MFS HIGH INCOME 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 811-05754

MFS HIGH INCOME MUNICIPAL TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Susan S. Newton

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: February 28, 2013

ITEM 1. SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

February 28, 2013

 

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MFS® HIGH INCOME MUNICIPAL TRUST

 

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PORTFOLIO OF INVESTMENTS

2/28/13 (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 - 152.2%   
Airport Revenue - 5.5%   
Burlington, VT, Airport Rev., “A”, 4%, 2028    $ 110,000      $ 107,270   
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 2027      210,000        242,229   
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 2028      205,000        234,436   
Denver, CO, City & County Airport Systems Rev., “B”, 5%, 2032      410,000        476,646   
Denver, CO, City & County Airport, “B”, ETM, 6.125%, 2025 (c)      2,840,000        2,848,208   
Denver, CO, City & County Airport, “C”, ETM, 6.125%, 2025 (c)      2,280,000        3,106,774   
Houston, TX, Airport System Rev., “B”, 5%, 2026      210,000        246,632   
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 2031      195,000        218,579   
Miami-Dade County, FL, Aviation Rev., “A”, 5%, 2031      225,000        256,172   
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2036      315,000        372,888   
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2042      360,000        422,395   
San Jose, CA, Airport Rev., “A-2”, 5.25%, 2034      960,000        1,070,534   
    

 

 

  
      $ 9,602,763   
General Obligations - General Purpose - 3.5%                 
Allegheny County, PA, “C-70”, 5%, 2037    $ 340,000      $ 379,977   
Bellwood, IL, General Obligation, 5.875%, 2027      200,000        198,520   
Bellwood, IL, General Obligation, 6.15%, 2032      300,000        296,589   
Chicago, IL, Metropolitan Water Reclamation District-Greater Chicago, “C”, 5%, 2030      1,000,000        1,181,350   
Las Vegas Valley, NV, Water District, “C”, 5%, 2029      1,175,000        1,370,555   
Luzerne County, PA, AGM, 6.75%, 2023      570,000        667,664   
State of California, 5.25%, 2028      425,000        513,574   
State of California, 5.25%, 2030      1,005,000        1,193,226   
State of Hawaii, “DZ”, 5%, 2031      255,000        302,996   
    

 

 

  
      $ 6,104,451   
General Obligations - Improvement - 0.1%                 
Guam Government, “A”, 7%, 2039    $ 110,000      $ 123,973   
General Obligations - Schools - 1.0%                 
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2031    $ 350,000      $ 182,483   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2032      355,000        176,960   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2033      715,000        341,105   
Frisco, TX, Independent School District, School Building, “B”, 3%, 2042      285,000        267,433   
Los Angeles, CA, Unified School District, “D”, 5%, 2034      210,000        237,111   
San Jacinto, TX, Community College District, 5.125%, 2038      550,000        625,251   
    

 

 

  
      $ 1,830,343   
Healthcare Revenue - Hospitals - 34.5%                 
Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), “A”, 5.375%, 2029    $ 560,000      $ 646,262   
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028      75,000        63,653   
Arizona Health Facilities Authority Hospital Rev. (Phoenix Children’s Hospital), “B”, 5%, 2043      135,000        146,177   
Arizona Health Facilities Authority Hospital Rev. (Phoenix Children’s Hospital), “B”, 5%, 2048      585,000        626,997   
Brunswick, GA, Hospital Authority Rev. (Glynn-Brunswick Memorial Hospital), 5.625%, 2034      220,000        244,207   
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.5%, 2040      750,000        832,913   
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 2040      165,000        186,189   
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 2039      125,000        146,541   
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 2042      1,000,000        1,067,600   
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 2031      835,000        1,007,068   
California Statewide Communities Development Authority Rev. (Catholic Healthcare West), “K”, ASSD GTY, 5.5%, 2041      1,545,000        1,710,979   
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029      75,000        81,556   
Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 2016 (c)      835,000        914,859   

 

1

Portfolio of Investments (unaudited) – continued

 

Issuer   Shares/Par     Value ($)  
   
Municipal Bonds - continued                
Healthcare Revenue - Hospitals - continued                
Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 2026 (c)   $ 1,000,000      $ 1,107,990   
Duluth, MN, Economic Development Authority Health Care Facilities Rev. (St. Luke’s Hospital Authority Obligated Group), 5.75%, 2027     170,000        184,617   
Duluth, MN, Economic Development Authority Health Care Facilities Rev. (St. Luke’s Hospital Authority Obligated Group), 5.75%, 2032     375,000        402,844   
Duluth, MN, Economic Development Authority Health Care Facilities Rev. (St. Luke’s Hospital Authority Obligated Group), 6%, 2039     445,000        483,177   
Gallia County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 2042     1,195,000        1,388,674   
Harris County, TX, Cultural Education Facilities Finance Corp. Medical Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 2032     330,000        366,082   
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 2035     235,000        292,187   
Idaho Health Facilities Authority Rev. (IHC Hospitals, Inc.), ETM, 6.65%, 2021 (c)     1,750,000        2,369,483   
Illinois Finance Authority Rev. (Advocate Healthcare), 4%, 2047     390,000        390,577   
Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031     505,000        528,654   
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 2034     620,000        782,676   
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 2038     615,000        737,342   
Indiana Health & Educational Facilities Finance Authority Rev. (Sisters of St. Francis Health Services, Inc.), “E”, AGM, 5.25%, 2041     145,000        153,916   
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Clarian Health), “A”, 5%, 2039     2,255,000        2,429,357   
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 2037     1,220,000        1,333,850   
Indiana Health & Educational Financing Authority Rev. (Community Foundation of Northwest Indiana ), “A”, 6%, 2034     575,000        612,174   
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 2031     380,000        444,980   
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 2041     240,000        282,038   
Johnson City, TN, Health & Educational Facilities Board, Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 2031     1,455,000        1,571,051   
Johnson City, TN, Health & Educational Facilities Board, Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 2036     535,000        572,418   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.375%, 2024     375,000        430,995   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.625%, 2027     125,000        143,259   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040     735,000        881,530   
Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 2037     65,000        71,198   
Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 2042     130,000        140,834   
Lake County, OH, Hospital Facilities Rev. (Lake Hospital Systems, Inc.), 5.625%, 2029     565,000        632,354   
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2032     50,000        55,881   
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2037     125,000        136,529   
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2042     250,000        269,403   
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 2034     1,125,000        1,212,480   
Louisville & Jefferson County, KY, Metro Government Health Facilities Rev. (Jewish Hospital & St. Mary’s Healthcare), 6.125%, 2018 (c)     1,685,000        2,119,477   
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036     420,000        446,792   
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2037     75,000        77,544   
Maine Health & Higher Educational Facilities Authority Rev. (Eastern Maine Medical Center Obligated Group), 5%, 2043     230,000        250,705   
Martin County, FL, Health Facilities Authority Rev. (Martin Memorial Medical Center), 5.5%, 2042     380,000        424,445   
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System, Inc.), “A”, 6.75%, 2039     945,000        1,147,041   
Massachusetts Development Finance Agency Rev. (Tufts Medical Center), “I”, 7.25%, 2032     555,000        694,577   
Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), “E”, 6.75%, 2033     500,000        506,095   
Michigan Finance Authority Rev. (Trinity Health Corp.), 5%, 2035     1,250,000        1,423,350   
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), “A”, 5%, 2032     65,000        70,290   
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), “A”, 5%, 2041     45,000        47,936   
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031     155,000        159,790   
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2036     800,000        820,200   
Nassau County, NY, Local Economic Assistance Corp. Rev. (Winthrop-University Hospital Association Project), 5%, 2032     105,000        116,198   
Nassau County, NY, Local Economic Assistance Corp. Rev. (Winthrop-University Hospital Association Project), 5%, 2037     205,000        221,142   
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027     745,000        869,661   
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital at Conway), 5.25%, 2036     800,000        809,904   
New Hanover County, NC, Hospital Rev., AGM, 5.125%, 2031     1,130,000        1,248,119   
New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), 5.75%, 2037     700,000        760,256   
New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5%, 2017     260,000        260,403   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 2030     245,000        292,395   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2035     150,000        174,231   
Norman, OK, Regional Hospital Authority Rev., 5%, 2027     195,000        204,902   
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2029     115,000        120,253   

 

2

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Hospitals - continued                 
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2036    $ 305,000      $ 315,916   
North Carolina Medical Care Commission (Stanly Health Services, Inc.), 6.375%, 2029      1,915,000        1,922,737   
Olympia, WA, Healthcare Facilities Authority Rev. (Catholic Health Initiatives), “D”, 6.375%, 2036      1,405,000        1,731,747   
Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039      1,125,000        1,289,981   
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), “A”, ASSD GTY, 7%, 2039      840,000        984,026   
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039      660,000        835,685   
Salida, CO, Hospital District Rev., 5.25%, 2036      889,000        908,682   
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 2032      120,000        128,174   
South Dakota Health & Educational Facilities Authority Rev. (Avera Health), “A”, 5%, 2042      135,000        145,858   
South Dakota Health & Educational Facilities Authority Rev. (Sanford), “E”, 5%, 2037      110,000        120,394   
South Dakota Health & Educational Facilities Authority Rev. (Sanford), “E”, 5%, 2042      375,000        406,335   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), 6.375%, 2034      500,000        515,000   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 2029      175,000        201,322   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 2039      100,000        114,923   
Southeastern Ohio Port Authority, Hospital Facilities Rev. (Memorial Health System), 5.75%, 2032      380,000        420,888   
Southeastern Ohio Port Authority, Hospital Facilities Rev. (Memorial Health System), 6%, 2042      305,000        338,443   
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2036      225,000        238,889   
Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health Systems, Inc.), “A”, 5.5%, 2046 (a)(d)      475,000        1,183   
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 2032      290,000        311,486   
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 2037      235,000        249,100   
Washington Health Care Facilities Authority Rev. (Multicare Health Systems), “B”, ASSD GTY, 6%, 2039      560,000        647,119   
Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 2033      1,395,000        1,603,078   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.4%, 2033      525,000        527,368   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 2026      250,000        284,938   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 2028      75,000        83,493   
Wisconsin Health & Educational Facilities Authority Rev. (Fort Healthcare, Inc.), 5.75%, 2029      1,000,000        1,044,240   
Wisconsin Health & Educational Facilities Authority Rev. (Meritor Hospital), “A”, 5.5%, 2031      920,000        1,046,022   
Wisconsin Health & Educational Facilities Authority Rev. (Meritor Hospital), “A”, 6%, 2041      605,000        697,559   
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2034      865,000        922,384   
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “A”, 5.25%, 2025      500,000        509,080   
Wood County, OH, Hospital Facilities Rev. (Wood County Hospital Project), 5%, 2037      180,000        190,222   
Wood County, OH, Hospital Facilities Rev. (Wood County Hospital Project), 5%, 2042      180,000        189,635   
    

 

 

  
      $ 60,275,164   
Healthcare Revenue - Long Term Care - 16.3%   
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement Systems, Inc.), “A”, 5.9%, 2025    $ 964,000      $ 778,256   
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement Systems, Inc.), “A”, 7%, 2033      500,000        403,765   
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.125%, 2025      1,000,000        1,014,950   
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2027      120,000        123,296   
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2037      155,000        156,891   
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 2027      20,000        22,474   
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 2032      25,000        27,677   
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 2042      70,000        76,236   
Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home), 8.5%, 2032      1,445,000        1,404,265   
Colorado Health Facilities Authority Rev. (American Baptist Homes), “A”, 5.9%, 2037      530,000        536,715   
Colorado Health Facilities Authority Rev. (Christian Living Communities Project), 5.125%, 2030      40,000        43,069   
Colorado Health Facilities Authority Rev. (Christian Living Communities Project), 5.25%, 2037      55,000        58,674   
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), 5%, 2035      1,400,000        1,450,246   

 

3

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Long Term Care - continued                 
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 5.25%, 2041    $ 355,000      $ 364,045   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 2029      890,000        999,586   
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Canterbury Court), “A”, 6.125%, 2034      750,000        764,963   
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 8.75%, 2029      105,000        125,179   
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 2044      180,000        215,419   
Houston, TX, Health Facilities Development Corp. (Buckingham Senior Living Community), “A”, 7.125%, 2014 (c)      500,000        537,145   
Howard County, MD, Retirement Facilities Rev. (Vantage House Corp.), “A”, 5.25%, 2033      250,000        248,763   
Illinois Finance Authority Rev. (Evangelical Retirement Homes of Greater Chicago, Inc.), 7.25%, 2045      1,050,000        1,164,408   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 4.75%, 2033      245,000        244,983   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.125%, 2043      265,000        271,002   
Illinois Finance Authority Rev. (Lutheran Home & Services), 5.625%, 2042      230,000        240,647   
Illinois Finance Authority Rev. (Smith Village), “A”, 6.25%, 2035      1,250,000        1,274,625   
Illinois Health Facilities Authority Rev. (Smith Crossing), “A”, 7%, 2032      725,000        730,510   
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “B”, 5.75%, 2018      365,000        365,840   
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “B”, 5.75%, 2028      1,475,000        1,477,596   
Kentucky Economic Development Finance Authority Health Care Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 2042      170,000        173,137   
Kentucky Economic Development Finance Authority Health Care Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 2045      95,000        96,634   
La Verne, CA, COP (Brethren Hillcrest Homes), “B”, 6.625%, 2025      655,000        662,683   
Marion, IA, Health Care Facilities Rev., First Mortgage (AHF/Kentucky-Iowa, Inc.), 8%, 2029      514,000        525,729   
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 2037      895,000        945,541   
Massachusetts Development Finance Agency Rev. (Alliance Health of Brockton, Inc.), “A”, 7.1%, 2032      1,115,000        1,115,245   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 2031      168,995        138,422   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 2039      42,309        32,677   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-2”, 5.5%, 2046      11,291        7,581   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 2056      56,165        798   
Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), “A”, 5.625%, 2015      190,000        190,251   
Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), “A”, 6.9%, 2032      100,000        101,145   
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.75%, 2039      100,000        47,606   
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.875%, 2044      150,000        71,391   
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board, First Mortgage, 8.5%, 2029      1,028,000        1,040,089   
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.), 5%, 2028      440,000        495,906   
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.), 5%, 2029      165,000        183,483   
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.125%, 2028      250,000        254,675   
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035      750,000        762,983   
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.75%, 2025      205,000        208,665   
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.875%, 2037      830,000        836,682   
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2026      50,000        52,037   
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6.125%, 2035      140,000        140,826   
Pell City, AL, Special Care Facilities, Financing Authority Rev. (Noland Health Services, Inc.), 5%, 2039      225,000        240,415   
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034      350,000        367,560   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2032      260,226        181,229   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2047      238,838        155,462   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), Capital Appreciation, “B”, 0%, 2047      111,525        2,212   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), Capital Appreciation, “B”, 0%, 2047      102,359        2,030   
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 2045      780,000        887,671   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.125%, 2029      65,000        72,957   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 5.125%, 2037      65,000        66,061   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.375%, 2044      525,000        580,676   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way), 8.25%, 2044      980,000        1,102,843   
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 2042      110,000        120,443   
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 2046      85,000        92,944   
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030      110,000        132,052   

 

4

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Long Term Care - continued                 
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 2040    $ 165,000      $ 196,901   
Washington County, PA, Industrial Development Authority Rev., First Mortgage (AHF/Central Project), 8.5%, 2029      1,052,000        1,061,436   
    

 

 

  
      $ 28,468,303   
Industrial Revenue - Airlines - 3.1%                 
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 2029    $ 255,000      $ 320,038   
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 2035      190,000        211,905   
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 2032      470,000        491,056   
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc. Terminal E project), 6.75%, 2029      500,000        501,265   
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc. Terminal E project), 7%, 2029      250,000        250,670   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 4.875%, 2019      850,000        872,678   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.125%, 2023      455,000        467,103   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 2029 (b)      455,000        463,627   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 9%, 2033      750,000        770,183   
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031 (d)      1,005,000        1,137,108   
    

 

 

  
      $ 5,485,633   
Industrial Revenue - Chemicals - 0.9%                 
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 2033    $ 600,000      $ 650,148   
Port of Bay, TX, City Authority (Hoechst Celanese Corp.), 6.5%, 2026      840,000        840,983   
    

 

 

  
      $ 1,491,131   
Industrial Revenue - Environmental Services - 2.2%                 
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “B”, 5.25%, 2023 (b)    $ 270,000      $ 307,903   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “C”, 5.125%, 2023      845,000        908,629   
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 6.25%, 2025 (b)      450,000        467,766   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “A”, 4.875%, 2027      260,000        269,451   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “C”, 5.25%, 2042      870,000        905,975   
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 5.25%, 2042      890,000        926,802   
    

 

 

  
      $ 3,786,526   
Industrial Revenue - Other - 2.2%                 
Annawan, IL, Tax Increment Rev. (Patriot Renewable Fuels LLC), 5.625%, 2018    $ 310,000      $ 287,510   
California Statewide Communities Development Authority Facilities (Microgy Holdings Project), 9%, 2038 (a)(d)      63,113        631   
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 2025      345,000        354,691   
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 2028      500,000        500,555   
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023      585,000        585,608   
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 2037      1,500,000        1,518,720   
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 2040 (b)      465,000        513,318   
    

 

 

  
      $ 3,761,033   
Industrial Revenue - Paper - 1.6%                 
Courtland, AL, Industrial Development Board Rev. (International Paper Co.), “B”, 6.25%, 2025    $ 1,000,000      $ 1,012,620   
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 5%, 2026      1,270,000        1,274,242   
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 4.75%, 2030      370,000        370,248   
Phenix City, AL, Industrial Development Board Environmental Improvement Rev. (MeadWestvaco Coated Board Project), “A”, 4.125%, 2035      200,000        196,138   
    

 

 

  
      $ 2,853,248   
Miscellaneous Revenue - Entertainment & Tourism - 1.1%                 
Agua Caliente Band of Cahuilla Indians, CA, Rev., 5.6%, 2013 (n)    $ 230,000      $ 230,764   
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 2030      155,000        185,975   
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040      100,000        120,151   
Cow Creek Band of Umpqua Tribe of Indians, OR, “C”, 5.625%, 2026 (n)      800,000        760,272   
Louisiana Stadium & Exposition District Rev., “A”, 5%, 2031      60,000        68,972   

 

5

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Miscellaneous Revenue - Entertainment & Tourism - continued                 
Louisiana Stadium & Exposition District Rev., “A”, 5%, 2036    $ 185,000      $ 210,232   
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.25%, 2027 (n)      365,000        395,131   
    

 

 

  
      $ 1,971,497   
Miscellaneous Revenue - Other - 5.0%                 
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2024    $ 395,000      $ 429,681   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5%, 2034      55,000        57,985   
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019      135,000        159,596   
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020      875,000        1,036,805   
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Columbia National Group), 5%, 2020      515,000        516,921   
Dallas, TX, Civic Center Convention Complex Rev., ASSD GTY, 5.25%, 2034      1,065,000        1,196,485   
District of Columbia Rev. (American Society Hematology), 5%, 2036      65,000        70,752   
District of Columbia Rev. (American Society Hematology), 5%, 2042      50,000        53,816   
Harris County, TX, Cultural Education Facilities Finance Corp. Rev. (YMCA Greater Houston Area) , 5%, 2033      150,000        163,679   
Harris County, TX, Cultural Education Facilities Finance Corp. Rev. (YMCA Greater Houston Area), 5%, 2028      70,000        78,072   
Harris County, TX, Cultural Education Facilities Finance Corp. Rev. (YMCA Greater Houston Area), 5%, 2038      140,000        150,319   
Massachusetts Port Authority Facilities Rev. (Conrac Project), “A”, 5.125%, 2041      50,000        54,352   
Miami-Dade County, FL, Special Obligation, “B”, 5%, 2035      255,000        285,218   
Miami-Dade County, FL, Special Obligation, “B”, 5%, 2037      635,000        704,799   
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 2049      685,000        817,061   
New York Liberty Development Corp., Liberty Rev. (World Trade Center Project), 5%, 2044      695,000        774,188   
V Lakes Utility District, MS, Water Systems Rev., 7%, 2037      300,000        300,174   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 2028      1,675,000        1,837,860   
    

 

 

  
      $ 8,687,763   
Multi-Family Housing Revenue - 3.8%                 
Broward County, FL, Housing Finance Authority Rev. (Chaves Lakes Apartments Ltd.), “A”, 7.5%, 2040    $ 735,000      $ 735,669   
Capital Trust Agency, FL, Housing Rev. (Atlantic Housing Foundation), “B”, 7%, 2032 (d)(q)      735,000        333,411   
Charter Mac Equity Issuer Trust, FHLMC, 6.3%, 2019 (n)      1,000,000        1,176,110   
District of Columbia Housing Finance Agency (Henson Ridge), “E”, FHA, 5.1%, 2037      1,000,000        1,028,290   
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2038      1,360,841        1,312,708   
Resolution Trust Corp., Pass-Through Certificates, “1993”, 8.5%, 2016 (z)      546,075        542,869   
Texas Department of Housing & Community Affairs (Pebble Brook Apartments), FNMA, 5.5%, 2018      795,000        797,465   
Wilmington, DE, Multi-Family Housing Rev. (Electra Arms Senior Associates), 6.25%, 2028      760,000        753,289   
    

 

 

  
      $ 6,679,811   
Parking - 0.2%                 
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 2036    $ 370,000      $ 427,357   
Port Revenue - 0.4%                 
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.375%, 2025    $ 125,000      $ 143,306   
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.75%, 2035      365,000        414,622   
Port New Orleans, LA, Board Of Commissioners Port Facility Rev., “B”, 5%, 2031      60,000        66,401   
Port New Orleans, LA, Board Of Commissioners Port Facility Rev., “B”, 5%, 2032      20,000        22,116   
    

 

 

  
      $ 646,445   
Sales & Excise Tax Revenue - 4.2%                 
Bolingbrook, IL, Sales Tax Rev., 6.25%, 2024    $ 750,000      $ 538,065   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2029      215,000        253,745   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2030      430,000        505,676   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2031      80,000        93,743   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2034      795,000        921,278   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041      385,000        443,189   
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5%, 2024      1,385,000        1,768,548   
Massachusetts School Building Authority, Dedicated Sales Tax Rev., AMBAC, 4.75%, 2032      845,000        936,885   

 

6

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Sales & Excise Tax Revenue - continued                 
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 2032    $ 490,000      $ 579,366   
Miami-Dade County, FL, Transit Sales Surtax Rev., 5%, 2037      365,000        416,001   
Poplar Bluff, MO, Regional Transportation Development District, Sales Tax Rev., 4%, 2036      115,000        112,576   
Poplar Bluff, MO, Regional Transportation Development District, Sales Tax Rev., 4.75%, 2042      95,000        96,400   
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041      45,000        47,452   
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0% to 2016, 6.75% to 2032      585,000        619,334   
    

 

 

  
      $ 7,332,258   
Single Family Housing - Local - 1.2%                 
Minneapolis & St. Paul Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 2038    $ 280,928      $ 286,159   
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 2028      1,835,000        1,872,287   
    

 

 

  
      $ 2,158,446   
Single Family Housing - State - 1.4%                 
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 2023    $ 755,000      $ 772,169   
Colorado Housing & Finance Authority, “A”, 5.5%, 2029      1,200,000        1,223,448   
Oklahoma Housing Finance Agency Rev. (Homeownership Loan Program), “C”, GNMA, 5%, 2026      490,000        500,564   
    

 

 

  
      $ 2,496,181   
State & Agency - Other - 0.0%                 
Tift County, GA, Hospital Authority Rev. Anticipation Certificates, 5%, 2038    $ 40,000      $ 44,425   
State & Local Agencies - 5.4%                 
Alabama Incentives Financing Authority Special Obligation, “A”, 5%, 2037    $ 180,000      $ 205,227   
California Public Works Board Lease Rev., Department of Mental Health (Coalinga), “A”, 5.5%, 2019      1,000,000        1,061,020   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2035      140,000        146,447   
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 2040      375,000        411,559   
Louisiana Military Department Custody Receipts, 5%, 2024      1,500,000        1,611,495   
Mississippi Development Bank Special Obligation (Marshall County Industrial Development Authority Mississippi Highway Construction Project), 5%, 2028      155,000        182,548   
New York Urban Development Corp. (University Facilities Grants), 5.875%, 2021      1,000,000        1,229,620   
Newberry, SC, Investing in Children’s Education (Newberry County School District Program), 5%, 2030      500,000        518,470   
Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034      170,000        196,680   
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 2026 (c)      155,000        217,330   
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 2026 (c)      1,645,000        2,353,074   
Puerto Rico Public Finance Corp., Commonwealth Appropriations, “B”, 6%, 2026      285,000        302,143   
Wisconsin General Fund Annual Appropriation Rev., “A”, 5.75%, 2033      840,000        1,009,159   
    

 

 

  
      $ 9,444,772   
Student Loan Revenue - 0.7%                 
Iowa Student Loan Liquidity Corp., “A-2”, 5.5%, 2025    $ 260,000      $ 295,750   
Iowa Student Loan Liquidity Corp., “A-2”, 5.6%, 2026      260,000        295,950   
Iowa Student Loan Liquidity Corp., “A-2”, 5.7%, 2027      25,000        27,996   
Iowa Student Loan Liquidity Corp., “A-2”, 5.75%, 2028      475,000        540,336   
    

 

 

  
      $ 1,160,032   
Tax - Other - 3.2%                 
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 2035    $ 125,000      $ 135,998   
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 2042      535,000        574,376   
Dallas County, TX, Flood Control District, 7.25%, 2032      1,000,000        1,001,950   
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2047      460,000        491,855   
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2047      480,000        566,362   
New Jersey Economic Development Authority Rev., 5%, 2025      170,000        194,094   
New Jersey Economic Development Authority Rev., 5%, 2026      85,000        96,391   
New Jersey Economic Development Authority Rev., 5%, 2028      35,000        39,215   

 

7

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Tax - Other - continued                 
New Jersey Economic Development Authority Rev., 5%, 2029    $ 35,000      $ 39,039   
New York Dormitory Authority, State Personal Income Tax Rev., “C”, 5%, 2034      1,330,000        1,529,766   
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-3”, 5.25%, 2039      560,000        618,996   
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037      255,000        295,805   
    

 

 

  
      $ 5,583,847   
Tax Assessment - 5.2%                 
Anne Arundel County, MD, Special Obligation (National Business Park-North Project), 6.1%, 2040    $ 175,000      $ 190,871   
Atlanta, GA, Tax Allocation (Eastside Project), “A”, 5.625%, 2016      195,000        217,033   
Celebration Community Development District, FL, “A”, 6.4%, 2034      880,000        890,551   
Chicago, IL, Tax Increment Allocation (Pilsen Redevelopment), “B”, 6.75%, 2022      450,000        468,999   
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 2036      250,000        250,168   
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 2038      395,000        395,454   
Homestead, Community Development District, FL, Special Assessment, “A”, 6%, 2037      470,000        350,973   
Homestead, Community Development District, FL, Special Assessment, “B”, 5.9%, 2013      75,000        61,241   
Huntington Beach, CA, Community Facilities District, Special Tax (Grand Coast Resort), “2000-1”, 6.45%, 2031      750,000        754,748   
Lincoln, CA, Special Tax (Community Facilities District ), “2003-1”, 5.9%, 2013 (c)      445,000        465,733   
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 2034      448,000        461,391   
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), “A”, 5.85%, 2034      165,000        173,106   
Plano, IL, Special Service Area No. 4 (Lakewood Springs Project Unit 5-B), 6%, 2035      1,876,000        1,885,211   
San Diego, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, AGM, 0%, 2022      1,910,000        1,340,037   
Seven Oaks, FL, Community Development District II Special Assessment Rev., “A”, 5.875%, 2035      250,000        192,910   
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 2016      235,000        230,246   
West Villages Improvement District, FL, Special Assessment Rev. (Unit of Development No. 3), 5.5%, 2037 (a)(d)      710,000        305,300   
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 2037 (a)(d)      1,210,000        459,800   
    

 

 

  
      $ 9,093,772   
Tobacco - 8.3%                 
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024    $ 2,635,000      $ 2,386,072   
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030      1,155,000        1,029,093   
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.75%, 2034      635,000        550,977   
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047      525,000        457,653   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 6.25%, 2013 (c)(f)      915,000        928,350   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 4.5%, 2027      220,000        205,258   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047      670,000        624,621   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, “A-1”, 5%, 2033      560,000        510,098   
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028      1,710,000        2,043,313   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 2023      220,000        218,383   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041      4,670,000        4,089,332   
Rhode Island Tobacco Settlement Authority, 6%, 2023      1,090,000        1,091,929   
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B”, 5.25%, 2037      105,000        112,119   
Washington Tobacco Settlement Authority Rev., 6.625%, 2032      250,000        255,358   
    

 

 

  
      $ 14,502,556   
Toll Roads - 5.5%                 
Bay Area Toll Authority, CA, Toll Bridge Rev. (San Francisco Bay Area), “F1”, 5%, 2034    $ 1,850,000      $ 2,092,554   
Chesapeake, VA, Toll Road Rev. (Transportation System), “A”, 5%, 2047      135,000        144,469   
Chesapeake, VA, Toll Road Rev. Convertible Capital Appreciation (Transportation System), “B”, 0%, 2032      155,000        96,835   
Chesapeake, VA, Toll Road Rev. Convertible Capital Appreciation (Transportation System), “B”, 0%, 2040      180,000        110,635   
E-470 Public Highway Authority, CO, Capital Appreciation, “B”, NATL, 0%, 2018      1,500,000        1,293,270   
Mid-Bay Bridge Authority, FL, Springing Lien Rev., “A”, 7.25%, 2040      1,015,000        1,298,215   
North Texas Tollway Authority Rev., 6%, 2038      970,000        1,136,801   
North Texas Tollway Authority Rev. (Special Projects System), “D”, 5%, 2031      710,000        828,456   
Triborough Bridge & Tunnel Authority Rev., NY, “A”, 5%, 2025      365,000        442,949   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.25%, 2032      360,000        392,076   

 

8

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Toll Roads - continued                 
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 2037    $ 595,000      $ 691,836   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 2042      950,000        1,041,324   
    

 

 

  
      $ 9,569,420   
Universities - Colleges - 9.8%                 
Allegheny County, PA, Higher Education Building Authority Rev. (Chatham University), “A”, 5%, 2030    $ 100,000      $ 111,594   
Brevard County, FL, Industrial Development Rev. (TUFF Florida Tech LLC Project), 6.75%, 2039      685,000        767,727   
California Educational Facilities Authority Rev. (Chapman University), 5%, 2031      190,000        212,150   
California Educational Facilities Authority Rev. (University of Southern California), “A”, 5.25%, 2038      1,650,000        1,931,408   
California Municipal Finance Authority Rev. (Biola University), 5.8%, 2028      100,000        110,553   
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 2035      850,000        905,191   
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 2045      985,000        1,033,876   
Florida Higher Educational Facilities, Financial Authority Rev. (University of Tampa Project), “A”, 5%, 2032      30,000        32,788   
Florida Higher Educational Facilities, Financial Authority Rev. (University of Tampa Project), “A”, 5.25%, 2042      265,000        292,107   
Florida State University Board of Governors, System Improvement Rev., 6.25%, 2030      1,500,000        1,861,290   
Grand Valley, MI, State University Rev., 5.5%, 2027      175,000        200,975   
Grand Valley, MI, State University Rev., 5.625%, 2029      85,000        97,533   
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2036      135,000        136,026   
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029      590,000        671,880   
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039      195,000        221,836   
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 2051      210,000        233,148   
Lakeland, FL, Educational Facilities Rev. (Florida Southern College), “A”, 5%, 2032      95,000        104,567   
Lakeland, FL, Educational Facilities Rev. (Florida Southern College), “A”, 5%, 2037      160,000        174,376   
Lakeland, FL, Educational Facilities Rev. (Florida Southern College), “A”, 5%, 2042      85,000        92,286   
Massachusetts Development Finance Agency Rev. (The Broad Institute, Inc.), “A”, 5.25%, 2037      710,000        802,023   
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029      315,000        361,548   
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030      920,000        1,079,979   
Onondaga, NY, Civic Development Corp. (Le Moyne College), 5%, 2042      145,000        157,358   
Portage County, OH, Port Authority Rev. (Northeast Ohio Medical University Project), 5%, 2037      250,000        266,945   
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 4.375%, 2031      55,000        53,868   
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 5%, 2042      30,000        30,089   
Savannah, GA, Economic Development Authority Rev. (AASU Student Union LLC), ASSD GTY, 5.125%, 2039      415,000        452,018   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2030      245,000        288,304   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2031      110,000        129,078   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2032      105,000        122,866   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2037      190,000        220,155   
University of Illinois Rev. (Auxiliary Facilities Systems), “A”, 5.125%, 2029      2,370,000        2,628,188   
University of Southern Indiana Rev. (Student Fee), “J”, ASSD GTY, 5.75%, 2028      370,000        453,513   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.25%, 2032      275,000        316,484   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.375%, 2036      100,000        114,543   
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 2034      355,000        397,912   
    

 

 

  
      $ 17,066,182   
Universities - Dormitories - 2.7%                 
Bowling Green, OH, Student Housing Rev. (State University Project), 5.75%, 2031    $ 225,000      $ 249,521   
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Buffalo State College), “A”, 5.375%, 2041      250,000        283,838   
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033      1,015,000        1,090,039   
Chester County, PA, Industrial Development Authority Student Housing Rev. (University Student Housing LLC Project), 5%, 2030      90,000        97,916   
Chester County, PA, Industrial Development Authority Student Housing Rev. (University Student Housing LLC Project), 5%, 2045      100,000        104,962   
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 2030      160,000        172,485   
Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 2031      785,000        938,303   
Mississippi State University, Educational Building Corp., 5%, 2036      560,000        631,999   
Oregon Facilities Authority, Student Housing Rev. (Southern Oregon University), ASSD GTY, 4.7%, 2033      65,000        70,242   
Oregon Facilities Authority, Student Housing Rev. (Southern Oregon University), ASSD GTY, 5%, 2044      75,000        82,811   

 

9

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Universities - Dormitories - continued                 
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 2030    $ 100,000      $ 113,356   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 6%, 2043      145,000        163,634   
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services), 5%, 2030      135,000        151,347   
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services), 5%, 2044      135,000        147,555   
Platteville, WI, Redevelopment Authority, Redevelopment Rev. (Platteville Real Estate), 5%, 2032      125,000        132,146   
Platteville, WI, Redevelopment Authority, Redevelopment Rev. (Platteville Real Estate), 5%, 2042      275,000        282,615   
    

 

 

  
      $ 4,712,769   
Universities - Secondary Schools - 1.5%                 
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.5%, 2031    $ 125,000      $ 140,129   
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.75%, 2041      100,000        113,584   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 2040      320,000        366,227   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 4.35%, 2042      140,000        141,992   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 2045      200,000        229,826   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 4.4%, 2047      125,000        126,775   
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 2032      140,000        140,479   
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 2043      295,000        291,959   
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 2039      250,000        287,965   
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 4.875%, 2032      85,000        91,784   
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 2042      215,000        234,210   
Phoenix, AZ, Industrial Development Authority Education Rev. (Choice Academies, Inc. Project), 5.625%, 2042      165,000        168,341   
Phoenix, AZ, Industrial Development Authority Education Rev. (Eagle College Prep Project), 5%, 2033      80,000        81,668   
Phoenix, AZ, Industrial Development Authority Education Rev. (Eagle College Prep Project), 5%, 2043      160,000        160,344   
    

 

 

  
      $ 2,575,283   
Utilities - Cogeneration - 1.1%                 
California Pollution Control Financing Authority, Water Furnishing Rev. (Poseidon Resources Desalination Project), 5%, 2045    $ 1,285,000      $ 1,325,490   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Central Facilities (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 2026      645,000        645,013   
    

 

 

  
      $ 1,970,503   
Utilities - Investor Owned - 6.3%                 
Apache County, AZ, Industrial Development Authority, Pollution Control Rev. (Tucson Electric Power Co.), “A”, 4.5%, 2030    $ 450,000      $ 467,883   
Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), “C”, 6.75%, 2038      645,000        61,378   
Bryant, IL, Pollution Control Rev. (Central Illinois Light Co.), 5.9%, 2023      2,575,000        2,584,399   
Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 2034      310,000        363,044   
Fort Bend County, TX, Industrial Development Corp. (NRG Energy, Inc.), “A”, 4.75%, 2038      425,000        439,960   
Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 2039      950,000        1,112,089   
Maricopa County, AZ, Pollution Control Rev. (El Paso Electric Co. Palo Verde Project), “A”, 4.5%, 2042      190,000        196,175   
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)      105,000        128,444   
Mississippi Business Finance Corp., Pollution Control Rev. (Systems Energy Resources Project), 5.875%, 2022      2,000,000        2,004,520   
New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of New Hampshire), “B”, NATL, 4.75%, 2021      250,000        257,830   
Ohio Air Quality Development Authority Rev. (FirstEnergy Corp.), “A”, 5.7%, 2020      665,000        797,089   
Owen County, KY, Waterworks System Rev. (American Water Co. Project), “A”, 6.25%, 2039      260,000        290,631   
Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039      765,000        915,498   
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), 5.75%, 2029      1,295,000        1,369,475   
    

 

 

  
      $ 10,988,415   
Utilities - Municipal Owned - 0.9%                 
Guam Power Authority Rev., “A”, AGM, 5%, 2025    $ 120,000      $ 138,649   
Guam Power Authority Rev., “A”, AGM, 5%, 2026      100,000        115,094   
Guam Power Authority Rev., “A”, AGM, 5%, 2027      40,000        45,895   
Guam Power Authority Rev., “A”, 5%, 2034      120,000        131,563   
Los Angeles, CA, Department of Water & Power Rev. (Power System), “B”, 5%, 2038      445,000        515,323   

 

10

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Utilities - Municipal Owned - continued                 
Sacramento, CA, Municipal Utility District, “X”, 5%, 2028    $ 465,000      $ 545,650   
    

 

 

  
      $ 1,492,174   
Utilities - Other - 3.4%                 
California M-S-R Energy Authority Gas Rev., “A”, 7%, 2034    $ 155,000      $ 221,931   
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039      650,000        908,122   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 2028      430,000        531,175   
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 2028      150,000        192,308   
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038      695,000        965,313   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021      2,185,000        2,533,267   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2024      75,000        87,406   
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 2031      190,000        206,522   
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 2032      305,000        329,464   
    

 

 

  
      $ 5,975,508   
Water & Sewer Utility Revenue - 10.0%                 
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 2022    $ 465,000      $ 591,992   
Birmingham, AL, Waterworks Board Water Rev., “A”, ASSD GTY, 5.125%, 2034      755,000        837,537   
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 5.75%, 2037      370,000        381,818   
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044      160,000        164,227   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2028      160,000        190,629   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2029      145,000        172,025   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2030      95,000        112,468   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2031      20,000        23,594   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2041      535,000        614,052   
East Bay, CA, Municipal Utility District, Water System Rev., “A”, 5%, 2028      2,000,000        2,356,680   
Guam Government Waterworks Authority, Water & Wastewater Rev., 5.875%, 2035      1,125,000        1,175,074   
Houston, TX, Utility System Rev., “D”, 5%, 2036      550,000        637,720   
King County, WA, Sewer Rev., 5%, 2040      1,765,000        1,985,554   
Massachusetts Water Resources Authority, “B”, 5%, 2041      350,000        399,424   
New Hampshire Industrial Development Authority Rev. (Pennichuck Water Works, Inc.), ETM, 7.5%, 2018 (c)      190,000        215,356   
New York Environmental Facilities Corp., Clean Drinking Water Revolving Funds, 5%, 2024      265,000        325,592   
New York Environmental Facilities Corp., Clean Drinking Water Revolving Funds, 5%, 2041      865,000        988,211   
New York Environmental Facilities, “C”, 5%, 2041      1,195,000        1,363,710   
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev., “AA”, 5%, 2034      2,510,000        2,907,333   
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev., “DD”, 4.75%, 2035      1,010,000        1,112,394   
Surprise, AZ, Municipal Property Corp., 4.9%, 2032      800,000        817,432   
    

 

 

  
      $ 17,372,822   
Total Municipal Bonds      $ 265,734,806   
Money Market Funds - 1.9%                 
MFS Institutional Money Market Portfolio, 0.13%, at Net Asset Value (v)      3,396,583      $ 3,396,583   
Total Investments            $ 269,131,389   
Other Assets, Less Liabilities - 1.7%              2,976,918   
ARPS, at liquidation value (issued by the fund) - (3.2)%              (5,625,000 ) 
VMTPS, at liquidation value (issued by the fund) - (52.6)%              (91,875,000 ) 
Net assets applicable to common shares - 100.0%            $ 174,608,307   

 

(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.

 

11

Portfolio of Investments (unaudited) – continued

 

(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 $2,562,277 representing 1.5% of net assets applicable to common shares.
(q) Interest received was less than stated coupon rate.
(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  
Resolution Trust Corp., Pass-Through Certificates, “1993”, 8.5%, 2016    8/27/93      $549,565         $542,869   
% of Net assets applicable to common shares         0.3%   

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

 

ARPS   Auction Rate Preferred Shares
COP   Certificate of Participation
ETM   Escrowed to Maturity
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.
FGIC    Financial Guaranty Insurance Co.
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Assn.
GNMA    Government National Mortgage Assn.
NATL    National Public Finance Guarantee Corp.
SYNCORA    Syncora Guarantee Inc.

Derivative Contracts at 2/28/13

Futures Contracts Outstanding at 2/28/13

 

Description    Currency      Contracts      Value    Expiration Date    Unrealized
Appreciation
(Depreciation)		  
Asset Derivatives               
Interest Rate Futures               
U.S. Treasury Note 30 yr (Short)      USD         46       $6,613,938    June - 2013      $18,114   
              

 

 

  
Liability Derivatives               
Interest Rate Futures               
U.S. Treasury Note 10 yr (Short)      USD         221       $29,071,859    June - 2013      $(7,248 ) 
              

 

 

  

At February 28, 2013, the fund had liquid securities with an aggregate value of $459,609 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.

 

12

Supplemental Information

2/28/13 (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 February 28, 2013 in valuing the fund’s assets or liabilities:

 

Investments at Value    Level 1      Level 2      Level 3      Total  
Municipal Bonds      $—         $265,734,806         $—         $265,734,806   
Mutual Funds      3,396,583         —         —         3,396,583   
Total Investments      $3,396,583         $265,734,806         $—         $269,131,389   
Other Financial Instruments                            
Futures Contracts      $10,866         $—         $—         $10,866   

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      $244,522,461   
Gross unrealized appreciation      27,968,152   
Gross unrealized depreciation      (3,359,224 ) 
Net unrealized appreciation (depreciation)      $24,608,928   

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

 

13

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 Portfolio      4,001,469         12,894,836         (13,499,722 )       3,396,583   
Underlying Affiliated Fund    Realized
Gain (Loss)		      Capital Gain
Distributions		      Dividend
Income		      Ending
Value		  
MFS Institutional Money Market Portfolio      $—         $—         $2,044         $3,396,583   

 

14

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 HIGH INCOME MUNICIPAL TRUST

 

By (Signature and Title)*    JOHN M. CORCORAN
  John M. Corcoran, President

Date: April 12, 2013

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: April 12, 2013

 

By (Signature and Title)*    DAVID L. DILORENZO
 

David L. DiLorenzo, Treasurer

(Principal Financial Officer

and Accounting Officer)

Date: April 12, 2013

 

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