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)

500 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

500 Boylston Street

Boston, Massachusetts 02116

(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, 2012

ITEM 1. SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

August 31, 2012

 

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MFS® INVESTMENT GRADE MUNICIPAL TRUST

 

LOGO

PORTFOLIO OF INVESTMENTS

8/31/12 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - 144.2%                 
Airport Revenue - 4.8%                 
Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 2035    $ 650,000      $ 762,218   
Dallas Fort Worth, TX, International Airport Rev., “D”, 5%, 2038      935,000        1,005,284   
Houston, TX, Airport System Rev., “B”, 5%, 2026      160,000        185,301   
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 2031      140,000        155,595   
Massachusetts Port Authority Rev., “A”, 5%, 2037      35,000        38,686   
Port Authority NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2036      195,000        223,893   
Port Authority NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2042      225,000        257,996   
San Francisco, CA, City & County Airports Commission, International Airport Rev., “D”, 5%, 2025      2,000,000        2,368,020   
San Jose, CA, Airport Rev., “A-2”, 5.25%, 2034      710,000        792,261   
    

 

 

  
             $ 5,789,254   
General Obligations - General Purpose - 4.0%                 
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 2029    $ 855,000      $ 1,005,591   
Commonwealth of Puerto Rico, Public Improvement, “A”, 5.5%, 2039      745,000        775,329   
Las Vegas Valley, NV, Water District, “C”, 5%, 2029      755,000        876,547   
Luzerne County, PA, AGM, 6.75%, 2023      370,000        437,777   
Puerto Rico Public Buildings Authority Rev., Guaranteed (Government Facilities), “F”, 5.25%, 2024      325,000        345,293   
State of California, 5.75%, 2019      70,000        71,883   
State of California, 5.25%, 2028      270,000        319,332   
State of California, 5.25%, 2030      645,000        747,007   
State of Hawaii, “DZ”, 5%, 2031      180,000        214,934   
    

 

 

  
             $ 4,793,693   
General Obligations - Improvement - 0.1%                 
New Orleans, LA, 5%, 2030    $ 45,000      $ 50,598   
New Orleans, LA, 5%, 2031      65,000        72,730   
    

 

 

  
             $ 123,328   
General Obligations - Schools - 3.5%                 
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2031    $ 130,000      $ 60,923   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2032      235,000        104,573   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2033      470,000        197,945   
Chicago, IL, Board of Education, “A”, 5%, 2041      1,000,000        1,086,990   
Frenship, TX, Independent School District, AGM, 5%, 2033      1,000,000        1,086,040   
Los Angeles, CA, Unified School District, “D”, 5%, 2034      95,000        107,385   
Pomona, CA, Unified School District, “A”, NATL, 6.45%, 2022      1,000,000        1,244,200   
West Contra Costa, CA, Unified School District, “B”, NATL, 6%, 2024      250,000        311,575   
    

 

 

  
             $ 4,199,631   
Healthcare Revenue - Hospitals - 21.3%                 
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5.375%, 2040    $ 405,000      $ 337,357   
Brunswick, GA, Hospital Authority Rev. (Glynn-Brunswick Memorial Hospital), 5.625%, 2034      165,000        184,386   
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 2040      105,000        115,674   
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 2039      195,000        222,799   
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 2031      535,000        641,711   
California Statewide Communities Development Authority Rev. (Enloe Medical Center), CALHF, 5.75%, 2038      360,000        390,636   
California Statewide Communities Development Authority Rev. (Kaiser Permanente), “A”, 5%, 2042      325,000        353,587   
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029      355,000        383,815   
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”,
7%, 2027		      205,000        252,357   
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 2035      250,000        312,425   
Health Care Authority for Baptist Health, AL, “D”, 5%, 2021      850,000        904,273   
Illinois Finance Authority Rev. (KishHealth Systems Obligated Group), 5.75%, 2028      380,000        431,490   

 

1

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Hospitals - continued                 
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 2034    $ 400,000      $ 519,712   
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025      460,000        535,629   
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 2038      395,000        473,016   
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “A”, 5.5%, 2030      45,000        48,785   
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 2037      705,000        750,416   
Indiana Health & Educational Financing Authority Rev. (Community Foundation of Northwest Indiana ), “A”, 6%, 2034      150,000        156,764   
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 2031      470,000        544,500   
Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 2036      845,000        896,190   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.375%, 2024      255,000        292,664   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.625%, 2027      85,000        98,260   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”,
6.375%, 2040		      440,000        520,797   
Lake County, OH, Hospital Facilities Rev. (Lake Hospital), “C”, 6%, 2043      265,000        288,248   
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2032      35,000        38,834   
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2037      85,000        92,785   
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2042      180,000        194,963   
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 2034      415,000        445,955   
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036      385,000        403,045   
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2037      45,000        46,300   
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System, Inc.), “A”, 6.75%, 2039      175,000        212,662   
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, 5.5%, 2042      265,000        280,110   
Massachusetts Health & Educational Facilities Authority Rev. (Milford-Whitinsville Regional), “C”, 5.75%, 2013      95,000        95,185   
Massachusetts Health & Educational Facilities Authority Rev. (South Shore Hospital), “F”, 5.75%, 2029      370,000        370,540   
Miami-Dade County, FL, Health Facilities Authority, Hospital Rev. (Variety Children’s Hospital), “A”, 6.125%, 2042      195,000        228,889   
Michigan Finance Authority Rev. (Trinity Health Corp.), 5%, 2035      750,000        841,868   
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), “A”, 5%, 2032      45,000        48,397   
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), “A”, 5%, 2041      35,000        36,863   
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027      445,000        519,279   
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital at Conway), 5.25%, 2036      300,000        301,995   
New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), 5.75%, 2037      415,000        441,925   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 2030      165,000        199,779   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2035      100,000        117,054   
Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039      245,000        274,559   
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), “A”, ASSD GTY, 7%, 2039      855,000        1,010,277   
Richmond, IN, Hospital Authority Rev. (Reid Hospital & Health Center Services), “A”, 6.625%, 2039      525,000        609,509   
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039      230,000        296,295   
Scioto County, OH, Hospital Facilities Rev. (Southern Ohio Medical Center), 5.75%, 2038      555,000        607,736   
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Le Bonheur Healthcare), 5%, 2042      180,000        195,338   
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 2032      535,000        566,613   
South Carolina Jobs & Economic Development Authority (Bon Secours - Venice Healthcare Corp.), 5.5%, 2023      390,000        393,783   
South Dakota Health & Educational Facilities Authority Rev. (Avera Health), “A”, 5%, 2042      95,000        102,656   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 2029      105,000        120,483   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 2039      155,000        177,664   
St. Paul, MN, Housing & Redevelopment Authority Healthcare Facilities Rev. (HealthPartners Obligated Group), 5.25%, 2023      325,000        349,209   
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”,
5.25%, 2026		      1,365,000        1,457,342   
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”,
5.25%, 2036		      135,000        140,908   
Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health Systems, Inc.), “A”,
5.5%, 2046 (a)(d)		      1,000,000        12,500   
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 2032      265,000        282,432   
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 2037      220,000        231,125   
Tyler, TX, Health Facilities Development Corp. (Mother Frances Hospital), 5.5%, 2027      560,000        626,293   
Upland, CA, COP (San Antonio Community Hospital), 6.5%, 2041      85,000        101,099   

 

2

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Hospitals - continued                 
Washington Health Care Facilities Authority Rev. (Highline Medical Center), FHA, 6.25%, 2036    $ 695,000      $ 817,570   
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), “A”, 6.25%, 2042      570,000        629,394   
West Virginia Hospital Finance Authority, Hospital Rev. (Thomas Health System), 6.5%, 2038      285,000        295,217   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.4%, 2033      175,000        179,111   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 2026      185,000        207,620   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 2028      55,000        60,794   
Wisconsin Health & Educational Facilities Authority Rev. (Fort Healthcare, Inc. Project), 5.375%, 2018      385,000        409,713   
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2032      195,000        212,802   
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039      100,000        118,514   
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2034      695,000        725,601   
    

 

 

  
             $ 25,784,076   
Healthcare Revenue - Long Term Care - 6.6%                 
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement Systems,
Inc.), “A”, 7%, 2033		    $ 500,000      $ 376,315   
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”,
6.125%, 2025		      500,000        506,540   
Chartiers Valley, PA, Industrial & Commercial Development Authority Rev. (Friendship Village South), “A”, 5.25%, 2013      500,000        519,190   
Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home), 8.5%, 2032      680,000        684,971   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 2029      570,000        637,682   
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Canterbury Court), “A”, 6.125%, 2034      250,000        255,450   
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 2044      115,000        137,269   
Illinois Finance Authority Rev. (Hoosier Care, Inc.), “A”, 7.125%, 2034      405,000        405,097   
Illinois Finance Authority Rev. (Smith Village), “A”, 6.25%, 2035      500,000        508,160   
Illinois Health Facilities Authority Rev. (Smith Crossing), “A”, 7%, 2032      250,000        252,575   
La Verne, CA, COP (Brethren Hillcrest Homes), “B”, 6.625%, 2025      350,000        356,951   
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community), 6.25%, 2041      190,000        216,524   
Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), “A”, 5.625%, 2015      95,000        95,115   
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.125%, 2028      200,000        203,620   
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035      300,000        304,914   
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.75%, 2025      310,000        315,416   
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.875%, 2037      100,000        100,516   
Pell City, AL, Special Care Facilities, Financing Authority Rev. (Noland Health Services, Inc.), 5%, 2039      140,000        148,712   
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034      85,000        85,713   
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 2045      400,000        446,268   
Suffolk County, NY, Industrial Development Agency, Civic Facilities Rev. (Gurwin Jewish Phase II), 6.7%, 2039      480,000        495,739   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.125%, 2029      40,000        44,367   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.375%, 2044      315,000        344,046   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way),
8.25%, 2044		      500,000        558,680   
    

 

 

  
             $ 7,999,830   
Healthcare Revenue - Other - 0.2%                 
Massachusetts Health & Educational Facilities Authority Rev. (Civic Investments, Inc.), “A”, 9%, 2012 (c)    $ 250,000      $ 259,985   
Human Services - 0.2%                 
Massachusetts Development Finance Agency Rev. (Evergreen Center, Inc.), 5%, 2024    $ 250,000      $ 253,423   
Industrial Revenue - Airlines - 0.2%                 
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 2029    $ 125,000      $ 152,240   
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 2035      95,000        104,312   
    

 

 

  
             $ 256,552   
Industrial Revenue - Chemicals - 0.5%                 
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 2033    $ 590,000      $ 634,586   

 

3

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Industrial Revenue - Environmental Services - 0.7%                 
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “B”, 5.25%, 2023 (b)    $ 135,000      $ 155,399   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 5%, 2022      305,000        333,191   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “C”, 5.125%, 2023      335,000        363,415   
    

 

 

  
             $ 852,005   
Industrial Revenue - Other - 2.1%                 
California Statewide Communities Development Authority Facilities (Microgy Holdings Project), 9%, 2038 (a)(d)    $ 25,246      $ 252   
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 2028      250,000        250,223   
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023      315,000        301,543   
Michigan Strategic Fund Ltd. Obligation Rev. (Michigan Sugar Co., Carrollton), 6.55%, 2025      250,000        231,505   
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 2037      500,000        502,795   
Toledo Lucas County, OH, Authority Port Rev., Facilities (CSX, Inc. Project), 6.45%, 2021      1,000,000        1,254,410   
    

 

 

  
             $ 2,540,728   
Industrial Revenue - Paper - 0.8%                 
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 5.75%, 2027    $ 250,000      $ 261,445   
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 2034      320,000        333,046   
Sabine River, LA, Water Facilities Authority Rev. (International Paper Co.), 6.2%, 2025      310,000        312,843   
    

 

 

  
             $ 907,334   
Miscellaneous Revenue - Entertainment & Tourism - 0.8%                 
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 2030    $ 200,000      $ 233,026   
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040      130,000        148,212   
Cow Creek Band of Umpqua Tribe of Indians, OR, “C”, 5.625%, 2026 (n)      350,000        322,326   
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.75%, 2022 (n)      250,000        271,080   
    

 

 

  
             $ 974,644   
Miscellaneous Revenue - Other - 3.5%                 
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2017    $ 95,000      $ 104,485   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2019      190,000        207,351   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2020      155,000        168,696   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2024      90,000        95,075   
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019      50,000        57,536   
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020      250,000        288,570   
Cleveland-Cuyahoga County, OH, Port Authority Rev., 7%, 2040      95,000        102,918   
Dallas, TX, Civic Center Convention Complex Rev., ASSD GTY, 5.25%, 2034      465,000        521,753   
Massachusetts Port Authority Facilities Rev. (Conrac Project), “A”, 5.125%, 2041      40,000        43,750   
New Orleans, LA, Aviation Board Gulf Opportunity Zone CFC Rev. (Consolidated Rental Car), “A”, 6.25%, 2030      185,000        209,352   
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 2049      435,000        501,764   
New York Liberty Development Corp., Liberty Rev. (World Trade Center Project), 5%, 2031      200,000        230,874   
New York Liberty Development Corp., Liberty Rev. (World Trade Center Project), 5%, 2044      500,000        552,280   
Oklahoma Industries Authority Rev. (Oklahoma Medical Research Foundation Project), 5.5%, 2029      600,000        672,714   
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 2040      35,000        38,160   
Summit County, OH, Port Authority Building Rev. (Seville Project), “A”, 5.1%, 2025      405,000        394,490   
V Lakes Utility District, MS, Water Systems Rev., 7%, 2037      85,000        84,199   
    

 

 

  
             $ 4,273,967   
Multi-Family Housing Revenue - 3.3%                 
Broward County, FL, Housing Finance Authority Rev. (Chaves Lakes Apartments Ltd.), “A”, 7.5%, 2040    $ 500,000      $ 500,215   
Capital Trust Agency, FL, Housing Rev. (Atlantic Housing Foundation), “B”, 7%, 2032 (d)(q)      355,000        159,580   
Charter Mac Equity Issuer Trust, FHLMC, 6.3%, 2019 (n)      500,000        557,195   
District of Columbia Housing Finance Agency (Henson Ridge), “E”, FHA, 5.1%, 2037      500,000        513,705   
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2038      364,461        331,699   
MuniMae TE Bond Subsidiary LLC, 5.5%, 2049 (b)(z)      1,000,000        675,230   

 

4

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Multi-Family Housing Revenue - continued                 
Resolution Trust Corp., Pass-Through Certificates, “1993”, 8.5%, 2016 (z)    $ 227,741      $ 222,614   
Tacoma, WA, Housing Authority Multi-Family Rev. (Redwood/Juniper, Pine Tree Harbor, & Conifer South), GNMA,
5.05%, 2037		      1,040,000        1,067,404   
    

 

 

  
             $ 4,027,642   
Parking - 0.3%                 
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 2036    $ 285,000      $ 320,021   
Port Revenue - 0.1%                 
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.75%, 2035    $ 150,000      $ 162,531   
Sales & Excise Tax Revenue - 5.0%                 
Bolingbrook, IL, Sales Tax Rev., 6.25%, 2024    $ 250,000      $ 158,943   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2029      155,000        182,260   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2030      310,000        362,889   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2031      60,000        70,027   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2040      410,000        466,879   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 2030      560,000        676,228   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2034      480,000        559,646   
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2029      350,000        466,060   
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2031      335,000        445,071   
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 2032      720,000        854,827   
Miami-Dade County, FL, Transit Sales Surtax Rev., 5%, 2037      255,000        287,446   
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0% to 2016, 6.75% to 2032      375,000        387,754   
Tampa Bay, FL, Sports Authority Rev. (Tampa Bay Arena), NATL, 5.75%, 2025      1,000,000        1,148,650   
    

 

 

  
             $ 6,066,680   
Single Family Housing - Local - 0.6%                 
Minneapolis & St. Paul Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 2038    $ 212,971      $ 216,960   
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 2028      500,000        510,710   
    

 

 

  
             $ 727,670   
Single Family Housing - State - 2.0%                 
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 2023    $ 430,000      $ 440,342   
California Housing Finance Agency Rev. (Home Mortgage), “G”, 5.5%, 2042      215,000        224,213   
Colorado Housing & Finance Authority, “A”, 5.5%, 2029      860,000        880,752   
Maine Housing Authority Mortgage, “A-2”, 4.95%, 2027      315,000        318,493   
Montana Board Housing (Single Family Mortgage), “A”, 5%, 2036      585,000        590,277   
    

 

 

  
             $ 2,454,077   
Solid Waste Revenue - 1.3%                 
Delaware County, PA, Industrial Development Authority Rev. (American Ref-Fuel), “A”, 6.1%, 2013    $ 240,000      $ 240,353   
Massachusetts Industrial Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 5.45%, 2012      1,250,000        1,253,738   
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility),
6.25%, 2032		      55,000        62,707   
    

 

 

  
             $ 1,556,798   
State & Agency - Other - 0.1%                 
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.5%, 2037    $ 100,000      $ 103,164   
State & Local Agencies - 5.8%                 
Berkeley County, SC, School District Installment Lease (Securing Assets for Education), 5%, 2028    $ 500,000      $ 524,055   
Dorchester County, SC, School District No. 2, Growth Remedy Opportunity Tax Hike, 5.25%, 2029      250,000        271,573   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “B”, 5.5%, 2013 (c)(f)      500,000        519,445   
Lancaster, SC, Educational Assistance Program, Inc., School District Lancaster County Project, 5%, 2026      550,000        581,427   
Laurens County, SC, School District No. 55, Installment Purchase Rev., 5.25%, 2030      350,000        367,581   

 

5

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
State & Local Agencies - continued                 
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Meharry Medical College), AMBAC, 6%, 2016    $ 1,575,000      $ 1,729,728   
Newberry, SC, Investing in Children’s Education (Newberry County School District Program), 5%, 2030      350,000        365,803   
Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034      105,000        121,407   
Puerto Rico Public Finance Corp., Commonwealth Appropriations, “B”, 6%, 2026      205,000        236,943   
Puerto Rico Public Finance Corp., Commonwealth Appropriations, “B”, 5.5%, 2031      300,000        315,720   
Riverside, MO, Tax Increment Rev. (L-385 Levee Project), 5.25%, 2020      500,000        522,090   
St. Louis, MO, Industrial Development Authority Leasehold Rev. (Convention Center Hotel), Capital Appreciation, AMBAC,
0%, 2018		      300,000        221,829   
Virginia College Building Authority, Educational Facilities Rev. (21st Century College & Equipment), “A”, 5%, 2024      1,000,000        1,218,860   
    

 

 

  
             $ 6,996,461   
Student Loan Revenue - 1.0%                 
Iowa Student Loan Liquidity Corp., “A-2”, 5.5%, 2025    $ 180,000      $ 200,354   
Iowa Student Loan Liquidity Corp., “A-2”, 5.6%, 2026      180,000        200,752   
Iowa Student Loan Liquidity Corp., “A-2”, 5.7%, 2027      15,000        16,762   
Iowa Student Loan Liquidity Corp., “A-2”, 5.75%, 2028      320,000        356,880   
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 2030      335,000        371,686   
    

 

 

  
             $ 1,146,434   
Tax - Other - 2.5%                 
Dallas County, TX, Flood Control District, 7.25%, 2032    $ 500,000      $ 507,310   
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2047      350,000        405,734   
New Jersey Economic Development Authority Rev., 5%, 2025      70,000        78,687   
New Jersey Economic Development Authority Rev., 5%, 2026      35,000        39,159   
New Jersey Economic Development Authority Rev., 5%, 2028      15,000        16,599   
New Jersey Economic Development Authority Rev., 5%, 2029      15,000        16,535   
New York, NY, City Transitional Finance Authority Rev., Future Tax Secured, “A”, 5%, 2026      1,780,000        1,794,222   
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037      160,000        186,427   
    

 

 

  
             $ 3,044,673   
Tax Assessment - 2.7%                 
Atlanta, GA, Tax Allocation (Eastside Project), “A”, 5.625%, 2016    $ 185,000      $ 205,443   
Celebration Community Development District, FL, “A”, 6.4%, 2034      210,000        213,637   
Chicago, IL, Tax Increment Allocation (Pilsen Redevelopment), “B”, 6.75%, 2022      610,000        636,041   
Du Page County, IL, Special Service Area (Monarch Landing Project), 5.4%, 2016      129,000        133,632   
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 2038      130,000        124,690   
Huntington Beach, CA, Community Facilities District, Special Tax (Grand Coast Resort), “2000-1”, 6.45%, 2031      300,000        303,297   
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 2034      225,000        227,918   
Plano, IL, Special Service Area No. 4 (Lakewood Springs Project Unit 5-B), 6%, 2035      717,000        711,744   
Seven Oaks, FL, Community Development District II Special Assessment Rev., “A”, 5.875%, 2035      435,000        331,944   
West Villages Improvement District, FL, Special Assessment Rev. (Unit of Development No. 3), 5.5%, 2037 (a)(d)      470,000        202,100   
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 2037 (a)(d)      480,000        182,400   
    

 

 

  
             $ 3,272,846   
Tobacco - 5.2%                 
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024    $ 1,780,000      $ 1,499,223   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047      425,000        360,829   
Illinois Railsplitter Tobacco Settlement Authority, 5.5%, 2023      150,000        175,233   
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028      1,145,000        1,341,848   
Louisiana Tobacco Settlement Authority Rev., “2001-B”, 5.875%, 2039      300,000        306,681   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041      1,610,000        1,327,992   
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B”, 5.25%, 2037      65,000        68,857   

 

6

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Tobacco - continued                 
Tobacco Securitization Authority, Minnesota Tobacco Settlement Rev., “B”, 5.25%, 2031    $ 675,000      $ 759,206   
Washington Tobacco Settlement Authority Rev., 6.625%, 2032      460,000        477,595   
    

 

 

  
             $ 6,317,464   
Toll Roads - 4.0%                 
Mid-Bay Bridge Authority, FL, Springing Lien Rev., “A”, 7.25%, 2040    $ 175,000      $ 220,180   
North Texas Tollway Authority Rev., 6%, 2038      620,000        722,728   
North Texas Tollway Authority Rev. (Special Projects System), “D”, 5%, 2031      1,000,000        1,157,360   
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., Capital Appreciation, “A”, NATL, 0%, 2015      2,000,000        1,843,720   
Triborough Bridge & Tunnel Authority Rev., NY, “A”, 5%, 2025      235,000        284,869   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.25%, 2032      105,000        114,496   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 2037      175,000        200,274   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 2042      275,000        302,346   
    

 

 

  
             $ 4,845,973   
Transportation - Special Tax - 6.5%                 
Arizona Transportation Board Highway Rev., “B”, 5%, 2031    $ 1,000,000      $ 1,139,230   
Kentucky Turnpike Authority, Economic Development Rev., “A”, 5%, 2030      1,000,000        1,182,840   
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Rev., 5%, 2036      2,000,000        2,274,640   
Regional Transportation Authority, IL, “C”, FGIC, 7.75%, 2020      1,000,000        1,236,360   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 2028      405,000        486,547   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 2029      405,000        484,340   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 2030      385,000        458,331   
State of Hawaii, Highway Rev., “A”, 5%, 2030      305,000        363,557   
State of Hawaii, Highway Rev., “A”, 5%, 2031      120,000        142,385   
State of Hawaii, Highway Rev., “A”, 5%, 2032      80,000        94,490   
    

 

 

  
             $ 7,862,720   
Universities - Colleges - 25.3%                 
California Educational Facilities Authority Rev. (California Lutheran University), 5.75%, 2038    $ 350,000      $ 377,815   
California Educational Facilities Authority Rev. (Chapman University), 5%, 2031      135,000        149,141   
California Educational Facilities Authority Rev. (Claremont Graduate University), “A”, 5%, 2042      530,000        548,486   
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 2036      75,000        90,508   
California Educational Facilities Authority Rev. (University of Southern California), “A”, 5.25%, 2038      535,000        613,474   
California Municipal Finance Authority Rev. (Biola University), 5.8%, 2028      100,000        110,479   
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 2040      70,000        80,436   
California State University Rev., “A”, 5%, 2037      805,000        913,675   
District of Columbia Rev. (Georgetown University), Capital Appreciation, BHAC, 0% to 2018, 5% to 2040      1,430,000        1,164,592   
Douglas County, NE, Educational Facilities Rev. (Creighton University), “A”, 5.875%, 2040      645,000        745,149   
Grand Valley, MI, State University Rev., 5.5%, 2027      115,000        129,669   
Grand Valley, MI, State University Rev., 5.625%, 2029      55,000        61,772   
Harris County, TX, Cultural Education Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 2032      490,000        547,776   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 2025      130,000        150,120   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 2026      95,000        109,147   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 2028      20,000        22,763   
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2031      335,000        321,292   
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2036      335,000        311,754   
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029      545,000        614,836   
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039      125,000        140,876   
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 2051      145,000        161,059   
Indiana University Rev., “A”, 5%, 2029      80,000        98,194   
Indiana University Rev., “A”, 5%, 2030      45,000        54,624   
Indiana University Rev., “A”, 5%, 2031      45,000        54,365   
Indiana University Rev., “A”, 5%, 2032      45,000        54,149   
Indiana University Rev., “A”, 5%, 2037      130,000        152,045   

 

7

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Universities - Colleges - continued                 
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 2030    $ 100,000      $ 106,309   
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 2039      100,000        105,806   
Massachusetts Development Finance Agency Rev. (Simmons College), SYNCORA, 5.25%, 2026      125,000        145,949   
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029      225,000        266,621   
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030      415,000        483,404   
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 5.75%, 2039      370,000        414,145   
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), “A”, 5.75%, 2028      125,000        140,518   
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 7.5%, 2032      460,000        561,499   
New York Dormitory Authority Rev. (Columbia University), 5%, 2038 (u)      15,000,000        17,140,950   
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), “A”, 5.25%, 2027      45,000        48,461   
San Leanna, TX, Educational Facilities Corp., Higher Education Rev. (St. Edwards University), 5.125%, 2036      115,000        119,069   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2030      175,000        206,175   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2031      75,000        87,712   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2032      75,000        87,455   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2037      135,000        154,555   
Tulsa, OK, Industrial Authority Rev. (University of Tulsa), 6%, 2027      535,000        629,090   
University of Minnesota, “A”, ETM, 5.75%, 2014 (c)      500,000        545,755   
University of Southern Indiana Rev. (Student Fee), “J”, ASSD GTY, 5.75%, 2028      210,000        261,515   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.25%, 2032      190,000        218,831   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.375%, 2036      65,000        74,576   
Waco Education Finance Corp. Rev. (Baylor University), 5%, 2043      675,000        768,987   
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 2034      225,000        251,188   
    

 

 

  
             $ 30,596,766   
Universities - Dormitories - 1.6%                 
Bowling Green, OH, Student Housing Rev. (State University Project), 6%, 2045    $ 285,000      $ 310,510   
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project),
5.625%, 2033		      500,000        516,490   
California Statewide Communities Development Authority Rev. (Student Housing, SUCI East Campus), 6%, 2040      220,000        239,382   
Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 2031      390,000        453,352   
Pennsylvania Higher Educational Facilities Authority Rev. (East Stroudsburg University), 5%, 2042      200,000        207,720   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 2030      65,000        73,344   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 6%, 2043      85,000        95,464   
    

 

 

  
             $ 1,896,262   
Universities - Secondary Schools - 1.1%                 
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 2040    $ 100,000      $ 112,464   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 2045      70,000        78,964   
Colorado Educational & Cultural Facilities Authority Rev. (Academy of Charter Schools Project), 5.625%, 2040      230,000        250,548   
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 4%, 2027      25,000        24,833   
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 2037      40,000        40,968   
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 2039      150,000        172,433   
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 2041      385,000        454,450   
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 4.875%, 2032      60,000        62,620   
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 2042      150,000        157,677   
    

 

 

  
             $ 1,354,957   
Utilities - Cogeneration - 0.5%                 
Pennsylvania Economic Development Financing Authority Rev., Resource Recovery Rev. (Colver), “G”, 5.125%, 2015    $ 225,000      $ 230,879   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Central Facilities (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 2026      320,000        320,150   
    

 

 

  
             $ 551,029   
Utilities - Investor Owned - 7.5%                 
Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), “C”, 6.75%, 2038    $ 270,000      $ 33,877   
Chula Vista, CA, Industrial Development Rev. (San Diego Gas), 5.875%, 2034      195,000        230,125   

 

8

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Utilities - Investor Owned - continued                 
Clark County, NV, Industrial Development Rev. (Southwest Gas Corp. Project), “E”, 5.8%, 2038 (b)    $ 250,000      $ 255,570   
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 2040      400,000        446,728   
Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 2039      410,000        475,662   
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)      70,000        84,337   
Matagorda County, TX, Navigation District 1 (Houston Lighting), AMBAC, 5.125%, 2028      2,000,000        2,317,600   
Mississippi Business Finance Corp., Pollution Control Rev. (Systems Energy Resources Project), 5.875%, 2022      1,000,000        1,002,020   
New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of New Hampshire), “B”, NATL, 4.75%, 2021      250,000        262,413   
Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039      495,000        591,466   
Petersburg, IN, Pollution Control Rev. (Indianapolis Power & Light), NATL, 5.4%, 2017      2,500,000        2,907,725   
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), 5.75%, 2029      485,000        517,529   
    

 

 

  
             $ 9,125,052   
Utilities - Municipal Owned - 3.3%                 
Long Island, NY, Power Authority, “A”, 5%, 2038    $ 670,000      $ 743,914   
Metropolitan Government of Nashville & Davidson County, TN, Electrical Rev., “A”, 5%, 2036      1,000,000        1,169,490   
New York Power Authority Rev., “ A”, 5%, 2038      1,000,000        1,154,370   
Puerto Rico Electric Power Authority, Power Rev., “A”, 5%, 2042      330,000        335,099   
Sacramento, CA, Municipal Utility District, “X”, 5%, 2028      335,000        392,071   
Salt River, AZ, Project Agricultural Improvement & Power District Electric, “A”, 5%, 2032      190,000        217,841   
    

 

 

  
             $ 4,012,785   
Utilities - Other - 3.7%                 
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 2026    $ 120,000      $ 135,452   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 2028      250,000        283,548   
Indiana Bond Bank Special Program, Gas Rev., “A”, 5.25%, 2018      190,000        223,423   
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038      425,000        538,764   
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2032      795,000        844,107   
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2037      790,000        841,737   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2017      180,000        200,479   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022      205,000        225,570   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023      300,000        331,107   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026      610,000        667,066   
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2025      185,000        196,790   
    

 

 

  
             $ 4,488,043   
Water & Sewer Utility Revenue - 11.5%                 
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 2022    $ 290,000      $ 366,282   
California Department of Water Resources, Center Valley Project Rev., “AJ”, 5%, 2035      1,000,000        1,194,080   
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 5.75%, 2037      430,000        456,806   
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2038      505,000        533,836   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2028      125,000        150,599   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2029      120,000        143,401   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2030      75,000        89,031   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2031      15,000        17,688   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2041      340,000        385,322   
East Bay, CA, Municipal Utility District, Water System Rev., “A”, 5%, 2028      1,500,000        1,811,445   
Fulton County, GA, Water & Sewer Rev., 5%, 2026      320,000        379,744   
Fulton County, GA, Water & Sewer Rev., 5%, 2027      215,000        254,607   
Houston, TX, Utility System Rev., “D”, 5%, 2036      355,000        405,520   
Indiana Finance Authority Rev. (State Revolving Fund Program), “A”, 5%, 2029      1,000,000        1,212,040   
Massachusetts Water Resources Authority, “B”, AGM, 5.25%, 2029      600,000        797,814   
Metropolitan Water District of Salt Lake & Sandy (Water Rev. Project), “A”, 5%, 2037      215,000        250,533   
New York Environmental Facilities Corp., Municipal Water Finance Authority Project, 5%, 2025      200,000        246,434   
New York Environmental Facilities, “C”, 5%, 2041      255,000        292,913   
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “AA”, 5%, 2034      1,610,000        1,859,421   

 

9

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Water & Sewer Utility Revenue - continued                 
North Texas Municipal Water District, Water System Rev., 4%, 2031    $ 1,000,000      $ 1,071,770   
Orange County, CA, Sanitation District, Wastewater Rev., “A”, 4%, 2033      750,000        818,100   
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 2036      1,000,000        1,118,120   
    

 

 

  
             $ 13,855,506   
Total Municipal Bonds            $ 174,428,590   
Floating Rate Demand Notes - 0.6%                 
Lincoln County, WY, Pollution Control Rev. (Exxon Mobil Corp.), 0.16%, due 9/04/12    $ 400,000      $ 400,000   
Lincoln County, WY, Pollution Control Rev. (Exxon Mobil Corp.), “B”, 0.16%, due 9/04/12      400,000        400,000   
Total Floating Rate Demand Notes            $ 800,000   
Money Market Funds - 0.1%                 
MFS Institutional Money Market Portfolio, 0.16%, at Net Asset Value (v)      112,285      $ 112,285   
Total Investments            $ 175,340,875   
Other Assets, Less Liabilities - (4.6)%              (5,619,363 ) 
Preferred shares (Issued by the Fund) - (40.3)%              (48,750,000 ) 
Net assets applicable to common shares - 100.0%            $ 120,971,512   

 

(a) Non-income producing security.
(b) Mandatory tender date is earlier than stated maturity date.
(c) Refunded bond.
(d) In default. Interest and/or scheduled principal payment(s) have been missed.
(f) All or a portion of the security has been segregated as collateral for open futures contracts.
(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 $1,150,601 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.
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(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  
MuniMae TE Bond Subsidiary LLC, 5.5%, 2049    11/02/05      $1,000,000         $675,230   
Resolution Trust Corp., Pass-Through Certificates, “1993”, 8.5%, 2016    8/27/93      229,373         222,614   
Total Restricted Securities            $897,844   
% of Net assets applicable to common shares            0.7%   

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

 

COP   Certificate of Participation
ETM   Escrowed to Maturity
LOC   Letter of Credit

 

10

Portfolio of Investments (unaudited) – continued

 

 

Insurers      
AGM    Assured Guaranty Municipal
AMBAC    AMBAC Indemnity Corp.
ASSD GTY    Assured Guaranty Insurance Co.
BHAC    Berkshire Hathaway Assurance Corp.
CALHF    California Housing Finance Agency
FGIC    Financial Guaranty Insurance Co.
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
GNMA    Government National Mortgage Assn.
NATL    National Public Finance Guarantee Corp.
SYNCORA    Syncora Guarantee Inc.

Derivative Contracts at 8/31/12

Futures Contracts Outstanding at 8/31/12

 

Description    Currency      Contracts      Value    Expiration Date    Unrealized
Appreciation
(Depreciation)		  
Liability Derivatives               
Interest Rate Futures Contracts               
U.S. Treasury Note 10 yr (Short)      USD         90       $12,034,688    December - 2012      $(90,315 ) 
U.S. Treasury Bond 30 yr (Short)      USD         31       4,693,594    December - 2012      (62,109 ) 
              

 

 

  
                 $(152,424 ) 
              

 

 

  

At August 31, 2012, the fund had liquid securities with an aggregate value of $235,828 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.

 

11

Supplemental Information

8/31/12 (unaudited)

(1) Investment Valuations

Debt instruments and floating rate loans (other than short-term instruments), 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 generally are 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. Open-end investment companies are generally valued at net asset value per share. 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, 2012 in valuing the fund’s assets or liabilities:

 

Investments at Value    Level 1      Level 2      Level 3      Total  
Municipal Bonds      $—         $174,428,590         $—         $174,428,590   
Short Term Securities      —         800,000         —         800,000   
Mutual Funds      112,285         —         —         112,285   
Total Investments      $112,285         $175,228,590         $—         $175,340,875   
Other Financial Instruments                            
Futures Contracts      $(152,424 )       $—         $—         $(152,424 ) 

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      $151,753,591   
Gross unrealized appreciation      $17,904,661   
Gross unrealized depreciation      (1,863,952 ) 
Net unrealized appreciation (depreciation)      $16,040,709   

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

 

12

Supplemental Information (unaudited) – continued

 

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be an affiliated issuer:

 

Underlying Affiliated Fund    Beginning
Shares/Par
Amount		      Acquisitions
Shares/Par
Amount		      Dispositions
Shares/Par
Amount		      Ending
Shares/Par
Amount		  
MFS Institutional Money Market Fund      506,758         20,571,940         (20,966,413 )       112,285   
Underlying Affiliated Fund    Realized
Gain (Loss)		      Capital Gain
Distributions		      Dividend
Income		      Ending
Value		  
MFS Institutional Money Market Fund      $—         $—         $1,136         $112,285   

(4) Subsequent Event

On September 12, 2012, the fund issued 1,917 of Variable Rate Municipal Term Preferred Shares (VMTP) at a stated value of $25,000 per share. Proceeds from the issuance of VMTP shares were used to redeem 98.3% of the fund’s outstanding Auction Rate Preferred Shares (ARPS) at a price equal to 95% of the ARPS’ per share liquidation preference of $25,000, or $23,750 per share, plus any unpaid dividends.

 

13

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)*    JOHN M. CORCORAN
  John M. Corcoran, President

Date: October 17, 2012

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)*    JOHN M. CORCORAN
  John M. Corcoran, President (Principal Executive Officer)

Date: October 17, 2012

 

By (Signature and Title)*    DAVID L. DILORENZO
  David L. DiLorenzo, Treasurer (Principal Financial Officer and Accounting Officer)

Date: October 17, 2012

 

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