MFS HIGH YIELD 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 811-04992

MFS HIGH YIELD 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 YIELD 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 - 149.8%                 
Airport Revenue - 3.4%                 
Burlington, VT, Airport Rev., “A”, 4%, 2028    $ 90,000      $ 87,778   
Dallas Fort Worth, TX, International Airport Rev. Improvement, “B”, AGM, 5%, 2025      3,000,000        3,167,970   
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 2027      165,000        190,323   
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 2028      165,000        188,692   
Houston, TX, Airport System Rev., “B”, 5%, 2026      175,000        205,527   
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 2031      155,000        173,743   
Miami-Dade County, FL, Aviation Rev., “A”, 5%, 2031      175,000        199,245   
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2036      255,000        301,861   
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2042      290,000        340,263   
    

 

 

  
             $ 4,855,402   
General Obligations - General Purpose - 2.0%                 
Allegheny County, PA, “C-70”, 5%, 2037    $ 265,000      $ 296,159   
Bellwood, IL, 5.875%, 2027      200,000        198,520   
Bellwood, IL, 6.15%, 2032      200,000        197,726   
Luzerne County, PA, AGM, 6.75%, 2023      455,000        532,960   
State of California, 5.25%, 2028      335,000        404,817   
State of California, 5.25%, 2030      790,000        937,959   
State of Hawaii, “DZ”, 5%, 2031      200,000        237,644   
    

 

 

  
             $ 2,805,785   
General Obligations - Improvement - 0.1%                 
Guam Government, “A”, 7%, 2039    $ 90,000      $ 101,433   
General Obligations - Schools - 2.6%                 
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2029    $ 2,195,000      $ 1,248,318   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0 %, 2031      275,000        143,380   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2032      280,000        139,574   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2033      560,000        267,159   
Frisco, TX, Independent School District, School Building, “B”, 3%, 2042      230,000        215,823   
Irving, TX, Independent School District, Capital Appreciation, “A”, PSF, 0%, 2016      1,000,000        978,490   
Los Angeles, CA, Unified School District, “D”, 5%, 2034      165,000        186,302   
San Jacinto, TX, Community College District, 5.125%, 2038      430,000        488,833   
    

 

 

  
             $ 3,667,879   
Healthcare Revenue - Hospitals - 36.3%                 
Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), “A”, 5.375%, 2029    $ 440,000      $ 507,778   
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028      60,000        50,923   
Arizona Health Facilities Authority Hospital Rev. (Phoenix Children’s Hospital), “B”, 5%, 2043      110,000        119,107   
Arizona Health Facilities Authority Hospital Rev. (Phoenix Children’s Hospital), “B”, 5%, 2048      465,000        498,382   
Atchison, KS, Hospital Rev. (Atchison Hospital Assn.), “A”, 6.75%, 2030      320,000        368,739   
Brunswick, GA, Hospital Authority Rev. (Glynn-Brunswick Memorial Hospital), 5.625%, 2034      170,000        188,705   
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.5%, 2040      590,000        655,225   
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 2040      130,000        146,695   
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 2039      185,000        216,881   
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 2031      660,000        796,006   
California Statewide Communities Development Authority Rev. (Catholic Healthcare West), “K”, ASSD GTY, 5.5%, 2041      625,000        692,144   
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029      60,000        65,245   
Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 2016 (c)      965,000        1,057,293   
Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 2026 (c)      500,000        553,995   
Duluth, MN, Economic Development Authority Health Care Facilities Rev. (St. Luke’s Hospital Authority Obligated Group), 5.75%, 2027      140,000        152,037   

 

1

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Hospitals - continued                 
Duluth, MN, Economic Development Authority Health Care Facilities Rev. (St. Luke’s Hospital Authority Obligated Group), 5.75%, 2032    $ 305,000      $ 327,646   
Duluth, MN, Economic Development Authority Health Care Facilities Rev. (St. Luke’s Hospital Authority Obligated Group), 6%, 2039      365,000        396,313   
Gallia County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 2042      945,000        1,098,156   
Harris County, TX, Cultural Education Facilities Finance Corp. Medical Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 2032      540,000        599,044   
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 2035      205,000        254,887   
Idaho Health Facilities Authority Rev. (IHC Hospitals, Inc.), ETM, 6.65%, 2021 (c)      2,750,000        3,723,473   
Illinois Finance Authority Rev. (Advocate Healthcare), 4%, 2047      305,000        305,451   
Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031      385,000        403,033   
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 2034      485,000        612,254   
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 2038      485,000        581,481   
Indiana Health & Educational Facilities Finance Authority Rev. (Sisters of St. Francis Health Services, Inc.), “E”, AGM, 5.25%, 2041      660,000        700,583   
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Clarian Health), “A”, 5%, 2039      1,745,000        1,879,923   
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 2037      945,000        1,033,187   
Indiana Health & Educational Financing Authority Rev. (Community Foundation of Northwest Indiana ), “A”, 6%, 2034      425,000        452,476   
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 2031      300,000        351,300   
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 2041      185,000        217,405   
Johnson City, TN, Health & Educational Facilities Board, Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 2031      1,120,000        1,209,331   
Johnson City, TN, Health & Educational Facilities Board, Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 2036      410,000        438,675   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.375%, 2024      300,000        344,796   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.625%, 2027      100,000        114,607   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040      570,000        683,635   
Lake County, OH, Hospital Facilities Rev. (Lake Hospital Systems, Inc.), 5.625%, 2029      435,000        486,856   
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2032      40,000        44,704   
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2037      100,000        109,223   
Laramie County, WY, Hospital Rev. (Cheyenne Regional Medical Center Project), 5%, 2042      195,000        210,134   
Lebanon County, PA, Health Facilities Authority Rev. (Good Samaritan Hospital), 5.9%, 2028      210,000        210,601   
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 2034      880,000        948,429   
Louisville & Jefferson County, KY, Metro Government Health Facilities Rev. (Jewish Hospital & St. Mary’s Healthcare), 6.125%, 2018 (c)      1,315,000        1,654,073   
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036      1,265,000        1,345,694   
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2037      60,000        62,035   
Maine Health & Higher Educational Facilities Authority Rev. (Eastern Maine Medical Center Obligated Group), 5%, 2043      185,000        201,654   
Martin County, FL, Health Facilities Authority Rev. (Martin Memorial Medical Center), 5.5%, 2042      300,000        335,088   
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System, Inc.), “A”, 6.75%, 2039      735,000        892,143   
Massachusetts Development Finance Agency Rev. (Tufts Medical Center), “I”, 7.25%, 2032      445,000        556,913   
Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), “E”, 6.75%, 2033      250,000        253,048   
Massachusetts Health & Educational Facilities Authority Rev. (Milford-Whitinsville Hospital), “C”, 5.25%, 2018      500,000        500,340   
Michigan Finance Authority Rev. (Trinity Health Corp.), 5%, 2035      1,000,000        1,138,680   
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), “A”, 5%, 2032      55,000        59,476   
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), “A”, 5%, 2041      35,000        37,283   
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031      125,000        128,863   
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2036      825,000        845,831   
Nassau County, NY, Local Economic Assistance Corp. Rev. (Winthrop-University Hospital Association Project), 5%, 2032      85,000        94,065   
Nassau County, NY, Local Economic Assistance Corp. Rev. (Winthrop-University Hospital Association Project), 5%, 2037      160,000        172,598   
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027      585,000        682,888   
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital at Conway), 5.25%, 2021      530,000        549,907   
New Hanover County, NC, Hospital Rev., AGM, 5.125%, 2031      895,000        988,554   
New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), 5.75%, 2037      545,000        591,914   
New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5%, 2017      200,000        200,310   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 2030      190,000        226,756   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2035      115,000        133,577   
Norman, OK, Regional Hospital Authority Rev., 5%, 2027      155,000        162,871   
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2029      90,000        94,111   
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2036      235,000        243,411   

 

2

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Hospitals - continued                 
Norman, OK, Regional Hospital Authority Rev., 5.125%, 2037    $ 415,000      $ 429,525   
Olympia, WA, Healthcare Facilities Authority Rev. (Catholic Health Initiatives), “D”, 6.375%, 2036      1,095,000        1,349,653   
Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039      890,000        1,020,519   
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), “A”, ASSD GTY, 7%, 2039      660,000        773,164   
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039      485,000        614,102   
Salida, CO, Hospital District Rev., 5.25%, 2036      692,000        707,321   
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 2032      90,000        96,131   
South Dakota Health & Educational Facilities Authority Rev. (Avera Health), “A”, 5%, 2042      105,000        113,445   
South Dakota Health & Educational Facilities Authority Rev. (Sanford), “E”, 5%, 2037      90,000        98,504   
South Dakota Health & Educational Facilities Authority Rev. (Sanford), “E”, 5%, 2042      295,000        319,650   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), 6.375%, 2034      250,000        257,500   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 2029      85,000        97,785   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 2039      125,000        143,654   
Southeastern Ohio Port Authority, Hospital Facilities Rev. (Memorial Health System), 5.75%, 2032      300,000        332,280   
Southeastern Ohio Port Authority, Hospital Facilities Rev. (Memorial Health System), 6%, 2042      245,000        271,864   
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2036      1,085,000        1,151,977   
Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health Systems, Inc.), “A”, 5.5%, 2046 (a)(d)      375,000        934   
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 2032      230,000        247,041   
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 2037      190,000        201,400   
Virginia Small Business Financing Authority, Hospital Rev. (Wellmont Health Project), ‘‘A’’, 5.25%, 2037      470,000        505,104   
Washington Health Care Facilities Authority Rev. (Multicare Health Systems), “B”, ASSD GTY, 6%, 2039      440,000        508,451   
Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 2033      1,105,000        1,269,822   
West Contra Costa, CA, Healthcare District, AMBAC, 5.5%, 2029      105,000        107,945   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.4%, 2033      350,000        351,579   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 2026      200,000        227,950   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 2028      60,000        66,794   
Wisconsin Health & Educational Facilities Authority Rev. (Fort Healthcare, Inc.), 6.1%, 2034      750,000        785,108   
Wisconsin Health & Educational Facilities Authority Rev. (Meritor Hospital), “A”, 5.5%, 2031      725,000        824,311   
Wisconsin Health & Educational Facilities Authority Rev. (Meritor Hospital), “A”, 6%, 2041      490,000        564,965   
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2034      935,000        997,028   
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “A”, 5.25%, 2025      390,000        397,082   
Wood County, OH, Hospital Facilities Rev. (Wood County Hospital Project), 5%, 2037      140,000        147,951   
Wood County, OH, Hospital Facilities Rev. (Wood County Hospital Project), 5%, 2042      140,000        147,494   
    

 

 

  
             $ 51,086,874   
Healthcare Revenue - Long Term Care - 17.3%                 
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement Systems, Inc.), “A”, 5.9%, 2025    $ 723,000      $ 583,692   
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement Systems, Inc.), “A”, 7%, 2033      200,000        161,506   
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.125%, 2025      500,000        507,475   
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2027      90,000        92,472   
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2037      120,000        121,464   
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 6.25%, 2039      215,000        244,971   
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 2027      15,000        16,856   
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 2032      20,000        22,141   
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 2042      55,000        59,900   
Chartiers Valley, PA, Industrial & Commercial Development Authority (Friendship Village), “A”, 5.75%, 2020      1,000,000        1,002,020   
Colorado Health Facilities Authority Rev. (Christian Living Communities Project), 5.125%, 2030      30,000        32,302   
Colorado Health Facilities Authority Rev. (Christian Living Communities Project), 5.25%, 2037      45,000        48,006   

 

3

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Healthcare Revenue - Long Term Care - continued                 
Colorado Health Facilities Authority Rev. (Christian Living Communities Project), “A”, 5.75%, 2037    $ 475,000      $ 507,115   
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), 5%, 2035      1,100,000        1,139,479   
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 5.25%, 2041      290,000        297,389   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 2029      695,000        780,575   
Fulton County, GA, Residential Care Facilities (Canterbury Court), “A”, 6.125%, 2026      500,000        511,880   
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 2044      140,000        167,548   
Houston, TX, Health Facilities Development Corp. (Buckingham Senior Living Community), “A”, 7%, 2014 (c)      500,000        536,555   
Howard County, MD, Retirement Facilities Rev. (Vantage House Corp.), “A”, 5.25%, 2033      200,000        199,010   
Illinois Finance Authority Rev. (Evangelical Retirement Homes of Greater Chicago, Inc.), 7.25%, 2045      850,000        942,616   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 4.75%, 2033      200,000        199,986   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.125%, 2043      215,000        219,870   
Illinois Finance Authority Rev. (Lutheran Home & Services), 5.625%, 2042      185,000        193,564   
Illinois Finance Authority Rev. (Smith Village), “A”, 6.25%, 2035      1,000,000        1,019,700   
Illinois Health Facilities Authority Rev. (Smith Crossing), “A”, 7%, 2032      525,000        528,990   
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      140,000        142,583   
Kentucky Economic Development Finance Authority Health Care Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 2045      80,000        81,376   
Kentucky Economic Development Finance Authority Health Facilities Rev. (AHF/Kentucky-Iowa, Inc.), 8%, 2029      346,000        353,896   
La Verne, CA, COP (Brethren Hillcrest Homes), “B”, 6.625%, 2025      500,000        505,865   
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 2037      695,000        734,247   
Massachusetts Development Finance Agency Rev. (Alliance Health of Brockton, Inc.), “A”, 7.1%, 2032      995,000        995,219   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 2031      130,267        106,700   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 2039      31,732        24,508   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-2”, 5.5%, 2046      8,656        5,812   
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 2056      43,059        611   
Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), “A”, 5.625%, 2015      120,000        120,158   
Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), “A”, 6.9%, 2032      125,000        126,431   
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.75%, 2039      80,000        38,085   
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.875%, 2044      115,000        54,733   
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.), 5%, 2028      350,000        394,471   
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.), 5%, 2029      130,000        144,563   
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.125%, 2028      150,000        152,805   
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035      600,000        610,386   
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.75%, 2025      400,000        407,152   
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.875%, 2037      300,000        302,415   
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2026      500,000        520,365   
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2036      500,000        514,830   
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6.125%, 2035      195,000        196,151   
Pell City, AL, Special Care Facilities, Financing Authority Rev. (Noland Health Services, Inc.), 5%, 2039      175,000        186,989   
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034      225,000        236,288   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2032      199,626        139,026   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2047      185,367        120,657   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), Capital Appreciation, “B”, 0%, 2047      85,554        1,697   
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), Capital Appreciation, “B”, 0%, 2047      79,443        1,575   
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 2045      610,000        694,204   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.125%, 2029      550,000        617,326   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.375%, 2044      415,000        459,011   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way), 8.25%, 2044      770,000        866,520   
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 2042      90,000        98,545   
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 2046      70,000        76,542   
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030      130,000        156,061   

 

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    $ 195,000      $ 232,701   
Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Retirement Community), “A”, 5.875%, 2032      600,000        618,546   
Westmoreland County, PA, Industrial Development Retirement Authority Rev. (Redstone Retirement Community), “A”, 5.75%, 2026      1,250,000        1,302,325   
    

 

 

  
             $ 24,321,893   
Industrial Revenue - Airlines - 3.4%                 
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 2029    $ 200,000      $ 251,010   
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 2035      150,000        167,294   
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 2032      355,000        370,904   
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc. Terminal E project), 6.75%, 2029      155,000        155,392   
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc. Terminal E project), 7%, 2029      200,000        200,536   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 4.875%, 2019      680,000        698,142   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.125%, 2023      365,000        374,709   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 2029 (b)      365,000        371,920   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 9%, 2033      1,250,000        1,283,638   
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031 (d)      385,000        435,608   
New York, NY, City Industrial Development Agency Special Facility Rev. (American Airlines, Inc.), “B”, 8.5%, 2028 (d)(q)      500,000        548,986   
    

 

 

  
             $ 4,858,139   
Industrial Revenue - Chemicals - 0.8%                 
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 2033    $ 400,000      $ 433,432   
Port of Bay, TX, City Authority (Hoechst Celanese Corp.), 6.5%, 2026      660,000        660,772   
    

 

 

  
             $ 1,094,204   
Industrial Revenue - Environmental Services - 2.1%                 
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “B”, 5.25%, 2023 (b)    $ 135,000      $ 153,951   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “C”, 5.125%, 2023      655,000        704,322   
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 6.25%, 2025 (b)      360,000        374,213   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “A”, 4.875%, 2027      215,000        222,815   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “C”, 5.25%, 2042      705,000        734,152   
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 5.25%, 2042      725,000        754,979   
    

 

 

  
             $ 2,944,432   
Industrial Revenue - Other - 1.7%                 
Annawan, IL, Tax Increment Rev. (Patriot Renewable Fuels LLC), 5.625%, 2018    $ 240,000      $ 222,588   
California Statewide Communities Development Authority Facilities (Microgy Holdings Project), 9%, 2038 (a)(d)      50,491        505   
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 2025      280,000        287,865   
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 2028      375,000        375,416   
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023      430,000        430,447   
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 2037      1,000,000        1,012,480   
    

 

 

  
             $ 2,329,301   
Industrial Revenue - Paper - 2.4%                 
Beauregard Parish, LA (Boise Cascade Corp.), 6.8%, 2027    $ 1,000,000      $ 1,004,320   
Courtland, AL, Industrial Development Board Solid Waste Disposal Rev. (Champion International Corp.), 6%, 2029      1,000,000        1,004,070   
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 5%, 2026      980,000        983,273   
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 4.75%, 2030      290,000        290,194   
Phenix City, AL, Industrial Development Board Environmental Improvement Rev. (MeadWestvaco Coated Board Project), “A”, 4.125%, 2035      160,000        156,910   
    

 

 

  
             $ 3,438,767   
Miscellaneous Revenue - Entertainment & Tourism - 1.0%                 
Agua Caliente Band of Cahuilla Indians, CA, Rev., 5.6%, 2013 (n)    $ 175,000      $ 175,581   
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 2030      135,000        161,978   
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040      85,000        102,128   
Cow Creek Band of Umpqua Tribe of Indians, OR, “C”, 5.625%, 2026 (n)      650,000        617,721   

 

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%, 2031    $ 25,000      $ 28,739   
Louisiana Stadium & Exposition District Rev., “A”, 5%, 2036      80,000        90,911   
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.25%, 2027 (n)      280,000        303,114   
    

 

 

  
             $ 1,480,172   
Miscellaneous Revenue - Other - 4.3%                 
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2024    $ 305,000      $ 331,779   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5%, 2034      45,000        47,443   
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019      65,000        76,842   
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020      305,000        361,401   
Dallas, TX, Civic Center Convention Complex Rev., ASSD GTY, 5.25%, 2034      845,000        949,324   
District of Columbia Rev. (American Society Hematology), 5%, 2036      50,000        54,425   
District of Columbia Rev. (American Society Hematology), 5%, 2042      40,000        43,053   
Harris County, TX, Cultural Education Facilities Finance Corp. Rev. (YMCA Greater Houston Area) , 5%, 2033      125,000        136,399   
Harris County, TX, Cultural Education Facilities Finance Corp. Rev. (YMCA Greater Houston Area), 5%, 2028      55,000        61,327   
Harris County, TX, Cultural Education Facilities Finance Corp. Rev. (YMCA Greater Houston Area), 5%, 2038      115,000        123,477   
Massachusetts Port Authority Facilities Rev. (Conrac Project), “A”, 5.125%, 2041      40,000        43,481   
Miami-Dade County, FL, Special Obligation, “B”, 5%, 2035      200,000        223,700   
Miami-Dade County, FL, Special Obligation, “B”, 5%, 2037      500,000        554,960   
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 2049      545,000        650,071   
New York Liberty Development Corp., Liberty Rev. (World Trade Center Project), 5%, 2044      535,000        595,958   
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      1,325,000        1,453,830   
    

 

 

  
             $ 6,007,644   
Multi-Family Housing Revenue - 4.2%                 
Broward County, FL, Housing Finance Authority Rev. (Chaves Lakes Apartments Ltd.), “A”, 7.5%, 2040    $ 490,000      $ 490,446   
Capital Trust Agency, FL, Housing Rev. (Atlantic Housing Foundation), “B”, 7%, 2032 (d)(q)      625,000        283,513   
Charter Mac Equity Issuer Trust, FHLMC, 6%, 2052 (n)      1,000,000        1,169,620   
District of Columbia Housing Finance Agency (Henson Ridge), “E”, FHA, 5.1%, 2037      655,000        673,530   
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2038      907,227        875,139   
Mississippi Home Corp., Rev. (Kirkwood Apartments), 6.8%, 2037      605,000        392,784   
MuniMae TE Bond Subsidiary LLC, 5.8%, 2049 (z)      1,000,000        850,200   
Resolution Trust Corp., Pass-Through Certificates, “1993”, 8.5%, 2016 (z)      455,481        452,807   
Wilmington, DE, Multi-Family Housing Rev. (Electra Arms Senior Associates), 6.25%, 2028      755,000        748,333   
    

 

 

  
             $ 5,936,372   
Parking - 0.2%                 
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 2036    $ 300,000      $ 346,506   
Port Revenue - 1.4%                 
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.75%, 2035    $ 285,000      $ 323,746   
Port Authority NY & NJ, Cons Thirty Seventh, AGM, 5.125%, 2030      1,450,000        1,523,617   
Port New Orleans, LA, Board Of Commissioners Port Facility Rev., “B”, 5%, 2031      45,000        49,801   
Port New Orleans, LA, Board Of Commissioners Port Facility Rev., “B”, 5%, 2032      15,000        16,587   
    

 

 

  
             $ 1,913,751   
Sales & Excise Tax Revenue - 4.5%                 
Bolingbrook, IL, Sales Tax Rev., 6.25%, 2024    $ 500,000      $ 358,710   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2029      165,000        194,735   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2030      330,000        388,077   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 2031      60,000        70,307   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2034      630,000        730,069   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041      300,000        345,342   
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5%, 2024 (f)      1,095,000        1,398,238   

 

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., AMBAC, 4.75%, 2032    $ 840,000      $ 931,342   
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 2032      390,000        461,128   
Chicago, IL, Metropolitan Pier & Exposition Authority, State Tax Rev., Capital Appreciation, ETM, FGIC, 0%, 2014 (c)      1,010,000        1,004,475   
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041      35,000        36,907   
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0% to 2016, 6.75% to 2032      460,000        486,997   
    

 

 

  
             $ 6,406,327   
Single Family Housing - Local - 0.8%                 
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 2038    $ 210,695      $ 214,618   
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 2028      915,000        933,593   
    

 

 

  
             $ 1,148,211   
Single Family Housing - State - 1.3%                 
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 2023    $ 600,000      $ 613,644   
California Housing Finance Agency Rev. (Home Mortgage), “G”, 5.5%, 2042      215,000        224,322   
Colorado Housing & Finance Authority, “A”, 5.5%, 2029      950,000        968,563   
Kentucky Counties Single Family Mortgage Rev., “A”, NATL, 9%, 2016      5,000        5,002   
    

 

 

  
             $ 1,811,531   
Solid Waste Revenue - 0.1%                 
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 2032    $ 75,000      $ 86,678   
State & Agency - Other - 0.4%                 
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.5%, 2037    $ 500,000      $ 518,720   
Tift County, GA, Hospital Authority Rev. Anticipation Certificates, 5%, 2038      35,000        38,872   
    

 

 

  
             $ 557,592   
State & Local Agencies - 3.5%                 
Alabama Incentives Financing Authority Special Obligation, “A”, 5%, 2037    $ 145,000      $ 165,322   
Dorchester County, SC, School District No. 2, Growth Remedy Opportunity Tax Hike, 5.25%, 2029      500,000        536,175   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2035      110,000        115,066   
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 2040      295,000        323,760   
Laurens County, SC, School District No. 55, Installment Purchase Rev., 5.25%, 2030      700,000        750,435   
Mississippi Development Bank Special Obligation (Marshall County Industrial Development Authority Mississippi Highway Construction Project), 5%, 2028      120,000        141,328   
Newberry, SC, Investing in Children’s Education (Newberry County School District Program), 5%, 2030      400,000        414,776   
Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034      135,000        156,187   
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 2026 (c)      80,000        112,170   
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 2026 (c)      820,000        1,172,961   
Puerto Rico Public Finance Corp., Commonwealth Appropriations, “B”, 6%, 2026      225,000        238,534   
Wisconsin General Fund Annual Appropriation Rev., “A”, 5.75%, 2033      660,000        792,911   
    

 

 

  
             $ 4,919,625   
Student Loan Revenue - 0.9%                 
Iowa Student Loan Liquidity Corp., “A-2”, 5.5%, 2025    $ 200,000      $ 227,500   
Iowa Student Loan Liquidity Corp., “A-2”, 5.6%, 2026      200,000        227,654   
Iowa Student Loan Liquidity Corp., “A-2”, 5.7%, 2027      20,000        22,397   
Iowa Student Loan Liquidity Corp., “A-2”, 5.75%, 2028      370,000        420,894   
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 2030      365,000        404,278   
Massachusetts Educational Financing Authority, Education Loan Rev., “I-A”, 5.5%, 2022      25,000        28,963   
    

 

 

  
             $ 1,331,686   
Tax - Other - 2.2%                 
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 2035    $ 100,000      $ 108,798   
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 2042      420,000        450,912   

 

7

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Tax - Other - continued                 
Dallas County, TX, Flood Control District, 7.25%, 2032    $ 750,000      $ 751,463   
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2047      360,000        384,930   
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2047      370,000        436,570   
New Jersey Economic Development Authority Rev., 5%, 2025      135,000        154,134   
New Jersey Economic Development Authority Rev., 5%, 2026      65,000        73,711   
New Jersey Economic Development Authority Rev., 5%, 2028      25,000        28,011   
New Jersey Economic Development Authority Rev., 5%, 2029      25,000        27,885   
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-3”, 5.25%, 2039      440,000        486,354   
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037      205,000        237,804   
    

 

 

  
             $ 3,140,572   
Tax Assessment - 4.9%                 
Anne Arundel County, MD, Special Obligation (National Business Park-North Project), 6.1%, 2040    $ 140,000      $ 152,697   
Atlanta, GA, Tax Allocation (Eastside Project), “B”, 5.4%, 2020      500,000        545,410   
Capital Region Community Development District, FL, Capital Improvement Rev., “A”, 7%, 2039      225,000        223,688   
Celebration Community Development District, FL, “A”, 6.4%, 2034      665,000        672,973   
Chicago, IL, Tax Increment Allocation (Pilsen Redevelopment), “B”, 6.75%, 2022      310,000        323,088   
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      315,000        315,362   
Homestead, Community Development District, FL, Special Assessment, “A”, 6%, 2037      365,000        272,564   
Homestead, Community Development District, FL, Special Assessment, “B”, 5.9%, 2013      60,000        48,992   
Huntington Beach, CA, Community Facilities District, Special Tax (Grand Coast Resort), “2000-1”, 6.45%, 2031      500,000        503,165   
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 2034      224,000        230,695   
Main Street Community Development District, FL, “A”, 6.8%, 2038      280,000        274,974   
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), “A”, 5.85%, 2034      125,000        131,141   
Plano, IL, Special Service Area No. 4 (Lakewood Springs Project Unit 5-B), 6%, 2035      1,406,000        1,412,903   
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 2016      185,000        181,257   
West Villages Improvement District, FL, Special Assessment Rev. (Unit of Development No. 3), 5.5%, 2037 (a)(d)      470,000        202,100   
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 2037 (a)(d)      960,000        364,800   
Yorba Linda, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, “A”, NATL, 0%, 2024      1,325,000        739,589   
    

 

 

  
             $ 6,845,566   
Tobacco - 8.0%                 
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024    $ 3,270,000      $ 2,961,083   
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047      250,000        217,930   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 6.25%, 2013 (c)      785,000        796,453   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 4.5%, 2027      175,000        163,273   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047      525,000        489,442   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, “A-1”, 5%, 2033      440,000        400,792   
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028      1,365,000        1,631,066   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 2023      175,000        173,714   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041      3,355,000        2,937,839   
Rhode Island Tobacco Settlement Authority, 6%, 2023      920,000        921,628   
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B”, 5.25%, 2037      80,000        85,424   
Washington Tobacco Settlement Authority Rev., 6.625%, 2032      500,000        510,715   
    

 

 

  
             $ 11,289,359   
Toll Roads - 6.4%                 
Chesapeake, VA, Toll Road Rev. (Transportation System), “A”, 5%, 2047    $ 105,000      $ 112,365   
Chesapeake, VA, Toll Road Rev. (Transportation System), Convertible Capital Appreciation, “B”, 0%, 2032      125,000        78,093   
Chesapeake, VA, Toll Road Rev. (Transportation System), Convertible Capital Appreciation, “B”, 0%, 2040      145,000        89,123   
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      445,000        569,168   
North Texas Tollway Authority Rev., 6%, 2038      765,000        896,549   
North Texas Tollway Authority Rev. (Special Projects System), “D”, 5%, 2031      1,200,000        1,400,208   

 

8

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Toll Roads - continued                 
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., Capital Appreciation, “A”, NATL, 0%, 2015    $ 3,000,000      $ 2,826,330   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.25%, 2032      285,000        310,394   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 2037      470,000        546,493   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 2042      755,000        827,578   
    

 

 

  
             $ 8,949,571   
Universities - Colleges - 10.0%                 
Allegheny County, PA, Higher Education Building Authority Rev. (Chatham University), “A”, 5%, 2030    $ 80,000      $ 89,275   
Brevard County, FL, Industrial Development Rev. (TUFF Florida Tech LLC Project), 6.75%, 2039      540,000        605,216   
California Educational Facilities Authority Rev. (Chapman University), 5%, 2031      145,000        161,904   
California Educational Facilities Authority Rev. (University of Southern California), “A”, 5.25%, 2038      1,270,000        1,486,599   
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      670,000        713,503   
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 2045      775,000        813,456   
Florida Higher Educational Facilities, Financial Authority Rev. (University of Tampa Project), “A”, 5%, 2032      25,000        27,324   
Florida Higher Educational Facilities, Financial Authority Rev. (University of Tampa Project), “A”, 5.25%, 2042      210,000        231,481   
Florida State University Board of Governors, System Improvement Rev., 6.25%, 2030      1,000,000        1,240,860   
Grand Valley, MI, State University Rev., 5.5%, 2027      135,000        155,038   
Grand Valley, MI, State University Rev., 5.625%, 2029      65,000        74,584   
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2036      110,000        110,836   
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029      670,000        762,983   
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039      155,000        176,331   
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 2051      165,000        183,188   
Lakeland, FL, Educational Facilities Rev. (Florida Southern College), “A”, 5%, 2032      75,000        82,553   
Lakeland, FL, Educational Facilities Rev. (Florida Southern College), “A”, 5%, 2037      125,000        136,231   
Lakeland, FL, Educational Facilities Rev. (Florida Southern College), “A”, 5%, 2042      65,000        70,572   
Massachusetts Development Finance Agency Rev. (The Broad Institute, Inc.), “A”, 5.25%, 2037      580,000        655,174   
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029      255,000        292,681   
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030      725,000        851,070   
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 5.75%, 2039      455,000        517,007   
Onondaga, NY, Civic Development Corp. (Le Moyne College), 5%, 2042      115,000        124,801   
Portage County, OH, Port Authority Rev. (Northeast Ohio Medical University Project), 5%, 2037      200,000        213,556   
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 4.375%, 2031      45,000        44,073   
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 5%, 2042      25,000        25,075   
Savannah, GA, Economic Development Authority Rev. (AASU Student Union LLC), ASSD GTY, 5.125%, 2039      335,000        364,882   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2030      195,000        229,466   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2031      85,000        99,742   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2032      80,000        93,612   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 2037      150,000        173,807   
University of Illinois Rev. (Auxiliary Facilities Systems), “A”, 5.125%, 2029      1,880,000        2,084,807   
University of Southern Indiana Rev. (Student Fee), “J”, ASSD GTY, 5.75%, 2028      300,000        367,713   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.25%, 2032      220,000        253,187   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.375%, 2036      80,000        91,634   
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 2034      280,000        313,846   
    

 

 

  
             $ 14,028,620   
Universities - Dormitories - 2.8%                 
Bowling Green, OH, Student Housing Rev. (State University Project), 5.75%, 2031    $ 175,000      $ 194,072   
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Buffalo State College), “A”, 5.375%, 2041      200,000        227,070   
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033      735,000        789,339   
Chester County, PA, Industrial Development Authority Student Housing Rev. (University Student Housing LLC Project), 5%, 2030      70,000        76,157   
Chester County, PA, Industrial Development Authority Student Housing Rev. (University Student Housing LLC Project), 5%, 2045      75,000        78,722   
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 2030      130,000        140,144   
Illinois Finance Authority Student Housing Rev. (Illinois State University), 6.75%, 2031      240,000        282,962   

 

9

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Universities - Dormitories - continued                 
Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 2031    $ 615,000      $ 735,103   
Mississippi State University, Educational Building Corp., 5%, 2036      440,000        496,571   
Oregon Facilities Authority, Student Housing Rev. (Southern Oregon University), ASSD GTY, 4.7%, 2033      50,000        54,033   
Oregon Facilities Authority, Student Housing Rev. (Southern Oregon University), ASSD GTY, 5%, 2044      60,000        66,249   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 2030      80,000        90,685   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 6%, 2043      110,000        124,136   
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services), 5%, 2030      105,000        117,714   
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services), 5%, 2044      110,000        120,230   
Platteville, WI, Redevelopment Authority, Redevelopment Rev. (Platteville Real Estate), 5%, 2032      100,000        105,717   
Platteville, WI, Redevelopment Authority, Redevelopment Rev. (Platteville Real Estate), 5%, 2042      215,000        220,953   
    

 

 

  
             $ 3,919,857   
Universities - Secondary Schools - 1.4%                 
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.5%, 2031    $ 95,000      $ 106,498   
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.75%, 2041      75,000        85,188   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 2040      215,000        246,059   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 4.35%, 2042      110,000        111,565   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 2045      135,000        155,133   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 4.4%, 2047      100,000        101,420   
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 2032      115,000        115,393   
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 2043      240,000        237,526   
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 2039      195,000        224,613   
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 4.875%, 2032      70,000        75,587   
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 2042      170,000        185,190   
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School), 6%, 2035      50,000        56,013   
Phoenix, AZ, Industrial Development Authority Education Rev. (Choice Academies, Inc. Project), 5.625%, 2042      135,000        137,734   
Phoenix, AZ, Industrial Development Authority Education Rev. (Eagle College Prep Project), 5%, 2033      65,000        66,355   
Phoenix, AZ, Industrial Development Authority Education Rev. (Eagle College Prep Project), 5%, 2043      125,000        125,269   
    

 

 

  
             $ 2,029,543   
Utilities - Cogeneration - 1.0%                 
California Pollution Control Financing Authority, Water Furnishing Rev. (Poseidon Resources Desalination Project), 5%, 2045    $ 1,020,000      $ 1,052,140   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Central Facilities (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 2026      320,000        320,006   
    

 

 

  
             $ 1,372,146   
Utilities - Investor Owned - 5.2%                 
Apache County, AZ, Industrial Development Authority, Pollution Control Rev. (Tucson Electric Power Co.),“A”, 4.5%, 2030    $ 325,000      $ 337,916   
Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), “C”, 6.75%, 2038      555,000        52,814   
Bryant, IL, Pollution Control Rev. (Central Illinois Light Co.), 5.9%, 2023      975,000        978,559   
Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 2034      245,000        286,922   
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 2040      500,000        559,165   
Fort Bend County, TX, Industrial Development Corp. (NRG Energy, Inc.), “A”, 4.75%, 2038      335,000        346,792   
Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 2039      390,000        456,542   
Maricopa County, AZ, Pollution Control Rev. (El Paso Electric Co. Palo Verde Project), “A”, 4.5%, 2042      150,000        154,875   
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)      85,000        103,979   
Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), “A”, 6.3%, 2029      275,000        320,683   
Mississippi Business Finance Corp., Pollution Control Rev. (Systems Energy Resources Project), 5.875%, 2022      1,500,000        1,503,390   
New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of New Hampshire), “B”, NATL, 4.75%, 2021      250,000        257,830   
Owen County, KY, Waterworks System Rev. (American Water Co. Project), “A”, 6.25%, 2039      205,000        229,151   
Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039      600,000        718,038   
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), 5.75%, 2029      1,015,000        1,073,373   
    

 

 

  
             $ 7,380,029   

 

10

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Utilities - Municipal Owned - 0.9%                 
Guam Power Authority Rev., “A”, AGM, 5%, 2025    $ 95,000      $ 109,764   
Guam Power Authority Rev., “A”, AGM, 5%, 2026      80,000        92,075   
Guam Power Authority Rev., “A”, AGM, 5%, 2027      30,000        34,421   
Guam Power Authority Rev., “A”, 5%, 2034      95,000        104,154   
Harris County, TX, Cultural Education Facilities Financial Corp., Thermal Utilities Rev. (Teco Project), “A”, 5.25%, 2035      140,000        158,516   
Los Angeles, CA, Department of Water & Power Rev. (Power System), “B”, 5%, 2038      355,000        411,101   
Sacramento, CA, Municipal Utility District, “X”, 5%, 2028      365,000        428,306   
    

 

 

  
             $ 1,338,337   
Utilities - Other - 3.8%                 
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      335,000        468,032   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 2028      335,000        413,822   
Indiana Bond Bank Special Program, Gas Rev., “A”, 5.25%, 2018      230,000        269,884   
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038      25,000        34,724   
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2037      705,000        801,818   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021      1,710,000        1,982,557   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022      270,000        314,029   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026      165,000        192,157   
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2025      240,000        272,794   
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 2032      240,000        259,250   
Texas Gas Acquisition & Supply Corp. III., Gas Supply Rev., 5%, 2031      150,000        163,044   
    

 

 

  
             $ 5,394,042   
Water & Sewer Utility Revenue - 8.5%                 
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 2022    $ 370,000      $ 471,047   
Birmingham, AL, Waterworks Board Water Rev., “A”, ASSD GTY, 5.125%, 2034      595,000        660,045   
California Department of Water Resources, Center Valley Project Rev., “AJ”, 5%, 2035      1,010,000        1,180,296   
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 5.75%, 2037      290,000        299,263   
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044      135,000        138,567   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2028      125,000        148,929   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2029      115,000        136,434   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2030      75,000        88,790   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2031      15,000        17,696   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 2041      420,000        482,059   
Houston, TX, Utility System Rev., “D”, 5%, 2036      435,000        504,378   
King County, WA, Sewer Rev., 5%, 2040      1,395,000        1,569,319   
Massachusetts Water Resources Authority, “B”, 5%, 2041      275,000        313,833   
New York Environmental Facilities Corp., Clean Drinking Water Revolving Funds, 5%, 2024      215,000        264,160   
New York Environmental Facilities Corp., Clean Drinking Water Revolving Funds, 5%, 2041      685,000        782,571   
New York Environmental Facilities, “C”, 5%, 2041      945,000        1,078,415   
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “AA”, 5%, 2034      1,980,000        2,293,434   
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev., “DD”, 4.75%, 2035      790,000        870,090   
Surprise, AZ, Municipal Property Corp., 4.9%, 2032      700,000        715,253   
    

 

 

  
             $ 12,014,579   
Total Municipal Bonds            $ 211,152,425   

 

11

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Money Market Funds - 1.9%                 
MFS Institutional Money Market Portfolio, 0.13%, at Net Asset Value (v)      2,604,027      $ 2,604,027   
Total Investments            $ 213,756,452   
Other Assets, Less Liabilities - 1.5%              2,167,466   
ARPS, at liquidation value (issued by the fund) - (2.8)%              (3,900,000 ) 
VMTPS, at liquidation value (issued by the fund) - (50.4)%              (71,100,000 ) 
Net assets applicable to common shares - 100.0%            $ 140,923,918   

 

(a) Non-income producing security.
(b) Mandatory tender date is earlier than stated maturity date.
(c) Refunded bond.
(d) In default. Interest and/or scheduled principal payment(s) have been missed.
(f) All or a portion of the security has been segregated as collateral for open futures contracts.
(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $2,266,036, representing 1.6% 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  
MuniMae TE Bond Subsidiary LLC, 5.8%, 2049    10/14/04      $1,000,000         $850,200   
Resolution Trust Corp., Pass-Through Certificates, “1993”, 8.5%, 2016    10/17/01-1/14/02      455,481         452,807   
Total Restricted Securities            $1,303,007   
% of Net assets applicable to common shares            0.9%   

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.
GNMA    Government National Mortgage Assn.
NATL    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
SYNCORA    Syncora Guarantee Inc.

 

12

Portfolio of Investments (unaudited) – continued

 

Derivative Contracts at 2/28/13

Futures Contracts Outstanding at 2/28/13

 

Description    Currency      Contracts      Value    Expiration Date    Unrealized
Appreciation
(Depreciation)		  
Liability Derivatives               
Interest Rate Futures               
U.S. Treasury Note 10 yr (Short)      USD         188       $24,730,813    June 2013      $(20,563 ) 
U.S. Treasury Bond 30 yr (Short)      USD         22       3,163,188    June 2013      (2,750 ) 
              

 

 

  
                 $(23,313 ) 
              

 

 

  

At February 28, 2013 the fund had liquid securities with an aggregate value of $334,556 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.

 

13

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      $—         $211,152,425         $—         $211,152,425   
Mutual Funds      2,604,027         —         —         2,604,027   
Total Investments      $2,604,027         $211,152,425         $—         $213,756,452   
Other Financial Instruments                            
Futures Contracts      $(23,313 )       $—         $—         $(23,313 ) 

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      $194,164,833   
Gross unrealized appreciation      22,361,041   
Gross unrealized depreciation      (2,769,422 ) 
Net unrealized appreciation (depreciation)      $19,591,619   

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

 

14

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    1,770,392      10,921,163         (10,087,528 )       2,604,027   
Underlying Affiliated Fund    Realized
Gain (Loss)		    Capital Gain
Distributions		      Dividend
Income		      Ending
Value		  
MFS Institutional Money Market Portfolio    $—      $—         $949         $2,604,027   

 

15

ITEM 2. CONTROLS AND PROCEDURES.

 

(a) Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

Notice

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

SIGNATURES

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

Registrant: MFS HIGH YIELD 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.