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

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ITEM 1.

SCHEDULE OF INVESTMENTS.

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QUARTERLY REPORT

August 31, 2015

 

 

MFS® INVESTMENT GRADE MUNICIPAL TRUST

 

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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

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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

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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

 

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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

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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

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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

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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

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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.

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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.

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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.