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, 2014

ITEM 1. SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

February 28, 2014

 

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MFS® HIGH INCOME MUNICIPAL TRUST

 

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PORTFOLIO OF INVESTMENTS

2/28/14 (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 - 153.9%                 
Airport Revenue - 5.2%                 
Burlington, VT, Airport Rev., “A”, 4%, 7/01/28    $ 110,000      $ 93,972   
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/28      205,000        219,131   
Denver, CO, City & County Airport, “B”, ETM, 6.125%, 11/15/25 (c)      2,840,000        2,848,198   
Denver, CO, City & County Airport, “C”, ETM, 6.125%, 11/15/25 (c)      2,280,000        2,912,768   
Guam International Airport Authority Rev., “C”, 5%, 10/01/16      35,000        36,984   
Guam International Airport Authority Rev., “C”, 5%, 10/01/17      60,000        63,721   
Houston, TX, Airport System Rev., “B”, 5%, 7/01/26      210,000        232,613   
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/31      190,000        196,922   
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/36      315,000        345,246   
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/42      360,000        391,936   
San Jose, CA, Airport Rev., “A-2”, 5.25%, 3/01/34      960,000        1,012,176   
    

 

 

  
      $ 8,353,667   
General Obligations - General Purpose - 8.5%                 
Bellwood, IL, 5.875%, 12/01/27    $ 200,000      $ 187,352   
Bellwood, IL, 6.15%, 12/01/32      300,000        277,386   
Charleston County, SC, Transportation Sales Tax, 5%, 11/01/22      570,000        693,143   
Chicago, IL, Metropolitan Water Reclamation District-Greater Chicago, “C”, 5%, 12/01/30      1,000,000        1,089,540   
Commonwealth of Massachusetts, General Obligation, “B”, 5%, 8/01/21      1,145,000        1,380,332   
Guam Government, “A”, 7%, 11/15/39      110,000        116,257   
Las Vegas Valley, NV, Water District, “C”, 5%, 6/01/29      1,175,000        1,288,364   
Luzerne County, PA, AGM, 6.75%, 11/01/23      570,000        640,931   
Richmond, VA, Public Improvement, “A”, 5%, 3/01/23      1,720,000        2,065,789   
State of California, 5.25%, 10/01/28      425,000        484,088   
State of California, 5.25%, 9/01/30      1,005,000        1,130,545   
State of Hawaii, “DZ”, 5%, 12/01/31      255,000        282,178   
State of Illinois, 5%, 2/01/39      270,000        274,417   
State of Illinois, 5.5%, 7/01/38      215,000        229,857   
State of Washington, “R”, 5%, 7/01/22      2,955,000        3,553,594   
    

 

 

  
      $ 13,693,773   
General Obligations - Schools - 0.9%                 
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/31    $ 350,000      $ 167,192   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/32      355,000        160,204   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/33      715,000        304,933   
Los Angeles, CA, Unified School District, “D”, 5%, 1/01/34      210,000        228,999   
San Jacinto, TX, Community College District, 5.125%, 2/15/38      550,000        580,366   
    

 

 

  
      $ 1,441,694   
Healthcare Revenue - Hospitals - 31.2%                 
Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), “A”, 5.375%, 8/15/29    $ 560,000      $ 614,830   
Brunswick, GA, Hospital Authority Rev. (Glynn-Brunswick Memorial Hospital), 5.625%, 8/01/34      220,000        232,118   
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.5%, 11/01/40      750,000        769,245   
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 11/01/40      165,000        171,542   
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 7/01/39      125,000        136,764   
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/42      1,000,000        1,014,260   
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 8/15/31      835,000        953,161   
California Statewide Communities Development Authority Rev. (Catholic Healthcare West), “K”, ASSD GTY, 5.5%, 7/01/41      1,545,000        1,624,676   
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/45      1,295,000        1,358,261   
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2/01/29      75,000        79,241   
Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 12/15/16 (c)      645,000        680,565   
Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 12/15/26 (c)      1,000,000        1,061,980   

 

1

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Hospitals - continued                 
Gallia County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 7/01/42    $ 900,000      $ 955,908   
Harris County, TX, Cultural Education Facilities Finance Corp. Medical Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 11/15/32      330,000        359,350   
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 12/01/18 (c)      235,000        303,188   
Idaho Health Facilities Authority Rev. (IHC Hospitals, Inc.), ETM, 6.65%, 2/15/21 (c)      1,750,000        2,258,078   
Illinois Finance Authority Rev. (Advocate Healthcare), 4%, 6/01/47      390,000        332,159   
Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 8/15/31      670,000        684,164   
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 8/15/34      620,000        748,210   
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/43      255,000        275,176   
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 8/15/38      615,000        670,264   
Indiana Health & Educational Facilities Finance Authority Rev. (Sisters of St. Francis Health Services, Inc.), “E”, AGM, 5.25%, 5/15/41      145,000        148,189   
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Clarian Health), “A”, 5%, 2/15/39      2,255,000        2,281,744   
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 3/01/37      1,220,000        1,265,152   
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/31      380,000        403,533   
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 7/01/41      240,000        255,168   
Johnson City, TN, Health & Educational Facilities Board, Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 7/01/31      1,455,000        1,493,427   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.375%, 8/15/24      375,000        413,599   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.625%, 8/15/27      125,000        135,789   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/40      735,000        771,265   
Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 4/01/42      130,000        127,117   
Lake County, OH, Hospital Facilities Rev. (Lake Hospital Systems, Inc.), 5.625%, 8/15/29      565,000        604,878   
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 12/01/34      775,000        785,990   
Louisville & Jefferson County, KY, Metro Government Health Facilities Rev. (Jewish Hospital & St. Mary’s Healthcare), 6.125%, 2/01/18 (c)      1,685,000        2,035,109   
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 10/01/36      420,000        423,898   
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2/15/37      75,000        75,951   
Martin County, FL, Health Facilities Authority Rev. (Martin Memorial Medical Center), 5.5%, 11/15/42      380,000        385,677   
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System, Inc.), “A”, 6.75%, 7/01/39      945,000        1,103,892   
Massachusetts Development Finance Agency Rev. (Tufts Medical Center), “I”, 7.25%, 1/01/32      555,000        649,439   
Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), “E”, 6.75%, 10/01/33      500,000        500,205   
Michigan Finance Authority Rev. (Trinity Health Corp.), 5%, 12/01/35      1,250,000        1,306,163   
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 3/01/36      800,000        797,928   
Muskingum County, OH, Hospital Facilities Rev. (Genesis Health System Obligated Group), 5%, 2/15/33      225,000        193,345   
Muskingum County, OH, Hospital Facilities Rev. (Genesis Health System Obligated Group), 5%, 2/15/44      585,000        453,410   
Muskingum County, OH, Hospital Facilities Rev. (Genesis Health System Obligated Group), 5%, 2/15/48      225,000        171,419   
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/27      745,000        798,752   
New Hanover County, NC, Hospital Rev., AGM, 5.125%, 10/01/31      1,130,000        1,184,274   
New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5%, 8/15/17      200,000        198,498   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 8/15/30      245,000        276,558   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2/15/35      150,000        164,720   
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/27      195,000        199,696   
Norman, OK, Regional Hospital Authority Rev., 5.375%, 9/01/29      115,000        117,479   
Norman, OK, Regional Hospital Authority Rev., 5.375%, 9/01/36      305,000        307,998   
North Carolina Medical Care Commission (Stanly Health Services, Inc.), 6.375%, 10/01/29      1,915,000        1,921,607   
Olympia, WA, Healthcare Facilities Authority Rev. (Catholic Health Initiatives), “D”, 6.375%, 10/01/36      1,405,000        1,581,215   
Palomar Pomerado Health Care District, CA, COP, 6.75%, 11/01/39      1,125,000        1,158,334   
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), “A”, ASSD GTY, 7%, 5/15/39      840,000        928,864   
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 9/01/39      660,000        795,267   
Salida, CO, Hospital District Rev., 5.25%, 10/01/36      885,000        864,380   
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 12/01/32      120,000        121,596   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 4/01/29      175,000        190,584   

 

2

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Hospitals - continued                 
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 4/01/39    $ 100,000      $ 108,798   
Southeastern Ohio Port Authority, Hospital Facilities Rev. (Memorial Health System), 5.75%, 12/01/32      380,000        363,595   
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 9/01/36      225,000        225,518   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/26      25,000        25,942   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/29      25,000        25,524   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/34      50,000        50,361   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/44      150,000        151,710   
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 11/01/32      290,000        278,971   
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 11/01/37      195,000        188,528   
Washington Health Care Facilities Authority Rev. (Multicare Health Systems), “B”, ASSD GTY, 6%, 8/15/39      560,000        606,043   
Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/33      1,395,000        1,480,793   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/26      250,000        264,323   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/28      75,000        78,087   
Wisconsin Health & Educational Facilities Authority Rev. (Fort Healthcare, Inc.), 5.75%, 5/01/29      1,000,000        1,001,700   
Wisconsin Health & Educational Facilities Authority Rev. (Meritor Hospital), “A”, 5.5%, 5/01/31      920,000        987,914   
Wisconsin Health & Educational Facilities Authority Rev. (Meritor Hospital), “A”, 6%, 5/01/41      605,000        656,486   
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 8/15/34      865,000        869,299   
    

 

 

  
      $ 50,238,841   
Healthcare Revenue - Long Term Care - 14.0%                 
Alachua County, FL, Health Facilities Authority Rev. (East Ridge Retirement Village, Inc.), 6%, 11/15/34    $ 90,000      $ 88,889   
Alachua County, FL, Health Facilities Authority Rev. (East Ridge Retirement Village, Inc.), 6.25%, 11/15/44      215,000        212,659   
Alachua County, FL, Health Facilities Authority Rev. (East Ridge Retirement Village, Inc.), 6.375%, 11/15/49      145,000        142,874   
Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.25%, 5/15/33      120,000        122,254   
Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.375%, 5/15/43      120,000        121,357   
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 1/01/27      120,000        120,143   
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 1/01/37      155,000        147,616   
Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “A”, 8.125%, 5/15/44      610,000        619,376   
Colorado Health Care Facilities Authority Rev. (American Baptist Homes of the Midwest Obligated Group), 8%, 8/01/43      250,000        251,838   
Colorado Health Facilities Authority Rev. (American Baptist Homes), “A”, 5.9%, 8/01/37      265,000        213,113   
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), 5%, 12/01/35      1,400,000        1,273,748   
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/43      130,000        135,844   
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 5.25%, 1/01/41      355,000        318,378   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 1/01/29      890,000        949,621   
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Canterbury Court), “A”, 6.125%, 2/15/34      750,000        752,205   
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 8.75%, 11/15/29      105,000        117,773   
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 11/15/44      180,000        201,557   
Idaho Health Facilities Authority Rev. (The Terraces of Boise Project), “B2”, 6%, 10/01/21      265,000        265,456   
Idaho Health Facilities Authority Rev. (The Terraces of Boise Project), “B3”, 5.25%, 10/01/20      145,000        145,167   
Illinois Finance Authority Rev. (Evangelical Retirement Homes of Greater Chicago, Inc.), 7.25%, 2/15/45      1,050,000        1,074,266   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 4.75%, 5/15/33      245,000        210,600   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.125%, 5/15/43      265,000        221,484   
Illinois Finance Authority Rev. (Lutheran Home & Services), 5.625%, 5/15/42      230,000        208,502   
Illinois Finance Authority Rev. (Smith Village), “A”, 6.25%, 11/15/35      1,250,000        1,242,513   
Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/41      350,000        357,487   
Kentucky Economic Development Finance Authority Health Care Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/42      160,000        148,432   
Kentucky Economic Development Finance Authority Health Care Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/45      95,000        88,927   
La Verne, CA, COP (Brethren Hillcrest Homes), “B”, 6.625%, 2/15/25      620,000        623,850   
Marion, IA, Health Care Facilities Rev., First Mortgage (AHF/Kentucky-Iowa, Inc.), 8%, 1/01/29      479,000        481,064   
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/37      895,000        921,098   
Massachusetts Development Finance Agency Rev. (Alliance Health of Brockton, Inc.), “A”, 7.1%, 7/01/32      1,090,000        1,064,788   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 11/15/31      168,995        150,274   

 

3

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Long Term Care - continued                 
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 11/15/39    $ 42,309      $ 36,400   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-2”, 5.5%, 11/15/46      11,291        8,324   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 11/15/56      56,165        357   
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/33      100,000        98,984   
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.5%, 11/15/43      135,000        132,033   
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board, First Mortgage (AHF/Tennessee Project), 8.5%, 1/01/29      994,000        996,256   
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.), 5%, 11/15/28      440,000        445,280   
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.75%, 1/01/25      205,000        205,502   
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.875%, 1/01/37      830,000        802,112   
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 11/15/26      50,000        50,071   
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6.125%, 1/01/35      140,000        139,985   
Oklahoma Development Finance Authority Continuing Care Retirement Community Rev. (Inverness Village), 5.75%, 1/01/37      380,000        366,867   
Pell City, AL, Special Care Facilities, Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/39      225,000        225,871   
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement System, Inc.), “A”, 5.45%, 11/15/38      964,000        776,068   
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement System, Inc.), “A”, 6.05%, 11/15/46      366,000        312,879   
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement System, Inc.), “C”, 6.25%, 5/09/53      32,000        27,707   
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement System, Inc.), “D”, 6.05%, 11/15/46      64,000        54,711   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 11/15/32      260,226        173,951   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 11/15/47      233,491        146,214   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), Capital Appreciation, “B”, 0%, 11/15/47      111,525        1,293   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), Capital Appreciation, “B”, 0%, 11/15/47      102,359        1,186   
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/48      50,000        44,197   
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 8/01/45      780,000        805,865   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.125%, 11/15/29      65,000        67,503   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 5.125%, 5/15/37      65,000        59,207   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.375%, 11/15/44      525,000        538,130   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way), 8.25%, 11/15/44      980,000        862,625   
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/42      110,000        112,147   
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/46      85,000        86,238   
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 11/01/30      110,000        122,185   
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 11/01/40      165,000        181,300   
Washington County, PA, Industrial Development Authority Rev., First Mortgage (AHF/Central Project), 8.5%, 1/01/29      998,000        999,457   
Washington Housing Finance Community Nonprofit Housing Rev. (Rockwood Retirement Communities), 5.125%, 1/01/20      505,000        505,384   
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/43      200,000        204,510   
    

 

 

  
      $ 22,583,952   
Industrial Revenue - Airlines - 5.7%                 
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 6/01/29    $ 255,000      $ 305,679   
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 6/01/35      190,000        202,042   
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 10/01/32      620,000        616,472   
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc. Terminal E Project), 6.75%, 7/01/29      2,035,000        2,038,928   
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc. Terminal E Project), 7%, 7/01/29      250,000        250,528   
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), 6.5%, 7/15/30      555,000        583,893   
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), “B”, 6.125%, 7/15/17      220,000        220,020   

 

4

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Industrial Revenue - Airlines - continued                 
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), “E”, 6.75%, 7/01/21    $ 1,125,000      $ 1,127,171   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 4.875%, 9/15/19      750,000        746,220   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.125%, 9/15/23      455,000        446,765   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/29 (b)      640,000        629,984   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/30      135,000        134,988   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “B”, 5.625%, 11/15/30      120,000        119,989   
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 8/01/31      1,005,000        1,102,847   
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 6/01/35      225,000        221,105   
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 12/01/35      470,000        460,041   
    

 

 

  
      $ 9,206,672   
Industrial Revenue - Chemicals - 0.9%                 
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 5/15/33    $ 600,000      $ 623,892   
Port of Bay, TX, City Authority (Hoechst Celanese Corp.), 6.5%, 5/01/26      840,000        841,084   
    

 

 

  
      $ 1,464,976   
Industrial Revenue - Environmental Services - 3.2%                 
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “B”, 5.25%, 6/01/23 (b)    $ 270,000      $ 295,426   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “C”, 5.125%, 11/01/23      845,000        883,904   
Indiana Economic Development Finance Authority Rev.(Republic Services, Inc. Project), “A”, FRN, 0.47%, 5/01/34      280,000        280,000   
Indiana Economic Development Finance Authority Rev.(Republic Services, Inc. Project), “B”, FRN, 0.32%, 5/01/28      180,000        180,000   
Kentucky Economic Development Finance Authority Solid Waste Refunding Rev. (Republic Services, Inc. Project), “B”, FRN, 0.32%, 4/01/31      70,000        70,000   
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 6.25%, 1/01/25 (b)      450,000        457,835   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “A”, 4.875%, 11/01/27      505,000        500,748   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “C”, 5.25%, 11/01/42      870,000        835,113   
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 5.25%, 11/01/42      890,000        854,311   
Ohio Solid Waste Rev. (Republic Services, Inc. Project), FRN, 0.52%, 11/01/35      145,000        145,000   
Pennsylvania Economic Development Financing Authority Rev., Solid Waste Refunding (Republic Services, Inc. Project), “A” , FRN, 0.55%, 4/01/19 (b)      500,000        500,210   
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.75%, 4/01/36 (b)      220,000        212,872   
    

 

 

  
      $ 5,215,419   
Industrial Revenue - Other - 2.9%                 
Annawan, IL, Tax Increment Rev. (Patriot Renewable Fuels LLC), 5.625%, 1/01/18    $ 260,000      $ 239,811   
California Statewide Communities Development Authority Facilities (Microgy Holdings Project), 9%, 12/01/38 (a)(d)      63,113        631   
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/25      345,000        336,717   
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/28      500,000        500,300   
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/23      575,000        587,190   
Iowa Finance Authority Midwestern Disaster Area Rev. (Iowa Fertilizer Co.), 5%, 12/01/19      250,000        249,735   
Iowa Finance Authority Midwestern Disaster Area Rev. (Iowa Fertilizer Co.), 5.5%, 12/01/22      275,000        273,281   
Iowa Finance Authority Midwestern Disaster Area Rev. (Iowa Fertilizer Co.), 5.25%, 12/01/25      275,000        265,856   
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 1/01/37      1,500,000        1,497,225   
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/40 (b)      760,000        772,358   
    

 

 

  
      $ 4,723,104   
Industrial Revenue - Paper - 2.2%                 
Courtland, AL, Industrial Development Board Rev. (International Paper Co.), “B”, 6.25%, 8/01/25    $ 1,000,000      $ 1,002,740   
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 5%, 8/01/26      1,270,000        1,270,152   
Phenix City, AL, Industrial Development Board Environmental Improvement Rev. (MeadWestvaco Coated Board Project), “A”, 4.125%, 5/15/35      200,000        157,770   
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/34      325,000        343,103   
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/44      750,000        794,693   
    

 

 

  
      $ 3,568,458   

 

5

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Miscellaneous Revenue - Entertainment & Tourism - 0.8%                 
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 7/15/30    $ 155,000      $ 165,618   
Cow Creek Band of Umpqua Tribe of Indians, OR, “C”, 5.625%, 10/01/26 (n)      800,000        736,448   
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.25%, 10/01/27 (n)      365,000        374,899   
    

 

 

  
      $ 1,276,965   
Miscellaneous Revenue - Other - 6.8%                 
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/24    $ 395,000      $ 401,383   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5%, 1/01/34      55,000        50,889   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/32      95,000        101,060   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/33      50,000        52,889   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/43      190,000        194,381   
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Columbia National Group), 5%, 5/15/20      460,000        449,015   
Dallas, TX, Civic Center Convention Complex Rev., ASSD GTY, 5.25%, 8/15/34      1,065,000        1,132,202   
Florida Board of Education, Lottery Rev., “A”, 5%, 7/01/20      1,015,000        1,223,055   
Florida Citizens Property Insurance Corp., “A-1”, 5%, 6/01/19      135,000        155,335   
Florida Citizens Property Insurance Corp., “A-1”, 5%, 6/01/20      875,000        1,012,646   
Indiana Finance Authority Rev., (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/35      235,000        239,190   
Indiana Finance Authority Rev., (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/40      590,000        590,395   
Indiana Finance Authority Rev., (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/44      155,000        153,555   
Massachusetts Development Finance Agency Rev. (The Broad Institute, Inc.), “A”, 5.25%, 4/01/37      710,000        753,843   
Massachusetts Port Authority Facilities Rev. (Conrac Project), “A”, 5.125%, 7/01/41      50,000        52,086   
New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Project), 6.5%, 4/01/31      1,195,000        1,348,952   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project) , 5.375%, 1/01/43      315,000        321,848   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), 5.5%, 1/01/27      55,000        60,193   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), 5%, 1/01/28      55,000        57,294   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5%, 1/01/31      160,000        164,110   
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 7/15/49      685,000        736,608   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/28      1,675,000        1,722,620   
    

 

 

  
      $ 10,973,549   
Multi-Family Housing Revenue - 3.6%                 
Broward County, FL, Housing Finance Authority Rev. (Chaves Lakes Apartments Ltd.), “A”, 7.5%, 7/01/40    $ 735,000      $ 735,426   
Capital Trust Agency, FL, Housing Rev. (Atlantic Housing Foundation), “B”, 7%, 7/15/32 (d)(q)      705,000        353,113   
Centerline Capital Group, Inc., FHLMC, 6.3%, 10/31/19 (n)      1,000,000        1,131,920   
District of Columbia Housing Finance Agency (Henson Ridge), “E”, FHA, 5.1%, 6/01/37      1,000,000        1,007,630   
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/38      1,348,544        1,256,870   
Resolution Trust Corp., Pass-Through Certificates, “1993”, 9.544%, 12/01/16 (z)      546,075        538,031   
Wilmington, DE, Multi-Family Housing Rev. (Electra Arms Senior Associates), 6.25%, 6/01/28      730,000        692,376   
    

 

 

  
      $ 5,715,366   
Parking - 0.2%                 
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 7/01/36    $ 370,000      $ 400,795   
Port Revenue - 0.1%                 
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.375%, 6/01/25    $ 125,000      $ 132,628   
Sales & Excise Tax Revenue - 2.9%                 
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/24    $ 750,000      $ 671,978   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/29      215,000        233,469   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/30      430,000        465,148   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/31      80,000        85,988   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/34      795,000        837,803   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/41      385,000        403,596   
Massachusetts School Building Authority, Dedicated Sales Tax Rev., AMBAC, 4.75%, 8/15/32      845,000        877,313   
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/32      490,000        540,098   

 

6

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Sales & Excise Tax Revenue - continued                 
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/40    $ 570,000      $ 465,798   
    

 

 

  
      $ 4,581,191   
Single Family Housing - Local - 1.2%                 
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/38    $ 127,198      $ 127,742   
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/28      1,835,000        1,846,799   
    

 

 

  
      $ 1,974,541   
Single Family Housing - State - 2.1%                 
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 8/01/23    $ 1,875,000      $ 1,901,231   
Colorado Housing & Finance Authority, “A”, 5.5%, 11/01/29      1,055,000        1,103,762   
Oklahoma Housing Finance Agency Rev. (Homeownership Loan Program), “C”, GNMA, 5%, 9/01/26      360,000        362,819   
    

 

 

  
      $ 3,367,812   
Solid Waste Revenue - 0.2%                 
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 1/01/32    $ 325,000      $ 328,117   
State & Local Agencies - 5.6%                 
Alabama Incentives Financing Authority Special Obligation, “A”, 5%, 9/01/37    $ 80,000      $ 83,774   
California Public Works Board Lease Rev., Department of Mental Health (Coalinga), “A”, 5.5%, 6/01/14 (c)      1,000,000        1,012,970   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 6/01/35      140,000        140,223   
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 12/01/40      375,000        379,871   
Louisiana Military Department Custody Receipts, 5%, 8/01/24      1,500,000        1,576,935   
Massachusetts College Building Authority Rev., “C”, 3%, 5/01/42      100,000        72,368   
Mississippi Development Bank Special Obligation (Marshall County Industrial Development Authority Mississippi Highway Construction Project), 5%, 1/01/28      155,000        172,464   
New York Tobacco Settlement Financing Corp., Asset-Backed Rev., “B”, 5%, 6/01/21      380,000        412,327   
New York Urban Development Corp. (University Facilities Grants), 5.875%, 1/01/21      1,000,000        1,165,490   
Newberry, SC, Investing in Children’s Education (Newberry County School District Program), 5%, 12/01/30      500,000        519,475   
Philadelphia, PA, Municipal Authority Rev., 6.5%, 4/01/34      170,000        188,926   
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/26 (c)      155,000        195,148   
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/26 (c)      1,645,000        2,071,088   
Wisconsin General Fund Annual Appropriation Rev., “A”, 5.75%, 5/01/33      840,000        942,295   
    

 

 

  
      $ 8,933,354   
Student Loan Revenue - 0.5%                 
Iowa Student Loan Liquidity Corp., “A-2”, 5.5%, 12/01/25    $ 215,000      $ 220,010   
Iowa Student Loan Liquidity Corp., “A-2”, 5.6%, 12/01/26      215,000        219,717   
Iowa Student Loan Liquidity Corp., “A-2”, 5.7%, 12/01/27      20,000        20,450   
Iowa Student Loan Liquidity Corp., “A-2”, 5.75%, 12/01/28      395,000        402,864   
    

 

 

  
      $ 863,041   
Tax - Other - 3.1%                 
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/35    $ 125,000      $ 116,936   
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/42      535,000        488,337   
Dallas County, TX, Flood Control District, 7.25%, 4/01/32      1,000,000        1,001,470   
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2/15/47      460,000        465,630   
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2/15/47      480,000        522,893   
New York Dormitory Authority, State Personal Income Tax Rev.,“C”, 5%, 3/15/34      1,330,000        1,434,418   
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-3”, 5.25%, 1/15/39      560,000        604,990   
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 10/01/37      255,000        274,525   
    

 

 

  
      $ 4,909,199   

 

7

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Tax Assessment - 5.0%                 
Anne Arundel County, MD, Special Obligation (National Business Park-North Project), 6.1%, 7/01/40    $ 175,000      $ 183,955   
Atlanta, GA, Tax Allocation (Eastside Project), “A”, 5.625%, 1/01/16      100,000        105,895   
Chicago, IL, Tax Increment Allocation (Pilsen Redevelopment), “B”, 6.75%, 6/01/22      450,000        453,839   
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/36      250,000        247,913   
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/43      515,000        503,423   
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 5/01/38      395,000        375,175   
Homestead, Community Development District, FL, Special Assessment, “A”, 6%, 5/01/37      470,000        344,374   
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/34      396,000        402,265   
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev. “D”, 5%, 9/01/22      330,000        369,683   
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev. “D”, 5%, 9/01/23      330,000        367,980   
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), “A”, 5.85%, 6/01/34      165,000        168,143   
Pasco County, FL, Estancia At Wiregrass Community Development District, Capital Improvement, 7%, 11/01/45      135,000        137,423   
Plano, IL, Special Service Area No. 4 (Lakewood Springs Project Unit 5-B), 6%, 3/01/35      1,876,000        1,867,333   
San Diego, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, AGM, 0%, 9/01/22      1,910,000        1,447,876   
San Francisco, CA, City & County Redevelopment Successor Agency Tax Allocation (Mission Bay South Public Improvements), “A”, 5%, 8/01/43      35,000        35,452   
Seven Oaks, FL, Community Development District II Special Assessment Rev., “A”, 5.875%, 5/01/35      245,000        207,314   
Tallyn’s Reach, CO, Metropolitan District No. 3, CO, 5.125%, 11/01/38      100,000        91,319   
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 5/01/16      235,000        237,348   
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/37 (a)(d)      1,210,000        459,800   
    

 

 

  
      $ 8,006,510   
Tobacco - 8.2%                 
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 6/01/30    $ 1,155,000      $ 960,417   
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.75%, 6/01/34      635,000        516,185   
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 6/01/47      815,000        669,612   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 6/01/47      380,000        309,502   
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/28      1,710,000        1,939,072   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 6/01/23      2,420,000        2,339,874   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.75%, 6/01/34      2,750,000        2,085,408   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 6/01/41      4,670,000        3,558,400   
Rhode Island Tobacco Settlement Authority, 6%, 6/01/23      725,000        725,363   
    

 

 

  
      $ 13,103,833   
Toll Roads - 5.2%                 
Bay Area Toll Authority, CA, Toll Bridge Rev. (San Francisco Bay Area), “F1”, 5%, 4/01/34    $ 1,850,000      $ 1,984,199   
E-470 Public Highway Authority, CO, Capital Appreciation, “B”, NATL, 0%, 9/01/18      1,500,000        1,332,810   
Mid-Bay Bridge Authority, FL, Springing Lien Rev., “A”, 7.25%, 10/01/40      1,015,000        1,139,774   
North Texas Tollway Authority Rev., 6%, 1/01/38      970,000        1,081,705   
North Texas Tollway Authority Rev. (Special Projects System), “D”, 5%, 9/01/31      710,000        779,623   
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/38      210,000        234,526   
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/43      170,000        185,283   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/37      595,000        631,723   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/42      950,000        972,848   
    

 

 

  
      $ 8,342,491   
Universities - Colleges - 8.1%                 
Brevard County, FL, Industrial Development Rev. (TUFF Florida Tech LLC Project), 6.75%, 11/01/39    $ 685,000      $ 701,358   
California Educational Facilities Authority Rev., 5%, 2/01/26      295,000        295,856   
California Educational Facilities Authority Rev. (Chapman University), 5%, 4/01/31      190,000        200,997   
California Educational Facilities Authority Rev. (University of Southern California), “A”, 5.25%, 10/01/38      1,650,000        1,808,961   
California Municipal Finance Authority Rev. (Biola University), 5.8%, 10/01/28      100,000        108,616   
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/33      100,000        100,605   

 

8

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Universities - Colleges - continued                 
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/33    $ 125,000      $ 120,318   
Collier County, FL, Educational Facilities Authority Rev. (Ave Maria University, Inc. Project), “A”, 6.125%, 6/01/43      420,000        426,014   
Florida State University Board of Governors, System Improvement Rev., 6.25%, 7/01/30      1,500,000        1,731,810   
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 4.5%, 5/01/29      105,000        104,424   
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/40      135,000        136,071   
Grand Valley, MI, State University Rev., 5.5%, 12/01/27      175,000        193,660   
Grand Valley, MI, State University Rev., 5.625%, 12/01/29      85,000        92,363   
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 4/01/29      590,000        609,535   
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 6/15/39      335,000        337,894   
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), 8%, 10/01/15 (c)      130,000        145,865   
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), 8%, 10/01/29      185,000        200,525   
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 7/01/30      920,000        1,000,362   
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 4.375%, 10/01/31      55,000        39,168   
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 5%, 10/01/42      30,000        20,642   
Savannah, GA, Economic Development Authority Rev. (AASU Student Union LLC), ASSD GTY, 5.125%, 6/15/39      415,000        431,181   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 8/15/30      245,000        270,757   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 8/15/31      110,000        120,880   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 8/15/32      105,000        114,595   
University of Illinois Rev. (Auxiliary Facilities Systems), “A”, 5.125%, 4/01/29      2,370,000        2,566,971   
University of Southern Indiana Rev. (Student Fee), “J”, ASSD GTY, 5.75%, 10/01/28      370,000        426,562   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.25%, 9/01/32      275,000        298,843   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.375%, 9/01/36      100,000        108,097   
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 10/01/34      355,000        372,743   
    

 

 

  
      $ 13,085,673   
Universities - Dormitories - 3.1%                 
Bowling Green, OH, Student Housing Rev. (State University Project), 5.75%, 6/01/31    $ 225,000      $ 229,223   
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Buffalo State College), “A”, 5.375%, 10/01/41      250,000        267,490   
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 6/01/33      1,015,000        945,523   
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/30      160,000        153,890   
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/35      850,000        774,665   
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/45      985,000        849,897   
Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/31      785,000        869,772   
Mississippi State University, Educational Building Corp. Rev., 5%, 8/01/36      560,000        594,462   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 7/01/30      100,000        101,256   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 6%, 7/01/43      145,000        145,287   
    

 

 

  
      $ 4,931,465   
Universities - Secondary Schools - 2.7%                 
Build NYC Resource Corp. Rev. (South Bronx Charter School for International Cultures and the Arts), “A”, 5%, 4/15/43    $ 120,000      $ 93,762   
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/33      130,000        138,579   
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.75%, 8/15/41      100,000        102,365   
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/43      210,000        219,219   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 12/01/40      320,000        340,730   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 4.35%, 12/01/42      140,000        119,378   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 12/01/45      200,000        213,782   
District of Columbia Rev. (Kipp, D.C. Charter School), “A”, 6%, 7/01/43      140,000        147,440   
District of Columbia Rev. (Kipp, D.C. Charter School), “A”, 6%, 7/01/33      55,000        59,480   
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 6/15/32      140,000        128,227   
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 6/15/43      295,000        266,376   
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 8.5%, 6/15/44      555,000        563,397   
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 8/15/39      250,000        268,788   
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/42      215,000        208,537   
Philadelphia Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.5%, 6/15/33      290,000        293,532   
Philadelphia Authority for Industrial Development Rev. (Tacony Academy Charter School ), 6.875%, 6/15/33      100,000        100,496   

 

9

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Universities - Secondary Schools - continued                 
Philadelphia Authority for Industrial Development Rev. (Tacony Academy Charter School), 7.375%, 6/15/43    $ 145,000      $ 148,048   
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.75%, 6/15/43      390,000        394,111   
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/43      120,000        119,096   
Phoenix, AZ, Industrial Development Authority Education Rev. (Choice Academies, Inc. Project), 5.625%, 9/01/42      165,000        143,175   
Phoenix, AZ, Industrial Development Authority Education Rev. (Eagle College Prep Project), 5%, 7/01/33      80,000        74,282   
Phoenix, AZ, Industrial Development Authority Education Rev. (Eagle College Prep Project), 5%, 7/01/43      160,000        140,218   
    

 

 

  
      $ 4,283,018   
Utilities - Cogeneration - 0.9%                 
California Pollution Control Financing Authority, Water Furnishing Rev. (Poseidon Resources Desalination Project), 5%, 11/21/45    $ 940,000      $ 891,327   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Central Facilities (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/26      645,000        578,333   
    

 

 

  
      $ 1,469,660   
Utilities - Investor Owned - 3.7%                 
Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), “C”, 6.75%, 10/01/38    $ 645,000      $ 20,156   
Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 1/01/34      310,000        339,813   
Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 7/01/39      950,000        1,048,411   
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 5/01/19 (c)      105,000        129,524   
Mississippi Business Finance Corp., Pollution Control Rev. (Systems Energy Resources Project), 5.875%, 4/01/22      2,000,000        2,001,840   
Ohio Air Quality Development Authority Rev. (FirstEnergy Corp.), “A”, 5.7%, 8/01/20      665,000        741,814   
Owen County, KY, Waterworks System Rev. (American Water Co. Project), “A”, 6.25%, 6/01/39      260,000        274,669   
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), 5.75%, 9/01/29      1,295,000        1,322,726   
    

 

 

  
      $ 5,878,953   
Utilities - Municipal Owned - 1.4%                 
Los Angeles, CA, Department of Water & Power Rev. (Power System), “B”, 5%, 7/01/38    $ 445,000      $ 479,479   
Sacramento, CA, Municipal Utility District, “X”, 5%, 8/15/28      465,000        516,145   
South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/43      355,000        372,317   
South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/43      845,000        886,219   
    

 

 

  
      $ 2,254,160   
Utilities - Other - 3.5%                 
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/34    $ 155,000      $ 202,272   
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 11/01/39      650,000        815,354   
Central Plains Energy Project, NE, Gas Project Rev. (Project No.1), “A”, 5.25%, 12/01/18      415,000        470,054   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 3/15/22      830,000        935,651   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/28      430,000        472,110   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/21      2,185,000        2,434,986   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/24      75,000        82,629   
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 12/15/31      190,000        193,910   
    

 

 

  
      $ 5,606,966   
Water & Sewer Utility Revenue - 10.3%                 
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 11/01/22    $ 465,000      $ 567,598   
Birmingham, AL, Waterworks Board Water Rev., “A”, ASSD GTY, 5.125%, 1/01/34      755,000        800,708   
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 5.75%, 7/01/37      185,000        137,422   
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 7/01/44      195,000        145,527   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/31      20,000        22,324   
Detroit, MI, Sewage Disposal System Rev., “B”, NATL, 5.5%, 7/01/22      1,200,000        1,232,124   
Detroit, MI, Sewage Disposal System Rev., Senior Lien, “A”, 5.25%, 7/01/39      730,000        697,479   
Guam Government Waterworks Authority, Water & Wastewater Rev., 5.875%, 7/01/35      1,125,000        1,166,423   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, 0%, 10/01/25      10,000        5,367   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/26      130,000        65,239   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/29      185,000        75,032   

 

10

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Water & Sewer Utility Revenue - continued                 
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/34    $ 260,000      $ 73,011   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/35      500,000        130,900   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/15      25,000        26,046   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/16      60,000        64,069   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/17      85,000        92,339   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/18      85,000        93,124   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/21      95,000        102,244   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/23      140,000        148,975   
King County, WA, Sewer Rev., 5%, 1/01/40      1,765,000        1,865,676   
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), “A”, 5%, 12/01/43      1,425,000        1,466,981   
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/37      1,200,000        323,424   
New Hampshire Industrial Development Authority Rev. (Pennichuck Water Works, Inc.), ETM, 7.5%, 7/01/18 (c)      155,000        167,082   
New York Environmental Facilities Corp., Clean Drinking Water Revolving Funds, 5%, 6/15/41      865,000        925,299   
New York Environmental Facilities, “C”, 5%, 5/15/41      1,195,000        1,281,351   
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “AA”, 5%, 6/15/34      2,510,000        2,704,751   
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev., “DD”, 4.75%, 6/15/35      1,010,000        1,035,492   
Surprise, AZ, Municipal Property Corp., 4.9%, 4/01/32      800,000        809,056   
V Lakes Utility District, MS, Water Systems Rev., 7%, 7/15/37      300,000        300,036   
    

 

 

  
      $ 16,525,099   
Total Municipal Bonds      $ 247,434,942   
Money Market Funds - 5.9%                 
MFS Institutional Money Market Portfolio, 0.08%, at Net Asset Value (v)      9,455,918      $ 9,455,918   
Total Investments      $ 256,890,860   
Other Assets, Less Liabilities - 0.9%        1,380,674   
ARPS, at liquidation value (issued by the fund) - (3.5)%        (5,625,000 ) 
VMTPS, at liquidation value (issued by the fund) - (57.2)%        (91,875,000 ) 
Net assets applicable to common shares - 100.0%      $ 160,771,534   

 

(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.
(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 $2,243,467 representing 1.4% 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”, 9.544%, 12/01/16      8/27/93         $548,696         $538,031   
% 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
FRN   Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.

 

11

Portfolio of Investments (unaudited) – continued

 

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.
GNMA   Government National Mortgage Assn.
NATL   National Public Finance Guarantee Corp.
SYNCORA   Syncora Guarantee Inc.

Derivative Contracts at 2/28/14

Futures Contracts Outstanding at 2/28/14

 

Description    Currency      Contracts      Value    Expiration Date    Unrealized
Appreciation
(Depreciation)		  
Liability Derivatives               
Interest Rate Futures               
U.S. Treasury Note 10 yr (Short)      USD         221       $27,521,406    June - 2014      $(28,710 ) 
U.S. Treasury Note 30 yr (Short)      USD         46       6,120,875    June - 2014      (33,589 ) 
              

 

 

  
                 $(62,299 ) 
              

 

 

  

At February 28, 2014, the fund had cash collateral $440,975 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

2/28/14 (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, 2014 in valuing the fund’s assets or liabilities:

 

Investments at Value    Level 1      Level 2      Level 3      Total  
Municipal Bonds      $—         $247,434,942         $—         $247,434,942   
Mutual Funds      9,455,918         —         —         9,455,918   
Total Investments      $9,455,918         $247,434,942         $—         $256,890,860   
Other Financial Instruments                            
Futures Contracts      $(62,299 )       $—         $—         $(62,299 ) 

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      $245,571,712   
Gross unrealized appreciation      16,138,593   
Gross unrealized depreciation      (4,819,445 ) 
Net unrealized appreciation (depreciation)      $11,319,148   

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      9,747,636         12,256,982         (12,548,700 )       9,455,918   
Underlying Affiliated Fund    Realized
Gain (Loss)		      Capital Gain
Distributions		      Dividend
Income		      Ending
Value		  
MFS Institutional Money Market Portfolio      $—         $—         $2,612         $9,455,918   

 

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 14, 2014

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 14, 2014

 

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

Date: April 14, 2014

 

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