-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MzAOgeT/OujCFHxsuI5WOYpg6JppJSgJNj0hI3C9K57hYiSi142ET/0smpL6C+1c JMFEzrt9hhPWS93XcnjMuQ== 0000950156-07-000677.txt : 20071029 0000950156-07-000677.hdr.sgml : 20071029 20071029160153 ACCESSION NUMBER: 0000950156-07-000677 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070831 FILED AS OF DATE: 20071029 DATE AS OF CHANGE: 20071029 EFFECTIVENESS DATE: 20071029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MFS HIGH YIELD MUNICIPAL TRUST CENTRAL INDEX KEY: 0000809844 IRS NUMBER: 042950868 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04992 FILM NUMBER: 071196554 BUSINESS ADDRESS: STREET 1: 500 BOYLSTON ST STREET 2: 20TH FL LEGAL DEPT. CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 6179545000 MAIL ADDRESS: STREET 1: 500 BOYLSTON ST STREET 2: 20TH FL LEGAL DEPT CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: COLONIAL MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 19920703 N-Q 1 d68418.txt MFS HIGH YIELD MUNICIPAL TRUST 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 811-4992 - ------------------------------------------------------------------------------- MFS HIGH YIELD MUNICIPAL TRUST - ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 500 Boylston Street, Boston, Massachusetts 02116 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Susan S. Newton Massachusetts Financial Services Company 500 Boylston Street Boston, Massachusetts 02116 - ------------------------------------------------------------------------------- (Name and address of agents for service) Registrant's telephone number, including area code: (617) 954-5000 - ------------------------------------------------------------------------------- Date of fiscal year end: November 30 - ------------------------------------------------------------------------------- Date of reporting period: August 31, 2007 - ------------------------------------------------------------------------------- ITEM 1. SCHEDULE OF INVESTMENTS. MFS(R) HIGH YIELD MUNICIPAL TRUST 8/31/07 Quarterly portfolio holdings [graphic omitted] M F S(R) INVESTMENT MANAGEMENT MFS High Yield Municipal Trust PORTFOLIO OF INVESTMENTS (Unaudited) 8/31/07
ISSUER SHARES/PAR VALUE ($) - ----------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS - 153.8% - ----------------------------------------------------------------------------------------------------------------------------------- AIRPORT & PORT REVENUE - 5.6% - ----------------------------------------------------------------------------------------------------------------------------------- Branson, MO, Regional Airport Transportation Development District Airport Rev., "B", 6%, 2037 $ 460,000 $ 429,589 - ----------------------------------------------------------------------------------------------------------------------------------- Dallas Fort Worth, TX, International Airport Rev. Improvement, "B", FSA, 5%, 2025 3,000,000 2,996,250 - ----------------------------------------------------------------------------------------------------------------------------------- New York, NY, City Industrial Development Authority Rev. (Terminal One Group Assn.), 5.5%, 2021 500,000 526,195 - ----------------------------------------------------------------------------------------------------------------------------------- Port Authority, NY & NJ, Cons Thirty Seventh, FSA, 5.125%, 2030 (f) 4,450,000 4,559,559 - ----------------------------------------------------------------------------------------------------------------------------------- $ 8,511,593 - ----------------------------------------------------------------------------------------------------------------------------------- ASSET BACKED & SECURITIZED - 0.3% - ----------------------------------------------------------------------------------------------------------------------------------- Pass-Through Certificates, "1993", 8.5%, 2016 (z) $ 455,481 $ 447,419 - ----------------------------------------------------------------------------------------------------------------------------------- GENERAL OBLIGATIONS - GENERAL PURPOSE - 5.0% - ----------------------------------------------------------------------------------------------------------------------------------- New Orleans, LA, AMBAC, 0%, 2015 $4,000,000 $ 2,809,840 - ----------------------------------------------------------------------------------------------------------------------------------- New York, NY, "H", IBC, MBIA, 5.125%, 2008 (c) 440,000 450,371 - ----------------------------------------------------------------------------------------------------------------------------------- New York, NY, "H", IBC, "N", MBIA, 5.125%, 2025 3,560,000 3,622,798 - ----------------------------------------------------------------------------------------------------------------------------------- Puerto Rico Government Development Bank, "B", 5%, 2015 400,000 418,660 - ----------------------------------------------------------------------------------------------------------------------------------- State of California, 5.25%, 2023 380,000 405,730 - ----------------------------------------------------------------------------------------------------------------------------------- $ 7,707,399 - ----------------------------------------------------------------------------------------------------------------------------------- GENERAL OBLIGATIONS - SCHOOLS - 0.5% - ----------------------------------------------------------------------------------------------------------------------------------- Irving, TX, Independent School District, "A", 0%, 2016 $1,000,000 $ 691,300 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE REVENUE - HOSPITALS - 25.9% - ----------------------------------------------------------------------------------------------------------------------------------- Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), "A", 5%, 2028 $ 435,000 $ 390,865 - ----------------------------------------------------------------------------------------------------------------------------------- Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), "A", 5.375%, 2040 625,000 573,169 - ----------------------------------------------------------------------------------------------------------------------------------- Cape Girardeau County, MO, Industrial Development Authority Rev. (Southeast Missouri Hospital), 5%, 2027 725,000 682,450 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Health Facilities Authority Rev. (National Jewish Medical & Research Center), 5.375%, 2016 1,500,000 1,509,465 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Health Facilities Authority Rev. (National Jewish Medical & Research Center), 5.375%, 2023 340,000 337,695 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Health Facilities Authority Rev. (Parkview Medical Center), 5%, 2025 550,000 545,490 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Health Facilities Authority Rev. (Vail Valley Medical Center), 5%, 2020 500,000 493,620 - ----------------------------------------------------------------------------------------------------------------------------------- Conway, AR, Hospital Rev. (Conway Regional Medical Center), "A", 6.4%, 2029 350,000 364,763 - ----------------------------------------------------------------------------------------------------------------------------------- Conway, AR, Hospital Rev. (Conway Regional Medical Center), "B", 6.4%, 2029 850,000 885,853 - ----------------------------------------------------------------------------------------------------------------------------------- Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 2016 (c) 1,400,000 1,423,030 - ----------------------------------------------------------------------------------------------------------------------------------- Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 2026 (c) 500,000 508,225 - ----------------------------------------------------------------------------------------------------------------------------------- Dickinson County, MI, Healthcare System Hospital Rev., 5.7%, 2018 770,000 778,293 - ----------------------------------------------------------------------------------------------------------------------------------- Forsyth County, GA, Hospital Authority Rev. (Baptist Health Care System), ETM, 6%, 2008 (c) 330,000 333,373 - ----------------------------------------------------------------------------------------------------------------------------------- Garden City, MI, Hospital Finance Authority Rev. (Garden City Hospital), 5%, 2038 500,000 433,160 - ----------------------------------------------------------------------------------------------------------------------------------- Glendale, AZ, Industrial Development Authority, (John C Lincoln Health), 5%, 2042 280,000 255,458 - ----------------------------------------------------------------------------------------------------------------------------------- Highland County, OH, Joint Township, Hospital District Facilities Rev., 6.75%, 2009 (c) 685,000 733,484 - ----------------------------------------------------------------------------------------------------------------------------------- Idaho Health Facilities Authority Rev. (IHC Hospitals, Inc.), ETM, 6.65%, 2021 (c) 2,750,000 3,338,967 - ----------------------------------------------------------------------------------------------------------------------------------- Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031 435,000 382,574 - ----------------------------------------------------------------------------------------------------------------------------------- Illinois Health Facilities Authority Rev. (Swedish American Hospital), 6.875%, 2010 (c) 500,000 538,730 - ----------------------------------------------------------------------------------------------------------------------------------- Illinois Health Facilities Authority Rev. (Thorek Hospital & Medical Center), 5.375%, 2028 500,000 488,620 - ----------------------------------------------------------------------------------------------------------------------------------- Indiana Health & Educational Facilities Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 2037 1,125,000 1,082,182 - ----------------------------------------------------------------------------------------------------------------------------------- Indiana Health Facilities Financing Authority Rev. (Community Foundation of Northwest Indiana), "A", 6%, 2034 425,000 432,624 - ----------------------------------------------------------------------------------------------------------------------------------- Lakewood, OH, Hospital Improvement Rev. (Lakewood Hospital Assn.), 5.5%, 2014 400,000 417,936 - ----------------------------------------------------------------------------------------------------------------------------------- Lexington County, SC, Health Services Rev. (Lexington Medical Center), 5.5%, 2013 (c) 750,000 815,925 - ----------------------------------------------------------------------------------------------------------------------------------- Louisiana Public Facilities Authority Rev. (Touro Infirmary Project), "A", 5.5%, 2019 250,000 250,933 - ----------------------------------------------------------------------------------------------------------------------------------- Louisiana Public Facilities Authority Rev. (Touro Infirmary Project), "A", 5.625%, 2029 525,000 520,086 - ----------------------------------------------------------------------------------------------------------------------------------- Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 400,000 407,808 "A", 5.75%, 2025 - ----------------------------------------------------------------------------------------------------------------------------------- Maryland Health & Higher Educational Facilities Authority Rev. (Hackettstown Community Hospital), "A", 5%, 2016 365,000 366,347 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Development Finance Agency (Boston Biomedical Research), 5.65%, 2019 620,000 627,992 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Health & Educational Facilities Authority Rev. (Civic Investments, Inc.), "A", 9%, 2012 (c) 750,000 891,532 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), "E", 6.75%, 2033 250,000 263,825 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Health & Educational Facilities Authority Rev. (Milford-Whitinsville Hospital), "C", 5.25%, 2018 500,000 493,055 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Health & Educational Facilities Authority Rev. (Milford-Whitinsville Hospital), "D", 6.35%, 2012 (c) 250,000 280,240 - ----------------------------------------------------------------------------------------------------------------------------------- Miami County, OH, Hospital Facilities Rev. (Upper Valley Medical Center), 5.25%, 2018 300,000 307,767 - ----------------------------------------------------------------------------------------------------------------------------------- Minneapolis & St. Paul Redevelopment Authority Rev. (HealthPartners), 5.625%, 2022 200,000 203,290 - ----------------------------------------------------------------------------------------------------------------------------------- New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical Center), "A", 6.125%, 2012 (c) 175,000 194,304 - ----------------------------------------------------------------------------------------------------------------------------------- New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical Center), "A", 6.125%, 2032 25,000 25,691 - ----------------------------------------------------------------------------------------------------------------------------------- New Hampshire Health & Educational Facilities Authority Rev. (Littleton Regional Hospital), "A", 6%, 2028 625,000 632,419 - ----------------------------------------------------------------------------------------------------------------------------------- New Hampshire Health & Educational Facilities Authority Rev. (Littleton Regional Hospital), "B", 5.9%, 2028 675,000 681,365 - ----------------------------------------------------------------------------------------------------------------------------------- New Hampshire Health & Educational Facilities Authority Rev. (Memorial Hospital), 5.25%, 2021 530,000 522,310 - ----------------------------------------------------------------------------------------------------------------------------------- New Hampshire Higher Educational & Health Facilities Authority Rev. (Littleton Regional Hospital), "A", 5.9%, 2018 500,000 506,315 - ----------------------------------------------------------------------------------------------------------------------------------- New York Dormitory Authority Rev. (North Shore Long Island Jewish Group), 5.5%, 2013 (c) 200,000 217,358 - ----------------------------------------------------------------------------------------------------------------------------------- New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai NYU Health), 5.5%, 2026 175,000 175,333 - ----------------------------------------------------------------------------------------------------------------------------------- New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai NYU Health), "C", 5.5%, 2026 575,000 576,093 - ----------------------------------------------------------------------------------------------------------------------------------- Orange County, FL, Health Facilities Authority Rev. (Orlando Regional Healthcare), 5.75%, 2012 (c) 150,000 163,841 - ----------------------------------------------------------------------------------------------------------------------------------- Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple University Hospital), "A", 5.5%, 2030 625,000 603,681 - ----------------------------------------------------------------------------------------------------------------------------------- Salida, CO, Hospital District Rev., 5.25%, 2036 735,000 652,217 - ----------------------------------------------------------------------------------------------------------------------------------- Saline County, MO, Industrial Development Authority Rev. (John Fitzgibbon Memorial Hospital, Inc.), 5.625%, 2035 985,000 939,690 - ----------------------------------------------------------------------------------------------------------------------------------- Sandusky County OH, Hospital Facilities Rev. (Memorial Hospital), 5.15%, 2008 270,000 270,105 - ----------------------------------------------------------------------------------------------------------------------------------- South Dakota Health & Educational Facilities Authority Rev. (Sioux Valley Hospitals & Health Systems), "A", 5.25%, 2034 525,000 527,137 - ----------------------------------------------------------------------------------------------------------------------------------- South Lake County, FL, Hospital District Rev. (South Lake Hospital, Inc.), 6.375%, 2034 250,000 259,585 - ----------------------------------------------------------------------------------------------------------------------------------- Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.375%, 2015 500,000 507,335 - ----------------------------------------------------------------------------------------------------------------------------------- Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.5%, 2020 550,000 553,267 - ----------------------------------------------------------------------------------------------------------------------------------- Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.125%, 2026 500,000 478,090 - ----------------------------------------------------------------------------------------------------------------------------------- St. Paul, MN, Housing & Redevelopment Authority Hospital Rev. (Healtheast), "A", 5.7%, 2015 2,000,000 2,022,420 - ----------------------------------------------------------------------------------------------------------------------------------- St. Paul, MN, Port Authority Lease Rev. (Regions Hospital), "1", 5%, 2036 700,000 623,693 - ----------------------------------------------------------------------------------------------------------------------------------- Sullivan County, TN, Health Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), "C", 5.25%, 2036 490,000 466,019 - ----------------------------------------------------------------------------------------------------------------------------------- Turlock, CA, Health Facilities Rev. (Emanuel Medical Center), 5.375%, 2034 1,000,000 982,430 - ----------------------------------------------------------------------------------------------------------------------------------- Tyler, TX, Health Facilities Development Corp. (Mother Frances Hospital), 6%, 2012 (c) 750,000 822,375 - ----------------------------------------------------------------------------------------------------------------------------------- Vermont Educational & Health Buildings Financing Agency Rev. (Brattleboro Memorial Hospital), 5.375%, 2028 500,000 486,980 - ----------------------------------------------------------------------------------------------------------------------------------- West Orange, FL, Healthcare District, "A", 5.65%, 2022 400,000 410,784 - ----------------------------------------------------------------------------------------------------------------------------------- West Virginia Hospital Finance Authority Rev. (Charleston Medical Center), 6.75%, 2010 (c) 605,000 661,997 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.4%, 2033 350,000 364,494 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (Fort Healthcare, Inc.), 6.1%, 2034 750,000 760,560 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.75%, 2012 (c) 450,000 489,564 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), "A", 5.125%, 2033 660,000 608,890 - ----------------------------------------------------------------------------------------------------------------------------------- $ 39,545,168 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE REVENUE - LONG TERM CARE - 34.9% - ----------------------------------------------------------------------------------------------------------------------------------- Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement), "A", 5.9%, 2025 $ 750,000 $ 750,570 - ----------------------------------------------------------------------------------------------------------------------------------- Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement), "A", 7%, 2033 200,000 210,926 - ----------------------------------------------------------------------------------------------------------------------------------- Boston, MA, Industrial Development Financing Authority Rev. (Springhouse, Inc.), 5.875%, 2020 235,000 236,765 - ----------------------------------------------------------------------------------------------------------------------------------- Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Anns Choice, Inc.), "A", 6.25%, 2035 250,000 253,615 - ----------------------------------------------------------------------------------------------------------------------------------- Bucks County, PA, Industrial Development Authority, Retirement Community Rev. (Ann's Choice, Inc.), 6.125%, 2025 500,000 506,865 - ----------------------------------------------------------------------------------------------------------------------------------- California Statewide Communities Development Authority Rev. (Eskaton Properties, Inc.), 8.25%, 2010 (c) 725,000 822,715 - ----------------------------------------------------------------------------------------------------------------------------------- Capital Projects Finance Authority, FL (Glenridge on Palmer Ranch), "A", 8%, 2012 (c) 500,000 594,080 - ----------------------------------------------------------------------------------------------------------------------------------- Carlton, MN, Health & Housing Facilities Rev. (Inter-Faith Social Services, Inc.), 7.5%, 2010 (c) 250,000 272,767 - ----------------------------------------------------------------------------------------------------------------------------------- Chartiers Valley, PA, Industrial & Commercial Development Authority (Friendship Village), "A", 5.75%, 2020 1,000,000 1,013,440 - ----------------------------------------------------------------------------------------------------------------------------------- Chartiers Valley, PA, Industrial & Commercial Development Authority Rev. (Asbury Health Center), 6.375%, 2024 1,000,000 1,019,350 - ----------------------------------------------------------------------------------------------------------------------------------- Cole County, MO, Industrial Development Authority, Senior Living Facilities Rev. (Lutheran Senior Services), 5.5%, 2035 750,000 752,767 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Health Facilities Authority Rev. (American Housing Foundation, Inc.), 8.5%, 2031 530,000 547,490 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Health Facilities Authority Rev. (Christian Living Communities Project), "A", 5.75%, 2037 500,000 490,235 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), 5%, 2035 1,100,000 963,226 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Health Facilities Authority Rev. (Evangelical Lutheran Society), 5%, 2035 250,000 228,000 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Health Facilities Authority Rev. (Volunteers of America Care Facilities), "A", 5.75%, 2008 (c) 700,000 724,941 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Health Facilities Authority Rev. (Volunteers of America Care Facilities), "A", ETM, 5.45%, 2008 (c) 55,000 55,760 - ----------------------------------------------------------------------------------------------------------------------------------- Columbus, GA, Housing Authority Rev. (Calvary Community, Inc.), 7%, 2019 470,000 450,998 - ----------------------------------------------------------------------------------------------------------------------------------- Connecticut Development Authority Rev. (Elim Park Baptist Home, Inc.), 5.85%, 2033 430,000 436,682 - ----------------------------------------------------------------------------------------------------------------------------------- Delaware County Authority Rev., PA (Dunwoody Village), "A", 5.375%, 2017 400,000 406,616 - ----------------------------------------------------------------------------------------------------------------------------------- Fulton County, GA, Residential Care Facilities (Canterbury Court), "A", 6.125%, 2026 500,000 510,295 - ----------------------------------------------------------------------------------------------------------------------------------- Fulton County, GA, Residential Care Facilities, First Mortgage (Lenbrook Square Foundation, Inc.), "A", 5%, 2029 1,500,000 1,345,560 - ----------------------------------------------------------------------------------------------------------------------------------- HFDC of Central Texas, Inc., Retirement Facilities Rev. (Legacy at Willow Bend), "A", 5.75%, 2036 600,000 564,504 - ----------------------------------------------------------------------------------------------------------------------------------- HFDC of Central Texas, Inc., Retirement Facilities Rev. (Village at Gleanloch Farms), "A", 5.5%, 2027 400,000 382,064 - ----------------------------------------------------------------------------------------------------------------------------------- Houston, TX, Health Facilities Development Corp., (Buckingham Senior Living Community), "A", 7%, 2014 (c) 500,000 590,520 - ----------------------------------------------------------------------------------------------------------------------------------- Howard County, MD, Retirement Facilities Rev. (Vantage House Corp.), "A", 5.25%, 2033 200,000 184,920 - ----------------------------------------------------------------------------------------------------------------------------------- Huntington, NY, Housing Authority Rev. (Gurwin Senior Jewish Residences), "A", 5.875%, 2019 420,000 419,084 - ----------------------------------------------------------------------------------------------------------------------------------- Huntington, NY, Housing Authority Rev. (Gurwin Senior Jewish Residences), "A", 6%, 2029 650,000 642,180 - ----------------------------------------------------------------------------------------------------------------------------------- Illinois Finance Authority Rev. (Lutheran Senior Services), 5.125%, 2026 875,000 860,125 - ----------------------------------------------------------------------------------------------------------------------------------- Illinois Finance Authority Rev. (Washington & Jane Smith Community), "A", 6.25%, 2035 1,000,000 1,013,950 - ----------------------------------------------------------------------------------------------------------------------------------- Illinois Health Facilities Authority Rev. (Lutheran Senior Ministries, Inc.), 7.375%, 2011 (c) 650,000 740,727 - ----------------------------------------------------------------------------------------------------------------------------------- Illinois Health Facilities Authority Rev. (Washington & Jane Smith Community), "A", 7%, 2032 525,000 553,150 - ----------------------------------------------------------------------------------------------------------------------------------- Indiana Health Facilities Financing Authority Rev. (Hoosier Care, Inc.), 7.125%, 2034 1,025,000 1,032,001 - ----------------------------------------------------------------------------------------------------------------------------------- Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), 9.25%, 2011 (c) 950,000 1,140,636 - ----------------------------------------------------------------------------------------------------------------------------------- Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), "B", 5.75%, 2018 550,000 552,079 - ----------------------------------------------------------------------------------------------------------------------------------- Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), "B", 5.75%, 2028 1,475,000 1,471,313 - ----------------------------------------------------------------------------------------------------------------------------------- James City County, VA, Economic Development (Virginia United Methodist Homes, Inc.), "A", 5.4%, 2027 320,000 307,190 - ----------------------------------------------------------------------------------------------------------------------------------- James City County, VA, Economic Development (Virginia United Methodist Homes, Inc.), "A", 5.5%, 2037 520,000 495,118 - ----------------------------------------------------------------------------------------------------------------------------------- Jefferson, GA, Development Authority Rev. (Senior Living Facilities), "A", 5.875%, 2038 500,000 466,070 - ----------------------------------------------------------------------------------------------------------------------------------- Johnson City, TN, Health & Educational Facilities Board (Appalachian Christian Village), "A", 6.25%, 2032 250,000 255,833 - ----------------------------------------------------------------------------------------------------------------------------------- Juneau, AK, City & Boro Non-recourse Rev. (St. Ann's Care Project), 6.875%, 2025 950,000 913,197 - ----------------------------------------------------------------------------------------------------------------------------------- Kent County, DE, Assisted Living (Heritage at Dover LLC), 7.625%, 2030 1,160,000 1,076,399 - ----------------------------------------------------------------------------------------------------------------------------------- Kentucky Economic Development Finance Authority Health Facilities Rev. (AHF/Kentucky-IOWA, Inc.), 6.5%, 2029 395,000 435,823 - ----------------------------------------------------------------------------------------------------------------------------------- Kentwood, MI, Economic Development Ltd. (Holland Home), "A", 5.375%, 2036 750,000 687,637 - ----------------------------------------------------------------------------------------------------------------------------------- La Verne, CA, COP (Brethren Hillcrest Homes), "B", 6.625%, 2025 525,000 552,809 - ----------------------------------------------------------------------------------------------------------------------------------- Lancaster, PA, Industrial Development Authority Rev. (Garden Spot Village), "A", 7.625%, 2010 (c) 325,000 359,385 - ----------------------------------------------------------------------------------------------------------------------------------- Lee County, FL, Industrial Development Authority Health Care Facilities Rev., (Shell Point Village), "A", 5.5%, 2009 (c) 400,000 418,364 - ----------------------------------------------------------------------------------------------------------------------------------- Lynchburg, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster-Canterbury of Lynchburg, Inc.), 5%, 2031 45,000 38,972 - ----------------------------------------------------------------------------------------------------------------------------------- Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills Retirement Foundation), "A", 6.375%, 2009 (c) 250,000 263,050 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Development Finance Agency Rev. (Alliance Health of Brockton, Inc.), "A", 7.1%, 2032 1,090,000 1,088,583 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), "A", 5.5%, 2027 185,000 179,715 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), "A", 5.75%, 2035 45,000 44,499 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), "A", 6.9%, 2032 125,000 130,700 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), "A", 5.625%, 2015 250,000 252,670 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Industrial Finance Agency Rev. (GF/Massachusetts, Inc.), 8.3%, 2023 805,000 760,999 - ----------------------------------------------------------------------------------------------------------------------------------- Meridian, MI, Economic Development Corp., First Mortgage (Burcham Hills Retirement Center), "A-1", 5.25%, 2026 250,000 230,587 - ----------------------------------------------------------------------------------------------------------------------------------- Metropolitan Government of Nashville & Davidson Counties, TN, Health & Educational Facilities Board Rev. (Blakeford at Green Hills), 5.65%, 2024 575,000 572,476 - ----------------------------------------------------------------------------------------------------------------------------------- Montana Facility Finance Authority Rev. (Senior Living St. Johns Lutheran), "A", 6.125%, 2036 300,000 301,734 - ----------------------------------------------------------------------------------------------------------------------------------- Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.125%, 2028 150,000 151,455 - ----------------------------------------------------------------------------------------------------------------------------------- Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035 600,000 605,970 - ----------------------------------------------------------------------------------------------------------------------------------- New Hampshire Higher Education & Health Facilities Authority Rev. (Rivermead at Peterborough Retirement Community), 5.75%, 2028 1,100,000 1,100,748 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev. (Cranes Mill Project), "A", 5.1%, 2027 325,000 310,567 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev. (Lions Gate Project), "A", 5.875%, 2037 300,000 300,588 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2026 500,000 471,680 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2036 500,000 454,315 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), "A", 8.25%, 2010 (c) 700,000 798,791 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev. (Seashore Gardens), 5.375%, 2036 350,000 326,844 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev., First Mortgage (Lions Gate), "A", 5.75%, 2025 400,000 400,672 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev., First Mortgage (Winchester), "A", 5.75%, 2024 500,000 509,640 - ----------------------------------------------------------------------------------------------------------------------------------- North Carolina Medical Care Commission Retirement Facilities Rev. (United Methodist Retirement Homes, Inc.), 5.25%, 2024 500,000 467,855 - ----------------------------------------------------------------------------------------------------------------------------------- North Carolina Medical Care Commission, First Mortgage (DePaul Community Facilities, Inc.), 7.625%, 2029 1,000,000 1,021,700 - ----------------------------------------------------------------------------------------------------------------------------------- Rochester, MN, Health Care & Housing Authority (Madonna Meadows), "A", 5.3%, 2037 550,000 504,779 - ----------------------------------------------------------------------------------------------------------------------------------- Roseville, MN, Elder Care Facilities (Care Institute, Inc.), 7.75%, 2023 1,630,000 1,394,074 - ----------------------------------------------------------------------------------------------------------------------------------- Sartell, MN, Health Care & Housing Authority Rev. (The Foundation for Health Care), "A", 6.625%, 2029 1,025,000 1,039,822 - ----------------------------------------------------------------------------------------------------------------------------------- Savannah, GA, Economic Development Authority, First Mortgage (Marshes of Skidway), "A", 7.4%, 2034 350,000 369,495 - ----------------------------------------------------------------------------------------------------------------------------------- Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), "A", 7.25%, 2034 300,000 303,240 - ----------------------------------------------------------------------------------------------------------------------------------- Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Trezevant Manor), "A", 5.625%, 2026 500,000 486,640 - ----------------------------------------------------------------------------------------------------------------------------------- Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Trezevant Manor), "A", 5.75%, 2037 400,000 386,700 - ----------------------------------------------------------------------------------------------------------------------------------- South Carolina Jobs & Economic Development Authority, Health & Facilities Rev., First Mortgage (Wesley Commons), 5.125%, 2026 400,000 364,348 - ----------------------------------------------------------------------------------------------------------------------------------- South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5.3%, 2036 200,000 179,080 - ----------------------------------------------------------------------------------------------------------------------------------- St. John's County, FL, Industrial Development Authority (Glenmoor Project), "A", 5.25%, 2026 500,000 471,865 - ----------------------------------------------------------------------------------------------------------------------------------- Suffolk, VA, Industrial Development Authority, Retirement Facilities Rev. (Lake Prince Center, Inc.), 5.3%, 2031 250,000 229,080 - ----------------------------------------------------------------------------------------------------------------------------------- Tarrant County, TX, Cultural Education Facilities Finance Corp. (Edgemere Project), "A", 6%, 2036 500,000 508,530 - ----------------------------------------------------------------------------------------------------------------------------------- Washington County, MN, Housing & Redevelopment Authority Rev. (Aspen Cottages), 9.25%, 2022 915,000 912,365 - ----------------------------------------------------------------------------------------------------------------------------------- Westminster, MD, Economic Development Rev. (Carroll Lutheran Village), "A", 6.25%, 2034 500,000 513,060 - ----------------------------------------------------------------------------------------------------------------------------------- Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Retirement Community), "A", 5.875%, 2032 600,000 585,912 - ----------------------------------------------------------------------------------------------------------------------------------- Westmoreland County, PA, Industrial Development Retirement Authority Rev. (Redstone Retirement Community), "A", 5.75%, 2026 1,250,000 1,233,175 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (AE Nursing), "A", 8.5%, 2033 600,000 602,502 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (Attic Angel Community, Inc.), 5.75%, 2008 (c) 875,000 912,345 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (Clement Manor, Inc.), 5.75%, 2024 1,000,000 994,610 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (Eastcastle Place, Inc. Project), 6.125%, 2034 300,000 300,354 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Catholic Home), 5%, 2026 250,000 241,985 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (Three Pillars), 5.75%, 2026 500,000 508,020 - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (United Lutheran Home), 5.7%, 2028 750,000 748,200 - ----------------------------------------------------------------------------------------------------------------------------------- $ 53,283,732 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE REVENUE - OTHER - 0.5% - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin Health & Educational Facilities Authority Rev. (Blood Center Southeastern Project), 5.75%, 2034 $ 750,000 $ 751,170 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL REVENUE - AIRLINES - 4.5% - ----------------------------------------------------------------------------------------------------------------------------------- Alliance Airport Authority, TX, (American Airlines, Inc.), 5.25%, 2029 $ 875,000 $ 768,626 - ----------------------------------------------------------------------------------------------------------------------------------- Charlotte, NC, Douglas International Airport Special Facilities Rev. (U.S. Airways, Inc.), 5.6%, 2027 250,000 247,322 - ----------------------------------------------------------------------------------------------------------------------------------- Charlotte, NC, Douglas International Airport Special Facilities Rev. (U.S. Airways, Inc.), 7.75%, 2028 500,000 527,065 - ----------------------------------------------------------------------------------------------------------------------------------- Chicago, IL, O'Hare International Airport Special Facilities Rev. (American Airlines, Inc.), 5.5%, 2030 1,745,000 1,655,045 - ----------------------------------------------------------------------------------------------------------------------------------- Cleveland, OH, Airport Special Rev. (Continental Airlines, Inc.), 5.7%, 2019 875,000 845,031 - ----------------------------------------------------------------------------------------------------------------------------------- Dallas-Fort Worth, TX, International Airport Facilities Improvement Corp. Rev. (American Airlines, Inc.), 9%, 2029 (c) 750,000 878,857 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 9%, 2033 1,250,000 1,462,388 - ----------------------------------------------------------------------------------------------------------------------------------- New York, NY, City Industrial Development Agency Special Facility Rev. (American Airlines, Inc.), "B", 8.5%, 2028 500,000 559,295 - ----------------------------------------------------------------------------------------------------------------------------------- $ 6,943,629 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL REVENUE - CHEMICALS - 0.2% - ----------------------------------------------------------------------------------------------------------------------------------- Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), "B-2", 4.75%, 2033 $ 400,000 $ 375,112 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL REVENUE - ENVIRONMENTAL SERVICES - 0.8% - ----------------------------------------------------------------------------------------------------------------------------------- California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), "C", 5.25%, 2023 (c) $ 500,000 $ 511,895 - ----------------------------------------------------------------------------------------------------------------------------------- Carbon County, UT, Solid Waste Disposal Rev. (Allied Waste Industries), "A", 7.5%, 2010 250,000 251,755 - ----------------------------------------------------------------------------------------------------------------------------------- Carbon County, UT, Solid Waste Disposal Rev. (Laidlaw Environmental), "A", 7.45%, 2017 500,000 508,585 - ----------------------------------------------------------------------------------------------------------------------------------- $ 1,272,235 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL REVENUE - METALS - 0.4% - ----------------------------------------------------------------------------------------------------------------------------------- Director of Nevada Department of Business & Industry (Wheeling/Pittsburgh Steel), "A", 8%, 2014 (z) $ 170,000 $ 174,347 - ----------------------------------------------------------------------------------------------------------------------------------- Greensville County, VA, Industrial Development Authority Rev. (Wheeling/Pittsburgh Steel), "A", 7%, 2014 490,000 482,395 - ----------------------------------------------------------------------------------------------------------------------------------- $ 656,742 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL REVENUE - OTHER - 4.8% - ----------------------------------------------------------------------------------------------------------------------------------- Annawan, IL, Tax Increment Rev. (Patriot Renewable Fuels LLC), 5.625%, 2018 $ 350,000 $ 337,627 - ----------------------------------------------------------------------------------------------------------------------------------- Cartersville, GA, Development Authority Waste & Water Facilities Rev. (Anheuser Busch Project), 5.95%, 2032 1,000,000 1,023,210 - ----------------------------------------------------------------------------------------------------------------------------------- Gulf Coast, TX, Industrial Development Authority Rev. (Citgo Petroleum Corp.), 8%, 2028 375,000 407,070 - ----------------------------------------------------------------------------------------------------------------------------------- Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023 495,000 500,569 - ----------------------------------------------------------------------------------------------------------------------------------- Indianapolis, IN, Airport Authority Rev., Special Facilities (FedEx Corp.), 5.1%, 2017 500,000 502,555 - ----------------------------------------------------------------------------------------------------------------------------------- Michigan Strategic Fund Rev. (Michigan Sugar Co.), "A", 6.25%, 2015 1,000,000 1,014,440 - ----------------------------------------------------------------------------------------------------------------------------------- Mississippi Business Finance Corp. (Northrop Grumman Ship Systems), 4.55%, 2028 500,000 446,370 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev. (GMT Realty LLC), "B", 6.875%, 2037 1,000,000 1,032,760 - ----------------------------------------------------------------------------------------------------------------------------------- St. John Baptist Parish, LA (Marathon Oil Corp.), "A", 5.125%, 2037 650,000 633,965 - ----------------------------------------------------------------------------------------------------------------------------------- Virgin Islands Government Refinery Facilities Rev. (Hovensa Coker Project), 6.5%, 2021 250,000 260,675 - ----------------------------------------------------------------------------------------------------------------------------------- Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022 400,000 406,584 - ----------------------------------------------------------------------------------------------------------------------------------- Will-Kankakee, IL, Regional Development Authority Rev. (Flanders Corp.), 6.5%, 2017 700,000 701,337 - ----------------------------------------------------------------------------------------------------------------------------------- $ 7,267,162 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL REVENUE - PAPER - 2.6% - ----------------------------------------------------------------------------------------------------------------------------------- Beauregard Parish, LA (Boise Cascade Corp.), 6.8%, 2027 $1,000,000 $ 1,037,320 - ----------------------------------------------------------------------------------------------------------------------------------- Bedford County, VA, Industrial Development Authority Rev. (Nekooska Packaging Corp.), 5.6%, 2025 400,000 380,664 - ----------------------------------------------------------------------------------------------------------------------------------- Camden, AL, Industrial Development Board Exempt Facilities Rev. (Weyerhaeuser Co.), "B", 6.375%, 2024 400,000 424,512 - ----------------------------------------------------------------------------------------------------------------------------------- Courtland AL, Industrial Development Board Solid Waste Disposal Rev. (Champion International Corp.), 6%, 2029 1,000,000 1,024,810 - ----------------------------------------------------------------------------------------------------------------------------------- Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), "B", 6.7%, 2022 595,000 672,314 - ----------------------------------------------------------------------------------------------------------------------------------- Phenix City, AL, Industrial Development Board Environmental Improvement Rev. (MeadWestvaco Coated), "A", 6.35%, 2035 400,000 413,860 - ----------------------------------------------------------------------------------------------------------------------------------- $ 3,953,480 - ----------------------------------------------------------------------------------------------------------------------------------- MISCELLANEOUS REVENUE - ENTERTAINMENT & TOURISM - 2.3% - ----------------------------------------------------------------------------------------------------------------------------------- Cabazon Band Mission Indians, CA, 8.375%, 2015 (z) $ 170,000 $ 175,195 - ----------------------------------------------------------------------------------------------------------------------------------- Cabazon Band Mission Indians, CA, 8.75%, 2019 (z) 720,000 738,878 - ----------------------------------------------------------------------------------------------------------------------------------- Cow Creek Band Umpqua Tribe of Indians, OR, "C", 5.625%, 2026 (n) 650,000 629,018 - ----------------------------------------------------------------------------------------------------------------------------------- Mashantucket Western Pequot Tribe, CT, "B", 0%, 2018 (n) 1,100,000 608,575 - ----------------------------------------------------------------------------------------------------------------------------------- Mohegan Tribe Indians, CT, Gaming Authority Rev., 6.25%, 2031 (n) 200,000 204,066 - ----------------------------------------------------------------------------------------------------------------------------------- New York Liberty Development Corp. Rev. (National Sports Museum), "A", 6.125%, 2019 400,000 404,604 - ----------------------------------------------------------------------------------------------------------------------------------- Palm Springs, CA, Agua Caliente Band of Cahuilla Indians Rev., 5.6%, 2013 (z) 775,000 794,181 - ----------------------------------------------------------------------------------------------------------------------------------- $ 3,554,517 - ----------------------------------------------------------------------------------------------------------------------------------- MISCELLANEOUS REVENUE - OTHER - 3.7% - ----------------------------------------------------------------------------------------------------------------------------------- Capital Trust Agency, FL (Aero Syracuse LLC), 6.75%, 2032 $ 350,000 $ 365,120 - ----------------------------------------------------------------------------------------------------------------------------------- Lake County, OH, Economic Development Rev. (North Madison Properties Ltd.), 8.819%, 2011 470,000 472,618 - ----------------------------------------------------------------------------------------------------------------------------------- Los Angeles, CA, Regional Airports Improvement Corp. (LAX Fuel Corp.), AMBAC, 5.25%, 2023 500,000 510,805 - ----------------------------------------------------------------------------------------------------------------------------------- Maryland Economic Development Corp. (Chesapeake Bay), "A", 5%, 2031 750,000 651,315 - ----------------------------------------------------------------------------------------------------------------------------------- Middlesex County, NJ, Improvement Authority (Heldrich Associates LLC), "B", 6.25%, 2037 1,000,000 1,018,440 - ----------------------------------------------------------------------------------------------------------------------------------- Middlesex County, NJ, Improvement Authority (Heldrich Associates LLC), "C", 8.75%, 2037 600,000 577,896 - ----------------------------------------------------------------------------------------------------------------------------------- New York Convention Center Operating Corp. (Yale Building), ETM, 0%, 2008 (c) 1,000,000 972,920 - ----------------------------------------------------------------------------------------------------------------------------------- Philadelphia, PA, Industrial Development Airport Rev. (Aero Philadelphia LLC), 5.25%, 2009 135,000 135,007 - ----------------------------------------------------------------------------------------------------------------------------------- Summit County, OH, Port Authority Building Rev. (Twinsburg Township), "D", 5.125%, 2025 655,000 648,561 - ----------------------------------------------------------------------------------------------------------------------------------- V Lakes Utility District Ranking Water Systems Rev., 7.75%, 2024 (d) 485,000 291,000 - ----------------------------------------------------------------------------------------------------------------------------------- $ 5,643,682 - ----------------------------------------------------------------------------------------------------------------------------------- MULTI-FAMILY HOUSING REVENUE - 8.9% - ----------------------------------------------------------------------------------------------------------------------------------- Broward County, FL, Housing Finance Authority Rev. (Chaves Lakes Apartments Ltd.), "A", 7.5%, 2040 $ 500,000 $ 519,720 - ----------------------------------------------------------------------------------------------------------------------------------- Capital Trust Agency, FL, Housing Authority Rev. (Atlantic Housing Foundation), "C", 5.875%, 2028 660,000 664,402 - ----------------------------------------------------------------------------------------------------------------------------------- Charter Mac Equity Issuer Trust, 6%, 2019 (n) 1,000,000 1,067,380 - ----------------------------------------------------------------------------------------------------------------------------------- Charter Mac Equity Issuer Trust, "B",, 7.6%, 2010 (c)(n) 500,000 542,540 - ----------------------------------------------------------------------------------------------------------------------------------- Clay County, FL, Housing Finance Authority Rev. (Madison Commons Apartments), "A", 7.45%, 2040 500,000 515,790 - ----------------------------------------------------------------------------------------------------------------------------------- District of Columbia Housing Finance Agency (Henson Ridge), FHA, 5.1%, 2037 655,000 631,649 - ----------------------------------------------------------------------------------------------------------------------------------- Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2038 (c) 1,000,000 952,520 - ----------------------------------------------------------------------------------------------------------------------------------- El Paso County, TX, Housing Finance Corp. (American Housing Foundation), "D", 10%, 2032 300,000 307,599 - ----------------------------------------------------------------------------------------------------------------------------------- El Paso County, TX, Housing Finance Corp. (American Housing Foundation, Inc.), "C", 8%, 2032 295,000 302,903 - ----------------------------------------------------------------------------------------------------------------------------------- GMAC Municipal Mortgage Trust, "B-1", 5.6%, 2039 (c)(n) 500,000 490,465 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Housing Finance Agency Rev., "B", 5%, 2030 (c) 500,000 500,530 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Housing Finance Agency Rev., "E", 5%, 2028 500,000 485,315 - ----------------------------------------------------------------------------------------------------------------------------------- Montgomery County, OH, Multi-Family Housing Rev. (Chevy Chase Apartments), 4.95%, 2035 250,000 245,080 - ----------------------------------------------------------------------------------------------------------------------------------- Munimae Te Bond Subsidiary LLC, 5.8%, 2049 (n) 1,000,000 1,009,460 - ----------------------------------------------------------------------------------------------------------------------------------- New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (FHA Sun Pointe Apartments), "E", FHA, 4.8%, 2040 500,000 460,495 - ----------------------------------------------------------------------------------------------------------------------------------- New York, NY, City Housing Development Corp., "F-1", 4.65%, 2025 750,000 723,210 - ----------------------------------------------------------------------------------------------------------------------------------- North Carolina Medical Care Commission, Health Care Facilities Rev., "A", (ARC), 5.8%, 2034 800,000 809,720 - ----------------------------------------------------------------------------------------------------------------------------------- Seattle, WA, Housing Authority Rev., Capped Fund Program (High Rise Rehab), "I", FSA, 5%, 2025 500,000 486,020 - ----------------------------------------------------------------------------------------------------------------------------------- White Bear Lake, MN, Multi-Family Housing Rev. (Birch Lake Townhomes), "A", 10.25%, 2019 1,770,000 1,752,300 - ----------------------------------------------------------------------------------------------------------------------------------- White Bear Lake, MN, Multi-Family Rev. (Birch Lake), "B", 0%, 2019 620,000 268,144 - ----------------------------------------------------------------------------------------------------------------------------------- Wilmington, DE, Multi-Family Housing Rev. (Electra Arms Senior Associates), 6.25%, 2028 870,000 818,940 - ----------------------------------------------------------------------------------------------------------------------------------- $ 13,554,182 - ----------------------------------------------------------------------------------------------------------------------------------- SALES & EXCISE TAX REVENUE - 6.9% - ----------------------------------------------------------------------------------------------------------------------------------- Bolingbrook, IL, Sales Tax Rev., 0% to 2008, 6.25% to 2024 $ 500,000 $ 490,830 - ----------------------------------------------------------------------------------------------------------------------------------- Metropolitan Pier & Exposition Authority, State Tax Rev., MBIA, 0%, 2013 5,000,000 3,887,350 - ----------------------------------------------------------------------------------------------------------------------------------- Metropolitan Pier & Exposition Authority, State Tax Rev., FGIC, 0%, 2014 (c) 1,010,000 770,680 - ----------------------------------------------------------------------------------------------------------------------------------- Metropolitan Pier & Exposition Authority, State Tax Rev., FGIC, 0%, 2014 3,990,000 3,028,450 - ----------------------------------------------------------------------------------------------------------------------------------- Metropolitan Pier & Exposition Authority, State Tax Rev., MBIA, 0%, 2015 3,000,000 2,169,660 - ----------------------------------------------------------------------------------------------------------------------------------- Wyandotte County, KS, Unified Government Special Obligation Rev. (Sales Tax - Second Lien Area B), 5%, 2020 225,000 219,015 - ----------------------------------------------------------------------------------------------------------------------------------- $ 10,565,985 - ----------------------------------------------------------------------------------------------------------------------------------- SINGLE FAMILY HOUSING - LOCAL - 1.1% - ----------------------------------------------------------------------------------------------------------------------------------- Minneapolis & St. Paul Housing Authority Rev. (City Living), "A-2", GNMA, 5%, 2038 $ 745,321 $ 703,717 - ----------------------------------------------------------------------------------------------------------------------------------- Pittsburgh, PA, Urban Redevelopment Authority Rev., "C", GNMA, 4.8%, 2028 1,000,000 970,690 - ----------------------------------------------------------------------------------------------------------------------------------- $ 1,674,407 - ----------------------------------------------------------------------------------------------------------------------------------- SINGLE FAMILY HOUSING - OTHER - 0.3% - ----------------------------------------------------------------------------------------------------------------------------------- North Dakota Housing Finance Agency Rev., "A", 4.85%, 2021 $ 500,000 $ 485,745 - ----------------------------------------------------------------------------------------------------------------------------------- SINGLE FAMILY HOUSING - STATE - 0.6% - ----------------------------------------------------------------------------------------------------------------------------------- Kentucky Counties Single Family Mortgage Rev., "A", MBIA, 9%, 2016 $ 5,000 $ 5,011 - ----------------------------------------------------------------------------------------------------------------------------------- Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), "C", GNMA, 4.9%, 2021 975,000 949,007 - ----------------------------------------------------------------------------------------------------------------------------------- $ 954,018 - ----------------------------------------------------------------------------------------------------------------------------------- SOLID WASTE REVENUE - 1.3% - ----------------------------------------------------------------------------------------------------------------------------------- Delaware County, PA, Industrial Development Authority, Resource Recovery Facilities Rev. (American Ref-Fuel Co.), "A", 6.2%, 2019 $1,000,000 $ 1,005,630 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Industrial Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), "A", 5.5%, 2013 1,000,000 1,006,970 - ----------------------------------------------------------------------------------------------------------------------------------- $ 2,012,600 - ----------------------------------------------------------------------------------------------------------------------------------- STATE & LOCAL AGENCIES - 3.8% - ----------------------------------------------------------------------------------------------------------------------------------- Bergen County, NJ, Improvement Authority Rev. (County Administration Complex), 5%, 2024 $1,000,000 $ 1,059,350 - ----------------------------------------------------------------------------------------------------------------------------------- Compton, CA, COP (Civic Center), "A", 5.5%, 2015 1,000,000 1,027,040 - ----------------------------------------------------------------------------------------------------------------------------------- Dorchester County, SC, School District No. 2, Growth Remedy Opportunity Tax Hike, 5.25%, 2029 500,000 507,775 - ----------------------------------------------------------------------------------------------------------------------------------- Laurens County, SC, School District No. 55, Installment Purchase Rev., 5.25%, 2030 700,000 690,690 - ----------------------------------------------------------------------------------------------------------------------------------- Michigan Building Authority Rev., Facilities Program, "I", 5%, 2024 1,000,000 1,018,900 - ----------------------------------------------------------------------------------------------------------------------------------- Newberry, SC, Investing in Children's Education (Newberry County School District Program), 5%, 2030 400,000 373,828 - ----------------------------------------------------------------------------------------------------------------------------------- Puerto Rico Public Finance Corp., "E", ETM, 6%, 2026 (c) 80,000 93,927 - ----------------------------------------------------------------------------------------------------------------------------------- Puerto Rico Public Finance Corp., Unrefunded, "E", 6%, 2026 820,000 962,754 - ----------------------------------------------------------------------------------------------------------------------------------- $ 5,734,264 - ----------------------------------------------------------------------------------------------------------------------------------- TAX - OTHER - 0.9% - ----------------------------------------------------------------------------------------------------------------------------------- Dallas County, TX, Flood Control District, 7.25%, 2032 $ 750,000 $ 780,142 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev. (Cigarette Tax), 5.75%, 2029 500,000 519,500 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Economic Development Authority Rev. (Cigarette Tax), 5.5%, 2031 120,000 122,768 - ----------------------------------------------------------------------------------------------------------------------------------- $ 1,422,410 - ----------------------------------------------------------------------------------------------------------------------------------- TAX ASSESSMENT - 12.6% - ----------------------------------------------------------------------------------------------------------------------------------- Atlanta, GA, Tax Allocation (Eastside Project), "B", 5.4%, 2020 $ 500,000 $ 486,805 - ----------------------------------------------------------------------------------------------------------------------------------- Ave Maria, FL, Stewardship Community, "A", 5.125%, 2038 150,000 129,258 - ----------------------------------------------------------------------------------------------------------------------------------- Celebration Community Development District, FL, "A", 6.4%, 2034 720,000 752,386 - ----------------------------------------------------------------------------------------------------------------------------------- Channing Park Community Development District, FL, 5.3%, 2038 400,000 355,820 - ----------------------------------------------------------------------------------------------------------------------------------- Chicago, IL, Tax Increment Allocation (Pilsen Redevelopment), "B", 6.75%, 2022 310,000 325,494 - ----------------------------------------------------------------------------------------------------------------------------------- Colonial Country Club Community Development District, FL, 6.4%, 2033 480,000 496,738 - ----------------------------------------------------------------------------------------------------------------------------------- Double Branch Community Development District, FL, "A", 6.7%, 2034 485,000 517,456 - ----------------------------------------------------------------------------------------------------------------------------------- Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 2036 250,000 247,372 - ----------------------------------------------------------------------------------------------------------------------------------- Durbin Crossing Community Development District, FL, Special Assessment, "B-1", 4.875%, 2010 275,000 270,375 - ----------------------------------------------------------------------------------------------------------------------------------- Grand Bay at Doral Community Development, "A", 6%, 2039 90,000 83,641 - ----------------------------------------------------------------------------------------------------------------------------------- Grand Bay at Doral Community Development, FL, "B", 6%, 2017 545,000 529,424 - ----------------------------------------------------------------------------------------------------------------------------------- Homestead 50 Community Development District, FL, "A", 6%, 2037 380,000 374,783 - ----------------------------------------------------------------------------------------------------------------------------------- Homestead 50 Community Development District, FL, "B", 5.9%, 2013 170,000 169,340 - ----------------------------------------------------------------------------------------------------------------------------------- Huntington Beach, CA, Community Facilities District, Special Tax (Grand Coast Resort), "2000-1", 6.45%, 2031 500,000 522,400 - ----------------------------------------------------------------------------------------------------------------------------------- Islands at Doral Southwest Community Development District, FL, 6.375%, 2013 (c) 245,000 273,484 - ----------------------------------------------------------------------------------------------------------------------------------- Lexington Oaks Community Development District, FL, "A", 6.125%, 2019 650,000 650,124 - ----------------------------------------------------------------------------------------------------------------------------------- Lincoln, CA, Special Tax, (Community Facilities District ), "2003-1", 5.55%, 2013 (c) 440,000 488,422 - ----------------------------------------------------------------------------------------------------------------------------------- Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 2034 250,000 253,773 - ----------------------------------------------------------------------------------------------------------------------------------- Northwest Metropolitan District No. 3, CO, 6.25%, 2035 500,000 496,010 - ----------------------------------------------------------------------------------------------------------------------------------- Oakdale, CA, Public Financing Authority Tax Allocation Rev. (Central City Redevelopment Project), 5.375%, 2033 1,125,000 1,119,465 - ----------------------------------------------------------------------------------------------------------------------------------- Oakmont Grove Community Development District, CA, "A", 5.4%, 2038 300,000 271,005 - ----------------------------------------------------------------------------------------------------------------------------------- Orange County, CA, Community Facilities Tax No 99, (Ladera Ranch), "A", 6.5%, 2009 (c) 1,000,000 1,070,860 - ----------------------------------------------------------------------------------------------------------------------------------- Orange County, CA, Improvement Act 1915, "B", 5.75%, 2033 500,000 504,275 - ----------------------------------------------------------------------------------------------------------------------------------- Orlando, FL, Special Assessment Rev. (Conroy Road Interchange Project), "A", 5.5%, 2010 65,000 65,027 - ----------------------------------------------------------------------------------------------------------------------------------- Orlando, FL, Special Assessment Rev. (Conroy Road Interchange Project), "A", 5.8%, 2026 300,000 292,962 - ----------------------------------------------------------------------------------------------------------------------------------- Plano, IL, Special Service Area No. 4 (Lakewood Springs Project Unit 5-B), 6%, 2035 1,500,000 1,507,515 - ----------------------------------------------------------------------------------------------------------------------------------- Pontiac, MI, Tax Increment Finance Authority Rev., 6.375%, 2031 450,000 464,864 - ----------------------------------------------------------------------------------------------------------------------------------- Portage, IN, Economic Development Rev. (Ameriplex Project), 5%, 2027 260,000 249,426 - ----------------------------------------------------------------------------------------------------------------------------------- Redwood City, CA, Special Tax Community Facilities, (District 1 Redwood), "B", 6%, 2033 300,000 304,965 - ----------------------------------------------------------------------------------------------------------------------------------- San Diego, CA, Redevelopment Agency, Tax Allocation, FSA, 0%, 2018 1,015,000 620,419 - ----------------------------------------------------------------------------------------------------------------------------------- Sarasota National Community Development District, FL, Special Assessment, 5.3%, 2039 800,000 708,640 - ----------------------------------------------------------------------------------------------------------------------------------- Seven Oaks, FL, Community Development District II Special Assessment Rev., "B", 5%, 2009 630,000 625,622 - ----------------------------------------------------------------------------------------------------------------------------------- Stoneybrook, FL, Community Development District, "A", 6.1%, 2019 215,000 215,032 - ----------------------------------------------------------------------------------------------------------------------------------- Sweetwater Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 2038 200,000 183,428 - ----------------------------------------------------------------------------------------------------------------------------------- Temecula Valley, CA, Unified School District, Community Facilities District No. 02-1, 6.125%, 2033 355,000 362,806 - ----------------------------------------------------------------------------------------------------------------------------------- Volo Village, IL, Special Service Area No. 3, Special Tax (Symphony Meadows Project), "1", 6%, 2036 484,000 465,502 - ----------------------------------------------------------------------------------------------------------------------------------- West Villages Improvement District, FL, Special Assessment Rev. (Unit of Development No. 3), 5.5%, 2037 500,000 459,055 - ----------------------------------------------------------------------------------------------------------------------------------- Westchester, FL, Community Development District No. 1 (Community Infrastructure), 6.125%, 2035 275,000 276,089 - ----------------------------------------------------------------------------------------------------------------------------------- Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 2037 1,000,000 943,360 - ----------------------------------------------------------------------------------------------------------------------------------- Wyandotte County-Kansas City, KS, Unified Government Transportation Development District (Legends Village West Project), 4.875%, 2028 595,000 543,098 - ----------------------------------------------------------------------------------------------------------------------------------- Yorba Linda, CA, Redevelopment Agency, Tax Allocation Rev., "A", MBIA, 0%, 2024 1,325,000 576,402 - ----------------------------------------------------------------------------------------------------------------------------------- $ 19,252,922 - ----------------------------------------------------------------------------------------------------------------------------------- TOBACCO - 5.3% - ----------------------------------------------------------------------------------------------------------------------------------- California County, CA, Tobacco Securitization Agency, Tobacco Settlement Rev. (Los Angeles County), 0%, 2046 $3,500,000 $ 225,960 - ----------------------------------------------------------------------------------------------------------------------------------- Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A-1", 6.25%, 2013 (c) 1,600,000 1,742,672 - ----------------------------------------------------------------------------------------------------------------------------------- Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A-1", 5.75%, 2047 1,000,000 975,740 - ----------------------------------------------------------------------------------------------------------------------------------- Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, "A-1", 5.125%, 2047 1,135,000 1,005,462 - ----------------------------------------------------------------------------------------------------------------------------------- Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, "C-1", 0%, 2036 1,815,000 278,475 - ----------------------------------------------------------------------------------------------------------------------------------- Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset, "A", 6%, 2048 615,000 618,671 - ----------------------------------------------------------------------------------------------------------------------------------- Nassau County, NY, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, 'D", 0%, 2060 10,000,000 205,900 - ----------------------------------------------------------------------------------------------------------------------------------- Tobacco Securitization Authority of Southern California Rev., Asset Backed (San Diego Country Tobacco Asset Securitization Corp.), 0%, 2046 6,000,000 449,940 - ----------------------------------------------------------------------------------------------------------------------------------- Tobacco Settlement Authority of Washington Rev., Asset Backed, 6.625%, 2032 500,000 524,180 - ----------------------------------------------------------------------------------------------------------------------------------- Tobacco Settlement Financing Corp., NJ, 6.75%, 2013 (c) 1,000,000 1,149,080 - ----------------------------------------------------------------------------------------------------------------------------------- Tobacco Settlement Financing Corp., NJ, "1-C", 0%, 2041 2,500,000 249,400 - ----------------------------------------------------------------------------------------------------------------------------------- Virginia Tobacco Settlement Financing Corp., "B-1", 5%, 2047 830,000 702,246 - ----------------------------------------------------------------------------------------------------------------------------------- $ 8,127,726 - ----------------------------------------------------------------------------------------------------------------------------------- TOLL ROADS - 4.1% - ----------------------------------------------------------------------------------------------------------------------------------- E-470 Public Highway Authority, CO, "B", 0%, 2010 (c) $8,750,000 $ 1,186,150 - ----------------------------------------------------------------------------------------------------------------------------------- E-470 Public Highway Authority, CO, "B", MBIA, 0%, 2018 3,000,000 1,837,710 - ----------------------------------------------------------------------------------------------------------------------------------- Northwest Parkway, CO, Public Highway Authority (First Tier), "D", 7.125%, 2041 1,000,000 1,052,700 - ----------------------------------------------------------------------------------------------------------------------------------- San Joaquin Hills, CA, Transportation Corridor Agency Toll Road Rev., "A", MBIA, 0%, 2015 3,000,000 2,199,690 - ----------------------------------------------------------------------------------------------------------------------------------- $ 6,276,250 - ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - SPECIAL TAX - 0.3% - ----------------------------------------------------------------------------------------------------------------------------------- Puerto Rico Highway & Transportation Authority Rev., "A", MBIA, 5.5%, 2018 $ 375,000 $ 419,449 - ----------------------------------------------------------------------------------------------------------------------------------- UNIVERSITIES - COLLEGES - 2.2% - ----------------------------------------------------------------------------------------------------------------------------------- Maryland Health & Higher Educational Facilities Authority Rev. (Loyola College), "A", 5.125%, 2045 $ 500,000 $ 492,975 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Development Finance Agency Rev. (Western New England College), 6.125%, 2012 (c) 200,000 223,630 - ----------------------------------------------------------------------------------------------------------------------------------- Pennsylvania Higher Educational Facilities Authority Rev. (University of Philadelphia), "A", 5.125%, 2025 570,000 561,148 - ----------------------------------------------------------------------------------------------------------------------------------- Southfield, MI, Economic Development Corp. (Lawrence Technological University), "A", 5.4%, 2018 750,000 751,463 - ----------------------------------------------------------------------------------------------------------------------------------- University of Illinois, COP (Utilities Infrastructure Project), "A", AMBAC, 5.5%, 2011 (c) 600,000 639,966 - ----------------------------------------------------------------------------------------------------------------------------------- University of Texas, Financing Systems, "B", 5.375%, 2018 350,000 371,060 - ----------------------------------------------------------------------------------------------------------------------------------- West Virginia University Rev. (West Virginia University Project), "A", AMBAC, 0%, 2025 750,000 319,253 - ----------------------------------------------------------------------------------------------------------------------------------- $ 3,359,495 - ----------------------------------------------------------------------------------------------------------------------------------- UNIVERSITIES - DORMITORIES - 0.3% - ----------------------------------------------------------------------------------------------------------------------------------- Minneapolis, MN, Student Housing Rev. (Riverton Community Housing Project), "A", 5.7%, 2040 $ 500,000 $ 472,395 - ----------------------------------------------------------------------------------------------------------------------------------- UNIVERSITIES - SECONDARY SCHOOLS - 1.3% - ----------------------------------------------------------------------------------------------------------------------------------- California Statewide Community Development Authority Rev., COP, (Crossroads Schools for the Arts & Sciences), 6%, 2028 $1,035,000 $ 1,068,079 - ----------------------------------------------------------------------------------------------------------------------------------- Colorado Housing Finance Development Rev. (Evergreen Country Day School), 5.875%, 2037 425,000 410,210 - ----------------------------------------------------------------------------------------------------------------------------------- Illinois Finance Authority Rev. (Chicago Charter School Foundation), 5%, 2026 500,000 466,570 - ----------------------------------------------------------------------------------------------------------------------------------- $ 1,944,859 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - COGENERATION - 2.3% - ----------------------------------------------------------------------------------------------------------------------------------- Carbon County, PA, Industrial Development Authority Rev. (Panther Creek Partners), 6.65%, 2010 $ 100,000 $ 102,084 - ----------------------------------------------------------------------------------------------------------------------------------- Port Authority NY & NJ, Special Obligation Rev., 6.75%, 2011 2,000,000 2,021,900 - ----------------------------------------------------------------------------------------------------------------------------------- Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Central Facilities (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 2026 320,000 339,210 - ----------------------------------------------------------------------------------------------------------------------------------- Suffolk County, NY, Industrial Development Agency Rev. (Nissequoque Cogeneration Partners Facilities), 5.5%, 2023 550,000 520,009 - ----------------------------------------------------------------------------------------------------------------------------------- Western Generation Agency, Cogeneration Project Rev. (Wauna Cogeneration Project), "B", 5%, 2016 500,000 480,120 - ----------------------------------------------------------------------------------------------------------------------------------- $ 3,463,323 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - INVESTOR OWNED - 6.0% - ----------------------------------------------------------------------------------------------------------------------------------- Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), "C", 5.75%, 2036 (c) $ 220,000 $ 219,740 - ----------------------------------------------------------------------------------------------------------------------------------- Brazos River Authority, TX, Pollution Control Rev. (TXU Energy Co. LLC), "C", 6.75%, 2038 555,000 571,273 - ----------------------------------------------------------------------------------------------------------------------------------- Bryant, IL, Pollution Control Rev. (Central Illinois Light Co.), 5.9%, 2023 1,000,000 1,000,970 - ----------------------------------------------------------------------------------------------------------------------------------- Calcasieu Parish, LA, Industrial Development Board, Pollution Control Rev. (Entergy Gulf States, Inc.), 5.45%, 2010 500,000 500,030 - ----------------------------------------------------------------------------------------------------------------------------------- Campbell County, WY, Pollution Control Rev. (Black Hills Power, Inc. Project), 5.35%, 2024 1,000,000 1,008,540 - ----------------------------------------------------------------------------------------------------------------------------------- Clark County, NV, Industrial Development Rev. (Nevada Power Co. Project), "A", 5.9%, 2032 1,500,000 1,499,745 - ----------------------------------------------------------------------------------------------------------------------------------- Forsyth, MT, Pollution Control Rev. (Portland General), 5.2%, 2033 (c) 225,000 228,438 - ----------------------------------------------------------------------------------------------------------------------------------- Mississippi Business Finance Corp. (Pollution Control Rev. (Systems Energy Resources Project), 5.875%, 2022 1,500,000 1,500,330 - ----------------------------------------------------------------------------------------------------------------------------------- New Hampshire Business Finance Authority Pollution Control Rev. (Public Service of New Hampshire), "B", MBIA, 4.75%, 2021 250,000 250,305 - ----------------------------------------------------------------------------------------------------------------------------------- Ohio Air Quality Development Authority Rev. Pollution Control, "A", 6%, 2013 650,000 658,944 - ----------------------------------------------------------------------------------------------------------------------------------- Pennsylvania Economic Development Financing Authority Rev. (Reliant Energy Seward), "A", 6.75%, 2036 400,000 432,364 - ----------------------------------------------------------------------------------------------------------------------------------- Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), "A", 6.1%, 2025 750,000 754,073 - ----------------------------------------------------------------------------------------------------------------------------------- West Feliciana Parish, LA, Pollution Control Rev. (Entergy Gulf States), 6.6%, 2028 500,000 501,355 - ----------------------------------------------------------------------------------------------------------------------------------- $ 9,126,107 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - MUNICIPAL OWNED - 0.3% - ----------------------------------------------------------------------------------------------------------------------------------- North Carolina Eastern Municipal Power Agency System Rev., "F", 5.5%, 2016 $ 430,000 $ 442,332 - ----------------------------------------------------------------------------------------------------------------------------------- WATER & SEWER UTILITY REVENUE - 3.3% - ----------------------------------------------------------------------------------------------------------------------------------- Houston, TX, Water & Sewer Systems Rev., "C", AMBAC, 0%, 2012 $3,000,000 $ 2,444,130 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts Water Resources Authority, "D", MBIA, 5%, 2024 2,000,000 2,033,960 - ----------------------------------------------------------------------------------------------------------------------------------- Surprise, AZ, Municipal Property Corp., 4.9%, 2032 700,000 636,195 - ----------------------------------------------------------------------------------------------------------------------------------- $ 5,114,285 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS $235,007,094 - ----------------------------------------------------------------------------------------------------------------------------------- FLOATING RATE DEMAND NOTES - 2.9% - ----------------------------------------------------------------------------------------------------------------------------------- Lincoln County, WY, Pollution Control Rev. (Exxon Project), "A", 3.95%, due 9/04/07 $ 400,000 $ 400,000 - ----------------------------------------------------------------------------------------------------------------------------------- Lincoln County, WY, Pollution Control Rev. (Exxon Project), "B", 3.95%, due 9/04/07 2,200,000 2,200,000 - ----------------------------------------------------------------------------------------------------------------------------------- Lincoln County, WY, Pollution Control Rev. (Exxon Project), "C", 3.95%, due 9/04/07 1,900,000 1,900,000 - ----------------------------------------------------------------------------------------------------------------------------------- Mt. Vernon Industrial Pollution Control Rev. (General Electric Co. Project), 3.9%, due 9/04/07 400,000 400,000 - ----------------------------------------------------------------------------------------------------------------------------------- New York, NY, "A-4", 3.92%, due 9/04/07 300,000 300,000 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL FLOATING RATE DEMAND NOTES $ 4,400,000 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS(k) $239,407,094 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS, LESS LIABILITIES - 2.2% 3,407,304 - ----------------------------------------------------------------------------------------------------------------------------------- PREFERRED SHARES (ISSUED BY THE TRUST) - (58.9)% $(90,000,000) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES - 100.0% $152,814,398 - ----------------------------------------------------------------------------------------------------------------------------------- (c) Refunded bond. (d) Non-income producing security - in default. (f) All or a portion of the security has been segregated as collateral for an open futures contract. (k) As of August 31, 2007, the trust held securities fair valued in accordance with the policies adopted by the Board of Trustees, aggregating $235,007,094 and 98.16% of market value. All of these security values were provided by an independent pricing service using an evaluated bid. (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 $4,551,504, representing 3.0% of net assets applicable to common shares. (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 trust holds the following restricted securities: TOTAL % OF CURRENT NET ASSETS ACQUISITION ACQUISITION MARKET APPLICABLE TO RESTRICTED SECURITIES DATE COST VALUE COMMON SHARES - ---------------------------------------------------------------------------------------------------------------------------------- Palm Springs, CA, Agua Caliente Band of Cahuilla Indians Rev., 5.6%, 2013 7/22/03 776,255 $794,181 Cabazon Band Mission Indians, CA, 8.375%, 2015 10/4/2004 170,000 175,195 Cabazon Band Mission Indians, CA, 8.75%, 2019 10/4/2004 720,000 738,878 Director of the State of Nevada Department of Business & Industry (Wheeling/Pittsburgh Steel), "A", 8%, 2014 8/17/99 170,000 174,347 Pass-Through Certificates, "1993", 8.5%, 2016 10/17/01 455,481 447,419 -------------------------- TOTAL RESTRICTED SECURITIES $2,330,020 1.5% ==========================
The following abbreviations are used in this report and are defined: COP Certificate of Participation ETM Escrowed to Maturity Insurers - ------------------------------------------------------------------------------- AMBAC AMBAC Indemnity Corp. FGIC Financial Guaranty Insurance Co. FSA Financial Security Assurance Inc. GNMA Government National Mortgage Assn. MBIA MBIA Insurance Corp. See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report. MFS HIGH YIELD MUNICIPAL TRUST SUPPLEMENTAL INFORMATION (UNAUDITED) 8/31/07 (1) 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 $237,014,552 ============ Gross unrealized appreciation $ 9,903,660 Gross unrealized depreciation (7,511,118) ------------ Net unrealized appreciation (depreciation) $ 2,392,542 ============ The aggregate cost above includes prior fiscal year end tax adjustments. (2) FINANCIAL INSTRUMENTS FUTURES CONTRACTS OUTSTANDING AT 8/31/07
UNREALIZED EXPIRATION APPRECIATION DESCRIPTION CONTRACTS VALUE DATE (DEPRECIATION) - ------------------------------------------------------------------------------------------- U.S. Treasury Bond (Long) 137 $15,284,063 Dec-07 $453,166 U.S. Treasury Note 10 yr (Long) 860 93,780,313 Dec-07 15,464 - ------------------------------------------------------------------------------------------- $468,630 ======== At August 31, 2007, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.
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)* MARIA F. DWYER ----------------------------------------------------- Maria F. Dwyer, President Date: October 16, 2007 ---------------- 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)* MARIA F. DWYER ----------------------------------------------------- Maria F. Dwyer, President (Principal Executive Officer) Date: October 16, 2007 ---------------- By (Signature and Title)* TRACY ATKINSON ----------------------------------------------------- Tracy Atkinson, Treasurer (Principal Financial Officer and Accounting Officer) Date: October 16, 2007 ---------------- * Print name and title of each signing officer under his or her signature. EX-99.CERT 2 ex99_cert-68418.txt CERTIFICATION EX-99.CERT MFS HIGH YIELD MUNICIPAL TRUST CERTIFICATION I, Tracy Atkinson, certify that: 1. I have reviewed this report on Form N-Q of MFS High Yield Municipal Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: October 16, 2007 TRACY ATKINSON ---------------- --------------------------------------- Tracy Atkinson Treasurer (Principal Financial Officer and Accounting Officer) EX-99.CERT MFS HIGH YIELD MUNICIPAL TRUST CERTIFICATION I, Maria F. Dwyer, certify that: 1. I have reviewed this report on Form N-Q of MFS High Yield Municipal Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: October 16, 2007 MARIA F. DWYER ---------------- --------------------------------------- Maria F. Dwyer President (Principal Executive Officer) -----END PRIVACY-ENHANCED MESSAGE-----