,071   
Hawaii Department of Budget & Finance, Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 7/01/39      410,000        466,437   
State of Hawaii, “DZ”, 5%, 12/01/31      180,000        207,898   
State of Hawaii, Highway Rev., “A”, 5%, 1/01/30      305,000        344,061   
State of Hawaii, Highway Rev., “A”, 5%, 1/01/31      120,000        134,849   
State of Hawaii, Highway Rev., “A”, 5%, 1/01/32      80,000        89,654   
    

 

 

  
      $ 1,386,970   
Illinois - 11.4%                 
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/24    $ 250,000      $ 248,630   
Chicago, IL (Modern Schools Program), “G”, AMBAC, 5%, 12/01/23      45,000        45,023   
Chicago, IL, “A”, AGM, 5%, 1/01/22      35,000        35,134   
Chicago, IL, “A”, AGM, 5%, 1/01/22      355,000        358,472   
Chicago, IL, “A”, AGM, 5%, 1/01/23      230,000        231,978   
Chicago, IL, “A”, AGM, 5%, 1/01/25      35,000        35,302   
Chicago, IL, “A”, AGM, 4.75%, 1/01/30      45,000        44,996   
Chicago, IL, “A”, AGM, 5%, 1/01/34      155,000        154,988   
Chicago, IL, “A”, AGM, 5%, 1/01/37      260,000        258,968   
Chicago, IL, “B”, AGM, 5%, 1/01/23      40,000        40,437   
Chicago, IL, “B”, AGM, 5%, 1/01/17      135,000        135,517   
Chicago, IL, Board of Education, AGM, 5%, 12/01/35      305,000        306,775   
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/29      855,000        957,027   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/32      70,000        78,533   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/33      35,000        39,242   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/43      145,000        161,523   
Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/35      650,000        744,627   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/29      155,000        166,943   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/30      310,000        332,286   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/31      60,000        64,039   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/40      410,000        430,205   
Du Page County, IL, Special Service Area (Monarch Landing Project), 5.4%, 3/01/16      40,000        40,336   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 4.75%, 5/15/33      160,000        161,635   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.125%, 5/15/43      125,000        126,538   
Illinois Finance Authority Rev. (KishHealth Systems Obligated Group), 5.75%, 10/01/28      380,000        422,157   
Illinois Finance Authority Rev. (Presence Health Obligated Group), 6.125%, 5/15/25 (Prerefunded 5/15/19)      15,000        17,688   
Illinois Finance Authority Rev. (Presence Health Obligated Group), Unrefunded, 6.125%, 5/15/25      445,000        496,949   

 

4

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Illinois - continued                 
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 8/15/34    $ 400,000      $ 485,348   
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/43      565,000        663,553   
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 4/01/29      545,000        586,077   
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 8/15/38 (Prerefunded 8/15/19)      395,000        482,548   
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/35      315,000        342,273   
Illinois Finance Authority Rev. (Smith Village), “A”, 6.25%, 11/15/35      500,000        502,185   
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/35      1,000,000        1,125,770   
Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/31      390,000        445,684   
Illinois Railsplitter Tobacco Settlement Authority, 5.5%, 6/01/23      150,000        172,851   
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/28      1,145,000        1,345,547   
Illinois Toll Highway Authority Rev., “B”, 5%, 1/01/32      1,000,000        1,106,800   
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/34      177,000        178,947   
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/42      130,000        139,191   
State of Illinois, NATL, 5%, 1/01/19      85,000        85,966   
    

 

 

  
      $ 13,798,688   
Indiana - 3.3%                 
Indiana Bond Bank Special Program, Gas Rev., “A”, 5.25%, 10/15/18    $ 190,000      $ 211,835   
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/30      40,000        42,842   
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/39      100,000        104,302   
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/40      350,000        366,247   
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/44      365,000        380,461   
Indiana Finance Authority Rev. (State Revolving Fund Program), “A”, 5%, 2/01/29      1,000,000        1,137,180   
Indiana Health & Educational Facility Authority Hospital Rev. (Community Foundation), 5.5%, 3/01/37 (Prerefunded 3/01/17)      365,000        391,751   
Indiana Health & Educational Facility Authority Hospital Rev. (Community Foundation), 5.5%, 3/01/37      340,000        355,694   
Richmond, IN, Hospital Authority Rev. (Reid Hospital & Health Center Services), “A”, 6.625%, 1/01/39      525,000        617,589   
University of Southern Indiana Rev. (Student Fee), “J”, ASSD GTY, 5.75%, 10/01/28      210,000        241,683   
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/44      110,000        133,140   
    

 

 

  
             $ 3,982,724   
Iowa - 0.6%                 
Iowa Student Loan Liquidity Corp. Rev., “A-1”, 4.625%, 12/01/19    $ 150,000      $ 157,091   
Iowa Student Loan Liquidity Corp. Rev., “A-1”, 4.875%, 12/01/20      25,000        26,179   
Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.5%, 12/01/25      125,000        134,998   
Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.6%, 12/01/26      130,000        140,435   
Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.7%, 12/01/27      15,000        16,115   
Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.75%, 12/01/28      230,000        247,002   
    

 

 

  
             $ 721,820   
Kansas - 0.5%                 
Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/38    $ 300,000      $ 312,435   
Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/42      100,000        103,313   
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/44      195,000        214,726   
    

 

 

  
             $ 630,474   
Kentucky - 2.1%                 
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.375%, 8/15/24    $ 255,000      $ 279,460   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.625%, 8/15/27      85,000        93,645   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/40      440,000        500,874   
Kentucky Turnpike Authority, Economic Development Rev., “A”, 5%, 7/01/30      1,000,000        1,150,120   
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 10/01/36      385,000        395,360   
University of Kentucky, General Receipts, “A”, 5%, 4/01/36      110,000        125,553   
    

 

 

  
             $ 2,545,012   

 

5

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Louisiana - 1.8%                 
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/31    $ 470,000      $ 537,370   
Louisiana Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/45      240,000        239,002   
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 12/01/34      290,000        314,247   
New Orleans LA, Aviation Board General Airport Rev. (North Terminal Project), “B”, 5%, 1/01/40      240,000        260,671   
New Orleans LA, Aviation Board General Airport Rev. (North Terminal Project), “B”, 5%, 1/01/45      100,000        107,237   
New Orleans, LA, Aviation Board Gulf Opportunity Zone CFC Rev. (Consolidated Rental Car), “A”, 6.25%, 1/01/30      185,000        207,426   
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/40 (Put Date 6/01/22)      480,000        504,614   
    

 

 

  
             $ 2,170,567   
Maryland - 0.6%   
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System, Inc.), “A”, 6.75%, 7/01/39 (Prerefunded 7/01/19)    $ 175,000      $ 212,158   
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community), 6.25%, 1/01/41      190,000        211,010   
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, 5.5%, 7/01/42      265,000        279,591   
    

 

 

  
      $ 702,759   
Massachusetts - 6.4%                 
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 7/01/36    $ 285,000      $ 327,989   
Commonwealth of Massachusetts Transportation Fund Rev. (Accelerated Bridge Program), “A”, 5%, 6/01/38      1,000,000        1,140,290   
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/29      350,000        443,622   
Massachusetts College Building Authority Rev., “A”, 5%, 5/01/31      190,000        219,078   
Massachusetts Development Finance Agency Rev. (Evergreen Center, Inc.), 5%, 1/01/24      250,000        250,198   
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/43      40,000        43,977   
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.5%, 11/15/43      100,000        107,891   
Massachusetts Development Finance Agency Rev. (Williams College), “P”, 5%, 7/01/43      1,000,000        1,126,760   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “A”, 4.875%, 11/01/27      205,000        208,188   
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 12/01/42 (Prerefunded 5/01/19)      70,000        81,766   
Massachusetts Educational Financing Authority, Education Loan Rev, “A”, 4.25%, 1/01/30      165,000        166,003   
Massachusetts Educational Financing Authority, Education Loan Rev, “A”, 4.25%, 1/01/31      110,000        109,970   
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 1/01/30      215,000        226,530   
Massachusetts Educational Financing Authority, Education Loan Rev., “K”, 5.25%, 7/01/29      315,000        343,161   
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), 8%, 10/01/29 (Prerefunded 10/01/15)      135,000        135,886   
Massachusetts Health & Educational Facilities Authority Rev. (South Shore Hospital), “F”, 5.75%, 7/01/29      370,000        371,550   
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 7/01/30      415,000        478,437   
Massachusetts Housing Finance Agency, Single Family Housing Rev., “177”, 4%, 6/01/39      125,000        133,628   
Massachusetts Port Authority Rev., “A”, 5%, 7/01/37      35,000        38,500   
Massachusetts Port Authority Special Facilities Rev. (Conrac Project), “A”, 5.125%, 7/01/41      40,000        43,533   
Massachusetts Port Authority Special Facilities Rev. (Delta Air Lines Project, Inc.), “A”, AMBAC, 5%, 1/01/27      145,000        145,363   
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/32      720,000        829,958   
Massachusetts Water Resources Authority, “B”, AGM, 5.25%, 8/01/29      600,000        757,350   
    

 

 

  
      $ 7,729,628   
Michigan - 2.6%                 
Detroit, MI, Sewage Disposal System Rev., Senior Lien, “A”, 5.25%, 7/01/39    $ 460,000      $ 492,637   
Detroit, MI, Water Supply System Rev., Senior Lien, “A”, 5%, 7/01/36      25,000        26,208   
Detroit, MI, Water Supply System Rev., Senior Lien, “C”, 5%, 7/01/41      30,000        31,387   
Grand Valley, MI, State University Rev., 5.5%, 12/01/27      115,000        122,309   
Grand Valley, MI, State University Rev., 5.625%, 12/01/29      55,000        58,582   
Michigan Finance Authority (City of Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/23      50,000        50,016   
Michigan Finance Authority (City of Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/24      65,000        65,023   
Michigan Finance Authority Rev. (Detroit Water and Sewerage Department), “C-1”, 5%, 7/01/44      175,000        182,282   
Michigan Finance Authority Rev. (Detroit Water and Sewerage Department), “C-2”, 5%, 7/01/44      135,000        138,445   
Michigan Finance Authority Rev. (Detroit Water and Sewerage Department), “C-6”, 5%, 7/01/33      220,000        234,370   

 

6

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Michigan - continued                 
Michigan Finance Authority Rev. (Trinity Health Corp.), 5%, 12/01/35    $ 750,000      $ 832,163   
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/39      545,000        590,480   
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 9/01/39 (Prerefunded 9/01/18)      230,000        279,641   
    

 

 

  
      $ 3,103,543   
Minnesota - 0.0%                 
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/38    $ 36,729      $ 36,766   
Mississippi - 1.6%                 
Mississippi Business Finance Corp., Pollution Control Rev. (Systems Energy Resources Project), 5.875%, 4/01/22    $ 840,000      $ 844,200   
Mississippi Development Bank Special Obligation (City of Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/40      90,000        114,767   
Mississippi Development Bank Special Obligation (Marshall County Industrial Development Authority Mississippi Highway Construction Project), 5%, 1/01/28      105,000        117,929   
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/22      110,000        124,365   
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/23      295,000        334,666   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.25%, 9/01/32      190,000        211,867   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.375%, 9/01/36      65,000        73,002   
V Lakes Utility District, MS, Water Systems Rev., 7%, 7/15/37      85,000        85,054   
    

 

 

  
      $ 1,905,850   
Missouri - 0.5%                 
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/39    $ 55,000      $ 61,131   
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/31      205,000        232,456   
St. Louis, MO, Industrial Development Authority Leasehold Rev. (Convention Center Hotel), Capital Appreciation, AMBAC, 0%, 7/15/18      300,000        280,212   
    

 

 

  
      $ 573,799   
National - 0.7%                 
Centerline Capital Group, Inc., FHLMC, 6.3%, 10/31/52 (n)    $ 500,000      $ 568,765   
Resolution Trust Corp., Pass-Through Certificates, “1993”, 9.75%, 12/01/16 (z)      227,741        227,413   
    

 

 

  
      $ 796,178   
Nebraska - 0.6%                 
Douglas County, NE, Educational Facilities Rev. (Creighton University), “A”, 5.875%, 7/01/40    $ 645,000      $ 750,058   
Nevada - 0.7%                 
Las Vegas Valley, NV, Water District, “C”, 5%, 6/01/29    $ 755,000      $ 866,453   
New Hampshire - 0.4%                 
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/27    $ 445,000      $ 497,114   
New Jersey - 5.2%                 
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 1/01/37    $ 500,000      $ 501,425   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project) , 5.375%, 1/01/43      225,000        240,980   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), 5.5%, 1/01/27      40,000        45,830   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), 5%, 1/01/28      40,000        44,090   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5%, 1/01/31      115,000        126,584   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/39      70,000        75,762   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/42      35,000        37,675   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 4.875%, 9/15/19      85,000        88,746   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/29      260,000        282,344   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/30      40,000        44,754   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “B”, 5.625%, 11/15/30      35,000        39,160   
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 7.5%, 12/01/32 (Prerefunded 6/01/19)      460,000        566,577   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 6/01/23      1,440,000        1,439,986   

 

7

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
New Jersey - continued                 
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.75%, 6/01/34    $ 1,850,000      $ 1,386,945   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 6/01/41      1,835,000        1,390,123   
New Jersey Tobacco Settlement Financing Corp., Capital Appreciation, “1-B”, 0%, 6/01/41      145,000        36,259   
New Jersey Tobacco Settlement Financing Corp., Capital Appreciation, “1-C”, 0%, 6/01/41      30,000        7,166   
    

 

 

  
             $ 6,354,406   
New Mexico - 0.4%                 
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 6/01/40    $ 400,000      $ 440,548   
New York - 25.7%                 
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 7/15/30    $ 200,000      $ 227,704   
Build NYC Resource Corp. Solid Waste Disposal Rev. (Pratt Paper, Inc. Project), 5%, 1/01/35      140,000        148,344   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/25      130,000        146,858   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/26      95,000        106,527   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/28      20,000        22,176   
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2/15/47      350,000        398,808   
Liberty, NY, Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/35      1,725,000        2,018,043   
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/29      55,000        61,958   
New York Dormitory Authority Rev. (Columbia University), 5%, 7/01/38 (u)      15,000,000        16,465,500   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 8/15/30      165,000        188,481   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2/15/35      100,000        113,012   
New York Dormitory Authority, State Sales Tax Rev., “A”, 5%, 3/15/44      560,000        633,450   
New York Environmental Facilities Corp., Municipal Water Finance Authority Project, 5%, 6/15/25      200,000        234,268   
New York Environmental Facilities, “C”, 5%, 5/15/41      255,000        281,831   
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/44      380,000        380,528   
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/40      215,000        225,974   
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 7/15/49      435,000        491,580   
New York Liberty Development Corp., Liberty Rev. (World Trade Center Project), 5%, 11/15/31      200,000        226,602   
New York Liberty Development Corp., Liberty Rev. (World Trade Center Project), 5%, 11/15/44      500,000        552,935   
New York Power Authority Rev., “A”, 5%, 11/15/38      1,000,000        1,116,630   
New York Urban Development Corp., State Personal Income Tax Rev., “C”, 5%, 3/15/31      1,000,000        1,150,770   
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “AA”, 5%, 6/15/34      1,610,000        1,832,647   
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev., “CC”, 5%, 6/15/47      1,000,000        1,110,070   
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev., “CC”, 5%, 6/15/47      85,000        94,775   
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 5.25%, 11/01/42      175,000        176,232   
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/36      195,000        226,656   
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/42      225,000        261,527   
Triborough Bridge & Tunnel Authority Rev., NY, Capital Appreciation, “A”, 0%, 11/15/29      1,125,000        688,365   
Utility Debt Securitization Authority Restructuring Rev., NY, “E”, 5%, 12/15/41      1,500,000        1,702,155   
    

 

 

  
      $ 31,284,406   
North Carolina - 2.3%                 
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/38    $ 354,322      $ 358,376   
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/25      15,000        16,195   
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/30      20,000        20,848   
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/35      25,000        25,923   
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/37      5,000        5,011   
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Rev., 5%, 7/01/36      2,000,000        2,253,440   
University of North Carolina, Greensboro, Rev., 5%, 4/01/39      105,000        118,078   
    

 

 

  
      $ 2,797,871   
North Dakota - 0.1%                 
North Dakota Housing Finance Agency Rev., (Home Mortgage Finance Program), “B”, 4%, 1/01/36    $ 130,000      $ 141,054   

 

8

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Ohio - 3.2%                 
Bowling Green, OH, Student Housing Rev. (State University Project), 6%, 6/01/45    $ 285,000      $ 303,078   
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 11/01/40      105,000        119,745   
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Flats East Development Project), 7%, 5/15/40      95,000        108,472   
Lake County, OH, Hospital Facilities Rev., 6%, 8/15/43 (Prerefunded 8/15/18)      225,000        258,271   
Lake County, OH, Hospital Facilities Rev., 6%, 8/15/43      40,000        44,266   
Muskingum County, OH, Hospital Facilities Rev. (Genesis Health System Obligated Group), 5%, 2/15/33      85,000        89,146   
Muskingum County, OH, Hospital Facilities Rev. (Genesis Health System Obligated Group), 5%, 2/15/44      55,000        57,006   
Muskingum County, OH, Hospital Facilities Rev. (Genesis Health System Obligated Group), 5%, 2/15/48      85,000        88,017   
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/35      395,000        428,840   
Scioto County, OH, Hospital Facilities Rev. (Southern Ohio Medical Center), 5.75%, 2/15/38      555,000        601,287   
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5.5%, 12/01/29      10,000        10,718   
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5%, 12/01/35      60,000        60,749   
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5%, 12/01/43      75,000        75,380   
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5.5%, 12/01/43      90,000        93,971   
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/40      35,000        39,334   
Summit County, OH, Port Authority Building Rev. (Seville Project), “A”, 5.1%, 5/15/25      275,000        275,146   
Toledo Lucas County, OH, Authority Port Rev., Facilities (CSX, Inc. Project), 6.45%, 12/15/21      1,000,000        1,240,630   
    

 

 

  
      $ 3,894,056   
Oklahoma - 1.4%                 
Oklahoma Industries Authority Rev. (Oklahoma Medical Research Foundation Project), 5.5%, 7/01/29    $ 600,000      $ 655,896   
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/45      55,000        58,149   
Tulsa, OK, Industrial Authority Rev. (University of Tulsa), 6%, 10/01/27      535,000        607,712   
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 6/01/35      140,000        149,290   
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 12/01/35      170,000        181,281   
    

 

 

  
      $ 1,652,328   
Oregon - 0.4%                 
Cow Creek Band of Umpqua Tribe of Indians, OR, “C”, 5.625%, 10/01/26 (n)    $ 350,000      $ 355,019   
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/30      20,000        22,407   
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/36      95,000        104,549   
    

 

 

  
      $ 481,975   
Pennsylvania - 6.4%                 
Clarion County, PA, Industrial Development Authority, Student Housing Rev. (Clarion University Foundation, Inc.), 5%, 7/01/34    $ 35,000      $ 36,547   
Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (School District of Philadelphia Project), 5%, 4/01/28      140,000        153,370   
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 6%, 1/01/40      105,000        111,640   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 6.125%, 1/01/29 (Prerefunded 1/01/19)      515,000        599,465   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 6.125%, 1/01/29      55,000        62,527   
Dallas, PA, Area Municipal Authority Rev. (Misericordia University Project), 5%, 5/01/29      80,000        87,214   
East Hempfield, PA, Industrial Development Authority Rev. (Millersville University Student Services), 5%, 7/01/39      35,000        36,184   
East Hempfield, PA, Industrial Development Authority Rev. (Millersville University Student Services), 5%, 7/01/46      20,000        20,589   
East Hempfield, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/30      25,000        26,576   
East Hempfield, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/35      35,000        36,574   
Erie, PA, Water Authority Rev., AGM, 5%, 12/01/49      200,000        223,532   
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), “A”, 5%, 12/01/43      900,000        998,685   
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/36      940,000        352,453   

 

9

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Pennsylvania - continued                 
Luzerne County, PA, AGM, 6.75%, 11/01/23    $ 350,000      $ 413,294   
Montgomery County, PA, Industrial Development Authority Rev. (Albert Einstein Healthcare Network Issue), “A”, 5.25%, 1/15/36      655,000        700,988   
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/50      90,000        89,123   
Pennsylvania Economic Development Financing Authority Rev. (The Pennsylvania Rapid Bridge Replacement Project), 5%, 6/30/26      35,000        40,278   
Pennsylvania Economic Development Financing Authority Rev. (The Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/30      85,000        92,020   
Pennsylvania Economic Development Financing Authority Rev. (The Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/34      775,000        827,080   
Pennsylvania Economic Development Financing Authority, Resource Recovery Rev. (Colver), “G”, 5.125%, 12/01/15      125,000        125,599   
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 1/01/32      260,000        287,786   
Pennsylvania Higher Educational Facilities Authority Rev. (East Stroudsburg University), 5%, 7/01/42      200,000        206,746   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 7/01/30      65,000        69,708   
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.5%, 6/15/33      180,000        188,548   
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.75%, 6/15/43      140,000        147,385   
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/43      100,000        112,145   
Philadelphia, PA, Municipal Authority Rev., 6.5%, 4/01/34      105,000        119,598   
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 1/01/36      1,000,000        1,110,070   
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/28      460,000        461,555   
West Shore, PA, Area Authority Rev. (Messiah Village Project) “A”, 5%, 7/01/30      30,000        31,940   
West Shore, PA, Area Authority Rev. (Messiah Village Project) “A”, 5%, 7/01/35      60,000        62,747   
    

 

 

  
      $ 7,831,966   
Puerto Rico - 1.4%                 
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., AGM, 5.5%, 7/01/29    $ 5,000      $ 4,746   
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/20      385,000        378,332   
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/21      25,000        24,591   
Commonwealth of Puerto Rico, Public Improvement, “A”, NATL, 5.5%, 7/01/16      25,000        25,303   
Puerto Rico Electric Power Authority Rev., “KK”, NATL, 5.5%, 7/01/16      10,000        10,121   
Puerto Rico Electric Power Authority Rev., “LL”, NATL, 5.5%, 7/01/17      10,000        10,165   
Puerto Rico Electric Power Authority Rev., “NN”, NATL, 5.25%, 7/01/22      115,000        106,084   
Puerto Rico Electric Power Authority Rev., “UU”, NATL, 4.5%, 7/01/18      10,000        9,791   
Puerto Rico Electric Power Authority Rev., “UU”, NATL, 5%, 7/01/19      50,000        47,333   
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/22      20,000        19,661   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/26      320,000        301,648   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/17      35,000        34,348   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/18      25,000        24,264   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 4%, 4/01/20      10,000        9,111   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/21      40,000        37,654   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/22      50,000        45,806   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/27      95,000        82,889   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/31      55,000        49,069   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/32      55,000        46,942   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/36      55,000        45,242   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/42      45,000        38,181   

 

10

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Puerto Rico - continued                 
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/23    $ 120,000      $ 109,931   
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/27      95,000        83,952   
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/28      60,000        52,866   
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/18      25,000        24,670   
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/27      80,000        79,040   
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/28      25,000        24,705   
    

 

 

  
      $ 1,726,445   
Rhode Island - 0.8%                 
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), “A”, ASSD GTY, 7%, 5/15/39    $ 855,000      $ 999,239   
South Carolina - 2.4%                 
Columbia, SC, Waterworks and Sewer System Rev., 5%, 2/01/38    $ 1,000,000      $ 1,127,120   
Laurens County, SC, School District No. 55, Installment Purchase Rev., 5.25%, 12/01/30      350,000        353,108   
Newberry, SC, Investing in Children’s Education (Newberry County School District Program), 5%, 12/01/30      350,000        354,221   
South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/43      215,000        235,836   
South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/43      515,000        564,909   
South Carolina Public Service Authority Rev., “C”, 5%, 12/01/36      260,000        287,862   
    

 

 

  
      $ 2,923,056   
South Dakota - 0.2%                 
South Dakota Health & Educational Facilities Authority Rev. (Sanford Obligated Group), “B”, 5%, 11/01/34    $ 230,000      $ 252,303   
Tennessee - 5.2%   
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/45    $ 820,000      $ 893,242   
Clarksville, TN, Water, Sewer & Gas Rev., 5%, 2/01/38      1,000,000        1,115,880   
Metropolitan Government of Nashville & Davidson County, TN, Electric Rev., “A”, 5%, 5/15/36      1,000,000        1,133,760   
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 9/01/26      1,365,000        1,412,011   
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 9/01/36      135,000        139,541   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/17      180,000        194,364   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/22      205,000        234,903   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/23      300,000        345,390   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/26      610,000        701,958   
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/25      185,000        209,474   
    

 

 

  
      $ 6,380,523   
Texas - 14.8%                 
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/17    $ 95,000      $ 99,161   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/19      190,000        197,045   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/20      155,000        160,760   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/24      90,000        92,142   
Brazos River, TX, Brazoria County Environmental Rev. (Dow Chemical, Co.), “A-3”, 5.125%, 5/15/33      165,000        174,857   
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 5/15/33      590,000        626,409   
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/42      330,000        347,421   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 12/01/40      100,000        114,182   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 12/01/45      70,000        80,165   
Conroe, TX, Independent School District, Unlimited Tax School Building and Refunding, PSF, 5%, 2/15/39      155,000        175,401   
Dallas and Fort Worth, TX, International Airport Rev., “A”, 5%, 11/01/38      335,000        355,780   
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/45      750,000        817,523   
Dallas County, TX, Flood Control District, 7.25%, 4/01/32      500,000        501,550   
Dallas, TX, Civic Center Convention Complex Rev., ASSD GTY, 5.25%, 8/15/34      465,000        518,029   
Fort Worth, TX, Independent School District, Unlimited Tax School Building, PSF, 5%, 2/15/39      315,000        358,209   
Frenship, TX, Independent School District, AGM, 5%, 2/15/33      1,000,000        1,064,950   

 

11

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Texas - continued                 
Frenship, TX, Independent School District, PSF, 5%, 2/15/44    $ 1,000,000      $ 1,126,890   
Frisco, TX, Independent School District, Unlimited Tax School Building, PSF, 5%, 8/15/23      1,170,000        1,416,238   
Gregg County, TX, Health Facilities Development Corp. Hospital Rev., (Good Shepherd Obligated Group), “A”, FRN, 4.032%, 10/01/29 (Put Date 3/01/17)      200,000        202,790   
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/28      250,000        250,440   
Harris County, TX, Cultural Education Facilities Finance Corp. Medical Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 11/15/32      490,000        537,128   
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/31      90,000        100,166   
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/32      20,000        22,110   
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/33      40,000        44,122   
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/41      70,000        20,414   
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/46      175,000        39,204   
Houston, TX, Airport System Rev., “B”, 5%, 7/01/26      160,000        182,144   
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/30      100,000        103,864   
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-2”, 5%, 7/15/20      110,000        117,684   
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/31      140,000        153,104   
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/23      275,000        276,389   
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 8/15/39 (Prerefunded 8/15/19)      150,000        178,859   
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 8/15/41 (Prerefunded 8/15/19)      385,000        476,576   
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2/15/37 (Prerefunded 2/15/17)      45,000        48,228   
Matagorda County, TX, Navigation District 1 (Houston Lighting), AMBAC, 5.125%, 11/01/28      2,000,000        2,368,320   
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), 5%, 4/01/30      25,000        26,422   
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), 5%, 4/01/35      30,000        31,249   
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), 5%, 4/01/47      65,000        66,589   
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/42      150,000        156,905   
North Texas Tollway Authority Rev., 6%, 1/01/38      620,000        720,297   
North Texas Tollway Authority Rev. (Special Projects System), “D”, 5%, 9/01/31      1,000,000        1,149,380   
San Leanna, TX, Educational Facilities Corp., Higher Education Rev. (St. Edwards University), 5.125%, 6/01/36      115,000        118,396   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.125%, 11/15/29      40,000        43,435   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.375%, 11/15/44      315,000        342,276   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Buckingham Senior Living Community, Inc. Project), 3.875%, 11/15/20      35,000        35,013   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way), 8.25%, 11/15/44      500,000        498,255   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/44      60,000        62,944   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/49      35,000        36,693   
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 12/15/31      135,000        145,311   
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/38      115,000        142,666   
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/43      95,000        115,090   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 8/15/30      175,000        204,244   
Waco Education Finance Corp. Rev. (Baylor University), 5%, 3/01/43      675,000        735,048   
    

 

 

  
      $ 17,978,467   
U.S. Virgin Islands - 0.1%                 
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 10/01/37    $ 160,000      $ 180,250   
Vermont - 0.2%                 
Burlington, VT, Airport Rev., “A”, AGM, 5%, 7/01/24    $ 10,000      $ 11,381   
Burlington, VT, Airport Rev., “A”, AGM, 5%, 7/01/30      15,000        16,612   

 

12

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Vermont - continued                 
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.75%, 4/01/36 (Put Date 4/02/18)    $ 195,000      $ 197,687   
    

 

 

  
             $ 225,680   
Virginia - 0.4%                 
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/43    $ 165,000      $ 171,166   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/42      275,000        298,152   
    

 

 

  
             $ 469,318   
Washington - 2.6%                 
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 12/01/32    $ 535,000      $ 569,759   
Snohomish County, WA, Public Hospital District No. 3, 5%, 12/01/31      505,000        536,174   
Washington Health Care Facilities Authority Rev. (Highline Medical Center), FHA, 6.25%, 8/01/36 (Prerefunded 8/01/18)      695,000        799,431   
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), “A”, 6.25%, 8/15/42      570,000        615,765   
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 10/01/34      225,000        244,269   
Washington Housing Finance Community Nonprofit Housing Rev. (Heron’s Key Senior Living), “B-3”, 4.375%, 1/01/21      100,000        101,633   
Washington Housing Finance Community Nonprofit Housing Rev. (Rockwood Retirement Communities), 5.125%, 1/01/20      320,000        320,144   
    

 

 

  
             $ 3,187,175   
West Virginia - 0.3%                 
Monongalia County, WV, Building Commission Improvement Rev. (Monongalia Health System Obligated Group), 5%, 7/01/29    $ 30,000      $ 33,822   
Monongalia County, WV, Building Commission Improvement Rev. (Monongalia Health System Obligated Group), 5%, 7/01/30      85,000        95,376   
West Virginia Hospital Finance Authority Hospital Rev. (Thomas Health System), 6.5%, 10/01/38      285,000        296,648   
    

 

 

  
             $ 425,846   
Wisconsin - 0.6%                 
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/26    $ 185,000      $ 209,244   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/28      55,000        61,794   
Wisconsin Public Finance Authority Education Rev. (Pine Lake Prepatory), 5.5%, 3/01/45      45,000        44,870   
Wisconsin Public Finance Authority Healthcare Facility (Church Home of Hartford, Inc. Project), “A” , 5%, 9/01/30      25,000        25,313   
Wisconsin Public Finance Authority Healthcare Facility (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/38      30,000        29,677   
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “B-3”, 3.75%, 11/15/19      40,000        40,121   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/22      105,000        111,160   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/28      95,000        102,004   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/42      60,000        61,727   
    

 

 

  
             $ 685,910   
Total Municipal Bonds            $ 174,725,123   
Floating Rate Demand Notes - 0.1%                 
Lincoln County, WY, Pollution Control Rev. (Exxon Mobil Corp.), “B”, 0.01%, due 9/01/15    $ 200,000      $ 200,000   
Total Investments            $ 174,925,123   
Other Assets, Less Liabilities - (3.8)%              (4,649,690 ) 
ARPS, at liquidation value (issued by the fund) - (0.7)%              (825,000 ) 
VMTPS, at liquidation value (issued by the fund) - (39.4)%              (47,925,000 ) 
Net assets applicable to common shares - 100.0%            $ 121,525,433   

 

(a) Non-income producing security.
(d) In default.
(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $1,189,819 representing 1.0% of net assets applicable to common shares.
(q) Interest received was less than stated coupon rate.
(u) Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.

 

13

Portfolio of Investments (unaudited) – continued

 

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

 

Restricted Securities    Acquisition
Date		      Cost      Value  
Resolution Trust Corp., Pass-Through Certificates, “1993”, 9.75%, 12/01/16      8/27/93         $228,267         $227,413   
% of Net assets applicable to common shares         0.2%   

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

 

ARPS   Auction Rate Preferred Shares
COP   Certificate of Participation
FRN   Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
LOC   Letter of Credit
VMTPS   Variable Rate Municipal Term Preferred Shares

 

Insurers      
AGM    Assured Guaranty Municipal
AMBAC    AMBAC Indemnity Corp.
ASSD GTY    Assured Guaranty Insurance Co.
BHAC    Berkshire Hathaway Assurance Corp.
CALHF    California Health Facility Construction Loan Insurance Program
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
GNMA    Government National Mortgage Assn.
NATL    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
SYNCORA    Syncora Guarantee Inc.

Derivative Contracts at 8/31/15

Futures Contracts at 8/31/15

 

Description    Currency      Contracts      Value    Expiration Date    Unrealized
Appreciation
(Depreciation)		  
Asset Derivatives               
Interest Rate Futures               
U.S. Treasury Bond 30 yr (Short)      USD         9       $1,391,625    December - 2015      $3,625   
              

 

 

  

At August 31, 2015, the fund had cash collateral of $30,600 to cover any commitments for certain derivative contracts.

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

 

14

Supplemental Information

8/31/15 (unaudited)

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

(1) Investment Valuations

Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.

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

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures contracts. The following is a summary of the levels used as of August 31, 2015 in valuing the fund’s assets or liabilities:

 

Investments at Value    Level 1      Level 2      Level 3      Total  
Municipal Bonds      $—         $174,725,123         $—         $174,725,123   
Short Term Securities      —         200,000         —         200,000   
Total Investments      $—         $174,925,123         $—         $174,925,123   
Other Financial Instruments                            
Futures Contracts      $3,625         $—         $—         $3,625   

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

(2) Portfolio Securities

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

 

Aggregate cost      $153,612,369   
Gross unrealized appreciation      14,698,712   
Gross unrealized depreciation      (902,533 ) 
Net unrealized appreciation (depreciation)      $13,796,179   

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

 

15

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

SIGNATURES

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

Registrant: MFS INVESTMENT GRADE MUNICIPAL TRUST

 

By (Signature and Title)*   ROBIN A. STELMACH
  Robin A. Stelmach, President

Date: October 15, 2015

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)*   ROBIN A. STELMACH
 

Robin A. Stelmach, President

(Principal Executive Officer)

Date: October 15, 2015

 

By (Signature and Title)*   DAVID L. DILORENZO
 

David L. DiLorenzo, Treasurer

(Principal Financial Officer and Accounting Officer)

Date: October 15, 2015

 

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